Stock Code: 200771 Stock ID: Hangqilun B Announcement No.:2025-84
Hangzhou Turbine Power Group Co., Ltd.
The Semi-Annual Report 2025
（Stock Code：200771）
August 2025
I. Important Remarks, Table of Contents and Definitions
The Board of Directors, the Supervisory Committee, the directors, the supervisors, and executives of the
Company guarantee that there are no significant omissions, fictitious or misleading statements carried in the
Report and we will accept individual and joint responsibilities for the truthfulness, accuracy and completeness of
the Report.
Mr. Ye Zhong, The Company leader, Mr. Zhao Jiamao, Person in charge of accounting and Mr.Lv Lin,
Person in charge of Accounting institute（accountant in charge)hereby confirm that the financial Report of
Semi-Annual Report 2025 is authentic, accurate and complete.
All the directors attended the board meeting for the review of this Report.
This Report contains prospective descriptions, which doesn’t constitute substantial commitment to investors.
Investors are requested to be aware of the risks attached to their investment decisions.
The company's designated information disclosure media are: Shanghai Securities News (Chinese), Securities
Times (Chinese), Hong Kong Commercial Daily (English), http://www.cninfo.com.cn (In English and Chinese),
all information of the company is subject to the information published in the above selected media. Investors are
advised to pay attention to investment risks.
The Company will not distribute cash dividend or bonus shares, neither capitalizing of common reserves for the
report period.
Table of Contents
I.Important Notice, Table of contents and Definitions
II. Company Profile & Financial Highlights.
III. Management Discussion & Analysis
IV. Corporate Governance, Environmental & Social Responsibility
V. Important Events
VI. Change of share capital and shareholding of Principal Shareholders
VII. Corporate Bond
VIII. Financial Report
IX. Other Submitted Date
Documents available for inspection
I. Financial Statements signed and sealed by the Chairman of the Board , chief accountant and director of
the financial division;
II. All the originals of the Company’s documents and public notices disclosed in the newspapers
designated by China Securities Regulatory Commission in the report period;
III. Original copy of Resolutions of the Meeting of Board.
Definition
Terms to be defined Refers to Definition
Company, the Company Refers to Hangzhou Turbine Power Group Co., Ltd.
Holding shareholder, Turbine Holdings Refers to Hangzhou Turbine Holdings Co., Ltd.
Hangzhou Qitong Refers to Hangzhou Qitong Equity Investment Partnership（LP）
Zhejiang Provincial Industrial Investment Group Co.,
Zhejiang Industrial investment Refers to
Ltd.
Zhejiang Provincial Development Asset Management
Zhejiang Development Asset Company Refers to
Co., Ltd
State-owned Assets Supervision and Administration
Hangzhou SASAC Refers to Commission of Hangzhou Municipal People's
Government
Hangzhou State-owned Capital Investment and
Hangzhou Capital Refers to
Operation Co., Ltd.
The report period, During the reporting period Refers to January 1,2025-June 30,2025
Zhongneng Co. Refers to Hangzhou Zhongneng Steam Turbine Power Co., Ltd.
Hangzhou Hangfa Power Generation Equipment Co.,
Hangfa Company Refers to
Ltd.
Casting Co. Refers to Hangzhou Steam Turbine Casting Co., Ltd.
Anhui Casting Company Refers to Anhui Hangqi Casting Technology Co., Ltd.
Zhejiang Steam Turbine Packaged Technology
Packaged Tech. Co. Refers to
Development Co., Ltd.
Hangzhou Steam Turbine Machinery Equipment Co.,
Machinery Co. Refers to
Ltd.
Huayuan Company Refers to Zhejiang Huayuan Steam Turbine Machinery Co., Ltd
Auxiliary Machine Co. Refers to Hangzhou Steam Turbine Auxiliary Machinery Co., Ltd.
Hangzhou Guoneng Steam Turbine Engineering Co.,
Guoneng Company Refers to
Ltd.
Turbine Co. Refers to Zhejiang Turbine Import & Export Co., Ltd.
New Energy Company Refers to Hangzhou Steam Turbine New Energy Co., Ltd.
Ranchuang Company Refers to Zhejiang Ranchuang Turbine Machinery Co., Ltd.
Western Power Refers to Pengzhou Western Power Blue Technology Co., Ltd.
Sales Company Refers to Hangzhou Steam Turbine Sales Service Co., Ltd.
Industry and trade company Refers to Hangzhou Steam Turbine Industry and trade Co., Ltd
Wuhu New Energy Company Refers to Wuhu Turbine New Energy Co., Ltd.
The Board of Directors of Hangzhou Turbine Group
The Board of Directors Refers to
Co., Ltd.
The Supervisory Committee of Hangzhou Turbine
The Supervisory Committee Refers to
Power Group Co., Ltd.
The Board of Directors of Hangzhou Turbine Power
The Shareholders’ Meeting Refers to
Group Co., Ltd.
RMB Yuan, RMB10 thousand Yuan, RMB100 million
RMB, RMB0’000, RMB000’000’000 Refers to
Yuan
MW Refers to Unit of power: 1000KW
II. Basic Information of the Company and Financial index
I. Basic Information
Stock ID Hangqilun B Stock Code 200771
Modified stock ID (if any) Not applicable
Stock Exchange Listed Shenzhen Stock Exchange
Company Name in Chinese 杭州汽轮动力集团股份有限公司
Short form of Company
杭汽轮
Name in Chinese
Name in English HANGZHOU TURBINE POWER GROUP CO.,LTD.
Abbreviation in English HTC
Legal representative: Ye Zhong
II. Contact person and contact manner
Secretary of the Board Representative of Stock Affairs
Name Wang Gang Li Xiaoyang
No.1188, Dongxin Road, Gongshu No.1188, Dongxin Road, Gongshu
Address District, Hangzhou , Zhejiang District, Hangzhou , Zhejiang
Tel. 0571-85780198 0571-85780438
Fax. 0571-85780433 0571-85780433
Email. wg@htc.cn lixiaoyang@htc.cn
III. Other Information
Whether registrations address, offices address and codes as well as website and email of the Company changed in
reporting period or not
□ Applicable √ Not applicable
None of the official presses, website, and place of enquiry has been changed in the semi report period. For details
please find the Annual Report 2024.
Whether information disclosure and preparation place changed in reporting period or not
□ Applicable √ Not applicable
None of the official presses, website, and place of enquiry has been changed in the semi report period. For details
please find the Annual Report 2024.
Did any change occur to other relevant information during the reporting period?
□ Applicable √ Not applicable
IV. Summary of Accounting data and Financial index
May the Company make retroactive adjustment or restatement of the accounting data of the previous years
□ Yes √ No
YoY+/-
This report term Same period last year （%）
Operating revenue（Yuan） 2,447,204,613.98 2,611,663,776.96 -6.30%
Net profit attributable to the shareholders of the listed
company（Yuan）
Net profit after deducting of non-recurring gain/loss
attributable to the shareholders of listed company（Yuan）
Cash flow generated by business operation, net（Yuan） -167,557,418.79 -333,585,603.57 49.77%
Basic earning per share(Yuan/Share) 0.13 0.16 -18.75%
Diluted gains per share(Yuan/Share) 0.13 0.16 -18.75%
Net asset earning ratio（%） 1.65% 2.32% -0.67%
As at the end of the As at the end of last YoY+/-
reporting period year （%）
Gross assets (yuan) 17,545,420,432.17 17,252,082,445.96 1.70%
Shareholders’ equity attributable to shareholders of the listed
company（yuan）
V. The differences between domestic and international accounting standards
Accounting Standard
□ Applicable√ Not applicable
Not existent
Accounting Standard
□ Applicable√ Not applicable
Not existent
VI. Non-recurring gain/loss Item and amounts
√ Applicable □ Not applicable
In RMB
Item Amount Notes
Non-current asset disposal gain/loss(Including the write-off part for which
assets impairment provision is made)
Mainly due to the government
Government subsidy recognized in current gain and loss(excluding those
subsidies and other government
closely related to the Company’s business and granted under the state’s 57,375,746.04
policies) subsidies such as R&D confirmed
in the current period.
Gain and loss from change of the fair value arising from transactional
monetary assets, transactional financial liabilities as held as well as the
Mainly due to the investment
investment income arising from disposal of the transactional monetary assets,
transactional financial liabilities and financial assets available for sale
products
excluding the effective hedging transaction in connection with the
Company’s normal business
Mainly due to received receivables
Reverse of the provision for impairment of accounts receivable undergoing that were separately impaired by
impairment test individually subsidiaries of New Energy
Company and Hangfa Company
Gains/losses of debt restructure 1,823,910.00
Operating income and expenses other than the aforesaid items 564,473.03
Other gains and losses that meet the definition of exceptional gain/loss -205,500.00
Less: Influenced amount of income tax 11,661,783.62
Amount of influence of minority interests（After tax） 5,050,840.28
Total 53,742,027.31
Details of other gains/losses items that meets the definition of non-recurring gains/losses:
□Applicable?Not applicable
There are no other gains/losses items that meet the definition of non-recurring gains/losses in the Company.
Notes on the definition of the non-recurring profit or loss items listed in the "Interpretive Announcement No. 1 on
Information Disclosure of Companies Issuing Securities to the Public - Non-recurring Profit or Loss" as recurring
profit or loss items
□Applicable?Not applicable
The Company had no circumstances of definition of the non-recurring profit or loss items listed in the
"Interpretive Announcement No. 1 on Information Disclosure of Companies Issuing Securities to the Public -
Non-recurring Profit or Loss" as recurring profit or loss items.
III. Management Discussion & Analysis
Ⅰ.Main Business the Company is Engaged in During the Report Period
During the reporting period, the company's main business and business model did not change significantly. As the
leading provider of turbo machinery equipment and relevant service in China, our company is mainly famous for
designing and producing rotating turbo machinery like industrial steam turbines and gas turbines. Our company,
one of the major companies drafting the industrial standard in Chinese domestic industry of industrial steam
turbine, has developed into the biggest base to research, develop and produce industrial steam turbines in China
and ranks first among industrial steam turbine producers in terms of the market occupancy. Holding the principle
“our products should be based on clients’ demands” as our business mode and characteristic, our company designs
and produces in accordance with every client’s personal demands so as to meet personalized needs in engineering
projects to the utmost. To realize the fast research and development of our products, our company has adopted the
advanced modular design technique and, on the other hand, introduces information technique to assist the
collaborative production to achieve the resource saving and flexible production. In addition, our company also
provides our clients with relevant service such as engineering programs, general engineering contracting,
operation and maintenance of our products as well as remote control and so on.
Industrial steam turbines use the steam featuring high temperature and high pressure as their working medium so
as to convert the thermal energy into mechanical energy to drive various industrial equipments through the
rotating steam turbines. As for different objects driven by industrial steam turbines, the steam turbines could be
divided into industrial driving steam turbines and industrial power-generation steam turbines. Mainly driving
rotating machines like compressors, air blowers, pumps and squeezers, industrial driving steam turbines, as the
core power part in numerous large-scale industrial equipments, are always introduced into some industries like oil
refining, chemical engineering, chemical fertilizer, building materials, metallurgy, electric power, light industry
and environmental production. The industrial power-generation steam turbines, mainly utilized to drive electric
generators and provide thermal energy, are mainly adopted in private stations, regional projects of combined heat
and power generation, power generation by recycling waste heat in industrial production, urban waster power
plants and gas-steam combined cycle power stations in various industrial sectors. The gas turbines produced by
our company are mainly used by metallurgical industry to recycle the waste heat from the blast furnace exhaust to
generate power.
In the gas turbine business, the company cooperated with Siemens on SGT-800, an advanced natural gas turbine
with high efficiency, high reliability and low emission, to enter the field of natural gas distributed energy, with its
models gradually expanded to SGT300, SGT700 and SGT2000E. As the technology import and general supplier
of Siemens gas turbine in China, the company has developed gas turbine business from two aspects: complete
engineering and after-sales service, and has the independent engineering design capability of distributed energy
combined cycle power station, established a complete system standard and supply chain system, and can complete
the package business of processing & manufacturing, skid assembly, complete engineering, installation &
debugging, technical training and so on outside the gas turbine body. In cogeneration/combined cycle power
plants, oil and gas and other industrial applications that need small and medium-sized gas turbines in distributed
energy projects, the company can not only provide customers with gas turbines and other equipment, but also
provide customers with efficient overall solutions such as complete sets of gas turbine power plant equipment and
engineering EPC,it can provide customers with operational support services throughout the product life, and this
service model is conductive for the establishment of long-term business cooperation relationships between the
company and its customers.
As the major producer of industrial equipments in China, our company is mainly benefited from the following
factors in terms of the elements driving our business performance:
condition and investment cycles in different industrial fields. The company further made more specified positions
toward the market for the products, implemented the differentiated marketing strategy, and integrated the business
sectors and tapped into the potential, According to different customers' needs, it has further consolidated the
original market position and broadened the market share in new fields through precise matching and precise
policies.
product technical performance and tackles hard issues in the scientific researches of product structure, core parts,
basic design, manufacturing technology, material technology, etc. In addition, basing on clients’ demands, To push
forward the intelligence of our products and the development of the integration technology. Meantime, the
company cooperated with universities, scientific research institutes to build the technological exchange and
cooperation platform.
energy market and enhance the development and utilization of natural gas distributed energy. In the industrial
fields Including the cogeneration /combined cycle power plant and the oil & gas project with distributed energy
projects that adopt the small and medium gas turbines, the Company not only can provide gas turbine equipment
for customers, but also can provide customers with complete sets of equipment for gas turbine power plant and the
efficient integrated solutions. the Company took the new energy company as the platform to deeply explore the
cogeneration needs of customers in the petrochemical field, and gradually transformed to engineering,
systematization and financialization.
the domestic market, The company has maintained a leading market share in the domestic industrial drive. The
company's products have a high reputation and brand influence in the domestic market.
decline, the product profitability is facing a severe test. In recent years, the company continuously improves the
level of costs controlling by improving the organizational structure, optimizing business processes, enhancing the
supply chain controlling, strengthening risk management, raising the efficiency of all the staff and so on.
projects, implement dynamic quality supervision; attach importance to products’ after-sales service market,
integrate existing resources to increase after-sales service initiative, extend product value chain, and promote the
company’s transformation from manufacturing to service.
II. Analysis On core Competitiveness
Firstly. Technological superiority: A complete technical innovation system was established. The Company has
under its possession of national, provincial, and municipal grade technical centers, a doctorial workstation, and an
academician workstation. Close co-operations were carried out with institutions and universities from throughout
the country. As the main drafter of national standard on industrial steam turbine, the Company has the newest
technical trend under its close observation. The Company is now providing nearly 800 different models of steam
turbines to the customers ，It has R&D capabilities covering industrial drive steam turbines below 150MW and
industrial power generation steam turbines below 200MW. with Siemens Energy in the field of gas turbine, our
company has been capable of selecting the model of the combined recycling project of distributed energy. our
company has also been able to finish the independent processing or supporting work which doesn’t need to
depend on the gas turbine machine.
Secondly .The advantages of solutions. The modular design of industrial steam turbine and the production pattern
featuring parallelization production enable our company to give considerations to the cost, date of delivery and
clients’ demands in the process of production in accordance with clients’ personalized designs, thereby making
our company capable of advancing with the development trend of individual requirements. Our company has
always been devoting to the localization in terms of the gas turbine business so as to achieve the localized one-
stop service step by step Including the sale, production, installation, debugging, operation, training and after-sale
service. Our company has always been striving to provide clients with the complete equipment of gas turbine
power station and the efficient total solutions.
Thirdly, the Company has established strategic co-operations with main customers in the country. Further
marketing approaches were carried on by involving itself in the customers’ value. A sound and steady image has
been set up in the domestic steam turbine market. In the global market, the Company has acquired multiple
important certifications and has established a primary global recognition.
Fourthly, the Company has its complete service providing system. The Company is not only capable to provide
onsite 24-hour service for the Company’s own products, but also accumulated rich experiences in technical
maintenance and reengineering of other manufacturers’ products.
Fifthly, the Company has cultivated a significant advantage in human resources. Great importance has been
attached to construction of work teams with collection of high-end workforce in the areas of research &
development, At the same time, our company values the cooperation with universities. “Zhejiang Technical
Association for Gas Turbines in Equipment Manufacturing Industry” was officially founded jointly by our
company and Zhejiang University and other scientific research institutions to build a new platform for integration
of production and research in terms of gas turbine technology. The Company has cultivated a significant
advantage in human resources. Great importance has been attached to construction of work teams with collection
of high-end workforce in the areas of research & development, designing, technique, testing, and quality control.
An excellent workforce provides a sound foundation to lift quality and services.
III.Main business analysis
Summary
Found more in”I. Main businesses of the Company in the reporting period”
Changes in the financial data
In RMB
YOY change
This report period Same period last year Cause change
（%）
Mainly due to the YOY decrease
Financial expenses -11,500,984.50 -1,527,962.04 -652.70% in interest expenses and net
exchange losses.
Mainly due to the increase in
Income tax expenses 36,656,002.96 7,273,851.67 403.94%
deferred income tax expenses.
Net cash flow arising Mainly due to the increase in the
from operating -167,557,418.79 -333,585,603.57 49.77% goods payment recovered in this
activities period.
Net cash flow Mainly due to the YOY increase
generated by -29,392,537.17 143,395,035.64 -120.50% in net purchase of wealth
investment management products.
Mainly due to the decrease in
Net cash flow dividends and the decrease in the
-156,760,738.26 -704,972,737.54 77.76%
generated by financing amount of bank loans repaid in
this period.
Net increasing of cash Synthesizing the above reasons
-354,957,255.27 -895,966,778.74 60.38%
and cash equivalents for changes
Major changes on profit composition or profit resources in reporting period
□Applicable?Not applicable
No major changes on profit composition or profit resources occurred in reporting period.
Constitution of operation revenue
In RMB
This report period Same period last year y-o-y
changes
Amount Proportion Amount Proportion (+, -)
Total operating
revenue
On Industry
Boiler and power
machine 2,225,938,876.80 90.96% 2,457,159,721.11 94.08% -9.41%
manufacture
Other 221,265,737.18 9.04% 154,504,055.85 5.92% 43.21%
On product
Industrial steam
turbine and 1,982,023,703.59 80.99% 1,865,505,641.92 71.43% 6.25%
complement
Gas turbine 187,837,273.97 7.68% 551,482,249.85 21.12% -65.94%
Hydroelectric
generating set
Service 190,332,845.41 7.78% 123,484,805.52 4.73% 54.13%
Other 30,932,891.77 1.26% 31,019,250.33 1.18% -0.28%
On Area
Domestic 2,184,835,379.80 89.28% 2,453,979,637.36 93.96% -10.97%
Overseas 262,369,234.18 10.72% 157,684,139.60 6.04% 66.39%
Situation of Industry, Product and District Occupying the Company’s Business Income and Operating Profit with
Profit over 10%
√ Applicable □ Not applicable
In RMB
Increase/decre Increase/decre
Increase/decre
ase of ase of gross
ase of revenue
Gross business cost profit rate
in the same
Turnover Operation cost profit over the same over the same
period of the
rate(%) period of period of the
previous
previous year previous year
year(%)
(%) (%)
On Industry
Boiler and
power machine 2,225,938,876.80 1,641,128,587.38 26.27% -9.41% -17.12% 6.86%
manufacture
On product
Industrial steam
turbine
On Area
Domestic 2,184,835,379.80 1,563,955,855.72 28.42% -10.97% -19.29% 7.38%
Under circumstances of adjustment in reporting period for statistic scope of main business data, adjusted main
business based on latest on year’s scope of period-end.
□ Applicable √ Not applicable
IV. Analysis of Non-core Business
√ Applicable □Not applicable
In RMB
Proportion in total
Amount Explanation of cause Sustainable (yes or no)
profit
Mainly due to dividends
Investment income 82,995,357.21 43.84% ——
from Hangzhou Bank.
Fair value change Mainly due to changes in
profit or loss the fair value of
transactional financial
assets.
Mainly due to the
provision for bad debts
Impairment of asset -42,816,689.71 -22.62% ——
of contract assets and
inventory impairment.
Mainly due to the
Non-operating income 8,227,870.11 4.35% ——
compensation income.
Non-operating Mainly due to the
expenses compensation expenses
Mainly due to bad debt
Credit impairment loss -21,490,947.73 -11.35% provision for accounts ——
receivable
Mainly due to
government subsidies
recognized in the current
period for compensation
for land expropriation
Other income 65,171,814.78 34.42% ——
and relocation, as well as
other government
subsidies such as R&D
subsidies confirmed in
the current period.
V. Condition of Asset and Liabilities
In RMB
End of Reporting period End of same period of last year
Reason
As a Change in for
As a percentage of total percentage percentage(%) significant
Amount Amount
assets(%) of total change
assets(%)
Monetary
fund
Accounts
receivable
Contract
assets
Inventories 2,780,272,438.09 15.85% 2,557,564,668.61 14.82% 1.03% ——
Real Estate
investment
Fixed assets 2,102,740,968.03 11.98% 1,912,357,802.93 11.08% 0.90% ——
Construction
in process
Using right
assets
Short-term-
Borrowing
Contract
liabilities
Long-term
borrowing
Lease
liabilities
□ Applicable √ Not applicable
√ Applicable □Not applicable
The Semi-Annual Report 2025
In RMB
Gain/loss
Amount at on fair Cumulative Impairment Purchased Sold
value fair value provisions amount in amount in
Other Amount at
Item year change in change in the the the
changes year end
the recorded reporting reporting reporting
reporting into equity period period period
beginning
period
Financial
assets
onal
financial
assets
（Excludin 101,415.84
g
Derivative
financial
assets）
Derivative
financial
assets
debt
investment
s
Equity 3,972,096,7 600,844,20 4,181,986,9 4,572,940,9
Instrument 59.66 5.26 24.92 64.92
Investment
non-current 5,534,773.2 5,534,773.2
financial 2 2
assets
Receivable
financing
Subtotal
Total of the 5,246,273,2 600,945,62 4,181,986,9 690,000,00 826,000,00 46,110,018. 5,757,328,8
above 23.01 1.10 24.92 0.00 0.00 08 62.19
Financial
Liabilities
Other changes
None
Did great change take place in measurement of the principal assets in the reporting period ?
□ Yes √ No
In RMB
The Semi-Annual Report 2025
Item End of Book balance End of book value Type Reason
Monetary fund Bank acceptance bill deposit, bond
deposit and frozen payment, etc.
Note receivable Endorsed bills undue that have not been
derecognized
Receivable financing 1,238.00 1,238.00 Pledge Used to open a bill pool
Inventory 16,409,373.44 4,418,600.00 Mortgage Financing for sale and leaseback
Utilized for mortgage to obtain the bank
Fixed assets 497,340,997.09 414,352,321.28 Mortgage
loan
Construction in Utilized for mortgage to obtain the bank
process loan
Utilized for mortgage to obtain the bank
Intangible assets 168,171,277.27 141,238,301.30 Mortgage
loan
Total 1,112,987,453.23 989,042,257.07
VI. Analysis on investment Status
√ Applicable □ Not applicable
Investment at same period last year
Investment in the Period(Yuan) Changes
(Yuan)
√ Applicable □ Not applicable
The Semi-Annual Report 2025
In RMB
Whe
Gain or ther
Progress
Capita Invest Less or to
Invest Share up to Antici
Name of the Main Investment l Partne ment Product the Invo Date of Disclosure
ment Proportion Balance pated
Company Invested Business Amount Sourc r Horiz Type Current lve Disclosure Index
Way % Sheet Incom
e on Investm in
Date e
ent Law
suit
photovo
ltaic
Wuhu New Energy Manufacturi Establ Self- Long- Complete
Company ng ished fund term d
generati
on
Power
generati
Jiangs
on,
u
power
Yangji
Lianyungang transmis
e
Zhonghang Gas sion, http:www.cni
Manufacturi Establ Self- Petroc Long- Not yet March
Turbine 45,000,000.00 45.00% power 0.00 0.00 No nfo.com.cn
ng ished fund hemic term funded 18,2025
Technology Co., supply (2025-21)
al
Ltd (distribu
Group
tion)
Co.,
and
Ltd
other
services
Total -- -- 55,000,000.00 -- -- -- -- -- -- 0.00 0.00 -- -- --
√ Applicable □ Not applicable
In RMB
Investment Accrued Actual Accrued Reasons
General Project
New plant Self- amount in this Investment Capital Anticipated Realized for not Disclosure
Yes equipment schedu Disclosure Index
date
project built reporting Amount up to the Source income Income Reaching
manufacturing le
period End of Reporting up to the the Planned
The Semi-Annual Report 2025
Period End of Schedule
Reporting and
Period Anticipated
Income
Self
Annual output General
Self- fund+Loan
of 10 sets of gas December http:www.cninfo.com.cn
Yes equipment 20,449,666.42 453,261,387.92 for 90.65% 0.00 0.00 N/A
turbine unit 22,2022 (2022-90)
built financial
project manufacturing institutions
Production line
project with an Self
General
annual output of Self- fund+Loan
September http:www.cninfo.com.cn
steel castings built financial
and 40,000 tons manufacturing institutions
of forged blanks
Energy saving,
carbon
reduction, high-
efficiency turbo Self
General
machinery Self- fund+Loan
July http:www.cninfo.com.cn
intelligent Yes equipment 101,694,604.81 282,635,538.54 for 26.92% 0.00 0.00 N/A /
manufacturing built financial
service manufacturing institutions
integration
industrial base
project
Total -- -- -- 143,436,011.88 1,001,107,286.98 -- -- 0.00 0.00 -- -- --
（1）Securities investment
√ Applicable □ Not applicable
In RMB
Security Security Stock Initial investment Mode of Book value balance Changes in fair Cumulative fair Purch Sale Gain/l Book value balance Account Sauce
category code Abbre cost accounti at the beginning of value of the this value changes in ase amoun oss of at the end of the ing Item of the
The Semi-Annual Report 2025
viatio ng the reporting period period equity amoun t in the reporting period shares
n: measure t in the reporti
ment the this ng
this period period
period
Domesti Other
Hangz equity
c and Instrum Self
ent funds
foreign
Bank investm
stocks ent
Domesti
LUTI Financia
c and Debt
l assets
transacti
foreign turing
UA on
stocks
Total 393,823,259.80 -- 3,973,947,598.74 600,945,621.10 4,181,986,924.92 0.00 0.00 0.00 4,574,893,219.84 -- --
（2）Investment in Derivatives
□ Applicable √ Not applicable
The Company had no investment in derivatives in the reporting period.
□ Applicable √ Not applicable
The Company had no application of the raised capital in the reporting period.
VII. Sales of major assets and equity
□ Applicable √ Not applicable
The Company had no sales of major assets in the reporting period.
The Semi-Annual Report 2025
□ Applicable √ Not applicable
VIII. Analysis of the Main Share Holding Companies and Share Participating Companies
√ Applicable □ Not applicable
Situation of Main Subsidiaries and the Joint-stock Company with over 10% net profit influencing to the Company
In RMB
Leading
Company Name Company type products and Registered capital Total assets Net assets Operating Income Operating profit Net Profit
services
Manufacturin
Auxiliary Machine Co. Subsidiaries 80,000,000.00 620,002,979.65 312,545,706.73 282,373,710.05 31,940,663.58 29,090,749.59
g
Commerce &
Packaged Tech. Co. Subsidiaries 51,000,000.00 160,139,128.23 105,081,766.23 136,887,246.90 15,517,822.34 12,750,410.68
trade
Manufacturin
Machinery Co. Subsidiaries 30,000,000.00 385,554,871.99 312,220,575.29 203,660,336.75 76,758,157.58 62,318,462.11
g
Commerce &
Turbine Co. Subsidiaries 20,000,000.00 94,034,029.45 53,852,201.40 80,748,062.10 7,072,285.81 5,270,628.29
trade
Manufacturin
Zhongneng Company Subsidiaries 120,000,000.00 2,296,400,460.72 409,411,190.17 690,560,032.08 3,303,576.99 7,337,271.72
g
Manufacturin
Casting Company Subsidiaries 29,500,000.00 990,379,814.52 386,689,525.13 247,420,750.99 5,414,278.35 4,217,645.64
g
Manufacturin
New Energy Company Subsidiaries 500,000,000.00 1,505,182,717.49 504,526,706.91 251,450,671.96 42,331,782.83 29,938,283.41
g
Manufacturin
Ranchuang Company Subsidiaries 155,000,000.00 349,542,580.55 154,613,196.83 111,942,678.22 -27,709,389.87 -30,528,798.99
g
Subsidiaries obtained or disposed in the reporting period
√ Applicable □ Not applicable
The method of obtaining and disposing The influence to the whole production
Company name
subsidiaries during the report period and performance
Wuhu New Energy Company Established No significant impact
Notes of holding and stock-jointly companies
The Semi-Annual Report 2025
IX. Structured subject situation controlled by the company
□ Applicable √ Not applicable
X. Risks facing the Company and countermeasures
The Company's industry is closely related to the global and Chinese economic situation, international political
situation, equipment investment of industrial enterprises and other factors. In recent years, the international
political and economic environment has been complex, with slowing global economic growth, intensifying
geopolitical conflicts, escalating international trade barriers, and increasing uncertainties in the external
environment. The proposal of the national goal of "carbon peak and carbon neutrality" has had a profound
impact on the downstream industries represented by petrochemicals, steel, electric power, building materials,
etc. The Company will rely on technological innovation to highlight core technology advantages, expand
marketing channels, innovate marketing work models, improve product quality, enhance terminal service
capabilities, strive to improve product added value, actively tap into potential demand, and actively respond to
and resolve market risks.
With the increase of uncertainties in the external environment, the Company has many contract changes in
the process of contract execution, and project progress delays and suspensions occur from time to time, which
has a great impact on the Company's internal product realization process. Meanwhile, with the increase in short-
cycle orders, the cost and risk of the Company's performance of contracts also increase accordingly. The
Company will further strengthen the ability to connect production and marketing, improve the speed and level
of enterprises to respond to the market, and control the risk of contract execution.
With the sluggish operating performance of some downstream industry customers and the increase in
investment project risks, there are persistent risks in the Company's accounts receivable recovery, which has a
greater impact on the Company's operating performance. The Company will implement customer credit
management, strengthen contract signing and performance risk control, increase the assessment and incentive of
accounts receivable recovery, and reduce the adverse impact of overdue accounts receivable.
The expansion of the Company's international procurement and international sales business will affect the
Company's balance of payments due to exchange rate fluctuations, and there is a certain risk of exchange losses.
With the increase in the two-way fluctuation of the RMB exchange rate, the uncertainty of exchange gains and
losses has increased. The Company will refer to the exchange rate fluctuation cycle and adopt appropriate
exchange rate risk management tools to minimize exchange losses.
The Semi-Annual Report 2025
With the intensification of market competition, the price of industrial products continues to fall, while the
cost of domestic raw materials and labor continues to rise, and the profitability of the Company's products is
facing a severe test. The Company will give full play to the role of budget service strategy and scientific
allocation of resources to improve the overall cost control ability, coordinate the promotion of lean cost
reduction, improve operational efficiency, and strive to resolve the risk of declining profitability.
The Company continues to implement the "going global" strategy, further expands overseas target markets,
and enhances the Company's share and influence in the international market. However, at present, the overseas
market is affected by geopolitical conflicts, changes in the internal political and economic situation and trade
barrier policies, and there is great uncertainty in business expansion in overseas market. The Company will
increase resource investment and overseas market efforts, formulate targeted marketing strategies for emerging
markets and potential markets, and explore and optimize localized marketing paths.
XI. Formulation and implementation of market value management system and valuation boost plan
Whether the Company has established a market value management system
□Yes?No
Whether the Company has disclosed plans for valuation boost.
□Yes?No
XII. The implementation of the action plan of "Double improvement of quality and return".
Whether the Company has disclosed the action plan of "Double improvement of quality and return".
□Yes?No
The Semi-Annual Report 2025
IV Corporate Governance, Enviornmental and Social Responsibility
I. Changes of directors, supervisors and senior executives
□Applicable √ Not applicable
There were no changes in the directors, supervisors and senior executive of the Company during the Period,
found more in the Annual Report 2024
II. Profit distribution plan and capitalizing of common reserves plan for the Period
□Applicable?Not applicable
The Company has no plans of cash dividend distributed, no bonus shares and has no share converted from
capital reserve either for the semi-annual.
III. Implementation of the company’s stock incentive plan, employee stock ownership plan or other
employee incentives
√ Applicable □Not applicable
(1) Equity incentive
(I) On July 11, 2021, the 14th Meeting of the Eighth Board of Directors reviewed and approved the Proposal on
the Company's Restricted Stock Incentive Plan (Draft) in 2021 and its Summary, the Proposal on the Company's
Implementation Assessment Management Measures for the Restricted Stock Incentive Plan in 2021, and the
Proposal on Requesting the General Meeting of Shareholders to Authorize the Board of Directors to Handle
Matters Related to the Restricted Stock Incentive Plan in 2021, and the Ninth Meeting of the Eighth Supervisors
of the Company reviewed and approved the above related proposals. The Company disclosed related
announcements such as the Restricted Stock Incentive Plan (Draft) and its Summary in 2021, the Implementation
Assessment Management Measures for the Restricted Stock Incentive Plan in 2021, the Incentive Object List of
the Restricted Stock Incentive Plan in 2021, the Self-inspection Form of Equity Incentive Plan, and the Legal
Opinions of Shanghai Allbright Law Offices on the 2021 Restricted Stock Incentive Plan of Hangzhou Steam
Turbine Co., Ltd.
Independent directors of the Company expressed their independent opinions on whether the equity incentive
plan is conducive to the sustainable development of the Company and whether there is any harm to the interests of
the Company and all shareholders.
(II) On August 12, 2021, the Company disclosed the Announcement on the Approval of Equity Incentive Plan
by Hangzhou SASAC. The Company received the Reply of Hangzhou Steam Turbine Co., Ltd. on
Implementing the Restricted Stock Incentive Plan in 2021 (HGZK [2021] No.45), and Hangzhou SASAC
agreed in principle that the Company should implement the restricted stock incentive plan in 2021.
(III)From July 12, 2021 to July 21, 2021, the company will post the "Announcement of the Company's 2021
Restricted Stock Incentive Objects" through the company's business premises, publicizing the names and
The Semi-Annual Report 2025
positions of the incentive objects, and clarifying the circumstances under which they cannot become equity
incentive objects. , as well as the ways and means of feedback during the publicity period. As of the
expiration of the publicity period, the company has not received any objection from any organization or
individual to the incentive objects of this incentive plan. On August 23, 2021, the Company disclosed the
Publicity and Verification Opinions of the Board of Supervisors of the Company on the List of Incentive Objects
of Restricted Stock Incentive Plan. The Board of Supervisors of the Company believes that the incentive objects
listed in this incentive plan comply with the Administrative Measures, Trial Measures, Notice and other laws,
regulations, normative documents and the scope and conditions of incentive objects stipulated in the Incentive
Plan (Draft), and there is no circumstances that forbids to be incentive objects, and its qualification as the
incentive objects of this incentive plan is legal and effective.
On August 23, 2021, the Company disclosed the Independent Financial Advisor's Report of CITIC
Securities Co., Ltd. on the Restricted Stock Incentive Plan (Draft) in 2021 of Hangzhou Steam Turbine Co., Ltd.
(IV) On August 27, 2021, the Company held the Second provisional Shareholders' General Meeting in 2021,
which reviewed and approved the Proposal on the Company's Restricted Stock Incentive Plan in 2021 and its
Summary, the Proposal on the Company's Implementation Assessment Management Measures for the Restricted
Stock Incentive Plan in 2021, and the Proposal on Requesting the General Meeting of Shareholders to Authorize
the Board of Directors to Handle Matters Related to the Restricted Stock Incentive Plan in 2021.
Meanwhile, the Company disclosed the Self-inspection Report on Insider Information of Restricted Stock
Incentive Plan in 2021 and Stock Trading of Incentive Objects.
(V) On August 30, 2021, the Company convened the 16th Meeting of the Eighth Board of Directors and the 11th
Meeting of the Eighth Board of Supervisors, and respectively reviewed and approved the Proposal on Granting
Restricted Stocks to Incentive Objects for the First Time. The Board of Directors of the Company considered that
the granting conditions of restricted stocks stipulated in this incentive plan had been fulfilled, and agreed to grant
for the first time, at a price of HK$ 6.825 per share. The Board of Supervisors of the Company verified the list of
incentive objectives again and issued a clear consent opinion. Independent directors of the Company expressed
their agreed independent opinions on this.
(VI) On October 22, 2021, the Company completed the registration of granting restricted shares for the first time,
with 455 people registered for the first time and 18,060,000 shares registered.
(VII) On December 16, 2021, the 20th Meeting of the 8th Board of Directors and the 13th Meeting of 8th Board
of Supervisors of the Company reviewed and approved the Proposal on Granting Reserved Restricted Shares to
Incentive Objects.. it is agreed that December 16, 2021 will be reserved for granting restricted shares, and
Independent directors of the Company expressed independent opinions on relevant proposals of the Board of
Directors
（VIII) On January 14, 2022, the Company completed the registration of reserved grant of restricted shares, with
The Semi-Annual Report 2025
(IX)On December 21, 2022, the Company held the 30th meeting of the 8th session of the Board of Directors
and the 19th meeting of the 8th session of the Board of Supervisors, in which it deliberated and passed the
"Proposal on Repurchase and Cancellation of Some Restricted Shares" and "Proposal on Adjusting the
Repurchase Quantity and Repurchase Price of the 2021 Restricted Stock Incentive Plan". In view of the fact that
no longer eligible for incentive object due to personal reasons, it’s agreed to repurchase and cancel a total of
As the Company has implemented the profit distribution plan for 2021, according to the provisions of the
Incentive Plan, the repurchase price and repurchase quantity of restricted stocks will be adjusted accordingly.
(X)On October 30, 2023, the Company convened the Third Meeting of the Ninth Board of Directors and the
Third Meeting of the Ninth Board of Supervisors, and reviewed and approved the Proposal on Adjusting the
Repurchase Quantity and Repurchase Price of the Restricted Stock Incentive Plan in 2021 and the Proposal on
Repurchase and Cancellation of Some Restricted Stocks. In view that 14 incentive objects became ineligible
due to retirement, 3 due to personal resignation, and 2 due to failure to achieve "Good" or above in performance
ratings, the Company agreed to repurchase and cancel 434,803 restricted stocks in aggregate according to the
Incentive Plan. As two people failed to achieve good or above performance assessment results, according to the
Incentive Plan, it is agreed to repurchase and cancel their 12,355 restricted stocks that fail to meet the conditions
for lifting the restricted sales in the first lifting period. In the meantime, as the Company has implemented the
profit distribution plan for 2021, according to the provisions of the Incentive Plan, the repurchase price and
repurchase quantity of restricted stocks will be adjusted accordingly.
At the same time, the Third Session of the Ninth Board of Directors and the Third Session of the Ninth Board of
Supervisors of the Company reviewed and approved the Proposal on Achievement of Partial First-phase Lifting
of Restricted Sale of the First Grant Part of the Restricted Stock Incentive Plan in 2021, and the Board of
Directors of the Company agreed to handle the lifting of the restricted sales for 451 incentive objects who met
the conditions for lifting the restricted sales in the first lifting period of the first grant. The total number of
restricted stocks lifted this time was 9,254,045. The independent directors of the Company expressed their
independent opinions on this matter, and the Board of Supervisors expressed their opinions on this matter.
(XI) On January 16, 2024, the Fourth Session of the Ninth Board of Directors and the Fourth Session of the
Ninth Board of Supervisors of the Company reviewed and approved the Proposal on Achievement of Partial
First-phase Lifting of Restricted Sale of the Reserved Grant Part of Restricted Stock Incentive Plan in 2021, and
the Board of Directors of the Company agreed to handle the lifting of the restricted sales for 36 incentive
objects who met the conditions for lifting the restricted sales in the first lifting period of the reserved grant part.
The total number of restricted stocks lifted this time was 700,128. The Board of Supervisors issued a clearly
agreed opinion on this matter.
（XII）On October 28, 2024, the Company held the ninth meeting of the ninth session board of directors and
the eighth meeting of the ninth session board of supervisors, at which the "Proposal on Adjusting the
Repurchase Price of the 2021 Restricted Stock Incentive Plan" and "Proposal on Repurchasing and Canceling
Part of the Restricted Shares" were deliberated and passed. In view of the fact that 3 of the incentive recipients
resigned due to personal reasons and no longer qualified as incentive recipients, according to the Incentive Plan,
it’s agreed to repurchase and cancel a total of 62,712 restricted shares held by them that had been granted but
had not yet been released. Meanwhile, since the Company has completed the implementation of the 2023 profit
distribution plan, the repurchase price of restricted shares shall be adjusted accordingly in accordance with the
provisions of the incentive plan.
The Semi-Annual Report 2025
Meanwhile, the "Proposal on the Achievement of the Second Phase of the Lifting of the Restricted Stock
for the First Grant of the 2021 Restricted Stock Incentive Plan" was passed in the ninth meeting of ninth board
of directors and in the eighth meeting of the ninth Meeting board of supervisors of the Company, and agreed to
handle the lifting of the restriction on the sale of 440 incentive recipients who meet the conditions for the
second release of the restricted stock of the first grant part, and the total number of restricted shares released this
time is 8,936,928 shares. The Supervisory Board issued an unequivocal opinion on the matter.
(XIII). On January 17, 2025, the Company held the 11th meeting of the 9th session board of directors and the
Part of the Restricted Shares" was deliberated and passed. In view of the fact that 3 of the incentive recipients
resigned due to personal reasons and no longer qualified as incentive recipients, according to the Incentive Plan,
it’s agreed to repurchase and cancel a total of 42,120 restricted shares held by them that had been granted but
had not yet been released.
The "Proposal on the Achievement of the Second Phase of the Lifting of the Restricted Sale Conditions of
the Reserved Grant Part of the 2021 Restricted Stock Incentive Plan" was passed in the 11th meeting of the 9th
session board of directors and in the10th session meeting of the 9th session board of supervisors of the
Company, and agreed to handle the lifting of the restriction on sale of 35 incentive recipients who meet the
conditions for the second release of the restricted stock of the reserved grant part, and the total number of
restricted shares released this time is 689,832 shares. The Supervisory Board issued an unequivocal opinion on
the matter.
□ Applicable √ Not applicable
□ Applicable √ Not applicable
IV. Environmental information disclosure situation
Whether the listed companies and their main subsidiaries are included in the list of enterprises that disclose
environmental information according to law
□Yes ?No
V. Social responsibility
With "driving industrial civilization and sustaining China's power" as its business mission, the company
leads the its reform and development with the development concept of "innovation, coordination, green,
openness and sharing". While standardized operation and operation according to law, it strives to shoulder due
social responsibilities and promote the harmonious development of the company, shareholders, investors,
employees, suppliers, customers, consumers and the whole society.
(1) While the company is committed to long-term development and realization of shareholder value, it pays
attention to the natural environment and resources, and undertakes corresponding responsibilities to
shareholders, employees, customers, suppliers, communities and other relevant stakeholders to realize the
harmony, coordination and unity of sustainable development between the company and society.
The Semi-Annual Report 2025
(2) The company has formulated the "social responsibility management standard", which defines the
company's responsibilities and standard requirements in protecting shareholders and creditors, protects the
interests of employees, ensures safety in production, environmental protection, energy conservation and
emission reduction, and social welfare undertakings, and defines the importance of social responsibility.
(3) The company has further strengthened the protection of the rights and interests of small and medium-
sized investors, strengthened the management of investor relations, and established communication channels in
all aspects. For news affecting major changes in the company's stock price, the company has actively verified
the information content to clarify the facts, and issued announcements when necessary to announce the actual
situation of the company, so as to protect the legitimate rights and interests of small and medium-sized investors.
(4) The company treats suppliers and users in good faith and always maintains good commercial credit and
excellent contract performance level. The company has established a strategic cooperation relationship with
suppliers, set up a convenient information communication platform, and continuously improved the level of
cooperation between the two parties. The company provides customers with high-quality products and
professional services, as well as personalized business solutions adapted to different environments, which are
well received by customers.
(5) The company actively promotes the professional development of employees, continuously improves
the professional environment of employees, and protects the physical and mental health of employees. The
company has a number of highly skilled talents such as national technical experts and provincial and municipal
technical competition pacesetters, and has set up a number of skilled master studios in the production line to
create a golden blue collar team in modern manufacturing. The company has further raised the level of medical
expenses subsidies for employees, and provided health insurance and cancer prevention insurance for
employees. Throughout the year, the company has continuously carried out group cultural activities, expanded
the venues for cultural and sports activities for employees, supported employees to spontaneously establish
various cultural organizations, and created a dynamic enterprise atmosphere. During the reporting period, the
Company carried out labor competitions, skills competitions, and mass innovation activities; it carried out the construction
and creation of five-type teams, and deeply cultivated the rock plan; organized ten batches of 697 employees to recuperate.
(6) The company attaches great importance to environmental protection and energy conservation and emission
reduction. The company has set up special assessment indicators to strictly regulate all kinds of environmental
behaviors in the business process. It strengthens the management of hazardous wastes and strictly controls the
transfer and storage of hazardous wastes. The company's safe disposal rate of hazardous wastes has reached
other Item all met the national standards. The company has formulated energy consumption control indicators
for various departments, incorporated energy consumption indicators into the annual assessment system,
vigorously carried out energy-saving publicity, regularly organized energy-saving inspections, and implemented
a number of energy-saving renovation projects. The total comprehensive energy consumption for the whole
year decreased significantly year on year.
（7）The Company continues to support and carry out public welfare undertakings. During the reporting
period, it actively responded to the call of the Hangzhou Municipal Party Committee, the Municipal
The Semi-Annual Report 2025
Government and Shiqiao Street of the "Spring Breeze Action", played a leading and demonstration role of
caring enterprises, and donated a total of 510,000 yuan to the "Spring Breeze Action"; The Company supported
the education of rural areas in mountain villages, and helped Zhongzhou Town Primary School in Chun'an
County with books, sporting goods, intangible cultural heritage handicrafts and other in-kind items, with the
value totaled in 17,000 yuan.
The Semi-Annual Report 2025
V. Important Events
I. The fulfilled commitments in the reporting period and under-fulfillment commitments by the end of
the reporting period made by the company, shareholder, actual controller, acquirer, director, supervisor,
senior management personnel and other related parities.
√ Applicable □ Not applicable
Time of
making Period of
Commitment commitment Fulfillment
Commitment Type Contents commitment
maker
Hangzhou Commitment to
Turbine Power the transfer
Other
Group Co., Ltd., target
commitments http://www.cninfo.com.cn
Hangzhou company's November Under
made to (Announcement No.: 2021-
Turbine accounts 16,2021 Fulfillment
minority 101 and 2021-102)
Technology receivable
shareholders
Co.,Ltd. and recovery and
other transferors other matters
Whether
commitments
Yes
are fulfilled on
time
Note: Hangzhou Turbine Power Group Co., Ltd has been renamed as Hangzhou Turbine Holdings Co., Ltd, and
Hangzhou Turbine Power Technology Co., Ltd has been renamed as Hangzhou Guoyu Property Management
Co., Ltd.
II. Particulars about the non-operating occupation of funds by the controlling shareholder
□ Applicable √ Not applicable
No such cases in the reporting period.
III. Illegal provision of guarantees for external parties
□ Applicable √ Not applicable
No such cases in the reporting period.
The Semi-Annual Report 2025
IV. Engagement and disengagement of CPAs firm
Whether the semi-annual financial report has been audited
□ Yes √ No
The semi-annual financial report of the Company has not been audited
V. Notes for “non-standard audit report” of CPAs firm during the Reporting Period by board of
directors and supervisory board
□ Applicable √ Not applicable
VI. Notes for the related information of “non-standard audit reports” last year by board of directors
□ Applicable √ Not applicable
VII. Bankruptcy and restructuring
□ Applicable √ Not applicable
No such cases in the reporting period.
VIII. Litigations and arbitrations
Significant litigations and arbitrations
□ Applicable √ Not applicable
No such cases in the reporting period.
Other lawsuits
□ Applicable √ Not applicable
IX. Punishments and rectifications
□ Applicable √ Not applicable
No such cases in the reporting period.
X. Credit conditions of the Company as well as its controlling shareholder and actual controller
□ Applicable √ Not applicable
XI. Material related transactions
?Applicable □Not applicable
The Semi-Annual Report 2025
Rela
ted Relate Whet
Tradi
trans d Propo her Cleari
ng
Type actio transa rtion over ng
Conten limit
of Pricin n ction in the form Available
Relati t of appro Index of
Related relate g price amou simila appro for similar Date of
onshi related ved disclosu
party d princi (in nt (in r ved relate market disclosure
p transac (in 10 re
transa ple 10 10 transa limite d price
tion thousa
ction thou thousa ctions d or transa
nd
sand nd (%) not ction
Yuan)
Yuan Yuan) (Y/N)
)
A Auxilia
Hangzhou subsid ry
Bank
Oxygen iary machin
deposi Announ
Plant Group enterp e, spare Mar Not
Sell Marke 5,410. 5,664. t/ April cement
Co., Ltd rise of parts, ket No applicabl
goods t price 32 86 Com 15,2025 No.:202
and its Hangz industri price e
merci 5-40
holding hou al
al bill
subsidiaries Capita steam
l turbine
Total -- -- -- -- -- -- -- --
Detail of sales return with major amount
N/A
involved
Report the actual implementation of the
daily related transactions which were
projected about their total amount by Not applicable
types during the reporting period (if
applicable)
Reasons for major differences between
trading price and market reference price Not applicable
(if applicable)
□Applicable √ Not applicable
No such cases in the reporting period.
□Applicable √ Not applicable
No such cases in the reporting period.
□Applicable √ Not applicable
No such cases in the reporting period.
□Applicable √ Not applicable
No such cases in the reporting period.
The Semi-Annual Report 2025
□ Applicable √ Not applicable
No such cases in the reporting period.
□ Applicable √ Not applicable
No such cases in the reporting period.
XII. Significant contracts and execution
（1）Entrustment
□Applicable √ Not applicable
No such cases in the reporting period.
（2）Contracting
□Applicable √ Not applicable
No such cases in the reporting period.
（3）Leasing
□Applicable √ Not applicable
No such cases in the reporting period.
√ Applicable □ Not applicable
In RMB10,000
Guarantee of the Company for the controlling subsidiaries (Exclude controlled subsidiaries)
Date of
Relevant Guarantee
happeni Complet
disclosure Amount Actual Guarant Counter- for
ng e
Name of the date/No. of of mount of Guarante Guarantee associated
(Date of y（If guarantee impleme
Company the Guarante guarante e type term parties
signing any） （If any） ntation
guaranteed e e (Yes or
agreem or not
amount no)
ent)
Guarantee of the Company for the controlling subsidiaries
Relevant Date of Guarantee
Complet
disclosure Amount happeni Guaranty Counter- for
Actual e
Name of the date/No. of of ng Guarant Guarantee associated
mount of （If guarantee impleme
Company the Guarant (Date of ee type term parties
guarantee any） （If any） ntation
guaranteed ee signing (Yes or
or not
amount agreeme no)
The Semi-Annual Report 2025
nt)
Two years
from the
The
January date of
New Energy October joint
Company 31,2023 liability
guaranty
principal
debt
Two years
from the
The
date of
Ranchuang April June joint
Company 15,2025 27,2025 liability
of the
guaranty
principal
debt
Total of actual
Total of guarantee for
guarantee for
subsidiaries approved in the 11,000 2,200
subsidiaries in the
period(B1)
period (B2)
Total of actual
Total of guarantee for
guarantee for
subsidiaries approved at 41,000 11,372.78
subsidiaries at period-
period-end(B3)
end(B4)
Guarantee of the subsidiaries for the controlling subsidiaries
Date of
Relevant Compl
happeni Counter- Guarantee
disclosure Amount Guarant ete
ng Actual guarante for
Name of the date/No. of of Guarante Guarantee imple
(Date of mount of y（If associated
Company the Guarant e type e（If term mentat
signing guarantee any） parties
guaranteed ee any） ion
agreeme (Yes or no)
amount or not
nt)
Two years
The joint from the date
Guoneng November August
Company 15,2023 24,2023
guaranty of the
principal debt
Two years
The joint from the date
Guoneng November August
Company 15,2023 24,2023
guaranty of the
principal debt
Two years
The joint from the date
Guoneng November August
Company 15,2023 30,2023
guaranty of the
principal debt
Two years
October The joint from the date
Hangfa March
Company 29,2023
principal debt
Two years
Novemb The joint from the date
Hangfa March
Company 29,2023
principal debt
Hangfa September 1,500 August 154.21 The joint Two years No No
The Semi-Annual Report 2025
Company 16,2023 25,2023 liability from the date
of expiration
guaranty
of the
principal debt
Two years
Anhui The joint from the date
August July
Casting 5,453 5,453 liability of expiration No No
Company guaranty of the
principal debt
Total amount of
Total guarantee quota to the guarantee to the
subsidiaries approved in the 0 subsidiaries actually 14,193.50
reporting period (C1) incurred in the
reporting period (C2)
Total balance of actual
Total guarantee quota to the
guarantee to the
subsidiaries approved at the
end of the reporting period
of the reporting period
(C3)
(C4)
Total of Company’s guarantee（namely total of the large three aforementioned）
Total of actual
Total of guarantee in the guarantee in the
Period（A1+B1+C1）
（A2+B2+C2）
Total of actual
Total of guarantee at Period-
end（A3+B3+C3）
end A4+B4+C4）
The proportion of the total amount of actually
guarantee in the net assets of the Company(that is 3.03%
A4+B4+C4)
Including
Amount of guarantee for shareholders, actual controller and its associated parties（D） 0.00
The debts guarantee amount provided for the
Guaranteed parties whose assets-liability ratio exceed 15,028.25
Proportion of total amount of guarantee in net assets of the company exceed 50%（F） 0.00
Total guarantee Amount of the abovementioned guarantees（D+E+F） 15,028.25
Explanations on possibly bearing joint and several liquidating responsibilities for undue
Not applicable
guarantees ( If any)
Explanations on external guarantee against regulated procedures(If any) Not applicable
Description of the guarantee with complex method
Not applicable
√ Applicable □Not applicable
In RMB10,000
Source of funds The Occurred
for entrusted Amount of Un-recovered of
Specific type Undue balance Amount overdue
financial Entrusted Wealth- overdue amount
management management
Bank financial
Self fund 69,000 53,200 0 0
products
Total 69,000 53,200 0 0
The detailed information of entrusted wealth-management with significant amount or low safety, poor liquidity
or high risk with no promise of principal
□ Applicable √ Not applicable
The Semi-Annual Report 2025
Entrusted financing appears to be unable to recover the principal or there may be other circumstances that
may result in impairment
□ Applicable √ Not applicable
□ Applicable √ Not applicable
No such cases in the reporting period.
XIII. Explanation on other significant events
√ Applicable □Not applicable
the construction of independent gas turbine testing and application demonstration bases, and accelerate the
implementation of demonstration base projects and industrial integration, the Company intends to jointly invest
in the establishment of a joint venture company ---Lianyungang Zhonghang Gas Turbine Technology Co., Ltd.,
with Jiangsu Yangjing Petrochemical Group Co., Ltd.-which is the enterprise authorized by the Management
Committee of the National East, Central and West Regional Cooperation Demonstration Zone (Lianyungang
Xuwei New Area) . For details, please refer to the announcement released by the Company on the website of
Cninfo(Announcement No.:2025-21).
Assets Company signed the "Share Transfer Agreement on the share of Hangzhou Turbine Power Group Co.,
Ltd.", and Hangzhou Qitong intends to transfer 35,286,479 non-tradable shares of the Company (accounting for
agreement, and transfer 23,524,320 non-tradable shares of the Company (accounting for 2.0022% of the
Company's total share capital) to Provincial Development Asset Company. On May 12, 2025, the Company
received the securities transfer registration confirmation document issued by China Securities Depository and
Clearing Co., Ltd. forwarded by Hangzhou Qitong, and Hangzhou Qitong has completed the transfer
registration of the above-mentioned agreement to transfer the shares, with a transfer date of April 30, 2025.
which was detailed in the relevant announcement disclosed by the Company on Cninfo Information Network
(http://www.cninfo.com.cn) on April 2 2025 and May 13, 2025(Announcement No.:2025-22, 2025-63).
the "Proposal on the Share Exchange Absorption and Merger of Hangzhou Turbine Power Group Co., Ltd.by
Hangzhou Hirisun Technology Incorporated.namely the Related Party Transaction Plan” was deliberated and
approved, which was detailed in the relevant announcement disclosed by the Company on Cninfo Information
Network (http://www.cninfo.com.cn) on April 26, 2025; The Company held the second extraordinary
shareholders' general meeting in 2025 on June 6, 2025, in which the "Proposal on the Transaction in
Compliance with the Relevant Laws and Regulations on the Major Asset Restructuring of Listed Companies"
and other major asset restructuring-related proposals were deliberated and approved, and the content of which
was detailed in the relevant announcement published by the Company on Cninfo Information Network
(http://www.cninfo.com.cn) on June 7, 2025; On June 20, 2025, the Company received the "Notice on
Accepting the Application Document for the Share Exchange Absorption and Merger of Hangzhou Turbine
The Semi-Annual Report 2025
Power Group Co., Ltd. by Hangzhou Hirisun Technology Incorporated." (No. 90 [2025] SZSE Shangshen)
issued by the Shenzhen Stock Exchange forwarded by Hirisun,which was detailed in the relevant announcement
disclosed by the Company on Cninfo Information Network (http://www.cninfo.com.cn) on June 24, 2025.
general meeting in 2025 on July 7, 2025 and July 25, 2025 respectively, in which the "Proposal on the
Absorption Merger of Wholly-owned Subsidiary" was deliberated and approved . In order to improve the
efficiency of resource allocation, avoid overlapping investment, and continue to optimize the Company's overall
operational efficiency, the Company intends to absorb and merge the complete-set company through legal
procedures. After the completion of the absorption and merger, the independent legal personality of the
complete-set company will be cancelled, and all its assets (including qualifications), creditor's rights, debts and
businesses will be inherited by the Company in accordance with the law. which was detailed in the relevant
announcement disclosed by the Company on Cninfo Information Network (http://www.cninfo.com.cn) on July
XIV. Significant event of subsidiary of the Company
□ Applicable √ Not applicable
The Semi-Annual Report 2025
VI. Change of share capital and shareholding of Principal Shareholders
I. Changes in share capital
In shares
Before the change Increase/decrease（+，-） After the Change
Amount Proporti Capitali
on Bon zation
Share
us of Proporti
allotm Other Subtotal Quantity
shar common on
ent
es reserve
fund
conditional subscription
Domestic legal person
shares
II.Shares with
unconditional 426,482,909 36.30% 0 0 0 -104,832 -104,832 426,378,077 36.29%
subscription
domestic market
III. Total of capital 100.00 100.00
shares % %
Reasons for share changed
√ Applicable □ Not applicable
incentive objects, according to the "2021 Restricted Stock Incentive Plan (Draft)", a total of 62,712 restricted
shares held by them that have been granted but have not yet been lifted were repurchased and cancelled. (See
Announcement 2024-63 for details)
incentive objects, according to the "2021 Restricted Stock Incentive Plan (Draft)", a total of 42,120 restricted
shares held by them that have been granted but have not yet been lifted were repurchased and cancelled. (See
Announcement 2025-07 for details).
Approval of change of the shares
√ Applicable □Not applicable
meeting of the ninth session of the board of supervisors, in which the "Proposal on Repurchase and Cancellation
of Some Restricted Shares" was deliberated and approved. In view of the fact that 3 of the incentive objects
resigned due to personal reasons and no longer qualified as incentive objects, according to the "2021 Restricted
Stock Incentive Plan (Draft)", a total of 62,712 restricted shares held by them that have been granted but have
not yet been lifted were repurchased and cancelled.
of the ninth session of the board of supervisors, in which the "Proposal on Repurchase and Cancellation of
The Semi-Annual Report 2025
Some Restricted Shares" was deliberated and approved. In view of the fact that 3 of the incentive objects
resigned due to personal reasons and no longer qualified as incentive objects, according to the "2021 Restricted
Stock Incentive Plan (Draft)", a total of 42,120 restricted shares held by them that have been granted but have
not yet been lifted were repurchased and cancelled.
Ownership transfer of share changes
√ Applicable □Not applicable
with a total share capital of 1,175,009,597 shares before cancellation and 1,174,946,885 shares of the Company
after cancellation.
total share capital of 1,174,946,885 shares before cancellation and 1,174,904,765 shares of the Company after
cancellation.
Implementation progress of shares buy-back
√ Applicable □Not applicable
Implementation progress of reducing holdings of shares buy-back by centralized bidding
□ Applicable √ Not applicable
Influence on the basic EPS and diluted EPS as well as other financial indexes of net assets per share attributable
to common shareholders of Company in latest year and period
□ Applicable √ Not applicable
Other information necessary to disclose or need to disclosed under requirement from security regulators
□ Applicable √ Not applicable
√ Applicable □Not applicable
In RMB
Number of
Number of Restricted
Initial Increased Reason for Date of
Shareholder Unrestricted Shares in the
Restricted Restricted Restricted Restriction
Name Shares This End of the
Shares Shares This Shares Removal
Term Term
Term
Equity
Ye Zhong 292,500 0 0 292,500 /
incentive
The Semi-Annual Report 2025
restricted
stocks and
restricted sales
for senior
managers.
Equity
incentive
restricted
Zheng Bin 292,500 0 0 292,500 stocks and /
restricted sales
for senior
managers.
Equity
incentive
restricted
February
Li Shijie 234,000 102,960 102,960 234,000 stocks and 11,2025
restricted sales
for senior
managers.
Equity
incentive
restricted
Yang
Yongming
restricted sales
for senior
managers.
Equity
incentive
restricted
Wang Gang 234,000 0 0 234,000 stocks and /
restricted sales
for senior
managers.
Cai Weijun 234,000 0 0 234,000 Equity /
The Semi-Annual Report 2025
incentive
restricted
stocks and
restricted sales
for senior
managers.
Equity
incentive
restricted
Kong Jianqiang 234,000 0 0 234,000 stocks and /
restricted sales
for senior
managers.
Equity
incentive
restricted
Wang
Zhengrong
restricted sales
for senior
managers.
Equity
incentive
restricted
Zhao Jiamao 234,000 0 0 234,000 stocks and /
restricted sales
for senior
managers.
Equity
incentive
restricted
Li Guiwen 312,000 78,000 0 234,000 stocks and April 25,2025
restricted sales
for senior
managers.
The Semi-Annual Report 2025
Equity
incentive
restricted
February
Other 9,341,601 691,704 0 8,649,897 stocks and 11,2025
restricted sales
for senior
managers.
Total 11,876,601 872,664 102,960 11,106,897 -- --
II. Securities issue and listing
□ Applicable √ Not applicable
III. Particulars about the shareholders and substantial controller
In shares
Total number of preferred
shareholders that had
Total number of common
restored the voting right at
shareholders at the end of the 10,904 0
the end of the reporting
reporting period
period (if any) (See note
Particulars about shares held above 5% by shareholders or top ten shareholders(Excludes shares lent through refinancing)
Proporti Number or share
Non-
on of Number of Changes in Amount of pledged/frozen
Shareholders Nature of restricted
shares shares held at reporting restricted
shareholder ordinary State of
held period -end period shares held Amount
shares held share
（%）
Not
Hangzhou Turbine Holdings Co., State-owned
Ltd. legal person
le
Not
Zhejiang Provincial Industrial State-owned
Investment Group Co., Ltd. legal person
le
Zhejiang Provincial Not
State-owned
Development Asset Management 2.00% 23,524,320 23,524,320 23,524,320 0 applicab 0
legal person
Co., Ltd le
Not
China Merchants Securities Foreign
(HK)Co., Ltd. legal person
le
Domestic Not
Zhou Jie Natural 0.73% 8,570,000 92,000 0 8,570,000 applicab 0
person le
Domestic Not
Xia Zulin Natural 0.61% 7,150,000 1,206,000 0 7,150,000 applicab 0
person le
Not
GUOTAI JUNAN SECURITIES Foreign
（HONG KONG） LIMITED legal person
le
VANGUARD TOTAL Foreign Not
INTERNATIONAL STOCK legal person applicab
The Semi-Annual Report 2025
INDEX FUND le
VANGUARD EMERGING Not
Foreign
MARKETS STOCK INDEX 0.45% 5,288,623 55,900 0 5,288,623 applicab 0
legal person
FUND le
Not
Foreign
NORGES BANK 0.33% 3,922,665 0 0 3,922,665 applicab 0
legal person
le
Strategy investors or general legal person
becomes top 10 shareholders due to rights issued Not applicable
(if applicable)（See Notes 3）
(1) Hangzhou Turbine Holdings Co., Ltd. Has no relationship with other shareholders;
(2) Zhejiang Industrial Investment Group Co., Ltd. and Zhejiang Development Asset
Explanation on associated relationship among Management Co., Ltd. belong to the common controlled enterprises by Zhejiang State-owned
the aforesaid shareholders Capital Operation Co., Ltd., and the two parties are concert parties.
(3) Whether any association or acting-in-concert relationships exist among other shareholders
remains unknown.
Above shareholders entrusting or entrusted with
Not applicable
voting rights, or waiving voting rights
Top 10 shareholders Including the special
Not applicable
account for repurchase (if any) (see note 10)
Shareholding of top 10 shareholders of unrestricted shares(Excluding shares lent through refinancing and Top management lock-in stock)
Quantity of unrestricted Share type
Name of the shareholder shares held at the end of the
reporting period Share type Quantity
Foreign shares placed in
China Merchants Securities (HK)Co., Ltd 9,984,871 9,984,871
domestic exchange
Foreign shares placed in
Zhou Jie 8,570,000 8,570,000
domestic exchange
Foreign shares placed in
Xia Zulin 7,150,000 7,150,000
domestic exchange
Foreign shares placed in
GUOTAI JUNAN SECURITIES（HONG KONG） LIMITED 6,941,642 6,941,642
domestic exchange
Foreign shares placed in
VANGUARD TOTAL INTERNATIONAL STOCK INDEX FUND 5,855,511 5,855,511
domestic exchange
Foreign shares placed in
VANGUARD EMERGING MARKETS STOCK INDEX FUND 5,288,623 5,288,623
domestic exchange
Foreign shares placed in
NORGES BANK 3,922,665 3,922,665
domestic exchange
VFTC INSTITUTIONAL TOTAL INTERNATIONAL STOCK Foreign shares placed in
MARKET INDEX TRUST II domestic exchange
Foreign shares placed in
Shenwan Hongyuan Securities (HK) Co., Ltd. 2,920,074 2,920,074
domestic exchange
Foreign shares placed in
Gu Yang 2,860,043 2,860,043
domestic exchange
Explanation on associated relationship or consistent action among
the top 10 shareholders of non-restricted negotiable shares and that It is unknown to the Company if there is any relationship among the top 10
between the top 10 shareholders of non-restricted negotiable shares common share holders without restriction;
and top 10 shareholders
Notes to the shareholders involved in financing securities (if
Not applicable
any)(See Notes 4)
Information of shareholders holding more than 5% of the shares, the top 10 shareholders and the top 10
shareholders of unrestricted tradable shares participating in the lending of shares in securities lending and
borrowing business
□ Applicable √ Not applicable
The Semi-Annual Report 2025
The top 10 shareholders and the top 10 shareholders of unrestricted tradable shares have changed compared
with the previous period due to the securities lending/returning of shares in securities lending and borrowing
business
□ Applicable √ Not applicable
Whether top ten common shareholders or top ten common shareholders with un-restrict shares held have a buy-
back agreement dealing in reporting period.
□ Yes √ No
The top ten common shareholders or top ten common shareholders with un-restrict shares held of the Company
have no buy –back agreement dealing in reporting period.
IV. Changes of shares held by directors, supervisors and senior executives
□Applicable?Not applicable
Shares held by directors, supervisors and senior executives have no changes in reporting period, found more
details in Annual Report 2023.
V. Changes in controlling shareholders or actual controllers
Change of controlling shareholder during the reporting period
□Applicable?Not applicable
The Company had no change of controlling shareholder during the reporting period
Change of actual controller during the reporting period
□Applicable?Not applicable
The Company had no change of actual controller during the reporting period.
VI. Preferred stock
□Applicable?Not applicable
The Company had no preferred stock in the Period.
The Semi-Annual Report 2025
VII. Corporate Bonds
□Applicable?Not applicable
The Semi-Annual Report 2025
VIII. Financial Report
I. Auditors’ Report
Whether the semi-annual financial report had been audited?
□Yes ?No
The Semi-annual Financial Report is not audited.
II. The Financial Statements
All figures in the Notes to the Financial Statements are in RMB.
Prepared by: Hangzhou Turbine Power Group Co., Ltd
June 30,2025
In RMB
Item June 30,2025 January 1,2025
Current asset：
Monetary fund 1,886,247,400.98 2,249,624,409.13
Settlement provision
Outgoing call loan
Transactional financial assets 533,952,254.92 669,850,839.08
Derivative financial assets
Notes receivable 46,049,819.64 48,519,566.88
Account receivable 2,383,786,365.00 2,519,384,588.01
Financing of receivables 644,900,869.13 598,790,851.05
Prepayments 300,543,568.38 343,519,043.23
Insurance receivable
Reinsurance receivable
Provisions of Reinsurance contracts
receivable
Other account receivable 113,979,309.61 47,179,278.21
Including:Interest receivable
Dividend receivable 76,125,057.68
Repurchasing of financial assets
Inventories 2,780,272,438.09 2,557,564,668.61
Including：Data resources
Contract assets 848,482,677.93 856,704,611.36
Assets held for sales
Non-current asset due within 1 year
Other current asset 60,014,635.55 70,709,898.05
Total of current assets 9,598,229,339.23 9,961,847,753.61
Non-current assets：
Loans and payment on other’s behalf
disbursed
Creditor's right investment
Other investment on bonds
Long-term receivable
Long term share equity investment
Other equity instruments investment 4,572,940,964.92 3,972,096,759.66
Other non-current financial assets 5,534,773.22 5,534,773.22
Property investment 4,969,013.44 5,161,268.80
Fixed assets 2,102,740,968.03 1,912,357,802.93
Construction in progress 756,289,462.54 867,580,986.71
Production physical assets
The Semi-Annual Report 2025
Oil & gas assets
Use right assets 13,080,380.51 20,524,948.08
Intangible assets 391,470,238.97 399,255,228.97
Including：Data resources
Development expenses
Including：Data resources
Goodwill 3,892,141.44 7,104,453.00
Long-germ expenses to be amortized
Deferred income tax asset 90,830,966.56 93,991,276.20
Other non-current asset 5,442,183.31 6,627,194.78
Total of non-current assets 7,947,191,092.94 7,290,234,692.35
Total of assets 17,545,420,432.17 17,252,082,445.96
Current liabilities
Short-term loans 353,551,946.60 454,539,898.33
Loan from Central Bank
Borrowing funds
Transactional financial liabilities
Derivative financial liabilities
Notes payable 539,502,091.28 637,585,272.90
Account payable 1,484,941,215.05 1,686,388,594.36
Advance receipts 43,399.95 445,971.37
Contract liabilities 2,493,615,870.46 2,390,788,170.22
Selling of repurchased financial assets
Deposit taking and interbank deposit
Entrusted trading of securities
Entrusted selling of securities
Employees’ wage payable 93,892,919.71 146,791,163.03
Tax payable 44,959,643.34 92,736,952.39
Other account payable 119,160,485.25 140,658,195.10
Including:Interest payable
Dividend payable
Fees and commissions payable
Reinsurance fee payable
Liabilities held for sales
Non-current liability due within 1 year 343,678,741.16 207,761,039.82
Other current liability 272,637,064.51 271,340,714.20
Total of current liability 5,745,983,377.31 6,029,035,971.72
Non-current liabilities：
Reserve fund for insurance contracts
Long-term loan 472,027,895.86 327,281,413.06
Bond payable
Including：preferred stock
Sustainable debt
Lease liability 5,914,894.57 6,690,983.41
Long-term payable 20,635,177.27 24,903,856.16
Long-term remuneration payable to staff
Expected liabilities
Deferred income 1,035,631,679.46 1,035,380,701.74
Deferred income tax liability 335,989,237.51 253,103,217.79
Other non-current liabilities 58,696,860.00
Total non-current liabilities 1,870,198,884.67 1,706,057,032.16
Total of liability 7,616,182,261.98 7,735,093,003.88
Owners’ equity
Share capital 1,174,904,765.00 1,175,009,597.00
Other equity instruments
Including：preferred stock
The Semi-Annual Report 2025
Sustainable debt
Capital reserves 392,348,518.74 387,396,850.42
Less：Shares in stock 33,380,750.79 38,448,518.11
Other comprehensive income 3,554,688,886.18 3,043,971,311.70
Special reserve 27,036,904.39 24,564,866.49
Surplus reserves 625,178,089.82 625,178,089.82
Common risk provision
Retained profit 3,643,250,599.91 3,736,929,527.12
Total of owner’s equity belong to the
parent company
Minority shareholders’ equity 545,211,156.94 562,387,717.64
Total of owners’ equity 9,929,238,170.19 9,516,989,442.08
Total of liabilities and owners’ equity 17,545,420,432.17 17,252,082,445.96
Legal Representative: Ye Zhong
Person in charge of accounting：Zhao Jiamao
Person in charge of Accounting institute: Lv Lin
In RMB
Item June 30,2025 January 1,2025
Current asset：
Monetary fund 796,789,527.44 1,057,647,017.78
Transactional financial assets 523,952,254.92 651,850,839.08
Derivative financial assets
Notes receivable 6,756,781.00 16,489,600.00
Account receivable 1,293,375,994.71 1,477,619,197.06
Financing of receivables 558,603,511.06 369,509,347.60
Prepayments 41,069,671.54 84,234,655.89
Other account receivable 84,628,353.35 10,694,085.45
Including：Interest receivable
Dividend receivable 76,125,057.68
Inventories 1,429,804,436.79 1,316,548,427.74
Including：Data resources
Contract assets 382,602,587.57 434,710,733.97
Assets held for sales
Non-current asset due within 1 year
Other current asset 221,399.94 29,216,870.82
Total of current assets 5,117,804,518.32 5,448,520,775.39
Non-current assets：
Creditor's rights investment
Other creditor's rights investment
Long-term receivable
Long term share equity investment 855,561,471.34 844,864,375.75
Other equity instruments investment 4,572,940,964.92 3,972,096,759.66
Other non-current financial assets 5,534,773.22 5,534,773.22
Property investment
Fixed assets 1,448,966,689.42 1,498,239,409.29
Construction in progress 448,154,190.58 437,217,019.88
Production physical assets
Oil & gas assets
Use right assets 1,006,315.84
Intangible assets 230,598,780.79 235,103,126.59
Including: Data resources
The Semi-Annual Report 2025
Development expenses
Including：Data resources
Goodwill
Long-germ expenses to be amortized
Deferred income tax asset
Other non-current asset 1,663,531.70 539,900.00
Total of non-current assets 7,563,420,401.97 6,994,601,680.23
Total of assets 12,681,224,920.29 12,443,122,455.62
Current liabilities
Short-term loans 220,126,419.20 300,208,219.18
Transactional financial liabilities
Derivative financial liabilities
Notes payable 354,750,940.40 514,294,791.74
Account payable 592,190,421.39 711,022,243.52
Advance receipts
Contract Liabilities 1,146,109,479.68 1,081,226,417.38
Employees’ wage payable 52,404,754.25 89,400,861.61
Tax payable 18,212,314.37 16,813,959.59
Other account payable 85,826,121.81 95,114,994.77
Including：Interest payable
Dividend payable
Liabilities held for sales
Non-current liability due within 1 year 240,155,712.35 181,163,576.89
Other current liability 132,779,221.78 132,244,883.54
Total of current liability 2,842,555,385.23 3,121,489,948.22
Non-current liabilities：
Long-term loan 12,898,701.77 61,464,902.31
Bond payable
Including：preferred stock
Sustainable debt
Lease liability
Long-term payable 12,055,871.11 14,605,895.59
Long-term remuneration payable to staff
Expected liabilities
Deferred income 925,934,017.18 927,892,731.06
Deferred income tax liability 327,248,128.28 244,412,142.83
Other non-current liabilities
Total non-current liabilities 1,278,136,718.34 1,248,375,671.79
Total of liability 4,120,692,103.57 4,369,865,620.01
Owners’ equity
Share capital 1,174,904,765.00 1,175,009,597.00
Other equity instruments
Including：preferred stock
Sustainable debt
Capital reserves 237,753,850.62 232,876,144.34
Less：Shares in stock 33,380,750.79 38,448,518.11
Other comprehensive income 3,554,688,886.18 3,043,971,311.70
Special reserve 3,814,884.71 4,363,464.99
Surplus reserves 602,356,402.65 602,356,402.65
Retained profit 3,020,394,778.35 3,053,128,433.04
Total of owners’ equity 8,560,532,816.72 8,073,256,835.61
Total of liabilities and owners’ equity 12,681,224,920.29 12,443,122,455.62
Legal Representative: Ye Zhong
Person in charge of accounting：Zhao Jiamao
Person in charge of Accounting institute: Lv Lin
The Semi-Annual Report 2025
In RMB
Item The first half year of 2025 The first half year of 2024
I. Income from the key business 2,447,204,613.98 2,611,663,776.96
Including：Business income 2,447,204,613.98 2,611,663,776.96
Interest income
Insurance fee earned
Fee and commission received
II. Total business cost 2,342,927,738.87 2,548,689,762.88
Including：Business cost 1,785,593,553.63 2,053,977,046.07
Interest expense
Fee and commission paid
Insurance discharge payment
Net claim amount paid
Net amount of withdrawal of insurance contract reserve
Insurance policy dividend paid
Reinsurance expenses
Business tax and surcharge 24,957,188.84 21,862,725.16
Sales expense 140,703,291.46 129,421,455.90
Administrative expense 267,966,588.06 267,334,203.34
R & D costs 135,208,101.38 77,622,294.45
Financial expenses -11,500,984.50 -1,527,962.04
Including：Interest expense 3,379,641.05 9,566,674.01
Interest income 16,208,119.15 16,767,205.81
Add: Other income 65,171,814.78 51,928,721.87
Investment gain（“-”for loss） 82,995,357.21 149,592,966.88
Including: investment gains from affiliates
Financial assets measured at amortized cost cease to be
-75,752.24 -9,999.70
recognized as income
Gains from currency exchange
Net exposure hedging income
Changing income of fair value 101,415.84 -494,402.22
Credit impairment loss -21,490,947.73 -83,307,269.33
Impairment loss of assets -42,816,689.71 -25,699,032.31
Assets disposal income 545,003.49 325,796.51
III. Operational profit（“-”for loss） 188,782,828.99 155,320,795.48
Add ：Non-operational income 8,227,870.11 48,198,078.78
Less: Non-operating expense 7,688,655.26 15,305,325.16
IV. Total profit(“-”for loss) 189,322,043.84 188,213,549.10
Less：Income tax expenses 36,656,002.96 7,273,851.67
V. Net profit 152,666,040.88 180,939,697.43
(I) Classification by business continuity
(II) Classification by ownership
VI. Net after-tax of other comprehensive income 510,717,574.48 702,525,532.31
Net of profit of other comprehensive income attributable to owne 510,717,574.48 702,525,532.31
rs of the parent company.
（I）Other comprehensive income Item that will not be
reclassified into gains/losses in the subsequent accounting period
measurement of defined benefit plans of changes in net debt or ne
The Semi-Annual Report 2025
t assets
can not be reclassified into profit or loss.
instruments
（II）
Other comprehensive income that will be reclassified into profit o
r loss.
can be reclassified into profit or loss.
obligations
of financial assets
obligations
Net of profit of other comprehensive income attributable to Mino
rity shareholders’ equity
VII. Total comprehensive income 663,383,615.36 883,465,229.74
Total comprehensive income attributable to the owner of the
parent company
Total comprehensive income attributable minority shareholders -385,032.56 -10,559,866.42
VIII. Earnings per share
（I）Basic earnings per share 0.13 0.16
(II)Diluted earnings per share 0.13 0.16
Legal Representative: Ye Zhong
Person in charge of accounting：Zhao Jiamao
Person in charge of Accounting institute: Lv Lin
In RMB
Item The first half year of 2025 The first half year of 2024
I. Income from the key business 975,417,704.03 1,167,067,845.85
Including: Business cost 764,647,942.23 977,577,799.07
Business tax and surcharge 12,554,087.13 10,199,795.22
Sales expense 55,808,114.26 50,734,896.52
Administrative expense 151,863,350.56 144,386,696.18
R & D expense 72,147,056.66 30,531,976.39
Financial expenses -12,727,655.12 -1,476,802.98
Including：Interest expenses -1,175,689.70 3,939,320.11
Interest income 12,311,620.36 9,074,663.28
Add：Other income 37,094,725.45 35,723,414.44
Investment gain（“-”for loss） 265,700,602.68 296,743,310.89
Including: Investment gains from affiliates
Financial assets measured at amortized cost cease to be recognized
as income
Net exposure hedging income
Changing income of fair value 101,415.84 -494,402.22
Credit impairment loss -10,882,848.37 -61,814,561.38
Impairment loss of assets -7,901,373.75 -30,298,066.41
Assets disposal income
The Semi-Annual Report 2025
II. Operational profit（“-”for loss） 215,237,330.16 194,973,180.77
Add ：Non-operational income 4,322,606.85 46,605,165.11
Less：Non -operational expenses 6,989,273.18 14,105,578.30
III. Total profit(“-”for loss) 212,570,663.83 227,472,767.58
Less：Income tax expenses -1,425,682.13 -16,078,089.13
IV. Net profit 213,996,345.96 243,550,856.71
V. Net after-tax of other comprehensive income 510,717,574.48 702,525,532.31
（I）Other comprehensive income Item that will not be
reclassified into gains/losses in the subsequent accounting period
measurement of defined benefit plans of changes in net debt or net
assets
an not be reclassified into profit or loss.
instruments
(II)Other comprehensive income that will be reclassified into profit
or loss
an be reclassified into profit or loss.
financial assets
obligations
VI. Total comprehensive income 724,713,920.44 946,076,389.02
VII. Earnings per share
（I）Basic earnings per share
(II)Diluted earnings per share
Legal Representative: Ye Zhong
Person in charge of accounting：Zhao Jiamao
Person in charge of Accounting institute: Lv Lin
In RMB
Item The first half year of 2025 The first half year of 2024
I.Cash flows from operating activities
Cash received from sales of goods or rending of services 2,390,511,398.80 2,264,079,135.09
Net increase of customer deposits and capital kept for brother
company
Net increase of loans from central bank
Net increase of inter-bank loans from other financial bodies
Cash received against original insurance contract
Net cash received from reinsurance business
Net increase of client deposit and investment
Cash received from interest, commission charge and
commission
Net increase of inter-bank fund received
The Semi-Annual Report 2025
Net increase of repurchasing business
Net cash received by agent in securities trading
Tax returned 33,759,874.01 14,189,761.41
Other cash received from business operation 161,852,052.01 91,400,405.73
Sub-total of cash inflow 2,586,123,324.82 2,369,669,302.23
Cash paid for purchasing of merchandise and services 1,729,696,514.97 1,720,610,901.97
Net increase of client trade and advance
Net increase of savings in central bank and brother company
Cash paid for original contract claim
Net increase in financial assets held for trading purposes
Net increase for Outgoing call loan
Cash paid for interest, processing fee and commission
Cash paid to staffs or paid for staffs 568,888,598.99 578,350,377.93
Taxes paid 179,716,025.74 180,740,414.68
Other cash paid for business activities 275,379,603.91 223,553,211.22
Sub-total of cash outflow from business activities 2,753,680,743.61 2,703,254,905.80
Net cash generated from /used in operating activities -167,557,418.79 -333,585,603.57
II. Cash flow generated by investing
Cash received from investment retrieving
Cash received as investment gains 5,707,445.44 5,171,241.97
Net cash retrieved from disposal of fixed assets, intangible assets,
and other long-term assets
Net cash received from disposal of subsidiaries or other
operational units
Other investment-related cash received 826,000,000.00 656,219,694.27
Sub-total of cash inflow due to investment activities 831,708,606.44 664,511,750.04
Cash paid for construction of fixed assets, intangible assets and
other long-term assets
Cash paid as investment
Net increase of loan against pledge
Net cash received from subsidiaries and other operational units
Other cash paid for investment activities 690,000,000.00 270,100,000.00
Sub-total of cash outflow due to investment activities 861,101,143.61 521,116,714.40
Net cash flow generated by investment -29,392,537.17 143,395,035.64
III.Cash flow generated by financing
Cash received as investment 9,699,300.00
Including: Cash received as investment from minor shareholders 9,699,300.00
Cash received as loans 383,966,192.71 363,132,548.11
Other financing –related cash received 1,247,140.00
Sub-total of cash inflow from financing activities 385,213,332.71 372,831,848.11
Cash to repay debts 254,992,362.47 401,309,655.97
Cash paid as dividend, profit, or interests 277,804,529.97 645,043,999.56
Including: Dividend and profit paid by subsidiaries to minor
shareholders
Other cash paid for financing activities 9,177,178.53 31,450,930.12
Sub-total of cash outflow due to financing activities 541,974,070.97 1,077,804,585.65
Net cash flow generated by financing -156,760,738.26 -704,972,737.54
IV. Influence of exchange rate alternation on cash and cash
-1,246,561.05 -803,473.27
equivalents
V.Net increase of cash and cash equivalents -354,957,255.27 -895,966,778.74
Add: balance of cash and cash equivalents at the beginning of
term
VI ..Balance of cash and cash equivalents at the end of term 1,790,286,823.99 1,765,649,802.28
Legal Representative: Ye Zhong
Person in charge of accounting：Zhao Jiamao
Person in charge of Accounting institute: Lv Lin
The Semi-Annual Report 2025
In RMB
Item The first half year of 2025 The first half year of 2024
I.Cash flows from operating activities
Cash received from sales of goods or rending of services 933,550,077.23 1,083,882,916.96
Tax returned 8,630,404.99 8,024,937.84
Other cash received from business operation 50,304,312.58 28,519,895.95
Sub-total of cash inflow 992,484,794.80 1,120,427,750.75
Cash paid for purchasing of merchandise and services 798,516,304.49 716,452,596.80
Cash paid to staffs or paid for staffs 321,920,443.11 332,697,275.73
Taxes paid 33,862,552.31 44,982,680.08
Other cash paid for business activities 55,926,348.97 56,678,750.12
Sub-total of cash outflow from business activities 1,210,225,648.88 1,150,811,302.73
Net cash generated from /used in operating activities -217,740,854.08 -30,383,551.98
II. Cash flow generated by investing
Cash received from investment retrieving
Cash received as investment gains 190,096,201.38 151,113,720.27
Net cash retrieved from disposal of fixed assets, intangible assets,
and other long-term assets
Net cash received from disposal of subsidiaries or other
operational units
Other investment-related cash received 790,000,000.00 420,000,000.00
Sub-total of cash inflow due to investment activities 980,096,201.38 571,126,635.27
Cash paid for construction of fixed assets, intangible assets and
other long-term assets
Cash paid as investment 10,000,000.00 12,163,500.00
Net cash received from subsidiaries and other operational units 0.00
Other cash paid for investment activities 662,000,000.00 120,000,000.00
Sub-total of cash outflow due to investment activities 700,251,834.83 254,152,008.94
Net cash flow generated by investment 279,844,366.55 316,974,626.33
III. Cash flow generated by financing
Cash received as investment
Cash received as loans 81,469,711.96 236,951,833.01
Other financing –related ash received
Sub-total of cash inflow from financing activities 81,469,711.96 236,951,833.01
Cash to repay debts 150,000,000.00 150,000,000.00
Cash paid as dividend, profit, or interests 253,353,902.26 593,082,407.47
Other cash paid for financing activities 1,355,614.36 2,758,597.00
Sub-total of cash outflow due to financing activities 404,709,516.62 745,841,004.47
Net cash flow generated by financing -323,239,804.66 -508,889,171.46
IV. Influence of exchange rate alternation on cash and cash
equivalents
V.Net increase of cash and cash equivalents -260,857,490.34 -223,609,646.13
Add: balance of cash and cash equivalents at the beginning of
term
VI ..Balance of cash and cash equivalents at the end of term 796,770,527.44 975,076,494.56
Legal Representative: Ye Zhong
Person in charge of accounting：Zhao Jiamao
Person in charge of Accounting institute: Lv Lin
The Semi-Annual Report 2025
Amount in this period
In RMB
The first half year of 2025
Owner’s equity Attributable to the Parent Company
Item Other Equity instrument Comm Minor Total of
Less: Other Specializ sharehold owners’
Share Preferr Capital Surplus on risk Retained Oth
Oth Shares Comprehens ed Subtotal ers’ equity equity
Capital ed Sustaina reserves reserves provisi profit er
er in stock ive Income reserve
stock ble debt on
I.Balance at the end of last year 7.00 .42 .11
Add: Change of accounting policy
Correcting of previous errors
Other
II.Balance at the beginning of current year 7.00 .42 .11
- -
III.Changed in the current year -104,832.00
（1）Total comprehensive income 510,717,574.48
-385,032.56
（II）Investment or decreasing of capital -104,832.00
by owners 2 495,202.76
s 495,202.76
sted capital
owners’ equity 8
- - - -
（III）Profit allotment 2,009,367. 246,730,000. 244,720,633.
- - - -
shareholders) 16,792,715.00
(IV) Internal transferring of owners’ equity
capital shares)
capital shares)
The Semi-Annual Report 2025
that carry forward
Retained earnings
retained earnings
(V). Special reserves 0
（VI）Other -798,026.00 2,563,197. 1,765,171.20 1,765,171.20
IV. Balance at the end of this term 5.00 .74 .79
Amount in last year
In RMB
The first half year of 2024
Owner’s equity Attributable to the Parent Company
Item Other Equity instrument Comm Minor Total of
Less: Other Speciali sharehold owners’
Share Preferr Capital Surplus on risk Retained Oth
Oth Shares Comprehen zed Subtotal ers’ equity equity
Capital ed Sustaina reserves reserves provisi profit er
er in stock sive Income reserve
stock ble debt on
I.Balance at the end of last year 0.00 4.44 .75 4 31 9.82 1.60 0.66 3 2.59
Add: Change of accounting policy
Correcting of previous errors
Other
II.Balance at the beginning of current year 0.00 4.44 .75 4 31 9.82 1.60 0.66 3 2.59
- - -
III.Changed in the current year -434,803.00 14,649,086. 14,635,707 702,525,532.31
（1）Total comprehensive income 702,525,532.31
（II）Investment or decreasing of capital -434,803.00
by owners 15 5 6
-434,803.00 1,619,109.4 2,053,912. 9,699,300.00 9,699,300.00
rs 0 40
ested capital
as owners’ equity 55 5 6
The Semi-Annual Report 2025
- - - -
（III）Profit allotment 9,629,100. 587,483,894. 577,854,794.
shareholders) 00 50 50 50
(IV) Internal transferring of owners’ equity
capital shares)
capital shares)
that carry forward
Retained earnings
over retained earnings
(V). Special reserves 8
- -
-1,589,302.42
- - - -
（VI）Other 24,923,690. 2,952,695.
IV. Balance at the end of this term 7.00 7.73 .35 5 70 9.82 0.95 0.40 9 6.59
Amount in this period
In RMB
The first half year of 2025
Other Equity instrument
Item Less: Other Total of
Share Capital Specialize Surplus Retained Othe
Preferre Othe Shares in Comprehensiv owners’
capital Sustainabl reserves d reserve reserves profit r
d stock r stock e Income equity
e debt
I.Balance at the end of last year 3,043,971,311.70 4,363,464.99
Add: Change of accounting policy
Correcting of previous errors
The Semi-Annual Report 2025
Other
II.Balance at the beginning of current year 3,043,971,311.70 4,363,464.99
III.Changed in the current year -104,832.00 4,877,706.28 510,717,574.48 -548,580.28 -32,733,654.69 487,275,981.11
（I）Total comprehensive income 510,717,574.48 213,996,345.96 724,713,920.44
(II) Investment or decreasing of capital by owners -104,832.00 5,675,732.28 -495,202.76 6,066,103.04
ital
equity
（III）Profit allotment 2,009,367.36
-246,730,000.65 -244,720,633.29
-246,730,000.65 -244,720,633.29
(IV) Internal transferring of owners’ equity
shares)
shares)
forward
Retained earnings
earnings
(V) Special reserves -548,580.28 -548,580.28
（VI）Other -798,026.00
IV. Balance at the end of this term 0 2 9
Amount in last year
In RMB
The first half year of 2024
Other Equity instrument Less: Other Total of
Item Share Capital Specialize Surplus Retained Othe
Preferre Othe Shares in Comprehensiv owners’
capital reserves d reserve reserves profit r
d stock Sustainabl r stock e Income equity
The Semi-Annual Report 2025
e debt
I.Balance at the end of last year 1,980,939,256.24 5,240,943.39
Add: Change of accounting policy
Correcting of previous errors
Other
II.Balance at the beginning of current year 1,980,939,256.24 5,240,943.39
III.Changed in the current year -434,803.00 9,487,215.84 14,635,707.4 702,525,532.31 -535,991.96 -343,933,037.79 381,744,622.80
（I）Total comprehensive income 702,525,532.31 243,550,856.71 946,076,389.02
(II) Investment or decreasing of capital by owners -434,803.00 10,297,519.16
ital
equity
（III）Profit allotment 9,629,100.00
-587,483,894.50 -577,854,794.50
-587,483,894.50 -577,854,794.50
(IV) Internal transferring of owners’ equity
shares)
shares)
forward
Retained earnings
retained earnings
(V) Special reserves -535,991.96 -535,991.96
（VI）Other -810,303.32
IV. Balance at the end of this term 0 1 5
The Semi-Annual Report 2025
Legal Representative: Ye Zhong
Person in charge of accounting：Zhao Jiamao
Person in charge of Accounting institute: Lv Lin
The Semi-Annual Report 2025
III．Basic Information of the Company
Hangzhou Turbine Power Group Co., Ltd. (Hereinafter referred to as "the Company") was approved by the No. 8-
[1998] document of the Securities Commission of the State Council, exclusively initiated and established by Turbine
Holding, and was registered in Zhejiang Provincial Administration for Industry and Commerce on April 23, 1998,
Headquartered in Hangzhou, Zhejiang Province. The company now holds a unified social credit code for the
capital share of 1,174.9048 million shares (face value RMB1.00). Among which state-owned legal person shares
were 748.526688 million shares and 426.3788077 million shares of current B shares. The shares were issued and
listed for trading in Shenzhen Stock Exchange on April 28, 1998.
The design, manufacturing, Main Business Activities: R&D, Production and Sales of Industrial Steam Turbine.
IV. Basis of compiling the financial statement
(1) Basis of compiling
The Company adopts perpetual operation as the basis of financial statements.
(2) Assessment on perpetuation
No issue or situation, in 12 months since the end of report period, composes major doubt on the perpetuation
assumption of the Company.
V. Principal Accounting Policies and Estimations
Principal Accounting Policies and Estimations
Important prompt: The Company utilized detailed accounting polices and estimations on providing of bad debt
provisions, fixed asset depreciation, intangible asset amortization, recognition of revenue, and so forth, according to
its business practices.
The finance report produced by the Company is accordance with the Enterprise Accounting Standard, and reflects the
Company’s financial state, business performance and cash flow frankly and completely.
The Company uses the calendar year for its fiscal year. A fiscal year is from January 1 to December 31.
The accounting of the financial statements during the period starts from January 1, 2025 to June 30,2025.
The Company’s relatively shorter operational period, which is 12 months, and is used as division of liquidity of assets
and liabilities.
The Company uses Renminbi (RMB) as the standard currency for book keeping.
?Applicable □Not applicable
Item Criterion of importance
The Semi-Annual Report 2025
Material accounts receivable with single provision for bad
Individual amount exceeding 0.5% of total assets
debts
Recovery or reversal of bad debt provision for material long-
Individual amount exceeding 0.5% of total assets
term receivables
Material write-off accounts receivable Individual amount exceeding 0.5% of total assets
Material write-off other accounts receivable Individual amount exceeding 0.5% of total assets
Material long-term receivables with single provision for bad
Individual amount exceeding 0.5% of total assets
debts
Recovery or reversal of bad debt provision for material long-
Individual amount exceeding 0.5% of total assets
term receivables
Material prepayments with an age of more than one year Individual amount exceeding 0.5% of total assets
Total investment of a single project exceeding 0.5% of the total
Material projects under construction
assets
Material accounts payable with an age of over 1 year Individual amount exceeding 0.5% of total assets
Material other payables with an age of more than 1 year Individual amount exceeding 0.5% of total assets
Material contractual liabilities with an age of more than 1 year Individual amount exceeding 0.5% of total assets
Material estimated liabilities Individual amount exceeding 0.5% of total assets
Cash flow of material investment activities Individual amount exceeding 0.5% of total assets
Total assets/revenues/profits exceeding 15% of the Group's
Material non-wholly-owned subsidiaries
total assets/revenues/profits
Single contract amount exceeding 5% of the total assets or Item
Material commitments
with special nature
Litigation claim amount exceeding 5% of the total profit or
Material contingencies
Item with special nature
Single amount exceeding 5% of the total assets or Item with
Material matters after the balance sheet date
special nature
Material debt restructuring Individual amount exceeding 5% of total assets
(1). Treatment of entities under common control
Assets and liabilities acquired in merger of entities are measured at book values at the date of merger. The difference
between the net book value of asset and the offered price (or total of face value of shares issued) will be adjusted into
capital reserves; when the capital reserves is not enough to reduce, it will be adjusted into retained profit.
(2). Treatment of entities under different control
The difference of takeover cost over the fair value of recognizable net asset of the acquired entity is recognized
as goodwill at the day of takeover; in case the takeover cost is lower than the fair value of recognizable net asset of
the acquired entity, the measuring process over the recognizable asset, liabilities, contingent liabilities, and takeover
cost, shall be repeated, if comes out the same result, the difference shall be recorded into current income
(1) Control judgment
Control refers to the power over the investee, the entitlement to variable returns by participating in the related
activities of the investee, and the ability to influence the variable return amount by using the power over the investee.
（2）Method for preparing the consolidated financial statements
The parent company puts all of its subsidiaries under its control into the consolidated financial statements. The
consolidated financial statements are prepared according to the “Enterprise Accounting Standard No. 33 –
Consolidated Financial Statements”, basing on the accounts of the parent company and the subsidiaries, and after
The Semi-Annual Report 2025
adjusting the long-term investment equity in the subsidiary on equity basis.
Not applicable
Cash equivalent refers to the investment held by the Company with short term, strong liquidity and lower risk of
value fluctuation that is easy to be converted into cash of known amount.
Foreign currency trades are translated into RMB at the rate of the day when the trades are made. Those balances of
foreign currencies and monetary Item in foreign currencies are accounted at the exchange rate of the balance sheet
date. Exchange differences, other than special loans satisfying the conditions of capitalization, are accounted into
current income account. Non-monetary Item in foreign currencies and on historical cost are translated at the rate of
the trade day. Non-monetary Item in foreign currencies and on fair value are translated at the rate of the day when
the fair value is recognized, where the differences are accounted as gain/loss from change of fair value.
(1) Classification of financial assets and financial liabilities
Financial assets are divided into the following three categories upon initial recognition: 1) Financial assets
measured in amortized cost; 2) Financial assets measured at fair value, whose changes are Included in other
comprehensive income; 3) Financial assets measured at fair value, whose changes are Included in current profits and
losses.
Financial liabilities are divided into the following four categories upon initial recognition: 1) Financial liabilities
measured at fair value, whose changes are Included in current profits and losses; 2) Financial liabilities resulting
from the transfer of financial assets that do not meet the conditions for derecognition or continue to be involved in
the transferred financial assets; 3) Financial guarantee contracts that do not belong to the above 1) or 2), and loan
commitments that do not belong to the above 1) and lend at a lower than market interest rate; 4) Financial liabilities
measured in amortized cost.
(2) Recognition basis, measurement methods and conditions for derecognition of financial assets and financial
liabilities
However, if the accounts receivable initially recognized by the company do not contain significant financing
components or the company does not consider the financing components in the contract for less than one year, the
initial measurement shall be made according to the transaction price. The initial measurement is made according to
the transaction price defined in Accounting Standards for Business Enterprises No.14-Income.
①Financial assets measured at amortized cost
The actual interest rate method is adopted for subsequent measurement according to amortized cost. Gains or
losses arising from financial assets measured in amortized cost that are not part of any hedging relationship are
Included in current profits and losses when derecognition, reclassification, amortization according to the effective
interest rate method, or impairment recognition.
② Debt instruments investment measured at fair value, whose changes are Included in other comprehensive income
Fair value is adopted for subsequent measurement. Interest, impairment losses or gains and exchange gains and
The Semi-Annual Report 2025
losses calculated by the effective interest rate method are Included in the current profits and losses, while other gains
or losses are Included in other comprehensive income. Upon termination of recognition, the accumulated gains or
losses previously Included in other comprehensive income shall be transferred out of other comprehensive income
and Included in current profits and losses.
③ Equity instrument investments measured at fair value, whose changes are Included in other comprehensive income
Fair value is adopted for subsequent measurement. Dividends received (except those that belong to the part of
investment cost recovery) are Included in current profits and losses, and other gains or losses are Included in other
comprehensive income. Upon termination of recognition, the accumulated gains or losses previously Included in
other comprehensive income shall be transferred out of other comprehensive income and Included in retained income.
④ Financial assets measured at fair value and changes Included in current profits and losses
The fair value is adopted for subsequent measurement, and the resulting gains or losses (Including interest and
dividend income) are Included in the current profits and losses unless the financial asset is part of the hedging
relationship.
(3) Subsequent measurement methods of financial liabilities
① Financial liabilities measured at fair value, whose changes are Included in current profits and losses
Such financial liabilities Includes transactional financial liabilities (Including derivatives of financial liabilities)
and financial liabilities designated to be measured at fair value, whose changes are Included in current profits and
losses. Such financial liabilities are subsequently measured at fair value. Changes in the fair value of financial
liabilities designated to be measured at fair value, whose changes are Included in the profits and losses of the current
period due to changes in the company's own credit risk are Included in other comprehensive income, unless such
treatment will cause or expand accounting mismatch in profits and losses. Other gains or losses arising from such
financial liabilities (Including interest expenses and changes in fair value except for changes in the company's own
credit risk) are Included in the current profits and losses unless the financial liabilities are part of the hedging
relationship. Upon termination of recognition, the accumulated gains or losses previously Included in other
comprehensive income shall be transferred out of other comprehensive income and Included in retained income.
② Financial liabilities resulting from the transfer of financial assets that do not meet the conditions for
derecognition or continue to be involved in the transferred financial assets
B. Financial assets have been transferred, and the transfer meets the provisions of the Accounting Standards for
Business Enterprises No.23-Transfer of Financial Assets on the derecognition of financial assets.
When the current obligation of a financial liability (or part thereof) has been discharged, the financial liability
(or part thereof) shall be derecognized accordingly.
(4) Recognition basis and measurement method of financial asset transfer
If the company has transferred almost all risks and rewards in the ownership of financial assets, it shall
terminate the recognition of the financial assets and separately recognize the rights and obligations arising from or
retained in the transfer as assets or liabilities; If almost all risks and rewards on the ownership of financial assets are
retained, the transferred financial assets shall continue to be recognized. If the company neither transfers nor retains
almost all risks and rewards in the ownership of the financial asset, the following situations shall be handled
respectively: 1) If the control over the financial asset is not retained, the recognition of the financial asset shall be
terminated, and the rights and obligations generated or retained in the transfer shall be separately recognized as
assets or liabilities; 2) If the control over the financial assets is retained, the relevant financial assets shall be
recognized according to the extent of continuing involvement in the transferred financial assets, and the relevant
liabilities shall be recognized accordingly.
If the overall transfer of financial assets meets the conditions for derecognition, the difference between the
The Semi-Annual Report 2025
following two amounts shall be Included in the current profits and losses: 1) The book value of the transferred
financial assets on the derecognition date; 2) The sum of the consideration received for the transfer of financial assets
and the amount of the corresponding derecognized portion of the accumulated amount of changes in fair value
originally directly Included in other comprehensive income (the financial assets involved in the transfer are debt
instrument investments measured at fair value, whose changes are Included in other comprehensive income). If a part
of the financial asset is transferred and the transferred part meets the conditions for derecognition as a whole, the
book value of the financial asset before transfer shall be apportioned between the derecognition part and the
continuing recognition part according to their respective relative fair values on the transfer date, and the difference
between the following two amounts shall be Included in the current profits and losses: 1) The book value of the
derecognition part; 2) The sum of the consideration of the derecognized portion and the amount of the corresponding
derecognized portion of the cumulative amount of changes in fair value originally directly Including in other
comprehensive income (financial assets involved in transfer are debt instrument investments measured at fair value,
whose changes are Included in other comprehensive income).
(5) Impairment of financial instruments
On the basis of expected credit losses, the company carries out impairment treatment on financial assets
measured at amortized cost, debt instrument investments measured at fair value whose changes are Included in other
comprehensive income, lease receivables, loan commitments other than financial liabilities classified as financial
liabilities measured at fair value, whose changes are Including in current profits and losses, financial liabilities not
measured at fair value, whose changes are Included in current profits and losses, or financial guarantee contracts that
are not financial asset transfers which do not meet the conditions for derecognition or which continue to be involved
in financial liabilities formed by transferred financial assets, and recognize loss provisions.
Expected credit loss refers to the weighted average of the credit losses of financial instruments weighted by the
risk of default. Credit loss refers to the difference between the cash flow of all contracts discounted according to the
original real interest rate and the expected cash flow of all contracts receivable according to the contract, that is, the
present value of all cash shortages. Among them, the Company discounts the financial assets purchased or originated
with credit impairment at the actual interest rate adjusted by credit.
For financial assets purchased or originated that have suffered credit impairment, the company will only
recognize the accumulated changes in expected credit losses during the entire duration since initial recognition as
loss reserves on the balance sheet date.
For accounts receivable that do not contain significant financing components or that the company does not
consider financing components in contracts of not more than one year, the company uses simplified measurement
methods to measure the loss reserve according to the expected credit loss amount equivalent to the entire duration.
For lease receivables and receivables containing significant financing components, the company uses simplified
measurement methods to measure the loss reserve according to the expected credit loss amount equivalent to the
entire duration.
For financial assets other than the above measurement methods, the company evaluates whether its credit risk
has increased significantly since the initial recognition on each balance sheet date. If the credit risk has increased
significantly since the initial recognition, the company shall measure the loss reserve according to the amount of
expected credit loss during the whole duration. If the credit risk has not increased significantly since the initial
recognition, the company shall measure the loss reserve according to the expected credit loss amount of the financial
instrument within the next 12 months.
The company uses the available reasonable and reliable information, Including forward-looking information, to
determine whether the credit risk of financial instruments has increased significantly since the initial recognition by
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comparing the risk of default on the balance sheet date with the risk of default on the initial recognition date.
The company evaluates expected credit risks and measures expected credit losses on the basis of individual
financial instruments or combinations of financial instruments. When based on the combination of financial
instruments, the company divides financial instruments into different combinations based on common risk
characteristics.
For financial assets measured in amortized cost, the loss reserve shall be offset against the book value of the
financial assets listed in the balance sheet; For creditor's rights investments measured at fair value, whose changes are
Included in other comprehensive income, the company recognizes its loss reserve in other comprehensive income,
which does not offset the book value of the financial asset.
(6) Setoff of Financial Assets and Liabilities
The financial assets and liabilities of the company are shown separately in the balance sheet which do not offset
each other. However, when the following conditions are met at the same time, the net amount after mutual offset is
shown on the balance sheet. 1. The company has the legal right to offset the recognized amount, and this legal right
is currently enforceable. 2. The company plans to settle the financial assets or liquidate the financial liabilities at the
same time for netting settlement.
If the transfer of financial assets does not meet the conditions for the termination of recognition, the company
shall not set off the transferred financial assets and related liabilities.
(7) Recognition standard and accrual method of expected credit loss of receivables and contract assets
risk characteristics
Basis for determining combination Methods of measuring expected credit loss
Category
Bank acceptance bills receivable Refer to the historical credit loss experience, combine the
current situation and the forecast of the future economic
Commercial acceptance bills situation, compile a comparison table between the aging of
Bill type
receivable accounts receivable and the expected credit loss rate
during the whole duration, and calculate the expected
Acceptance bill receivable from the
credit loss.
financial company
Refer to the historical credit loss experience, combine the
current situation with the forecast of future economic
Account receivable——Aging
Aging situation, and calculate the expected credit loss through
combination
default risk exposure and the expected credit loss rate
within the next 12 months or the whole duration.
Refer to the historical credit loss experience, combine the
current situation and the forecast of the future economic
Related parties within the scope of
Account receivable—associated situation, compile a comparison table between the aging of
the consolidated financial
transaction combinations accounts receivable and the expected credit loss rate
statements
during the whole duration, and calculate the expected
credit loss.
Refer to the historical credit loss experience, combine the
current situation with the forecast of future economic
Other receivable——Aging
Aging situation, and calculate the expected credit loss through
combination
default risk exposure and the expected credit loss rate
within the next 12 months or the whole duration.
Refer to the historical credit loss experience, combine the
current situation and the forecast of the future economic
Related parties within the scope of
Other receivable——associated situation, compile a comparison table between the aging of
the consolidated financial
transaction combinations accounts receivable and the expected credit loss rate
statements
during the whole duration, and calculate the expected
credit loss.
Contract assets——Aging Refer to the historical credit loss experience, combine the
Aging
combination current situation with the forecast of future economic
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Basis for determining combination Methods of measuring expected credit loss
Category
situation, and calculate the expected credit loss through
default risk exposure and the expected credit loss rate
within the next 12 months or the whole duration.
Refer to the historical credit loss experience, combine the
current situation and the forecast of the future economic
Related parties within the scope of
Contract assets——associated situation, compile a comparison table between the aging of
the consolidated financial
transaction combinations accounts receivable and the expected credit loss rate
statements
during the whole duration, and calculate the expected
credit loss.
Refer to the historical credit loss experience, combine the
current situation with the forecast of future economic
Long-term receivable——aging
Overdue time situation, and calculate the expected credit loss through
combination
default risk exposure and the expected credit loss rate
within the next 12 months or the whole duration.
① Account receivable，Other receivable and Contract assets——Table of Aging of Aging Combination and
Expected Credit Loss Rate
Expected credit loss rate of Expected credit loss rate of Expected credit loss rate of
Aging
accounts receivable (%) other receivables (%) contract assets (%)
Within 1 year (Inclusive, the same
below)
Over 5 years 100 100 100
The aging of accounts receivable/other receivables/contract assets shall be calculated from the month when the
payment actually occurs.
①The overdue aging of long-term receivables shall be calculated from the month when the payment is actually
overdue.
Expected credit loss rate of long-term
Overdue time
receivables (%)
Not overdue 5
Overdue within 1 year (Inclusive, the same
below)
Over 1-2 years 30
Over 2-3 years 60
Over 3-4 years 80
Overdue for more than 4 years 100
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The overdue time of long-term receivables shall be calculated from the month when the payment is actually
overdue.
individually
For receivables and contract assets whose credit risk is significantly different from that of portfolio credit risk,
the Company shall accrue the expected credit loss individually.
For details, please refer to Section X(5)-11 Financial instrument of this report.
For details, please refer to Section X(5)-11 Financial instrument of this report.
For details, please refer to Section X(5)-11 Financial instrument of this report.
Methods for determining expected credit losses of other receivables and accounting treatment
For details, please refer to Section X(5)-11 Financial instrument of this report.
According to the relationship between performance obligation and customer payment, the company lists contract
assets or contract liabilities in the balance sheet. The company will offset the contractual assets and contractual
liabilities under the same contract and list them in net amount.
The company lists the right to receive consideration from customers unconditionally (that is, only depending on
the passage of time) as receivables, and lists the right to receive consideration after transferring goods to customers
(which depends on factors other than the passage of time) as contract assets.
The Company's obligation to transfer goods to customers for received or receivable consideration from
customers is listed as a contractual liability.
Recognition standard and accrual method of expected credit loss of receivables and contract assets: For details,
please refer to Section X(5)-11 Financial instrument of this report.
(1) Inventory classification
Inventories Includes saleable finished goods or merchandise, product-in-process , consumption material and goods in
manufacturing procedure or working procedure.
(2) Pricing of inventory to be delivered
The raw materials issued by Hangzhou Zhongneng Turbine Machinery Equipment Co., Ltd. (hereinafter referred to
as Zhongneng Company) are priced by moving weighted mean method. other companies adopt the weighted average
method at the end of the month, and the individual valuation method
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(3) Inventory system
Inventory system: perpetual inventory system
(4) Amortization of low-value consumables and packaging materials
Basis of amortizing: one-off
Basis of amortizing: one-off
（5）Pricing of inventory to be delivered
Pricing of inventory to be delivered
At the balance sheet day, inventories are measured at the lower of costs and cashable net values, the individual
difference between the cashable net value and cost are provided as inventory impairment provision. For finished
product, merchandise, saleable material and other saleable merchandise inventory, their cashable net values are
recognized by their estimated sale price in normal operation deducting estimated sale expenses and related taxes; for
material inventory which need processing, it cashable net value are recognized by the estimated sale prices of its
finished products in normal operation deducting the estimated cost, sale expenses and related taxes due to the end of
processing; At the balance sheet day, for inventory item which part has contract price and part has no contract price,
the cashable net value is accounted separately, and recognize the inventory impairment provision or returnable cash..
Not applicable
Not applicable
Not applicable
Not applicable
According to the contract, if the invested enterprise’s main finance and operation policy need to be agreed by the
other investing party, the investment is common control investment; if only have participating decision rights in
invested enterprise’s main finance and operation policy but have no own control or common control with other
investing part, the investment is investment with substantial influence.
(1) For the long-term equity investment formed by corporate merger under common control, if it is the long-term
equity investment obtained from the corporate merger by paying cash, transferring non-cash asset, bear liability and
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issuing equity securities, the share of book value of owner's equity of the merged party on the merger date shall be
taken as the initial investment cost. The asset reserve is adjusted according to the difference between the initial
investment cost of long-term equity investment and the book value of paid combined consideration or issued
securities; if the capital is not enough for deduction, the remain earnings are adjusted.
Recognition of “one-off” trade when long-term equity investment is composed by merger of entities under common
control by multiple steps.
Transactions under an “one-off” trade are accounted as a common trade of ownership.
Transactions which are not “one-off” trades are recognized for their initial investment cost basing on the share of
book value of net asset in the consolidated financial statement of the entities acquired. Balance between the initial
investment cost and the book value of the long-term equity investment before merger and the premium paid for the
new shares after merger, is adjusted to capital reserves; when the capital reserve is not enough to offset, retained
profit shall be adjusted thereof.
(2) For the long-term equity investments formed by merger of enterprises under different control, the initial
investment cost is recognized by the fair value of combined consideration on purchasing day and related expenses.
Long-term equity investment formed by acquisition of entities under different control by trade in multiple stages are
accounted separately in the financial statements and consolidated financial statements.
recognized as the initial investment cost on cost basis.
Transactions under an “one-off” trade are accounted as a common trade of ownership. Transactions which are not
“one-off” trades are re-measured for their fair value at the day of acquisition. Balance between the fair value and the
book value of the long-term equity investment is adjusted to current investment gains; other gains from equity on
equity basis before the acquisition day are written over to current gains of at the day of acquisition, but not the gains
from re-calculating of changes in net liability or asset by the invested entity.
(3) Formed by means other than entity merger:
Acquired by cash payment – initial investment cost is the actual amount of payment;
Acquired by issuing of equity certificates – initial investment cost is the fair value of equity certificate issued;
Acquired by debtor restructuring – initial cost recognized as according to the Enterprise Accounting Standard No.12
– Debtor restructuring;
Acquired by trading of non-monetary asset - initial cost recognized as according to the Enterprise Accounting
Standard No.7 – Trade of non-monetary assets;
Cost basis is adopted in accounting of long-term equity investment in entities under substantial control of the
Company; while equity basis is adopted in accounting of investment in affiliates and joint-ventures.
(1) Individual account
The difference between the book value and the actual purchase price of the disposed equity is recorded into the
current profit and loss. With regard to the remaining equity, which still has a significant impact on the invested entity
or exercises joint control with other parties, it shall be converted to equity accounting; if the entity under investment
can no longer be controlled, jointly controlled or significantly affected, it shall be recognized as a financial asset,
Accounting shall be carried out in accordance with the relevant provisions of Accounting Standards for Enterprises
No. 22-recognition and Measurement of Financial Instruments.
(2) Basis of Consolidated Financial Statements
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“one-off” trade:
Before losing of control power, the balance of disposal consideration and the share of net asset attributable to the
Company on continued basis since purchasing or merger, is adjusted to capital reserves (capital premium), whereas if
the capital premium is not enough to offset the amount, retained profit will be offset at corresponding amount.
At losing of control power over a former subsidiary, the retained equity shares shall be re-calculated according to the
fair value at the day of losing power. Sum of the consideration obtained from disposal and fair value of the retained
equity shares, less the share of net asset attributable to the Company on continued basis since purchasing or merger, is
accounted into investment gains of the period when the control power is disposed, and goodwill shall be offset
meanwhile. Other gains related to the equities in formal subsidiary shall be written over to current investment gains at
the period when control power was disposed.
off” trade:
The multiple trades are treated as one trade that causes losing of control power on a subsidiary. However, the balance
between the consideration received from each trade and corresponding share of net asset is recognized as other gains
in the consolidated accounts, and transferred collectively to gain/loss account of the period in which the control
power was lost.
The measurement mode of investment property
Measurement cost method
Depreciation or amortization method
(1) Investment real estate Includes leased land use rights, land use rights held and ready to be transferred after
appreciation, and leased buildings.
(2) Investment real estate is initially measured according to cost, followed by measurement by cost model, and
depreciated or amortized in the same way as fixed assets and intangible assets.
Fixed assets is defined as the tangible assets which are held for the purpose of producing goods, providing services,
lease or for operation & management, and have more than one year of service life. Fixed assets are recognized at
satisfying of great possibility of benefit inflow and costs are accountable.
Annual depreciation
Categories Basis of depreciation Depreciation age (year) Retain value rate
ratio
Straight average on
Houses & buildings 30-40 4、5 3.20-2.38
period
Equipment & Straight average on
machinery period
Transportation Straight average on
equipment period
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Straight average on
Office equipment 3-10 4、5 32-9.50
period
can be measured reliably. Since the date when the construction in process reaches its useful status as expected, the
construction in process is measured by the happened cost Since the date when the construction in process reaches its
useful status as expected.
If the construction in process has reached useful status but with completion of project settlement process, it is
transferred to fixed asset at the value estimated, and adjustment will happen after completion of project settlement
process but no adjustment on depreciation provided previously.
Category Standard and time point for carrying forward construction in progress to fixed assets
Houses and buildings Reach the predetermined serviceable state or delivered for use at the time of acceptance
Machinery and equipment Meet the design requirements or standards stipulated in the contract after installation and debugging
Office equipment Meet the design requirements or standards stipulated in the contract after installation and debugging
Software project Meet the design requirements or standards stipulated in the contract after installation and debugging
Loan expenses occurred in the Company, which can be categorized to purchasing or construction of assets satisfying
the conditions of capitalization, shall be capitalized and accounted into capital costs; while other loan expenses are
recognized as expenses and recorded into current income account.
(1) Capitalization started as soon as all of these conditions are satisfied: 1) Capital expenditures have occurred; 2)
Loan expenses have occurred; 3) Necessary purchasing or construction processes have been started to make the asset
usable or sellable.
(2) If irregular interruption occurred in the purchasing or construction process of the assets satisfying the capitalizing
conditions, and suspended for over successive three months, capitalizing of loan expenses is suspended; loan
expenses occurred during the suspension period are recognized as current expenses until the purchasing or
construction process resumes.
(3) Capitalizing of loan expenses is terminated as soon as the asset satisfying the capitalizing conditions reaches the
state of usable or sellable as expected.
Special loans raised for purchasing or construction of assets satisfying the conditions of capitalization, interest to be
capitalized will be the actual interest expenses occurred in the current period of loan (Including the discount,
premium, or amortizing decided on actual interest rate basis), less the interest income from the unused loans in bank
account or provisional investment gains; common loans used for purchasing or construction of assets satisfying the
conditions of capitalization, the interest to be capitalized will be the weighted average of balance over special loans
multiply capitalization rate of common loans.
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Not applicable
Not applicable
(1) Service life and its determination basis, estimation, amortization method or review procedure
implementation method of the economic benefit of the intangible asset systematically and reasonably. If can’t
recognize the anticipating implementation method, the straight basis is deployed.
Item Service life and its determination basis Amortization method
The service life is determined to be 50 years according to the term
Land using right Straight-line method
of property registration
he service life is determined to be 5-20 years according to the
Patent Straight-line method
expected income period
Non patent technology The service life is determined to be 5 years according to the
Straight-line method
expected benefit period
Software The service life is determined to be 3-10 years according to the
Straight-line method
expected benefit period
（2） Collection scope of R&D expenditure and related accounting treatment methods
①Staff labor cost
Staff labor costs Includes the salary, basic endowment insurance, basic medical insurance, unemployment
insurance, work-related injury insurance, maternity insurance and housing provident fund of the Company's R&D
staff, share payment granted by the company to R&D staff, and labor costs of external R&D staff.
If the R&D staff serve multiple R&D projects at the same time, the labor costs shall be recognized according to
the working hours records of R&D staff of each R&D project provided by the management department of the
Company, and distributed among different R&D projects in proportion.
If the staff directly engaged in R&D activities and the external R&D staff are engaged in non-R&D activities at
the same time, the Company will allocate the actual staff labor costs between R&D expenses and production and
operation expenses according to the working hours records of the R&D staff in different positions and reasonable
methods such as the proportion of actual working hours.
②Direct input cost
Direct input cost refers to the related expenditure actually incurred by the Company for implementing R&D
activities. Including: 1) Direct consumption of materials, fuel and power costs; 2) Development and manufacturing
expenses of molds, process equipment used for intermediate test and trial production of products, purchase fees for
samples, prototypes and general testing means that do not constitute fixed assets, and inspection fees for trial-
produced products; 3) Expenses for operation, maintenance, adjustment, inspection, testing and maintenance of
instruments and equipment used for R&D activities.
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③ Depreciation expense
Depreciation expense refers to the depreciation expense of instruments, equipment and buildings in use for R&D
activities.
If instruments, equipment and buildings in use for R&D activities are used for non-R&D activities at the same
time, necessary records shall be made on the use of such instruments, equipment and buildings in use, and the actual
depreciation expenses shall be allocated between R&D expenses and production and operation expenses by
reasonable methods according to the actual working hours and use area.
④Amortization expense of intangible assets
Amortization expense of intangible assets refers to the amortization expense of software, intellectual property
and non-patented technology (proprietary technology, license, design and calculation method, etc.) used for R&D
activities.
⑤Design expense
Design expense refers to the expense incurred in conceiving, developing and manufacturing new products and
new processes, designing processes, technical specifications, procedures and operational characteristics, Including
the related expenses incurred in creative design activities to obtain innovative, creative and breakthrough products.
⑥Commissioned external R&D expense
Commissioned external R&D expense refers to the expense incurred by the Company to commission other
institutions or individuals at home and abroad to carry out R&D activities (the results of R&D activities are owned
by the Company and closely related to the Company's main business).
⑦Other expenses
Other expenses refer to other expenses directly related to R&D activities besides the above expenses, Including
technical books and materials fees, materials translation fees, expert consultation fees, high-tech R&D insurance fees,
R&D results retrieval, demonstration, evaluation, appraisal and acceptance fees, application fees, registration fees
and agency fees for intellectual property rights, conference fees, travel expenses, communication fees, etc.
it occurs. Expenditure of internal R&D projects in the development stage is recognized as intangible assets if it meets
the following conditions at the same time: ① It is technically feasible to complete the intangible assets so that they
can be used or sold; ② It has the intention to complete the intangible assets and use or sell them; ③ The ways in
which intangible assets generate economic benefits, Including the ability to prove that there is a market for the
products produced by using the intangible assets or for the intangible assets themselves, and if the intangible assets
will be used internally, the ability to prove their usefulness; ④ It has sufficient technical, financial and other
resources to support the development of the intangible assets, and has the ability to use or sell the intangible assets;
⑤ Expenditure attributable to the development stage of the intangible assets can be reliably measured.
For those long-term assets such as equity investment, fixed assets measured on cost basis, construction-in-process,
intangible assets with limited service life, their recoverable amount shall be evaluated as soon as there was evidence
indicating impairment at the balance sheet day. For intangible assets such as goodwill from merger or intangible
assets with uncertain service lives, impairment test is performed each year whatever there is evidence of impairment
or not. Impairment test on goodwill is performed on combination of related assets.
When the result of prediction shows that the recoverable amount is lower than its book value, the balance shall be
provided impairment provision and accounted into current gain/loss.
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Not applicable
For details, please refer to Section VIII, V 16 Contract Assets of this report.
In the fiscal period when an employee is providing services, short-term wages actually occurred is recognized as
liability, and recorded into current gain/loss account or cost of related asset.
calculating of liabilities from stipulated beneficiary plan, and recognition of the period of related liabilities, are
performed on basis of non-bias and accordance actuary. Meanwhile, discount is performed on the liabilities from
stipulated beneficiary plan to recognize the current value and service cost of the liabilities from the stipulated
beneficiary plan.
current value of liabilities of stipulated beneficiary plan over their fair values is recognized as its net liability or net
asset. When there is a premium with a stipulated beneficiary plan, the lower one between the premium and the upper
limit of the asset is recognized as the net asset of such stipulated beneficiary asset;
service cost, net interest of net liability or net asset, and recalculated net asset or liability variation. The first two are
recorded into current gain/loss or related asset cost, the third is recorded to other gains, which will not be written back
to gain/loss in successive fiscal periods, but the amount can be transferred with the range of equity.
Welfares for employees who are dismissed, the earlier one of the following is recognized as employee wage liability,
and recorded to current gain /loss:
(1) When the Company cannot, on its own call only, retrieve the dismissing welfare provided by dismissing of
service plan or suggestion;
(2) When the costs or expenses related to restructuring involved in the dismissing welfare are recognized by the
Company.
As of long-term welfares provided to the employees, those which satisfy conditions of the stipulated saving plan are
treated according to related regulations of stipulated saving plan; those which other than the aforesaid, are treated
according to the stipulated beneficiary plan. In viewing of simplifying accounting treatment, employee wage costs
are recognized as service costs, the net amounts of interests of other long-term welfare net liability or asset, along
with recalculated variations of the both are recorded to the related gain/loss or cost of related asset.
(1) When it is very much likely to cause economic interests which can be reliably calculated outflow from the
company to fulfill the obligation which is due to giving security outside, contentious matter, quality guarantee of
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products, onerous contract and other contingency, the company will regard the obligation as anticipation liabilities.
(2) The company will make an initial measurement of anticipation liabilities according to needed expense of
best estimation when fulfilling related obligations and check the book value of anticipation liabilities on the balance
sheet date.
(1) Types of share-based payment
Including equity-settled share-based payment and cash-settled share-based payment.
(2) Accounting treatment related to implementation, modification and termination of share-based payment plan
Equity-settled share-based payment in exchange for employee services immediately after the grant, shall be
Included in relevant costs or expenses according to the fair value of equity instruments on the grant date, and the
capital reserve shall be adjusted accordingly. For equity-settled share-based payment that can only be exchanged for
employee services if the service in the waiting period is completed or the specified performance conditions are met,
on each balance sheet date in the waiting period, based on the best estimation of the number of equity instruments
with the vesting right, the services obtained in the current period shall be Included in relevant costs or expenses
according to the fair value of the equity instruments on the granting date, and the capital reserve shall be adjusted
accordingly.
Share-based payment for equity settlement of other parties' services, if the fair value of other parties' services
can be reliably measured, shall be measured according to the fair value of other parties' services on the acquisition
date; If the fair value of other parties' services cannot be measured reliably, but the fair value of equity instruments
can be measured reliably, it shall be measured according to the fair value of equity instruments on the service
acquisition date, and Included in the related costs or expenses, and the owner's equity shall be increased accordingly.
Cash-settled share-based payment in exchange for employee services immediately after the grant, shall be
Included in relevant costs or expenses according to the fair value of liabilities borne by the Company on the grant
date, and liabilities shall be increased accordingly. For cash-settled share-based payment in exchange for employee
services only after the service in the waiting period is completed or the specified performance conditions are met, on
each balance sheet date in the waiting period, based on the best estimation of the situation of the vesting right, the
services obtained in the current period shall be Included in the relevant costs or expenses and corresponding liabilities
according to the fair value of the liabilities assumed by the Company.
If the modification increases the fair value of the granted equity instruments, the Company shall
correspondingly recognize the increase of the obtained services according to the increase of the fair value of the
equity instruments; If the modification increases the number of equity instruments granted, the fair value of the
increased equity instruments will be recognized as the increase of services by the Company; If the Company modifies
the vesting conditions in a way that is beneficial to employees, the Company will consider the modified vesting
conditions when dealing with the vesting conditions.
If the modification reduces the fair value of the granted equity instruments, the Company will continue to
recognize the amount of services obtained based on the fair value of the equity instruments on the granting date,
without considering the reduction of the fair value of the equity instruments; If the modification reduces the number
of granted equity instruments, the Company will treat the reduced part as the cancellation of the granted equity
instruments; If the vesting conditions are modified in a way that is unfavorable to employees, the modified vesting
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conditions will not be considered when dealing with the vesting conditions.
If the Company cancels the granted equity instruments or settles the granted equity instruments during the
waiting period (except those cancelled due to failure to meet the vesting right conditions), the cancellation or
settlement will be treated as accelerated vesting right, and the amount originally recognized during the remaining
waiting period will be immediately recognized.
Not applicable
Accounting policies used for revenue recognition and measurement
Since the starting date of the contract, the company shall evaluate the contract, identifies each individual
performance obligation contained in, and determines whether each individual performance obligation is performed
within a certain period of time or at a certain point of time.
The performance obligation is defined as fulfillment within a certain period of time if one of the following
conditions is met, otherwise, it is defined as fulfilled at a certain point in time: (1) The customer obtains and
consumes the economic benefits brought by the company's performance while the company performs the contract; 2)
The customer can control the goods under manufacturing or services during the company's performance; (3) The
goods or services produced during the company's performance have irreplaceable uses, and the company has the
right to accumulate for the completed performances during the entire contract period.
For obligations performed within a certain period of time, the company recognizes revenue in accordance with
the performance progress in that period. If the performance progress cannot be reasonably determined, and the cost
incurred is expected to be compensated, the revenue shall be recognized according to the amount of the cost incurred
until the performance progress can be reasonably determined. For obligations performed at a certain point in time,
revenue shall be recognized at the point when the customer obtains control of the relevant goods or services. When
judging whether the customer has obtained control of the product, the company shall consider the following points:
(1) The company has the current right to receive payment for the product, that is, the customer has the current
payment obligation for the product; (2) The company has transferred the legal ownership of the product to the
customer, that is, the customer has the legal ownership of the product; (3) The company has transferred the physical
product to the customer, that is, the customer has physically taken possession of the product; (4) The company has
transferred the main risks and rewards on the ownership of the product to the customer, that is, the customer has
obtained the main risks and rewards on the ownership of the product; (5) the customer has accepted the product; (6)
other signs that the customer has obtained control of the product.
(1) The company shall measure revenue based on the transaction price allocated to each individual performance
obligation. The transaction price is the amount of consideration that the company expects to be entitled to receive
due to the transfer of goods or services to customers, while does not Includes payments received on behalf of third
parties and payments expected to be returned to customers.
(2) If there is variable consideration in the contract, the company shall determine its best estimate according to
the expected value or the most likely amount, but the transaction price Including the variable consideration shall not
exceed the accumulated amount that, if relevant uncertainty is eliminated, will most likely have no significant
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reversal.
(3) If there is any significant financing component in the contract, the company shall determine the transaction
price based on the amount payable in cash when the customer assumes control of the goods or services. The
difference between transaction price and contract consideration shall be amortized through effective interest method
during the contract period.
(4) If the contract contains two or more performance obligations, the company shall, on date of the contract,
allocate the transaction price to each individual obligation item in accordance with the relative proportion of the
separate selling price of promised goods.
The company's selling of steam turbines, gas turbine or spare parts shall belong to the performance of obligation
at a certain point in time.
Domestic sales revenue is recognized when the Company has delivered the product in accordance with the contr
act and obtained the receipt confirmed by the purchaser, with received the payment or obtained the right to receive pa
yment and the relevant economic benefits are likely to flow in. Export sales revenue is recognized when the Company
has declared the product in accordance with the contract and obtained the export goods declaration form and the bill
of lading, with received the payment or obtained the right to receive payment and the relevant economic benefits are l
ikely to flow in.
projects)
The Company's business of selling hydro-generator sets and providing engineering services are the performance
obligations performed within a certain period of time. The performance progress is determined according to the
proportion of the incurred cost to the estimated total cost, and the revenue is recognized according to the performance
progress. When the performance progress cannot be reasonably recognized, if the cost already incurred by the
Company is expected to be compensated, the revenue will be recognized according to the cost amount already
incurred until the performance progress can be reasonably recognized.
The adoption of different business models in similar businesses leads to differences in accounting policies for
revenue recognition
Not applicable
can meet the conditions attached to the government subsidies; (2) the Company can receive government subsidies.
Where government subsidies are monetary assets, they shall be measured by the amount received or receivable.
Where government subsidies are non-monetary assets, they shall be measured by the fair value; if the fair value
cannot be reliably obtained, they shall be measured by the nominal amount.
Government subsidies used for formation of long-term assets through purchase, construction or any other
method as stipulated by government documents fall into the category of asset-related government subsidies. If
government subsidies are not defined in the government documents, a judgment shall be made on the ground of
essential conditions for obtaining the subsidies, among which, ones with an essential condition of formation of long-
The Semi-Annual Report 2025
term assets through purchase, construction or any other method shall be asset-related government subsidies. For
government subsidies related to assets, the book value of the relevant assets is deducted or the deferred income is
recognized. Where such subsidies are recognized as deferred income, the relevant assets shall, within the useful life
of the relevant assets, be reasonably recognized, The method of the system shall be recorded into profit and loss by
stages. The government subsidy measured according to the nominal amount shall be directly accounted for in the
profits and losses of the current period. Where the relevant assets are sold, transferred, scrapped or damaged before
the end of their useful life, Transfer the undistributed balance of deferred income to the current profit or loss of asset
disposal.
A government subsidy other than an asset-related government subsidy is divided into profit-related government
subsidies. It is difficult to distinguish between asset-related and revenue-related government subsidies that Includes
both asset-related and revenue-related components. Overall classification as government subvention related to income.
Than asset-related subsidies are recognized as income-related government subsidies. Those, which are used to cover
costs or losses in subsequent periods, are recognized as deferred income and accounted to current gain/loss to the
periods of related expenses. Those, which are used to makeup expenses or losses already occurred, are recorded to
current gain/loss account.
or offset relevant costs and expenses by nature of economic business. Government subsidies irrelevant to routine
activities of the Company shall be Included into the non-operating receipt and disbursement.
(1) If the finance allocates interest subsidy funds to a lending banks that serves a loan to the Company at a policy-
based preferential rate, the actual debit amount received shall be seen as the entry value of loan and relevant loan
costs shall be worked out pursuant to the loan principal and the policy-based preferential rate.
(2) If the finance directly allocates interest subsidy funds to the Company, corresponding interest subsidies shall
offset relevant loan costs.
the liabilities according to difference (for not recognized assets and liabilities which tax basis can be recognized, the
difference is between the tax basis and the book value) between book value of the assets or liabilities and the tax basis.
temporary difference. At balance sheet day, the not-yet recognized deferred income tax assets in previous fiscal term
are recognized if have evidence to prove there is enough income tax very possibly to deduct deductible temporary
difference.
possible to obtain enough taxable income to neutralize the benefit of differed income tax assets, then the book value
of the differed income tax assets shall be reduced. Whenever obtaining of taxable income became possible, the
reduced amount shall be restored.
expenditures or gains, but exclude the following income taxes: (1) Merger of enterprises; (2) Transactions or events
recognized directly in owners’ equity.
deferred income tax liabilities as the offset net amount: 1) When the taxpayer has the legal right to settle the current
income tax assets and liabilities on a net basis; 2) Deferred income tax assets and deferred income tax liabilities are
The Semi-Annual Report 2025
related to the income tax levied by the same tax collection department on the same taxpayer or to different taxpayers,
but in the future, during the period when each important deferred income tax asset and deferred income tax liability
are reversed, the taxpayers involved intend to settle the current income tax assets and current income tax liabilities
on a net basis or acquire assets and pay off debts at the same time.
（1） Accounting treatment method for leasing as a lessee
On the start date of the lease term, the company will recognize the lease with a lease term of no more than 12
months and without the purchase option as a short-term lease; and recognize the lease with lower value when a single
leased asset is a brand-new asset as a low-value asset lease. If the company subleases or expects to sublet the leased
assets, the original lease shall not be deemed as low-value asset lease.
For all short-term leases and low-value asset leases, the company will calculate the lease payment amount into
the relevant asset cost or current profits and losses according to the straight-line method in each period of the lease
term.
In addition to the above-mentioned short-term leases and low-value asset leases with simplified processing, the
company recognizes the right to use assets and lease liabilities for leases on the start date of the lease term.
① Right-to-use assets
The right-to-use assets are initially measured according to the cost, which Includes: i. The initial measurement
amount of lease liabilities; ii. If there is lease incentive for the lease payment issued on or before the start date of the
lease term, the amount related to the lease incentive enjoyed shall be deducted; ⅲ. Initial direct expenses incurred by
the lessee; iv. The estimated costs that the lessee will incur for dismantling and removing the leased assets, restoring
the leased assets' site or restoring the leased assets to the state agreed in the lease terms.
The company depreciates the right-to-use assets according to the straight-line method. If it can be reasonably
determined that the ownership of the leased asset is acquired at the expiration of the lease term, the company shall
accrue depreciation within the remaining service life of the leased asset. If it is impossible to reasonably determine
that the ownership of the leased asset can be acquired at the expiration of the lease term, the company shall accrue
depreciation within the shorter of the lease term and the remaining service life of the leased asset.
② Lease liabilities
On the lease start date, the company recognizes the present value of the unpaid lease payment as the lease
liability. When calculating the present value of the lease payment amount, the lease Inclusive interest rate is used as
the discount rate. If the lease Inclusive interest rate cannot be determined, the company's incremental loan interest
rate is used as the discount rate. The difference between the lease payment amount and its present value is considered
as unrecognized financing expense, and the interest expense is recognized according to the discount rate for
recognizing the present value of the lease payment amount in each period of the lease term, which is Included in the
current profits and losses. The variable lease payments that are not Included in the measurement of lease liabilities are
Included in the current profits and losses when they actually occur.
After the start of the lease term, when the actual fixed payment amount changes, the estimated payable amount
of the guarantee residual value changes, the index or ratio used to determine the lease payment amount changes, and
the evaluation result or actual exercise situation of the purchase option, renewal option or termination option changes,
the company will re-measure the lease liability according to the present value of the changed lease payment amount,
and adjust the book value of the right-to-use assets accordingly. If the book value of the right-to-use assets has been
reduced to zero, but the lease liability still needs to be further reduced, the remaining amount will be Included in the
current profits and losses.
The Semi-Annual Report 2025
（2） Accounting treatment method for leasing as a lessor
On the lease start date, the company classifies the lease with almost all risks and rewards related to the
ownership of leased assets transferred as financial lease, and all other leases as operating leases.
① Operating lease
During each period of the lease term, the company recognizes the lease receipts as lease income according to the
straight-line method, and the initial direct expenses incurred are capitalized and allocated on the same basis as the
lease income recognition, and are Included in the current profits and losses by stages. The variable lease payments
related to operating leases that are not Included in the lease receipts obtained by the company are Included in the
current profits and losses when they actually occur.
② Financing lease
On the start date of the lease term, the company recognizes the receivable financing lease payments according to
the net lease investment (the sum of the unsecured residual value and the present value of the lease receipts that have
not been received at the start date of the lease term), and derecognizes the financing lease assets. During each period
of the lease term, the company calculates and recognizes the interest income according to the interest rate Included in
the lease.
The variable lease payments obtained by the company that are not Included in the measurement of net lease
investment are recorded into the current profits and losses when they actually occur.
(3) After-sale leaseback
① Company as the Lessee
According to the Accounting Standards for Business Enterprises No.14-Income, the company evaluates and
determines whether the asset transfer in the after-sale leaseback transaction is a sale.
If the asset transfer in the after-sale leaseback transaction is a sale, the company shall measure the right-to-use
assets formed by the after-sale leaseback according to the part of the book value of the original assets related to the
right-to-use acquired by leaseback, and only recognize the related gains or losses for the rights transferred to the
lessor.
If the asset transfer in the after-sale leaseback transaction is not a sale, the company will continue to recognize
the transferred asset, and at the same time recognize a financial liability equal to the transfer income, and conduct
accounting treatment on the financial liability in accordance with Accounting Standards for Business Enterprises
No.22-Recognition and Measurement of Financial Instruments.
② Company as the Lessor
According to the Accounting Standards for Business Enterprises No.14-Income, the company evaluates and
determines whether the asset transfer in the after-sale leaseback transaction is a sale.
If the asset transfer in the after-sale leaseback transaction is a sale, the company shall conduct accounting
treatment on asset purchase according to other applicable accounting standards for enterprises, and conduct
accounting treatment on asset lease according to Accounting Standards for Enterprises No.21-Lease.
If the asset transfer in the after-sale leaseback transaction is not a sale, the company will not recognize the
transferred asset, but recognize a financial asset equal to the transfer income, and conduct accounting treatment on the
financial asset in accordance with Accounting Standards for Business Enterprises No.22-Recognition and
Measurement of Financial Instruments.
(1)Work safety costs
The Semi-Annual Report 2025
The Company withdraws and Includes work safety costs into relevant product costs or current profits and loss and the
subject of "special reserve" as per Measures for Management of Enterprise Withdrawal and Use of Work Safety
Costs (Cai Qi [2022] No.136) jointly promulgated by Ministry of Finance and State Administration of Work Safety.
As work safety costs withdrawn are used, ones attributable to the cost disbursement shall directly offset special
reserve. To form fixed assets, the disbursement incurred for Inclusion into the subject of "construction in progress"
shall be recognized as fixed assets when safety projects are completed and available for use as expected; meanwhile,
costs for forming fixed assets shall offset special reserve, cumulative depreciation in the corresponding amount shall
be recognized and depreciation shall no longer be withdrawn for the fixed assets in the following period.
（2）Accounting treatment methods related to repurchase of company shares
If the shares of the Company are acquired for reasons such as reducing the registered capital or rewarding
employees, they shall be treated as treasury shares according to the actual amount paid, and registered for future
reference. If the repurchased shares are cancelled, the difference between the total face value of the shares calculated
according to the face value of the cancelled shares and the number of cancelled shares and the amount actually paid
for the repurchase will be offset against the capital reserve; if the capital reserve is insufficient for offset, the retained
earnings will be offset; If rewarding of the repurchased shares to the employees of the Company is equity-settled
share-based payment, when the employees exercise their right to purchase the shares of the Company and receive the
price, the cost of the treasury stocks delivered to the employees and the accumulated amount of capital reserves (other
capital reserves) during the waiting period will be written off, and meanwhile, the capital reserves (equity premium)
will be adjusted according to such difference.
(1)Change of main accounting policies
□ Applicable √ Not applicable
(2) Change of main accounting estimations
□ Applicable √ Not applicable
（3） The Company started implementing the updated accounting standards commencing from 2025 and
adjusted the relevant Item in the financial statements at the beginning of the very year involved in the initial
implementation of the said standards
□Applicable ?Not applicable
Not applicable
VI. Taxation
Category of taxes Tax base Tax rate
VAT The output tax is calculated on the basis "exemption, credit and refund" is
of the income from sales of goods and implemented, and the tax rebate rate is
The Semi-Annual Report 2025
taxable services calculated according to 13%
the provisions of the tax law. After
deducting the input tax allowed to be
deducted in the current period, the
difference is the VAT payable
For those on price basis, taxes are paid at
House tax the property after deducting of 30%; for 1.2%，12%
those on rental basis, taxes are paid at
City maintenance and construction tax Turnover tax payable 7%，5%
Educational surcharge Turnover tax payable 3%
Local education additional Turnover tax payable 2%
Enterprise income tax Amount of income taxable 15%，20%，25%
Notes of the disclosure situation of the taxpaying bodies with different enterprises income tax rate
Name Income tax rate
The Company, Guoneng Company, Huayuan Company,
Zhongneng Company, Hangfa Company, Casting Company and 15%
Western Power Company
Wuhu New Energy Company 20%
Other taxpayers other than the above. 25%
(1) According to the High-tech Enterprise Certificate (certificate numbers are GR202333006671,
GR202333011986, GR202333008372, GR202333012099 and GR202333012799 respectively, valid for three years)
issued by Department of Science and Technology of Zhejiang Province, Zhejiang Provincial Department of Finance
and Zhejiang Provincial Tax Service, State Taxation Administration on December 8, 2023, the Company and its
subsidiaries Guoneng Company, Huayuan Company, Zhongneng Company and Hangfa Company enjoy preferential
income tax for high-tech enterprises, so the enterprise income tax in 2025 and January-June 2025 was calculated and
paid at a reduced rate of 15%.
(2)According to the "High-tech Enterprise Certificate" (Certificate number: GR202233002954, validity: three
years) issued by the Zhejiang Provincial Department of Science and Technology, the Zhejiang Provincial
Department of Finance and the Zhejiang Provincial Taxation Bureau of the State Administration of Taxation on
December 24, 2022, the subsidiary casting company enjoys high-tech enterprise income tax incentives. According to
the Announcement of the State Administration of Taxation on Issues Concerning the Implementation of Preferential
Policy for High-tech Enterprise Income Tax (State Administration of Taxation Announcement No. 24 of 2017), in
the year when the qualification period of the high-tech enterprise expires, its enterprise income tax shall be
temporarily prepaid at a rate of 15% before being re-identified, therefore the corporate income tax of the subsidiary
Casting and Forging Company will be temporarily reduced and paid at a rate of 15% from January to June 2025.
(3) According to the High-tech Enterprise Certificate (Certificate No.: GR202251003392, valid for three years)
issued by Sichuan Provincial Department of Science and Technology, Sichuan Provincial Department of Finance and
The Semi-Annual Report 2025
Sichuan Provincial Tax Service, State Taxation Administration on November 2, 2022, the subsidiary Western Power
is entitled to the preferential income tax for high-tech enterprises, According to the Announcement of the State
Administration of Taxation on Issues Concerning the Implementation of Preferential Policy for High-tech Enterprise
Income Tax (State Administration of Taxation Announcement No. 24 of 2017), in the year when the qualification
period of the high-tech enterprise expires, its enterprise income tax shall be temporarily prepaid at a rate of 15%
before being re-identified, therefore the corporate income tax of the subsidiary Casting and Forging Company will be
temporarily reduced and paid at a rate of 15% from January to June 2025.
（4）According to the Announcement of the Ministry of Finance and the State Administration of Taxation on
Further Supporting the Development of Small and Micro Enterprises and Individual Industrial and Commercial
Households (No. 12 of 2023), the subsidiary Wuhu New Energy Company will apply preferential tax policy for
small and low-profit enterprises from January to June 2025, and the annual taxable income will be reduced and
Included in the taxable income by 25%, and the corporate income tax will be paid at a rate of 20%.
（5）According to the Announcement on the Policy of Adding and Deducting VAT for Advanced Manufacturing
Enterprises (Announcement No.43 of the Ministry of Finance and the State Taxation Administration in 2023), the
Company and its subsidiaries Guoneng Company, Huayuan Company, Zhongneng Company, Hangfa Company,
Casting Company and Western Power Company, as advanced manufacturing enterprises, add 5% of the deductible
input tax for the current period to offset the payable VAT .
Not applicable
VII. Notes to the Consolidated Financial Statements
In RMB
Item End of term Beginning of term
Cash in stock 47,080.00 920.00
Bank deposit 1,790,178,361.34 2,159,193,550.01
Other monetary fund 96,021,959.64 90,429,939.12
Other 1,886,247,400.98 2,249,624,409.13
Other note
The bank deposit at the end of the period Included a restricted use of ETC margin of 49,000.00 yuan.
Other ending monetary funds Includes RMB 70,428,597.42 of bank acceptance bills with restricted use, RMB
balance in special account for treasury share repurchase, RMB 56,683.29 of interest on the deposit that can be
transferred at any time and RMB 44,660.93 of deposit balance on the third-party payment platform.
The Semi-Annual Report 2025
In RMB
Item End of term Beginning of term
Financial assets measured at fair value
through profit or loss
Of which ：
Structure deposit 322,000,000.00 500,000,000.00
Financing product 210,000,000.00 168,000,000.00
Stock 1,952,254.92 1,850,839.08
Of which：
Total 533,952,254.92 669,850,839.08
(1) Notes receivable listed by category
In RMB
Item End of term Beginning of term
Bank acceptance bill 204,405.02
Trade acceptance bill 45,845,414.62 48,519,566.88
Total 46,049,819.64 48,519,566.88
（2） According to the bad debt provision method classification disclosure
In RMB
End of term Beginning of term
Category Book balance Bad debt provision Book Book balance Bad debt provision Book
Proportion( Proportion( value Proportion( Proportion( value
Amount Amount Amount Amount
%) %) %) %)
Of
which：
Accrual of
bad debt
provision 100.00% 13.25% 100.00% 18.39%
by
portfolio
Of
which：
Bank 204,40 204,405.
acceptanc
The Semi-Annual Report 2025
e
Commerci
al 52,878, 7,032,72 45,845,4 59,452,8 10,933,2 48,519,5
acceptanc
e
Total 100.00% 13.25% 100.00% 18.39%
Accrual of bad debt provision by portfolio:
In RMB
Amount in year-end
Name
Book balance Bad debt provision Proportion
Bank acceptance bill 204,405.02
Trade acceptance bill 52,878,137.34 7,032,722.72 13.30%
Total 53,082,542.36 7,032,722.72
Relevant information of the provision for bad debts will be disclosed with reference to the disclosure method of other
receivables if the provision for bad debts of bills receivable is accrued according to the general model of expected
credit loss:
□ Applicable √ Not applicable
(3) Accounts receivable withdraw, reversed or collected during the reporting period
The withdrawal amount of the bad debt provision：
In RMB
Amount of change in the current period
Opening
Category Reversed or Closing balance
balance Accrual Write-off Other
collected amount
Accrual of bad debt
provision by single
Accrual of bad debt
provision by portfolio
Total 10,933,258.78 -3,900,536.06 7,032,722.72
Of which the significant amount of the reversed or collected part during the reporting period
□ Applicable √ Not applicable
（4）Notes receivable pledged by the company at the end of the period
（5）Accounts receivable financing endorsed or discounted by the Company at the end of the period and not
expired yet on the date of balance sheet
In RMB
Amount derecognized at the end of the Amount not yet derecognized at the end of
Item
period the period
Commercial acceptance 32,493,289.73
Total 32,493,289.73
The Semi-Annual Report 2025
（6） The actual write-off accounts receivable
（1）Disclosure according to the aging
In RMB
Aging Balance in year-end Balance Year-beginning
Within one year(one year Included) 1,390,451,682.99 1,516,275,989.00
Over 3 years 725,299,384.32 613,930,518.66
Over 5 years 360,208,010.10 363,961,662.93
Total 3,237,411,055.45 3,346,227,660.86
（2） According to the bad debt provision method classification disclosure
In RMB
Amount in year-end Balance Year-beginning
Categor Book Balance Bad debt provision Book Book Balance Bad debt provision Book value
y Amount Proporti Amount Proporti value Amount Proporti Amount Proporti
on(%) on(%) on(%) on(%)
Accrual
of bad
debt 82,563,5 82,563,5 69,714,1 69,714,1
provisio 90.68 90.68 96.03 96.03
n by
single
Includin
g：
Accrual
of bad
debt 3,154,84 771,061, 2,383,78 3,276,51 757,128, 2,519,384,5
provisio 7,464.77 099.77 6,365.00 3,464.83 876.82 88.01
n by
portfolio
Includin
g：
Aging
portfo
lio
Total 100.00% 26.37% 100.00% 24.71%
. Bad debt provision accrual on single basis:
In RMB
Opening balance Ending balance
Name Bad debt Bad debt Accrual
Book balance Book balance Reason for accrual
provision provision ratio
Accrual of bad debt Not expected to be
provision by single recovered
The Semi-Annual Report 2025
Total 69,714,196.03 69,714,196.03 82,563,590.68 82,563,590.68
Accrual of bad debt provision by portfolio: Aging portfolio
In RMB
Amount in year-end
Name
Book balance Bad debt provision Proportion
Aging portfolio 3,154,847,464.77 771,061,099.77 24.44%
Within one year 1,390,451,682.99 69,522,584.14 5.00%
Over 5 years 298,965,281.32 298,965,281.32 100.00%
Total 3,154,847,464.77 771,061,099.77
If the provision for bad debts of account receivable is made in accordance with the general model of expected credit
losses, please refer to the disclosure of other account receivable to disclose related information about bad-debt
provisions:
□Applicable?Not applicable
(3) Accounts receivable withdraw, reversed or collected during the reporting period
The withdrawal amount of the bad debt provision：
In RMB
Amount of change in the current period Closing
Opening
Category Reversed or collected balance
balance Accrual Write-off Other
amount
Accrual of bad debt
provision by single
Accrual of bad debt
provision by portfolio
Total 826,843,072.85 29,667,148.26 1,567,415.55 1,318,115.11 853,624,690.45
(4) The actual write-off accounts receivable
In RMB
Item Amount
The actual write-off accounts receivable 1,318,115.11
（5）The top five accounts receivable and contract assets at the end of the period aggregated according to
debtor
In RMB
Proportion to Ending balance of
Ending balance of the total ending accounts receivable
Name of the Ending balance of Ending balance of
accounts receivable balance of bad debt provision
organization accounts receivable contract assets
and contract assets accounts and contract asset
receivable and impairment
The Semi-Annual Report 2025
contract assets provision
Shenyang Turbine
Machinery Co., 658,150,643.46 112,375,260.00 770,525,903.46 18.44% 134,582,682.77
Ltd
Wanhua Chemical
Group Materials 243,398,673.59 121,628,000.00 365,026,673.59 8.74% 22,538,633.68
Co., Ltd
Xi'an Shaangu
Power Co., Ltd
The 704th
Research Institute
of China State 129,905,197.34 7,501,716.66 137,406,914.00 3.29% 24,728,181.50
Shipbuilding Co.,
Ltd.
Sichuan
Zhengdakai New 47,210,000.00 24,015,000.00 71,225,000.00 1.70% 5,301,250.00
Material Co., Ltd.
Total 1,207,834,765.65 278,153,136.66 1,485,987,902.31 35.56% 263,848,481.40
(1) Information of contract assets
In RMB
Ending balance Opening balance
Item Bad debt Bad debt
Book balance Book value Book balance Book value
provision provision
Warranty receivable 825,407,230.66 77,492,555.33 747,914,675.33 825,344,158.54 63,202,811.69 762,141,346.85
Construction contract
forms assets
Total 940,705,335.45 92,222,657.52 848,482,677.93 935,608,099.66 78,903,488.30 856,704,611.36
(2) The significant amount change in book value during the reporting period and its reason
（3） According to the bad debt provision method classification disclosure
In RMB
Amount in year-end Balance Year-beginning
Book Balance Bad debt provision Book Book Balance Bad debt provision
Category Book value
Amoun Proporti Amount Proporti value Amount Proporti Amount Proporti
t on(%) on(%) on(%) on(%)
Accrual of
bad debt 355,30 355,300.
provision 0.00 00
by single
Including
Accrual
of bad
debt 940,350, 91,867,3 848,482, 935,608, 78,903,4 856,704,611.
provisio 035.45 57.52 677.93 099.66 88.30 36
n by
portfolio
The Semi-Annual Report 2025
Including
Total 100.00% 9.80% 100.00% 8.43%
Accrual of bad debt provision by single:
In RMB
Balance Year-beginning Amount in year-end
Name Bad debt Bad debt Proportion(%)
Book Balance Book Balance Reason
provision provision
Accrual of bad
Not expected to be
debt provision 355,300.00 355,300.00 100.00%
recovered
by single
Total 355,300.00 355,300.00
Accrual of bad debt provision by portfolio: Aging portfolio
In RMB
Amount in year-end
Name
Book Balance Bad debt provision Proportion %
Aging portfolio 940,350,035.45 91,867,357.52 9.77%
Including: Within 1 year 541,017,160.08 27,050,858.01 5.00%
Over 5 years 580,225.00 580,225.00 100.00%
Total 940,350,035.45 91,867,357.52
Provision for bad debts is made according to the general model of expected credit losses
□Applicable ?Not applicable
(4) Bad debt provision accrual, collected or reversal in the period
In RMB
Item Accrual Collected or reversal Other Reason
Accrual of bad debt
provision by single
Accrual of bad debt
provision by portfolio
Total 13,319,169.22
（5） Contract assets actually written off in the current period
（1） Classification of receivables financing
In RMB
Item End of term Beginning of term
Bank acceptance 644,900,869.13 598,790,851.05
Total 644,900,869.13 598,790,851.05
The Semi-Annual Report 2025
（2） According to the bad debt provision method classification disclosure
In RMB
Amount in year-end Balance Year-beginning
Book Balance Bad debt provision Book Book Balance Bad debt provision
Category Book value
Amount Proporti Amount Proporti value Amount Proporti Amount Proporti
on(%) on(%) on(%) on(%)
Including
Accrual of
bad debt
provision 100.00% 100.00%
by
portfolio
Including
Bank 644,900, 644,900, 598,790, 598,790,851
acceptance 869.13 869.13 851.05 .05
Total 100.00% 100.00%
. Bad debt provision accrual on Portfolio:
In RMB
Ending balance
Name
Book balance Bad debt provision Proportion
Bank acceptance 644,900,869.13
Total 644,900,869.13
（3）Bad debt provision accrual, collected or reversal in the period
（4）Financing of accounts receivable pledged by the Company at the end of the period
In RMB
Item Pledged amount at the end of the period
Bank acceptance 1,238.00
Total 1,238.00
（5）Financing of accounts receivable that have been endorsed or discounted by the Company at the end of
the period and have not yet matured on the balance sheet date
In RMB
The amount of derecognition at the end The amount not derecognized at the end of
Item
of the period the period
Bank acceptance 573,263,972.87
Total 573,263,972.87
The acceptor of the bank acceptance bill is a commercial bank, because the commercial bank has high credit,
the possibility of the bank acceptance bill not being paid at maturity is low, so the company has endorsed or
discounted the bank acceptance bill to terminate the confirmation. However, if the bill is not paid at maturity, the
company shall remain jointly and severally liable to the holder under the provisions of the bill act.
The Semi-Annual Report 2025
（6） Financing situation of accounts receivable actually written off in this period
(7) Changes in accounts receivable financing and fair value changes in the current period
（8）Other note
In RMB
Item End of term Beginning of term
Dividend receivable 76,125,057.68
Other account receivable 37,854,251.93 47,179,278.21
Total 113,979,309.61 47,179,278.21
(1) Interest receivable
□Applicable ?Not applicable
(2) Dividend receivable
In RMB
Item End of term Beginning of term
Hangzhou Bank 76,125,057.68
Total 76,125,057.68
□ Applicable √ Not applicable
The Semi-Annual Report 2025
（3） Other accounts receivable
In RMB
Nature Closing book balance Opening book balance
Deposit 33,213,655.13 44,010,048.49
Compensation for demolition and
removal receivable
Export tax rebate receivable 3,330,594.30 4,413,126.45
Petty cash 2,883,311.73 296,148.00
Receivable temporary payment 1,761,253.51 1,730,884.63
Other 861,919.97 740,837.27
Total 50,844,334.64 59,984,644.84
In RMB
Aging Ending book balance Opening book balance
Within one year(one year Included) 20,721,132.26 30,051,672.20
Over 3 years 10,582,028.41 10,603,319.01
Over 5 years 6,534,066.94 5,623,957.54
Total 50,844,334.64 59,984,644.84
?Applicable □Not applicable
In RMB
End of term Beginning of term
Category Book Balance Bad debt provision Book Book Balance Bad debt provision Book
Amount Proport Amount Proporti value Amount Proporti Amount Proporti value
ion(%) on(%) on(%) on(%)
Including
Accrual of
bad debt
provision 100.00% 25.55% 100.00% 21.35%
by
portfolio
Including
Total 100.00% 25.55% 100.00% 21.35%
The withdrawal amount of the bad debt provision：Aging portfolio
In RMB
The Semi-Annual Report 2025
Closing balance
Name
Book balance Bad debt provision Proportion
Aging portfolio 50,844,334.64 12,990,082.71 25.55%
Including：Within 1 year 20,721,132.26 1,036,056.62 5.00%
Over 5 years 6,534,066.94 6,534,066.94 100.00%
Total 50,844,334.64 12,990,082.71
Provision for bad debts is made according to the general model of expected credit losses
In RMB
Phase I Phase II Phase III
Expected credit losses Expected credit losses
Bad debt provision Expected credit losses for the entire duration for the entire duration Total
over next 12 months (without credit (with credit impairment
impairment occurred) occurred)
Balance on January 1,
January 1, 2025
balance in the current
period
--Transfer to the
-906,576.73 906,576.73
second stage
-- Transfer to the third
-140,963.94 140,963.94
stage
Provision in Current
Year
Write off in Current
Year
Balance on June 30,
The basis for the division of each stage and the proportion of bad debt provision
Loss provision changes in current period, change in book balance with significant amount
□Applicable √ Not applicable
In RMB
Item Total of write-off
The actual write-off accounts receivable 107,035.00
In RMB
The Semi-Annual Report 2025
Proportion of the
total year end
Closing balance of
Name Nature Closing balance Aging balance of the
bad debt provision
accounts
receivable
Hangzhou East
Bay New City Compensation for
Development and demolition and 8,793,600.00 1-2 years 17.30% 879,360.00
Construction removal receivable
Headquarters
Chengdu Customs
of the People's Rep Deposit 6,676,082.48 1-2 years 13.13% 667,608.25
ublic of China
Shanghai Customs
Deposit 3,710,320.94 Over 5 years 7.30% 3,710,320.94
Waigaoqiao Office
The State
Administration of
Taxation, Export tax rebate
Hangzhou receivable
Gongshu District
Taxation Bureau
Fuding City
Guanxi Cross-
basin Water
Deposit 2,300,000.00 4-5 years 4.52% 1,840,000.00
Diversion
Investment Co.,
Ltd.
Total 24,303,043.43 47.80% 7,238,441.19
(1) Accounts paid in advance by ageing
In RMB
Ending balance Opening balance
Account age
Amount Ratio Amount Ratio
Within one year 232,579,824.42 77.38% 310,799,722.51 90.48%
Over 3 years 4,867,612.12 1.62% 4,981,276.47 1.44%
Total 300,543,568.38 343,519,043.23
Explanation on un-settlement in time for advance payment with over one year account age and major amounts:
None
(2) Top 5 advance payment at ending balance by prepayment object
Ratio in total advance e
Name Ending balance payment(%)
Siemens Energy AB 120,216,133.60 40.00
The Semi-Annual Report 2025
Ratio in total advance e
Name Ending balance payment(%)
Shandong Yongxin Petrochemical Technology Co., Ltd 22,180,000.00 7.38
Jinling International Co., Ltd. 9,504,153.07 3.16
Mitsubishi Power Gas Turbine Engineering Technology (Nanjing) Co.,
Ltd
Shandong Jinan Power Generation Equipment Plant Co., Ltd. 6,099,939.43 2.03
Subtotal 164,601,852.39 54.77
Whether the company need to comply with the disclosure requirements of the real estate industry
No
（1）Category of Inventory
In RMB
Closing book balance Opening book balance
Provision for Provision for
Item inventory inventory
Book balance Book value Book balance Book value
impairment impairment
Raw
materials
Goods in
progress
Stock
goods
Total 3,109,377,088.12 329,104,650.03 2,780,272,438.09 2,869,369,150.67 311,804,482.06 2,557,564,668.61
(2) Falling price reserves of inventory
(3) Notes of the closing balance of the inventory which Includes capitalized borrowing expenses
In RMB
Current increased Current decreased
Item Opening balance Switch back or Ending balance
Accrual Other Other
charge-off
Raw
materials
Goods in
progress
Stock
goods
Total 311,804,482.06 26,285,208.93 8,985,040.96 329,104,650.03
Provision for inventory depreciation and impairment of contract performance costs (continued)
Item Current write-off Reason for
Specific basis for determining net realizable value
provision for inventory
For raw materials that need to be processed, the net realizable value
Used for current production and
shall be determined according to the estimated selling price of related
use and sales realization
Raw materials finished products minus the estimated cost to completion, estimated
The Semi-Annual Report 2025
Item Current write-off Reason for
Specific basis for determining net realizable value
provision for inventory
sales expenses and related taxes; For raw materials directly used for
sale, the net realizable value shall be determined according to the
estimated selling price minus the estimated sales expenses and related
taxes
The net realizable value determines the amount after deducting the
estimated sales cost and the relevant taxes, For the suspended project or
the project whose sales agreement has been cancelled, the net Used for current production and
realizable value shall be determined according to the estimated use and sales realization
Goods in recoverable compensation.
progress
The net realizable value shall be recognized by the amount of the
estimated selling prices minus the estimated selling costs and relevant
taxes and dues, wherein regarding suspended projects expected not be Used for current production and
Stock goods
to be recovered or projects whose sales agreements are released, the net use and sales realization
realizable value shall be recognized by the expected recoverable
compensation
（4）Notes of the closing balance of the inventory which Includes capitalized borrowing expenses
(5) Completed unsettled assets formed from the construction contact at the period-end
（1） Debt investment due within one year
□Applicable ?Not applicable
（2）Other Debt investment due within one year
□Applicable ?Not applicable
In RMB
Item Ending balance Opening balance
Input tax to be deducted 59,590,108.05 70,627,378.59
Advance payment of enterprise income
tax
Rent charge 353,149.94 72,940.00
Total 60,014,635.55 70,709,898.05
Other note：Not applicable
The Semi-Annual Report 2025
（1）Debt investment
（2）Important debt investment
（3）Accrual of impairment provision
(4) Information of debt investment actually written off in the current period
Change of book balance of loss provision with amount has major changes in the period
□Applicable ?Not applicable
（1）Other debt investment
（2）Important debt investment
（3）Accrual of impairment provision
（4）Other debt investments actually written off during the period
Change of book balance of loss provision with amount has major changes in the period
□Applicable ?Not applicable
In RMB
Reason for
Accumulat Accumulat designated
Gains Loss ed gains ed losses in fair
recognized recognized recognized recognized Dividend value
in other in other in other in other income measureme
Ending Opening comprehen comprehen comprehen comprehen recognized nt with
Item
balance balance sive sive sive sive in the changes
income for income for income at income at current recognized
the current the current the end of the end of period in other
period period the current the current comprehen
period period sive
income
Hangzhou 3,972,096,7 600,844,20 4,181,986,9 76,125,057. 4,572,940,9 See other
Bank 59.66 5.26 24.92 68 64.92 note
Total
Other note
Reasons for investment in equity instruments designated as at fair value and whose changes are Included in other
comprehensive income
The shares of Bank of Hangzhou Co., Ltd. held by the company failed to pass the contract cash flow characteristics
test, but the company did not hold the equity instrument for trading purposes, so it was designated as a financial asset
measured at fair value and whose changes were Included in other comprehensive income.
The Semi-Annual Report 2025
Other note：
(1) Long-term account receivable
In RMB
End of term Beginning of term Discount rate
Item interval
Bad debt Book Bad debt Book
Book balance Book balance
provision value provision value
Project
item
Total 26,800,000.00 26,800,000.00 29,800,000.00 29,800,000.00
（2） According to the bad debt provision method classification disclosure
In RMB
Amount in year-end Balance Year-beginning
Book Balance Bad debt provision Book Balance Bad debt provision
Category Book
Amount Proporti Amount Proporti Amount Proporti Amount Proporti Book value
value
on(%) on(%) on(%) on(%)
Accrual of
bad debt 26,800,0 26,800,0 29,800,0 29,800,0
provision 00.00 00.00 00.00 00.00
by single
Including
Including
Total 100.00% 100.00% 100.00% 100.00%
Accrual of bad debt provision by single item：
In RMB
Balance Year-beginning Amount in year-end
Name Bad debt Bad debt Proportion(%)
Book balance Book balance Season
provision provision
Accrual of bad
Not expected to be
debt provision 29,800,000.00 29,800,000.00 26,800,000.00 26,800,000.00 100.00%
recovered
by single
Total 29,800,000.00 29,800,000.00 26,800,000.00 26,800,000.00
(3) Bad debt provision accrual, collected or reversal in the period
.In RMB
Current changes
Opening
Category Collected or Ending balance
balance Accrual Write off Other
reversal(Note)
Accrual of bad
debt provision 29,800,000.00 3,000,000.00 26,800,000.00
by single
Total 29,800,000.00 3,000,000.00 26,800,000.00
The Semi-Annual Report 2025
(4)Long-term receivables actually written off in the current period
The recoverable amount is determined on the basis of the net amount of fair value less disposal costs
□Applicable ?Not applicable
The recoverable amount is determined by the present value of the projected future cash flows
□Applicable ?Not applicable
Other note
Not applicable
In RMB
Item End of term Beginning of term
Classified as financial assets measured b
y fair value and whose changes are Inclu 5,534,773.22 5,534,773.22
ded in the current profit and loss
Equity Investment 5,534,773.22 5,534,773.22
Total 5,534,773.22 5,534,773.22
(1) Investment real estate adopted the cost measurement mode
√Applicable □ Not applicable
In RMB
Construction in
Item House, Building Land use right Total
process
I. Original price
(1) Purchase
（2）Inventory \ fixed assets \ project under
construction transfer
(3)Increased of Enterprise Combination
（1）Dispose
（2）Other out
II. Accumulated amortization
(1) Withdrawal 192,255.36 192,255.36
The Semi-Annual Report 2025
（1）Dispose
（2）Other out
III. Impairment provision
(1) Withdrawal
（1）Dispose
（2）Other out
IV. Book value
The recoverable amount is determined on the basis of the net amount of fair value less disposal costs
□Applicable ?Not applicable
The recoverable amount is determined by the present value of the projected future cash flows
□Applicable ?Not applicable
Other note
Not applicable
(2) Investment property adopted fair value measurement mode
□Applicable√ Not applicable
(3) Converted to investment real estate and measured at fair value
（4）Investment real estate without property rights certificate
In RMB
Item Ending balance Opening balance
Fixed assets 2,102,740,968.03 1,912,357,802.93
Total 2,102,740,968.03 1,912,357,802.93
(1) List of fixed assets
In RMB
Houses & Machinery Transportation Office
Item Total
buildings equipment s equipment
I. Original price
The Semi-Annual Report 2025
(1) Purchase 4,134,054.17 211,050.40 1,672,357.25 6,017,461.82
(2) Transferred from construction in progr
ess 160,802,142.71 110,347,258.16 271,149,400.87
(3)Increased of Enterprise Combination
（1）Disposal 477,833.75 109,512.70 587,346.45
II. Accumulated depreciation
(1) Withdrawal 33,103,490.45 44,078,714.52 1,119,943.83 8,455,260.50 86,757,409.30
（1）Disposal 458,720.41 102,337.75 561,058.16
III. Impairment provision
（1）Withdrawal
（1）Disposal
IV. Book value
(2) Fixed assets temporarily idled
(3)Fixed assets leased out through operating leases
（4）Details of fixed assets failed to accomplish certification of property
In RMB
Reason of not complete the property
Item Book value
certificate
Casting parts production workshop 159,853,563.12 In Process
(5) Information of impairment test of fixed assets
?Applicable □Not applicable
The Semi-Annual Report 2025
（6）Liquidation of fixed assets
In RMB
Item End of term Beginning of term
Construction in progress 756,289,462.54 867,580,986.71
Total 756,289,462.54 867,580,986.71
(1) List of construction in progress
In RMB
End of term Beginning of term
Provision Provision
Item for for
Book balance Book value Book balance Book value
impairme impairme
nt nt
Annual output
of 10 sets of
gas turbine unit
project
Integrated
industrial base
project for
energy-saving,
carbon-
reducing and
high-efficiency
turbine
machinery
intelligent
manufacturing
service
Production line
project with an
annual output
of 15,000 tons
of steel castings
and 40,000 tons
of forged
blanks
Software
project
Other project
Prepayment for
equipment or 5,984,170.47 5,984,170.47 2,908,255.76 2,908,255.76
projects
Total
The Semi-Annual Report 2025
(2)Changes of significant construction in progress
In RMB
Includi
ng: Capital
Capital capital iz
Transf
Budget Openi Other iz iz ation Source
Name erred End Project
ng Increas decrea Propor ation ation of of
of （0'00 to balanc proces
balanc e se(Not tion % of of interes fundin
project 0） fixed e s
e e) interes interes t g
assets
t t rate
this (%)
period
Annua Financ
l ial
output institut
of 10 432,81 20,449 12,798 440,46 Under ion
sets of 1,721. ,666.4 ,329.2 3,058. constr 2.29% loans
.00 % 392.20 512.33
gas 50 2 1 71 uction and
turbine other
unit source
project s
Integra
ted
industr
ial
base
project
for
energy
Financ
saving,
ial
carbon
institut
reduci 105,00 26.92 3,530, 2,415,
ng and 0.00 % 896.70 807.13
high-
other
efficie
source
ncy
s
turbine
machi
nery
intellig
ent
manuf
acturin
g
service
Produc
Financ
tion
ial
line
institut
project
with 33,508 79.15 2,206, 1,367,
an .00 % 384.91 207.41
annual
other
output
source
of
s
The Semi-Annual Report 2025
tons of
steel
casting
s and
tons of
forged
blanks
Total 1,275. 6,011. 3,527. 3,759. ,673.8
(3) List of the withdrawal of the impairment provision of the construction in progress
（4） Information of impairment test of construction in progress
□Applicable ?Not applicable
(5)Engineering materials
(1)Productive biological assets measured by cost
□Applicable ?Not applicable
（2） Impairment test of productive biological assets using cost measurement mode
□Applicable ?Not applicable
（3）Productive biological assets measured by fair value
□Applicable?Not applicable
□Applicable?Not applicable
（1）Right-of-use assets
In RMB
Item House and Building Mechanical equipment Total
I. Original price
beginning
period
（1）Rent 2,415,049.17 2,415,049.17
The Semi-Annual Report 2025
period
(1)Disposition 11,708,178.23 11,708,178.23
II. Accumulated depreciation
period
(1) Withdrawal 5,653,008.16 132,219.11 5,785,227.27
period
(1)Disposition 7,633,788.76 7,633,788.76
III. Impairment provision
period
（1）Withdrawal
period
（1）Disposal
IV. Book value
end
begin
（2） Information of impairment test of right-of-use assets
□Applicable ?Not applicable
Other note：Not applicable
(1) Information
In RMB
Patent and
Non patent
Item Land using right proprietary Software Total
technology
technology
I. Original price
(1) Purchase 11,215.09 11,215.09
(2)Internal Development
(3)Increased of Enterprise
Combination
(4) Projects under construction
are transferred
The Semi-Annual Report 2025
period
（1）Disposal
II.Accumulated amortization
period
(1) Withdrawal 4,560,612.64 1,999.98 73,584.91 3,446,891.56 8,083,089.09
period
（1）Disposal
III. Impairment provision
period
(1) Withdrawal
period
（1）Disposal
IV. Book value
The proportion the intangible assets formed from the internal R&D through the Company amount the balance of the
intangible assets at the period-end.
(2) Details of fixed assets failed to accomplish certification of land use right
□Applicable ?Not applicable
(3) Details of fixed assets failed to accomplish certification of land use right
（4）Information of impairment test of intangible assets
□Applicable ?Not applicable
The Semi-Annual Report 2025
(1)Original book value of goodwill
In RMB
Current increased Current decreased
The invested Resulted by Ending balance
Opening balance
entity or item enterprise Dispose
combination
Western Power
Company
Total 15,415,678.59 15,415,678.59
（2）Impairment provision of goodwill
In RMB
The invested Opening Current increased Current decreased Ending balance
entity or item balance Provision Dispose
Western Power
Company
Total 8,311,225.59 3,212,311.56 11,523,537.15
(3)Information about the asset group or asset group portfolio to which the goodwill belongs
Whether it is
Composition and basis of the asset
Name Operating segment and basis consistent with the
group or portfolio
previous year
The Company's main business is to
produce and sell industrial steam
Goodwill formed by the acquisition
turbines, accessories and other
of the equity of Western Power, an
Western Power Company products. The Company regards Yes
enterprise not under the same
such business as a whole to
control by Ranchuang Company
implement management and
evaluate the operating results
(4) The specific method of determining the recoverable amount
The recoverable amount is determined on the basis of the net amount by fair value less disposal costs
□Applicable ?Not applicable
The recoverable amount is determined by the present value of the projected future cash flows
? Applicable □ Not applicable
In RMB
The
number
Basis for
of Key parameters
Recoverable Impairment Key parameters determining the
Item Book value years for the forecast
amount amount of stable phase key parameters of
in the period
the stable period
forecas
t period
Western Power 153,671,113.5 148,000,000.0 The According to The discount rate
Company 9 0 determination is the historical is 10.05%, which
The Semi-Annual Report 2025
based on the actual operating reflects the pre-
Company's data and the tax rate that takes
historical industry into account both
operating development the time value of
performance, trend, the the current market
growth rates, Company currency and the
industrial levels, determined the specific risks
and growth rate of associated with
management's 0% and the the asset group
expectations for profit rate of
market 13.42% in
development stable period
Total 3,212,311.56
The reason for the obvious discrepancy between the foregoing information and the information used in the
impairment test of previous years or the external information
Not applicable
The reason for the obvious discrepancy between the information used in the Company's impairment test in previous
years and the actual situation in the current year
Not applicable
(5) Status of completion of performance commitment and corresponding goodwill impairment
When goodwill is formed, there is a performance commitment and the reporting period or the previous period in the
reporting period is within the performance commitment period
□Applicable ?Not applicable
Other note：Not applicable
(1) Details of the un-recognized deferred income tax assets
In RMB
Ending balance Opening balance
Item Deductible temporary Deferred income tax Deductible temporary Deferred income tax
difference asset difference asset
Relocation
compensation
Bad debt provision 804,746,680.44 137,770,655.69 792,870,101.57 135,835,266.09
Provision for Asset
Impairment
Deductible loss 286,165,378.49 42,924,806.78 226,852,267.35 34,027,840.10
Accrued cost expenses 29,126,551.28 6,621,135.02 47,145,332.97 10,364,026.05
Internal trade profit not
realized
Product quality
assurance
Supplementary medical 36,357,388.94 5,453,608.34 37,411,495.97 5,611,724.40
The Semi-Annual Report 2025
insurance
Lease Liabilities 14,057,258.89 2,469,017.12 21,374,001.69 3,644,367.63
Revenue from changes
in fair value generated
by financial assets 916,964.88 137,544.73 1,018,380.72 152,757.11
classified at fair value
through profit or loss
Total 2,414,102,041.50 387,351,745.33 2,393,184,560.65 384,652,493.34
(2) Deferred income tax liabilities had not been off-set
In RMB
Balance in year-end Balance in year-begin
Item Deductible temporary Deferred income tax Deductible temporary Deferred income tax
difference liabilities difference liabilities
Changes in fair value
of investments in other 4,181,986,924.92 627,298,038.73 3,581,142,719.66 537,171,407.95
equity instruments
Use right assets 13,080,380.51 2,268,647.58 20,524,948.08 3,486,938.15
Not the same control
enterprise combined
assets evaluation value
appreciation
Accelerated
depreciation of fixed 344,604.63 51,690.69 626,388.80 93,958.32
assets
Internal trading did not
achieve losses
Total 4,207,102,145.86 632,510,016.28 3,614,342,578.60 543,764,434.93
（3）Deferred income tax assets and liabilities are presented as net amount after neutralization
In RMB
Temporarily
Deferred Income Tax Temporarily Deferred Income Tax
Deductable or Taxable
Assets or Liabilities at Deductable or Taxable Assets or Liabilities at
Item Difference at the
the End of Report Difference at the End the Beginning of
Beginning of Report
Period of Report Period Report Period
Period
Deferred income tax
assets
Deferred income tax
liabilities
(4)Details of income tax assets not recognized
In RMB
Item End of term Beginning of term
Deductible temporary difference 247,036,733.77 207,067,515.55
Deductible loss
Total 353,116,293.39 288,466,325.38
(5) The un-recognized deductible losses of deferred income tax assets will due in the following years:
In RMB
The Semi-Annual Report 2025
Year Balance in year-end Balance in year-begin Remark
Total 106,079,559.62 81,398,809.83
In RMB
Balance in year-end Balance in year-begin
Item Book balance Provision for Book value Book balance Provision for Book value
devaluation devaluation
Advance
equipment 5,442,183.31 5,442,183.31 5,759,877.80 5,759,877.80
payment
Advance
software 867,316.98 867,316.98
payment
Total 5,442,183.31 5,442,183.31 6,627,194.78 6,627,194.78
In RMB
End of period Beginning of period
Item Restricted Restricted
Book Restricted Book Restricted
Book value circumstan Book value circumstan
balance type balance type
ce ce
Bank Bank
acceptance acceptance
bill deposit, bill deposit,
bond bond
Monetary 95,960,576. 95,960,576. Pledge/Fre 104,380,32 104,380,32 Pledge/Fre
deposit and deposit and
funds 99 99 eze 9.87 9.87 eze
lawsuit lawsuit
frozen frozen
payment, payment,
etc. etc.
Endorsed Endorsed
bills undue bills undue
Notes 32,493,289. 30,460,518. Discounted that have 23,056,960. 21,380,743. Discounted that have
receivable 73 79 /Endorsed not been 05 86 /Endorsed not been
derecogniz derecogniz
ed ed
Endorsed
bills undue
Used to
Receivable that have
financing not been
pool
derecogniz
ed
Inventory Mortgage Mortgage
The Semi-Annual Report 2025
leaseback pool
Mortgage
Financing
Fixed 497,340,99 414,352,32 to obtain 252,096,44 174,427,42
Mortgage Mortgage for sale and
assets 7.09 1.28 bank 4.14 5.24
leaseback
borrowings
Mortgage Mortgage
Constructio
n in Mortgage Mortgage
process
borrowings borrowings
Mortgage Mortgage
Intangible 168,171,27 141,238,30 to obtain 168,171,27 142,937,26 to obtain
Mortgage Mortgage
assets 7.27 1.30 bank 7.27 5.34 bank
borrowings borrowings
Mortgage
Total
borrowings
（1）Categories of short-term loans
In RMB
Item
End of term Beginning of term
Credit borrowing 284,081,369.77 354,932,660.54
Guarantee Borrowing 47,004,686.40 18,998,483.36
Mortgage Borrowings 21,012,888.89 21,020,641.66
Supply chain bills are discounted 1,453,001.54 59,588,112.77
Total 353,551,946.60 454,539,898.33
(2) Situation of Overdue Outstanding Short-Term Borrowing
In RMB
Item
End of term Beginning of term
Bank acceptance 539,502,091.28 637,585,272.90
Total 539,502,091.28 637,585,272.90
(1) List of accounts payable
In RMB
Item
End of term Beginning of term
The Semi-Annual Report 2025
Goods 1,329,073,315.80 1,508,285,256.26
Equipment and Engineering 129,399,716.51 148,829,855.70
Other 26,468,182.74 29,273,482.40
Total 1,484,941,215.05 1,686,388,594.36
(2) Notes of the accounts payable aging over one year
In RMB
Item
End of term Beginning of term
Other payable 119,160,485.25 140,658,195.10
Total 119,160,485.25 140,658,195.10
(1) Interest payable
(2) Dividend Payable
（3）Other account payable
In RMB
Item
End of term Beginning of term
Receipt of temporary collection 81,907,202.84 102,360,132.33
Restricted stock subscription funds 23,095,237.88 27,089,043.80
Deposit 13,238,411.06 10,689,182.26
Other 919,633.47 519,836.71
Total 119,160,485.25 140,658,195.10
(1) List of Advances received
In RMB
Item
End of term Beginning of term
Rent 43,399.95 445,971.37
Total 43,399.95 445,971.37
(2) Notes of the accounts payable aging over one year
In RMB
Item
End of term Beginning of term
The Semi-Annual Report 2025
Goods 2,493,615,870.46 2,390,788,170.22
Total 2,493,615,870.46 2,390,788,170.22
Contractual liability in advance with over one year book age
In RMB
Reasons for non-reimbursement or carry-
Item Ending balance
forward
Collection according to schedule, and
Shenyang Turbine Machinery Co., Ltd 145,935,388.60
settlement conditions have not been met
Jiangmen Xinhui District Gujing Energy Collection according to schedule, and
Service Co., Ltd settlement conditions have not been met
Total 239,740,698.33
(1) List of Payroll payable
In RMB
Balance in year- Increase in this Payable in this Balance in year-
Item
begin period period end
I. Short-term compensation 107,376,543.88 447,898,957.80 484,658,348.07 70,617,153.61
II.Post-employment benefits -
defined contribution plans
III. Dismissal benefits 59,938.50 59,938.50
Total 146,791,163.03 516,121,382.00 569,019,625.32 93,892,919.71
（2）Short-term remuneration
In RMB
Balance in year- Increase in this Decrease in this Balance in year-
Item
begin period period end
(1) Salary, bonus, allowance and
subsidy
(2) Employee benefits 26,576,032.64 26,576,032.64
(3) Social insurance expenses 5,206,237.23 31,925,318.71 31,922,443.61 5,209,112.33
Including: medical insurance
premium
Work-related injury insurance
premium
(4) Housing fund 75,923.96 39,326,415.40 39,330,328.40 72,010.96
(5) Labor union expenditures and
employee education expenses
Total 107,376,543.88 447,898,957.80 484,658,348.07 70,617,153.61
(3) List of drawing scheme
In RMB
Item Opening balance Increase Decrease Closing balance
insurance
insurance
The Semi-Annual Report 2025
Total 39,414,619.15 68,162,485.70 84,301,338.75 23,275,766.10
In RMB
Item End of term Beginning of term
Enterprise Income tax 16,166,829.32 43,906,497.85
VAT 10,497,593.97 20,107,137.12
Property tax 7,768,244.14 15,647,095.98
Individual Income tax 2,096,692.93 2,720,603.93
Land use tax 2,992,451.40 5,841,299.92
City Construction tax 2,450,475.11 1,772,952.89
Education subjoin 1,093,922.17 882,012.05
Locality Education subjoin 729,281.37 588,007.99
Other 1,164,152.93 1,271,344.66
Total 44,959,643.34 92,736,952.39
In RMB
Item End of term Beginning of term
Long-term loans due within 1 year 275,886,467.88 190,942,366.64
Long-term payable due within 1 year 3,398,448.68 3,447,138.66
lease liabilities due within 1 year 5,696,964.60 13,371,534.52
Relocation compensation received in
advance when due within 1 year [Note ]
Total 343,678,741.16 207,761,039.82
Other note：
[Note] The bank deposit at the end of the period Included a restricted use of ETC margin of 49,000.00 yuan.
[Note] It refers to the relocation compensation for the relocation project of No. 18 No. 22 Street, Baiyang Street,
Hangzhou Economic and Technological Development Zone received by its subsidiary Zhongneng Company in the
current period, which is detailed in Section VIII 18.8 of this report.
In RMB
Item End of term Beginning of term
Output tax to be transferred 245,721,660.45 243,747,686.92
Product quality assurance 26,915,404.06 27,393,027.28
Advance relocation costs 200,000.00
Total 272,637,064.51 271,340,714.20
The Semi-Annual Report 2025
(1) Category of long-term loan
In RMB
Item End of term Beginning of term
Credit loan 12,898,701.77 61,464,902.31
Mortgage loan 132,857,388.93 89,955,587.24
Guarantee and Mortgage loan 132,089,991.35 52,795,442.38
Credit and Mortgage loan 194,181,813.81 108,049,668.63
Guarantee loan 15,015,812.50
Total 472,027,895.86 327,281,413.06
(1) Bonds payable
(2) Changes on bonds payable (not Including other financial instrument classified as preferred stock and
perpetual capital securities of financial liabilities)
(3) Note to conditions and time of share transfer of convertible bonds
(4) Note to other financial instrument classified as financial liabilities
In RMB
Item End of term Beginning of term
Unpaid lease payments 6,163,895.67 7,028,322.78
Less：Financing charges are not
recognized
Total 5,914,894.57 6,690,983.41
In RMB
Item End of term Beginning of term
Long term account payable
Special Payable
Total
(1) Long-term payable listed by nature of the account
In RMB
Item End of term Beginning of term
Payable after-sale leaseback 4,980,092.64 6,620,249.25
Reform-related reserves 330,000.00 330,000.00
Total 5,310,092.64 6,950,249.25
The Semi-Annual Report 2025
Other note：
[Note] In December 2024, the subsidiary Western Power Company entered into a sale-leaseback agreement with
Yongying Financial Leasing Co., Ltd., which stipulated that Western Power would sell the 7.1MW gas turbine to the
lessor Yongying Financial Leasing, then lease it back under a financial lease arrangement. The lease term is 36
months with monthly rental payments. Upon the lease term expiration, Western Power will repurchase the equipment
at a nominal price of RMB 100. The transaction essence involves Western Power Company using 7.1MW gas
turbines as collateral to obtain financing from Yongying Financial Leasing Co., Ltd. Therefore, this after-sale
leaseback transaction does not constitute a sale, and Western Power Company has not derecognized the transferred
asset but rather recognized the transfer proceeds as a financial liability under long-term payables.
(2) Special Payable
In RMB
Item Opening balance Increase Decrease End balance Reason
Funding for
Personnel Training
Demolition and
resettlement funds
Total 17,953,606.91 2,628,522.28 15,325,084.63
Other note：
Resettlement payment mainly refers to the compensation and resettlement transition fee saved during the demolition
and housing reform of the family dormitory area of the subsidiary, Hangfa Company.
(1) List of long term payroll payable
(2) Changes of defined benefit plans
In RMB
Decreased this
Item Beginning of term Increased this period End of term Reason
period
Government Receive government
subsidies
Subsidy
Total 1,035,380,701.74 33,234,000.00 32,983,022.28 1,035,631,679.46
In RMB
Item End of term Beginning of term
Collect the relocation compensation
money in advance[Note]
Total 58,696,860.00
The Semi-Annual Report 2025
In RMB
Increase/decrease this time (+ , - )
Balance Year-
Issuing of Bonus Transferred Balance year-end
beginning Other Subtotal
new share shares from reserves
Total of
capital 1,175,009,597.00 -104,832.00 -104,832.00 1,174,904,765.00
shares
Other note：
（1）According to the "Proposal on Repurchase and Cancellation of Some Restricted Shares" deliberated and
approved by the 9th meeting of the ninth board of directors of the Company in 2024, the 8th meeting of the ninth
board of supervisors and the third extraordinary shareholders' general meeting in 2024, 3 of the incentive objects of
the Company's 2021 restricted stock incentive plan resigned due to personal reasons and no longer have the
qualifications for incentive objects, and the 62,712 shares of restricted shares that have been granted but have not yet
been lifted by the afore-mentioned resigned personnel were repurchased and cancelled by the Company according to
the grant price. The repurchase amount paid by the Company for this restricted share repurchase was 164,932.56
yuan. After review and confirmation by the Shenzhen Branch of China Securities Depository and Clearing Co., Ltd.,
the Company's repurchase and cancellation of restricted shares has been completed on March 13, 2025, and the
Company has completed the registration procedures for industrial and commercial change on March 26, 2025.
（2）According to the "Proposal on Repurchase and Cancellation of Some Restricted Shares" deliberated and
approved by the 11th meeting of the ninth board of directors of the Company in 2024, the 10th meeting of the ninth
board of supervisors and the First extraordinary shareholders' general meeting in 2025, 3 of the incentive objects of
the Company's 2021 restricted stock incentive plan resigned due to personal reasons and no longer have the
qualifications for incentive objects, and the 42,120 shares of restricted shares that have been granted but have not yet
been lifted by the afore-mentioned resigned personnel were repurchased and cancelled by the Company according to
the grant price. The repurchase amount paid by the Company for this restricted share repurchase was 109,312.32 yuan.
After review and confirmation by the Shenzhen Branch of China Securities Depository and Clearing Co., Ltd., the
Company's repurchase and cancellation of restricted shares has been completed on May 14, 2025, and the Company
has completed the registration procedures for industrial and commercial change on May 21, 2025.
(1) Basic information of preferred stock, perpetual capital securities and other financial instruments
outstanding issued at period-end
(2) Change list of preferred stock, perpetual capital securities and other financial instruments outstanding
issued at period-end
In RMB
Year-beginning balance Increase in the current Decrease in the current Year-end balance
Item
period period
Capital premium 284,189,127.99 3,614,102.97 1,188,396.76 286,614,834.20
Other capital reserves 103,207,722.43 6,061,913.43 3,535,951.32 105,733,684.54
Total 387,396,850.42 9,676,016.40 4,724,348.08 392,348,518.74
Other notes, Including changes and reason of change:
(1) The increase in equity premium in the current period Includes:
lifting the restricted shares, and the originally recognized share payment fee of 3,535,951.32 yuan is transferred from
The Semi-Annual Report 2025
capital reserve-other capital reserve to capital reserve-to equity premium.
employees with its own equity instruments, confirms equity payment expenses and capital reserve-share capital
premium of 205,500.00 yuan, and the Company increases the capital reserve-share capital premium by 78,151.65
yuan according to the shareholding ratio.
(2) The decrease in equity premium in the current period Includes:
reduced by 104,832.00 yuan, the capital reserve - share capital premium is reduced by 390,370.76 yuan, and the
treasury shares are reduced by 495,202.76 yuan.
lifting the restricted shares, the Company shall offset the capital reserve - share premium by 798,026.00 yuan, which
is the difference between the cost of repurchasing shares from the secondary market of 2,563,197.20 yuan and the
subscription amount received from implementing the restricted stock employee equity incentive plan of 1,765,171.20
yuan.
(3) The increase in other capital reserves in this period is due to the company's recognition of share payment fee
of RMB 6,061,913.43 due to equity incentive, which increased the capital reserve-other capital reserves. See the
explanation in Note VIII(15) to the financial statements for details.
(4) The decrease of other capital reserves in this period is RMB 3,535,951.32 carried forward from the capital
reserves. For details, please refer to Note VIII,VII55(1)1 of the financial statements.
In RMB
Year-beginning Increase in the current Decrease in the Year-end balance
Item
balance period current period
Restricted stock with a
repurchase obligation
Total 38,448,518.11 5,067,767.32 33,380,750.79
Other notes, Including changes and reason of change:
The decrease in treasury shares in the current period Including:
stocks. For details, please refer to the explanations of other explanations in Section VIII ,VII 55(2)1 Other Notes of
this report.
（2） According to the resolution of the company's 2024 annual general meeting of shareholders, the company
distributed a cash dividend of RMB 2.1 (Including tax) to all shareholders for every 10 shares, and granted 9,568,416
restricted stocks expected to be unlocked for the first time and reserved for granting (the original number of shares
The Semi-Annual Report 2025
granted was 6,133,600, and the profit distribution plan of 3 bonus shares for every 10 shares was increased by
reduced by RMB2,009,367.36.
（3）The first phase of restricted stocks granted by the Company for the first time in 2021 met the conditions for
unlocking restricted stocks, 689,832 shares were unlocked (The original number of granted shares was
ed the number of shares by 132,660 shares. The profit distribution plan of giving 2 bonus shares for every 10 shares i
mplemented in 2022 increased the number of shares by 114,712 shares), The corresponding reduction in treasury shares was
RMB 1,765,171.20.
In RMB
Occurred current term
Less：
Less：
Amount
Prior
transferred
period
into profit
Included in
and loss in
Opening Amount other After-tax After-tax Closing
Item the current Less：
balance incurred composite attribute to attribute to balance
before period that Income tax the parent minority
income
recognied expenses
income tax transfer to company shareholder
into other
retained
comprehen
income in
sive
the current
income in
period
prior period
comprehen
sive
income that
cannot be 11.70 5.26 78 4.48 86.18
reclassified
in the loss
and gain in
the future
Changes in
fair value
of 11.70 5.26 78 4.48 86.18
investment
s in other
The Semi-Annual Report 2025
equity
instruments
Total of
other
comprehen
sive
income
Other notes, Including the adjustment of the recognition of initial amount of effective part of the cash flow
In RMB
Item Beginning of term Increased this period Decreased this period End of term
Labor safety expenses 24,564,866.49 9,477,399.40 7,005,361.50 27,036,904.39
Total 24,564,866.49 9,477,399.40 7,005,361.50 27,036,904.39
Other note, Including changes and reason of change:
of safety protection supplies and equipment.
Company and its subsidiaries at the end of the current period is RMB 32,368,680.67.
In RMB
Item Beginning of term Increased this period Decreased this period End of term
Labor safety expenses 625,178,089.82 625,178,089.82
Total 625,178,089.82 625,178,089.82
Other note, Including changes and reason of change: Not applicable
In RMB
Item Amount of this period Amount of last period
Undistributed profits at the beginning of
the period after adjustment
Add：Net profit belonging to the owner
of the parent company
Common stock dividend payable 246,730,000.65 587,468,138.50
Retained profits at the period end 3,643,250,599.91 3,736,929,527.12
Adjustment for retained profit at period-begin:
retained profit at period-begin has 0.00 Yuan affected;
The Semi-Annual Report 2025
Other note：
According to the 2024 annual profit distribution plan deliberated and approved by the 2024 annual general meeting
of shareholders, the Company shall distribute a cash dividend of 2.1 yuan (Including tax) for every 10 shares based
on the total share capital of 1,174,904,765 shares-that is 1,175,009,597 shares as of December 31, 2024 deducting
In RMB
Amount of this period Amount of last period
Item
Income Cost Income Cost
Main Business 2,437,556,373.42 1,780,382,839.31 2,590,104,696.56 2,041,366,873.59
Other 9,648,240.56 5,210,714.32 21,559,080.40 12,610,172.48
Total 2,447,204,613.98 1,785,593,553.63 2,611,663,776.96 2,053,977,046.07
Information related to the transaction price allocated to the remaining performance obligation:
At the end of the reporting period, the amount of income corresponding to the performance obligations with signed
contract but not yet fulfilled or not fulfilled is RMB 77,412,815,406.00.
In RMB
Item Amount of this period Amount of last period
Urban maintenance and construction tax 6,370,897.87 4,476,332.66
Educational surtax 3,074,012.45 2,143,542.13
Locality Education surcharge 2,049,341.61 1,429,028.10
House tax 7,872,938.52 7,917,432.31
Land royalties 3,311,795.22 2,966,447.63
Stamp tax 2,258,781.31 2,892,505.51
vehicle and vessel tax 8,587.76 16,087.76
Other 10,834.10 21,349.06
Total 24,957,188.84 21,862,725.16
In RMB
Item Amount of this period Amount of last period
Employees’ remunerations 174,625,585.47 180,158,604.52
Asset depreciation and amortizing 34,717,569.64 27,204,957.33
Rental fee, House rental, property
management, water and power
Stock payable 3,950,100.24 7,258,651.23
Service charge 8,209,972.38 7,146,367.03
Agency fee 6,709,737.70 5,617,435.41
Office expenses 8,059,752.80 4,271,679.78
Travel expenses and overseas travel
expenses
Repair costs 1,561,936.83 2,862,013.17
Business expenses 1,759,598.41 2,570,177.17
Other 13,285,995.39 11,843,782.40
Total 267,966,588.06 267,334,203.34
The Semi-Annual Report 2025
In RMB
Item Amount of this period Amount of last period
Employees’ remunerations 86,105,993.19 82,166,121.67
Consulting service fee 19,419,641.45 18,444,452.85
Travel expenses 17,014,828.85 12,819,501.14
Business reception expenses 11,292,802.44 8,952,038.87
Advertising fee 1,463,403.23 1,447,383.42
Conference expenses 835,613.87 1,277,590.80
Stock payable 634,993.91 1,125,123.03
Other 3,936,014.52 3,189,244.12
Total 140,703,291.46 129,421,455.90
In RMB
Item Amount of this period Amount of last period
Labor cost
Direct materials
Commissioned research & development
Depreciation expenses
Stock payable 654,986.45 1,396,699.68
Test and inspection fee
Other 2,380,295.19 4,116,129.08
Total 135,208,101.38 77,622,294.45
In RMB
Item Amount of this period Amount of last period
Interest expense 3,379,641.05 9,566,674.01
Less：Interest capitalization 16,208,119.15 16,767,205.81
Incoming interests -1,008,112.34 2,951,383.78
Exchange gains/losses 2,335,605.94 2,721,185.98
Commission -11,500,984.50 -1,527,962.04
Total
In RMB
Item Amount of this period Amount of last period
Government subsidies related to assets 31,366,443.44 26,222,047.18
Government subsidies related to income 20,926,902.60 12,969,614.87
Individual tax commission refunds 512,582.74 412,620.88
VAT additional deduction 12,365,886.00 12,324,438.94
Total 65,171,814.78 51,928,721.87
The Semi-Annual Report 2025
In RMB
Source Amount of this period Amount of last period
Transactional Financial assets 101,415.84 -494,402.22
Total 101,415.84 -494,402.22
In RMB
Item Amount of this period Amount of last period
Discount loss on financing of receivable -585,303.67 -1,656,676.95
Investment income of trading financial
assets during the holding period
Dividend income from other equity
instrument investments during the 76,125,057.68 141,375,107.12
holding period
Debt restructuring gains 1,823,910.00 5,420,378.03
Terminated and recognized income of
financial assets measured at amortized -75,752.24 -9,999.70
cost
Total 82,995,357.21 149,592,966.88
In RMB
Item Amount of this period Amount of last period
Loss of bad debts of notes receivable 3,900,536.06 9,680,939.12
Loss of bad debts of accounts receivable -28,099,732.71 -96,634,126.45
Loss of bad debts of other receivable -291,751.08 -2,954,082.00
Loss of bad debts of long-term
receivable
Total -21,490,947.73 -83,307,269.33
In RMB
Item Amount of this period Amount of last period
I. Loss of inventory value and
impairment of contract performance -26,285,208.93 -18,527,834.96
costs
X. Goodwill impairment loss -3,212,311.56
XI. Loss of impairment of contract assets -13,319,169.22 -7,171,197.35
Total -42,816,689.71 -25,699,032.31
In RMB
The Semi-Annual Report 2025
Source Amount of this period Amount of last period
Profits of disposal of fixed assets 200,000.00 325,796.51
Income from disposal of use assets 345,003.49
Total 545,003.49 325,796.51
In RMB
Recorded in the amount of the
Item Amount of this period Amount of last period
non-recurring gains and losses
Compensation income 8,097,339.90 47,748,190.71 8,097,339.90
No payment required 120,290.72 406,006.40 120,290.72
Loss of non-current assets:
obsolescence gain
Other 10,239.49 22,664.64 10,239.49
Total 8,227,870.11 48,198,078.78 8,227,870.11
In RMB
Recorded in the amount of the
Item Amount of this period Amount of last period
non-recurring gains and losses
Compensation expenses 3,781,637.84 13,855,618.47 3,781,637.84
Donations 510,000.00 845,000.00 510,000.00
Non-current assets scrapping
loss
Fine, late payment 3,336,566.18 24,894.46 3,336,566.18
Other
Total 7,688,655.26 15,305,325.16 7,688,655.26
(1) Details
In RMB
Item Amount of this period Amount of last period
Income tax of current term 40,736,304.38 32,429,374.88
Deferred income tax -4,080,301.42 -25,155,523.21
Total 36,656,002.96 7,273,851.67
(2) Adjustment process of accounting profit and income tax expenses
In RMB
Item Amount of this period
Total profit 189,322,043.84
Income tax expense at parent company's applicable tax rate 28,398,306.58
Effect of different tax rates applicable to subsidiaries 6,811,689.66
Adjustment for income tax in prior year
Income not subject to tax -11,418,758.65
Effects of non-deductible costs, expenses and losses 7,560,696.71
Utilisation of deductible temporary differences for which no -942,844.37
The Semi-Annual Report 2025
deferred tax asset was recognised in previous periods
The impact of the deductible temporary difference or the
deductible loss of the deferred income tax assets is not 12,547,490.31
recognized in this period
Impact of additional deductions for R & D expenses -13,300,066.80
Impact of additional deductions for the disabled -139,796.92
Impact of share payments 361,774.29
Income tax expense 36,656,002.96
For details, please refer to Note VIII(VII)57
（1）Cash related to operating activities
Other cash received from business operation
In RMB
Item Amount of this period Amount of last period
Recovery of operating bank deposits 83,922,642.73 46,570,885.92
Government subsidies received 54,998,201.48 20,237,604.77
Deposit interest 16,217,505.68 16,770,780.65
Receipt of operating current account 5,413,657.05 4,650,409.64
Lease income 734,289.60 1,248,195.14
Other 565,755.47 1,922,529.61
Total 161,852,052.01 91,400,405.73
Explanation on other cash received in relation to operation activities: Not applicable
Other cash paid in relation to operation activities
In RMB
Item Amount of this period Amount of last period
Payment of operational bank
deposits
Payment cash sales expenses 51,013,212.86 41,738,264.09
Payment cash Management expenses 55,114,457.30 52,719,883.55
Payment cash R & D cost 13,302,291.86 10,916,654.48
Payment cash financial expenses 2,335,605.94 2,721,185.98
Payment of business transactions 17,486,353.01 7,113,100.83
Other 4,113,746.74 1,242,500.08
Total 275,379,603.91 223,553,211.22
Explanation on other cash paid in relation to operation activities: Not applicable
The Semi-Annual Report 2025
（2）Cash related to Investment activities
Cash receivable related to other Investment activities
In RMB
Item Amount of this period Amount of last period
Repurchasing of trusteeship 826,000,000.00 656,200,000.00
Income from forward foreign exchange
settlement and sale
Total 826,000,000.00 656,219,694.27
Explanation on Cash receivable related to other Investment activities :Not applicable
Cash paid related with investment activities
In RMB
Item Amount of this period Amount of last period
Purchasing of financial products 690,000,000.00 270,100,000.00
Total 690,000,000.00 270,100,000.00
Explanation on cash paid related with investment activities: Not applicable
(3)Cash related to Financing activities
Other cash received in relation to financing activities
In RMB
Item Amount of this period Amount of last period
Recovering the right to use the assets
deposit
Total 1,247,140.00
Explanation on Other cash received in relation to financing activities: Not applicable
Other cash paid related with financing activities
In RMB
Item Amount of this period Amount of last period
Pay the rent of the right to use the asset 6,904,081.77 19,287,430.12
Financing notes due and payment 2,053,829.40
Pay for the Treasury stock repurchase
and cancellation payment
Maturity and settlement of fund raising
bills
Total 9,177,178.53 31,450,930.12
Explanation on Other cash paid related with financing activities: Not applicable
Changes in various liabilities arising from fund-raising activities
The Semi-Annual Report 2025
□Applicable ?Not applicable
(4) Statement of cash flows on a net basis
(5) Major activities and financial impacts that do not involve cash receipts and expenditures in the current
period, but affect the financial position of the enterprise or may affect the cash flow of the enterprise in the
future
(1) Supplementary information to statement of cash flow
In RMB
Amount of the previous
Supplementary information Current amount
period
Net profit 152,666,040.88 180,939,697.43
Add: Assets impairment provision 64,307,637.44 109,006,301.64
Depreciation of fixed assets, consumption of oil assets and depreciation
of productive biology assets
Depreciation of right-of-use assets 5,785,227.27 10,007,957.21
Amortization of intangible assets 8,013,407.49 7,235,951.13
Amortization of long-term deferred expenses
Loss from disposal of fixed assets, intangible assets and other long-
-545,003.49 -1,150,244.53
term assets (gain is listed with “-”)
Losses on scrapping of fixed assets (gain is listed with “-”) 25,258.18 486,789.58
Gain/loss of fair value changes (gain is listed with “-”) -101,415.84 494,402.22
Financial expenses (gain is listed with “-”) 7,463,305.45 12,567,532.63
Investment loss (gain is listed with “-”) -81,832,503.12 -145,839,265.50
Decrease of deferred income tax asset (increase is listed with “-”) 3,160,309.64 -10,095,224.16
Increase of deferred income tax liability (decrease is listed with “-”) -7,240,611.06 -15,060,299.05
Decrease of inventory (increase is listed with “-”) -249,496,153.61 -602,924,751.62
Decrease of operating receivable accounts (increase is listed with “-”) 103,476,567.49 -119,848,149.65
Increase of operating payable accounts (decrease is listed with “-”) -268,802,440.01 146,325,805.94
Other 8,613,289.84 15,390,317.08
Net cash flow arising from operating activities -167,557,418.79 -333,585,603.57
Conversion of debt into capital
Switching Company bonds due within one year
Financing lease of fixed assets
New addition of the use right assets 2,415,049.17 5,985,689.50
Balance of cash at period end 1,790,286,823.99 1,765,649,802.28
Less: Balance of cash equivalent at year-begin 2,145,244,079.26 2,661,616,581.02
Add: Balance at year-end of cash equivalents
Less: Balance at year-begin of cash equivalents
Net increased amount of cash and cash equivalent -354,957,255.27 -895,966,778.74
Note: Others Including net changes in special reserves (Including the portion attributable to minority shareholders)
and recognized share payment expenses
The Semi-Annual Report 2025
(2) Net cash paid for obtaining subsidiary in the Period
（3）Net cash received by disposing subsidiary in the Period
(4) Constitution of cash and cash equivalent
In RMB
Item Ending balance Opening balance
I. Cash 1,790,286,823.99 2,145,244,079.26
Including: Cash on hand 47,080.00 920.00
Bank deposit available for payment at
any time
Other monetary capital could be used at
any time
III. Balance of cash and cash equivalents
at the period end
(5) Situations where the scope of use is limited but still classified as cash and cash equivalents
( 6) Monetary funds that do not belong to cash and cash equivalents
In RMB
Amount of the current Amount of the previous Reason for not belonging to cash and
Item
period period cash equivalents
It is used to pledge for issuing bank
Bank acceptance bill
margin
payment at any time
It is used to pledge for issuing L/G, and
L/G margin 25,482,979.57 16,766,519.75
cannot be paid at any time
The account is frozen and cannot be paid
ETC business margin 49,000.00 42,000.00
at any time
The account is frozen and cannot be paid
Litigation security fund 10,000,000.00
at any time
It is used to pledge for issuing L/G, and
Pledged time deposit 3,948,535.59
cannot be paid at any time
Total 95,960,576.99 104,380,329.87
(7) Description of other major activities
Explain "other" project name and adjustment amount of the adjustment of closing balance in previous year, etc.
Not applicable
(1) Foreign currency monetary Item
In RMB
Item Balance at end of period Exchange rate Translated to RMB at end of
The Semi-Annual Report 2025
period
Monetary capital 414,999,292.63
Including: USD 57,180,637.43 7.1586 409,333,311.11
Euro 673,635.56 8.4024 5,660,155.43
HKD 6,384.75 0.9120 5,822.57
Yen 71.00 0.049594 3.52
Account receivable 227,360,180.65
Including: USD 26,139,188.81 7.1586 187,119,997.02
Euro 4,757,219.73 8.4024 39,972,063.06
HKD
SGD 47,726.12 5.6179 268,120.57
Long-term loans
Including: USD
Euro
HKD
Contract assets 21,163,004.40
Including: USD 2,956,304.92 7.1586 21,163,004.40
Account payable 13,306,906.74
Including: USD 1,176,609.40 7.1586 8,422,876.05
Euro 571,539.39 8.4024 4,802,302.57
Ruble 510,933.33 0.091274 46,635.02
Pound 3,570.00 9.83 35,093.10
(2) Note to overseas operating entities, Including important overseas operating entities, which should be
disclosed about its principal business place, function currency for bookkeeping and basis for the choice. In
case of any change in function currency, the cause should be disclosed.
□ Applicable √ Not applicable
(1) The Company acts as the lessee
?Applicable □Not applicable
Variable lease payments that are not Included in the measurement of lease liabilities
□Applicable ?Not applicable
Simplified processing of lease costs for short-term leases or lease for low-value assets
?Applicable □Not applicable
X ,V 41 Lease of this report. The amounts of short-term lease expenses and low-value asset lease expenses Included
in the current profits and losses are as follows:
Item June 30,2025 June 30,2024
The Semi-Annual Report 2025
Short-term lease expense 1,683,590.11 3,134,912.06
Low-value asset lease expense (except short-term lease)
Total 1,683,590.11 3,134,912.06
Item June 30,2025 June 30,2024
Interest expense on lease liabilities 286,920.15 531,167.93
Total cash outflows related to leases 6,872,781.77 18,070,290.12
Profit or loss related to sale-leaseback transactions -364,982.81
Section VIII, 12.1 of this report.
Information regarding transactions involving sale-leaseback transactions
Whether sale-leaseback transactions qualify as sales and the basis for determination
In the Company's sale-leaseback transactions, the lessor (who is also the buyer) cannot direct the use of the goods or
obtain substantially all of the economic benefits, while the lessee (who is also the seller) direct the use of the leased
asset and has not transferred control of the asset. Therefore, the Company's sale-leaseback transactions do not qualify
as sales.
(2) The Company acts as the lessor
Operating lease as a lessor
?Applicable □Not applicable
In RMB
Thereinto: income related to variable
Item Rental income lease payments that are not Included in
lease receipts
Real estate investment 1,136,861.02 0.00
Total 1,136,861.02 0.00
Financial lease as a lessor
□Applicable ?Not applicable
Annual undiscounted lease receipts for the next five years
?Applicable □Not applicable
In RMB
Annual undiscounted lease receipts
Item
Ending balance Opening balance
First year 520,899.80 445,700.00
Second year 201,495.00 312,899.80
Third year 148,652.00
Total undiscounted lease receipts after
five years
The Semi-Annual Report 2025
Adjustment table for undiscounted lease receipts and net lease investments
(3) Recognition of financial lease sales gains and losses as a producer or distributor
□Applicable ?Not applicable
VIII. R&D expenditure
In RMB
Item Amount incurred in the current period Amount incurred in the previous period
Direct labor 69,488,077.38 73,084,112.29
Direct material 58,485,433.19 -6,545,487.47
Outsourcing R&D 2,328,047.59 3,285,933.44
Depreciation and amortization 998,752.19 1,325,820.58
Share-based payment 654,986.45 1,396,699.68
Test and inspection fee 872,509.39 959,086.85
Others 2,380,295.19 4,116,129.08
Total 135,208,101.38 77,622,294.45
Including: expensed R&D expenditure 135,208,101.38 77,622,294.45
IX. Changes of merge scope
(1) Business merger not under same control in reporting period
（2）Merger cost and goodwill
(3) Identifiable assets and liability on purchasing date under the acquiree
(4) Gains or losses arising from re-measured by fair value for the equity held before purchasing date
Whether it is a business combination realized by two or more transactions of exchange and a transaction of obtained
control rights in the Period or not
□Yes?No
The Semi-Annual Report 2025
(5) On purchasing date or period-end of the combination, combination consideration or fair value of
identifiable assets and liability for the acquiree are un-able to confirm rationally
（6） Other note
(1) Business combination under the same control during the reporting period
（2）Combination cost
（3）Book value of the assets and liabilities of the merge at the merger date
Basic information of trading, the basis of transactions constitute counter purchase, the retain assets , liabilities of the
listed companies whether constituted a business and its basis, the determination of the combination costs, the amount
and calculation of adjusted rights and interests in accordance with the equity transaction process.
Whether there are multiple transactions step by step dispose the investment to subsidiary and lost control in reporting
period
□ Yes √ No
Whether there are multiple transactions step by step dispose the investment to subsidiary and lost control in
reporting period
□ Yes √ No
Notes to reasons for the changes in combination scope (Newly established subsidiary and subsidiary of liquidation)
and relevant information:
Equity acquisition The timing of equity Capital contribution Capital contribution
Company name
method acquisition amount ratio
Wuhu New Energy Newly established
Company subsidiary
The Semi-Annual Report 2025
X. Equity in other entities
(1) The structure of the enterprise group
In RMB
Main Share-holding ratio
Registered Registered Business
Subsidiary operation Acquired way
capital place nature Directly Indirectly
place
Auxiliary
Machine Co.
Guoneng
Company
Packaged
Technologies Hangzhou Hangzhou Incorporation
Co.
Machinery
Co.
Huayuan
Company
Turbine Co. 20,000,000.00 Hangzhou Hangzhou Commerce 100.00% Incorporation
Zhongneng
Company
Hangfa Business consolidation
Company under the same control
Casing
Company
Anhui
Casting 130,000,000.00 Wuhu Wuhu Manufacturing 51.54% Incorporation
Company
New Energy Business consolidation
Company under the same control
Ranchuang Business consolidation
Company under the same control
Western
Business consolidation Not
Power 143,000,000.00 Pengzhou Pengzhou Manufacturing 56.64%
under the same control
Company
Wuhu New
Energy 10,000,000.00 Wuhu Wuhu Manufacturing 100.00% Incorporation
Company
Note: holding proportion in subsidiary different from voting proportion:
Basis of holding half or less voting rights but still been controlled investee and holding more than half of the voting
rights not been controlled investee:
(1) In December 2022, the subsidiary Zhongneng Company introduced strategic investors and simultaneously
implemented employee shareholding, resulting in the Company's shareholding ratio falling from 60.83% to 46.89%.
Since the shareholding ratio of the Company still exceeds 1/3, the three of the seven directors are appointed by the
Company, and two other directors have signed the "Concerted Action Person Agreement" with the Company, thus
the Company controls Zhongneng Company.
The Semi-Annual Report 2025
(2) In December 2018, the subsidiary Casting & Forging Company introduced external strategic investors, resulting
in the Company's shareholding ratio falling from 51% to 38.03%. Since the Company still holds more than 1 / 3
equity and holds three of the five board seats, it has control over the casting company.
Basis on determining to be an agent or consignor: Not applicable
(2) Significant not wholly owned subsidiary
In RMB
Gains/loss of the Dividend announced in Balance of equity of
Name of the Share portion of minor
period attributable to the period to minor minor shareholders at
subsidiaries shareholders
minor shareholders shareholders end of period
Zhongneng Company 53.11% 4,117,119.09 9,560,115.00 217,665,403.44
Holding proportion of minority shareholder in subsidiary different from voting proportion: Not applicable
(3) The main financial information of significant not wholly owned subsidiary
In RMB
End of term Beginning of term
Subsid Curren Non- Total Curren Non- Total
Non- Total Non- Total
iaries Curren t current of Curren t current of
Name current of current of
t assets liabiliti liabiliti liabilit t assets liabiliti liabiliti liabilit
assets assets assets assets
es es y es es y
Zhong
neng
Compa
ny
In RMB
Amount of current period Amount of previous period
Subsidiarie Cash flow Cash flow
s Name Total Misc for Total Misc for
Turnover Net profit Turnover Net profit
Gains business Gains business
activities activities
- - -
Zhongneng 690,560,03 7,337,271.7 7,337,271.7 499,950,93 34,856,554.
Company 2.08 2 2 5.60 30
(4) Significant restrictions of using enterprise group assets and pay off enterprise group debt
(5) Provide financial support or other support for structure entities incorporate into the scope of
consolidated financial statements
The Semi-Annual Report 2025
(1) Note to owner’s equity share changed in subsidiary
(2) The transaction’s influence to equity of minority shareholders and attributable to the owner's equity of the
parent company
(1) Significant joint venture arrangement or associated enterprise
Shareholding
Main Places Registration Nature of Ratio (%) The accounting treatment
Name of Subsidiary
of Operation Place Business of investment in associates
direct indirect
Lianyungang Zhonghang Gas
Lianyungang Lianyungang Manufacturing 45.00% Equity method
Turbine Technology Co., Ltd
Share-holding ratio or shares enjoyed different from voting right ratio:
Basis of the voting rights with 20% below but with major influence, or without major influence but with over
（2）Major joint ventures and associates
(3) Main financial information of significant associated enterprise
(4) Summary financial information of insignificant joint venture or associated enterprise
(5) Provide financial support or other support for structure entities incorporate into the scope of consolidated
financial statements
(6) The excess loss of joint venture or associated enterprise
(7) The unrecognized commitment related to joint venture investment
(8) Contingent liabilities related to joint venture or associated enterprise investment
XI. Government subsidy
□Applicable ?Not applicable
The reason for not receiving the estimated amount of government subsidies at the expected point in time
□Applicable ?Not applicable
?Applicable □Not applicable
The Semi-Annual Report 2025
In RMB
Amount
Included in Amount
New subsidy Other
non- transferred to Related to
Accounting Beginning amount in changes in Closing
operating other income assets/incom
subject balance the current the current balance
income in the in the current e
period period
current period
period
Deferred
income-
Compensatio
n for
expropriation
and
relocation
Deferred
income- 18,577,940.0 15,370,000.0 33,907,899.4 Related to
other 0 0 4 assets
subsidies
Deferred
income- 16,694,000.0 24,071,063.7 Related
other 0 8 income
subsidies
Special
payable-
subsidy for 15,885,744.5 - 13,257,222.2 Related to
personnel 2 1,170,000.00 4 income
training
funds
Subtotal
Note: Other changes are the transfer of government subsidies from special payables to deferred income
?Applicable □Not applicable
In RMB
Accounting Item Amount incurred in the current period Amount incurred in the previous period
Amount of government subsidies
Included in other income
Impacted amount of financial discount
on total profit
Total 57,375,746.04 39,237,562.05
XII. Risks related to financial instruments
The objective of the Company’s risk management is to achieve a balance between the risk and gains. Constrain the
negative influence on business operation to the lowest limit, and maximum the interests of shareholders and other
equity holders. With regard to this target, the basic policies of the Company are; locate and analyse the risks, set
appropriate bottom line for risks, and manage and monitor on each risk and constrain them in a certain extent.
Risks attached to financial instruments are mainly credit risks, liquidity risks, and market risks.
The following risk managing policies have been examined and approved by the management:
The Semi-Annual Report 2025
(I) Credit risks
Credit risks are introduced when one party of the financial instrument failed to exercise its liabilities and then caused
financial loss to another.
(1) Evaluation method of credit risk
On each balance sheet date, the company evaluates whether the credit risk of relevant financial instruments has
increased significantly since the initial confirmation. When determining whether the credit risk has increased
significantly since the initial confirmation, the company considers to obtain reasonable and reliable information
without unnecessary extra costs or efforts, Including qualitative and quantitative analysis based on historical data,
external credit risk rating and forward-looking information. Based on a single financial instrument or a combination
of financial instruments with similar credit risk characteristics, the company compares the risk of default of financial
instruments on the balance sheet date with the risk of default on the initial confirmation date to determine the change
of default risk of financial instruments during their expected duration.
When one or more of the following quantitative and qualitative criteria are triggered, the company believes that
the credit risk of financial instruments has increased significantly:
sheet date rises by more than a certain proportion compared with the initial confirmation;
changes in existing or expected technology, market, economic or legal environment, and significant adverse effects
on the debtor's repayment ability of the company.
(2) Definition of default and credit impairment assets
When a financial instrument meets one or more of the following conditions, the company defines the financial
asset as having defaulted, and its criteria are consistent with the definition of having incurred credit impairment:
or contractual considerations related to the debtor's financial difficulties.
Key parameters of expected credit loss measurement Includes default probability, loss given default and default
risk exposure. The company considers the quantitative analysis and forward-looking information of historical
statistical data (such as counterparty rating, guarantee method, collateral type, repayment method, etc.) to establish
default probability, loss given default and default risk exposure models.
of the opening balance and closing balance of the financial instrument loss reserve.
The company's credit risk mainly comes from monetary funds and receivables. In order to control the above-
mentioned related risks, the company has taken the following measures respectively.
(1) Monetary fund
The company deposits bank deposits and other monetary funds in financial institutions with high credit rating, so its
credit risk is low.
(2) Account receivable
The Company performs credit assessment on the clients on periodic and constant basis. Results suggested by the
assessment are used by the Company to determine clients with higher ranks and to overlook the rest. This was
The Semi-Annual Report 2025
conducted to avoid risks brought by material bad debts.
As the Company only does business with recognized and reputable third parties, so no collateral is needed.
Credit risks are centralized managed in accordance with customers. As of June 30,2025, the Company has a
characteristic of specific credit risk concentration. 35.56% (December 31,2024: 37.67%) of the Company's accounts
receivable comes from the top five customers. The Company does not hold any collateral or other credit
enhancement for the balance of accounts receivable.
The maximum credit risk exposure the company is subject to is the book value of each financial asset in the
balance sheet.
(II) Liquidation risks
Liquidation risks are the possibilities of short in cash at fulfilling liabilities of payment or settlement for financial
assets. They may be caused by failing to cash financial assets at fair value instantly; debtors’ failing of paying debts
due; debts due before schedule; or failing of generating expected cash flow.
To handle these risks, the Company adopted multiple measures such as note clearance and bank loans. Long-term
and short-term financing approaches were used to maintain balance between constancy and flexibility. The Company
has obtained credit from multiple banks to satisfy the needs of business operation and capital output.
Categorizing of financial liabilities on remained period to due
Year-end balance
Item Book value Contract amount not within 1 year 1-3 years Over 3 years
discounted
Bank loans 1,101,466,310.34 1,188,407,439.40 650,280,672.46 98,508,361.46 439,618,405.48
Notes payable
Account payable 1,484,941,215.05 1,484,941,215.05 1,484,941,215.05
Other payable 119,160,485.25 119,160,485.25 119,160,485.25
Lease
liabilities[Note]
Long-term
payable[Note]
Subtotal 3,265,060,502.41 3,353,367,694.78 2,803,814,483.98 109,302,004.40 440,251,206.41
(Continued）
Balance at the end of last year
Item Book value Contract amount not within 1 year 1-3 years Over 3 years
discounted
Bank loans 972,763,678.03 1,021,416,102.48 665,039,702.97 154,937,906.34 201,438,493.17
Notes payable
Account payable 1,686,388,594.36 1,686,388,594.36 1,686,388,594.36
Other payable 140,658,195.10 140,658,195.10 140,658,195.10
Lease
liabilities[Note]
Long-term
payable[Note]
The Semi-Annual Report 2025
Balance at the end of last year
Item Book value Contract amount not within 1 year 1-3 years Over 3 years
discounted
Subtotal 3,467,525,646.23 3,518,107,705.47 3,147,572,605.58 168,132,315.76 202,402,784.13
Note: Lease liabilities Includes non-current liabilities within one year - lease liabilities due within one year, and
long-term payables Includes non-current liabilities due within one year - long-term payables due within one year
(III) Market risks
Market risks are those brought by change of fair value or expectable cash flow of financial instruments due to
change of market prices, mainly interest risks and exchange rate risks.
Interest risks are those brought by change of fair value or expectable cash flow of financial instruments due to
change of interest rates, mainly regards the loans at floating interest rates.
Fixed-rate interest-bearing financial instruments expose the Company to fair value interest rate risks, while
floating-rate interest-bearing financial instruments expose the Company to cash flow interest rate risks. The
Company determines the ratio of fixed interest rate to floating interest rate financial instruments according to the
market environment, and maintains an appropriate portfolio of financial instruments through regular review and
monitoring. The cash flow interest rate risk faced by the Company is mainly related to the bank borrowings with
floating interest rates.
As of June 30, 2025, the company's bank borrowings with floating interest rate were RMB732,358,864.93
(December 31, 2025: RMB502,786,655.46). Under the assumption that other variables remain unchanged, assuming
that the interest rate changes by 50 benchmark points, there will be no significant impact on the company's total
profits and shareholders' equity.
Foreign currency risks (exchange rate risks) are those caused by change of fair value or expectable cash flow of
financial instruments due to fluctuation of exchange rates. These risks are mainly related to foreign currency assets
and liabilities. The Company operates in mainland China and mostly uses RMB as standard currency, therefore no
major risks regarding exchange rates. For details of foreign currency assets and liabilities, please go to the
descriptions in the notes to the consolidated financial statements.
Details of the company's foreign currency monetary assets and liabilities at the end of the period are described
in Note VIII (VII)81 to the Financial Statements.
(1) The Company conducts hedging business for risk management
□Applicable ?Not applicable
The Semi-Annual Report 2025
(2) The Company conducts qualified hedging business and applies hedge accounting
（3） The Company conducts hedging business for risk management and expects to achieve risk management
objective but does not apply hedge accounting
□Applicable ?Not applicable
(1) Classification of transfer methods
□Applicable ?Not applicable
(2) Financial assets that have been derecognized as a result of a transfer
□Applicable ?Not applicable
(3) Financial assets of continued involvement in asset transfer
□Applicable ?Not applicable
Other note
The Semi-Annual Report 2025
XIII. The disclosure of the fair value
In RMB
Closing fair value
Fair value Fair value Fair value
Item
measurement Item at measurement Item at measurement Item at Total
level 1 level 2 level 3
I. Consistent fair value
-- -- -- --
measurement
financial assets and
other non-current
financial assets
Financial assets
classified as fair value 1,952,254.92 537,534,773.22 539,487,028.14
through profit or loss
Structure deposit 322,000,000.00 322,000,000.00
Financing product 210,000,000.00 210,000,000.00
Equity instrument
investment
instrument investment
Total liabilities of
consistent fair value 4,574,893,219.84 1,182,435,642.35 5,757,328,862.19
measurement
II. Non-continuous fair
-- -- -- --
value measurement
The Company's investments in the first-level fair value measured transactional financial assets and other
equity instruments are stocks traded in active markets, and the Company determines their fair value based on their
active market quotations.
level fair value measurement Item, using valuation techniques and qualitative and quantitative information
on important parameters
level fair value measurement Item, using valuation techniques and qualitative and quantitative information
on important parameters
The receivables financed by the third level of fair value measured by the Company are bank acceptance bills
receivable, which have less credit risk and a shorter remaining maturity, and the Company determines its fair
value with its par balance.
The Company's investment in other equity instruments measured at the third level of fair value is the equity
of unlisted companies. For investment in unlisted equity instruments, the Company comprehensively considers the
The Semi-Annual Report 2025
use of market methods and discounted future cash flows to estimate fair value. If there are no major changes in the
operating environment, operating conditions and financial situation of the invested enterprise, the Company shall
measure by use the investment cost as a reasonable estimate of fair value.
closing book value of consistent fair value measurement Item at level 3
happens among consistent fair value measurement Item at different levels
The Company's financial assets and financial liabilities not measured at fair value mainly Including:
monetary funds, notes receivable, accounts receivable, other receivables, long-term receivables, short-term
borrowings, notes payable, accounts payable, other payables, long-term borrowings, lease liabilities, long-term
payables, etc., and their book value is slightly different from fair value.
XIV. Related party and related Transaction
Shareholding ratio
Name of the parent Voting ratio in the
Registered place Business nature Registered capital in the Company
company Company (%)
(%)
Turbine Holdings Hangzhou China Manufacturing 800 million 58.70% 58.70%
Notes
Hangzhou Municipal Government State-owned Asset Supervisory Committee is the ultimate controller of the
Company.
Other note：Not applicable
For details of the subsidiary, see Note VIII,10 to the financial statements.
Name of other related parties Relationship with the Company
Hangzhou Capital The parent company of Turbine Holdings
The Semi-Annual Report 2025
Hangzhou Xiangjiang Technology Co., Ltd. A subsidiary enterprise of Turbine Holdings
Hangzhou Oxygen Group Co., Ltd Affiliated enterprise of Hangzhou Capital
Hangzhou Oxygen Turbine Machinery Co., Ltd Affiliated enterprise of Hangzhou Oxygen
Hangzhou Oxyen Expander Machine Co., Ltd. Affiliated enterprise of Hangzhou Oxygen
Hangzhou Oxyen Tooling Pump Co., Ltd Affiliated enterprise of Hangzhou Oxygen
Hangzhou Oxygen Casting Co., Ltd. Affiliated enterprise of Hangzhou Oxygen
Hangzhou Oxygen Forging heat Co., Ltd. Affiliated enterprise of Hangzhou Oxygen
Jiangxi Oxyen Gas Co., Ltd. Affiliated enterprise of Hangzhou Oxygen
GreenesolPower System Pvt. Ltd. shareholding enterprise of the company
Hangzhou Turbine Auto sales service Co., Ltd. Affiliated enterprise of Turbine Holdings
Hangzhou Turbine Trading Co., Ltd. A subsidiary enterprise of Turbine Holdings
(1) Sale of goods/rendering of labor services/labor service offering
Purchase of goods and service
In RMB
Over the
Content of related Amount of current Amount of Amount of last
Related parties trading limit or
transaction period
not?
period previous period
Hangzhou Turbine Auto Freight, storage
sales service Co., Ltd. services, repair, etc
Grinding fee,
Hangzhou Turbine
packaging fee, storage 2,138,421.75 14,917,709.25 No 7,386,588.46
Trading Co., Ltd.
service
Hangzhou Oxygen
Part 761,610.80 No
Casting Co., Ltd.
Hangzhou Oxygen
Forging 335,649.28 500,000.00 No
Forging heat Co., Ltd.
Hangzhou Oxyen
Regulating value 100,000.00 100,000.00 No
Tooling Pump Co., Ltd
Subtotal 25,786,936.66 29,978,224.62
Related transactions regarding sales of goods or providing of services
In RMB
Subjects of the related
Related parties Current term Same period of last term
transactions
Oxyen Company Auxiliary 53,993,744.24
GreenesolPower System Pvt. Ltd. Part 963,169.18 311,091.69
Industrial steam turbine
Hangzhou Turbine Machinery Co., Ltd 109,433.96 2,401,920.19
and auxiliary
Hangzhou Turbine Trading Co., Ltd. Water and electricity 107,977.03 129,200.72
Jiangxi Oxyen Gas Co., Ltd. Auxiliary 20,176.99
Subtotal 55,174,324.41 2,862,389.59
Explanation on goods purchasing, labor service providing and receiving
Not applicable
(2) Related trusteeship/contract and delegated administration/outsourcing
(3) Information of related lease
- The company was lessee：
The Semi-Annual Report 2025
In RMB
Variable lease
Rental charges for payments not
Interest expenses
short-term and Included in lease Increased use right
Rent paid on lease liabilities
low-value assets liabilities assets
assumed
(if any) measurement (if
any)
Categor
y of
Lessor
leased Amoun Amoun Amoun Amoun Amoun Amoun Amoun Amoun Amoun Amoun
assets
t of t of t of t of t of t of t of t of t of t of
current previou current previou current previou current previou current previou
period s period period s period period s period period s period period s period
Hangzh
ou House
Turbine and 1,043,6 1,211,0 49,263. 62,194.
Trading Buildin 74.02 94.95 73 70
Co., g
Ltd.
Hangzh
ou
Xiangji House
ang and 1,214,4 1,145,4 27,599. 73,270.
Technol Buildin 66.05 95.16 62 62
ogy g
Co.,
Ltd.
Explanation on related lease :Not applicable
（4）Related-party guarantee
(5) Inter-bank lending of capital of related parties
（6）Related party asset transfer and debt restructuring
（7） Remunerations of key managements
In RMB
Item Current term Same period of last term
Remunerations of key managements 7,226,289.38 8,587,792.55
(8) Other related transactions
and exclusively used 82 patents, 6 software copyrights, non-patented technologies and R&D achievements related
to the 50MW power gas turbine R&D project (i.e. licensed project) owned by Turbine Holdings for free;
The Company paid the trademark maintenance fee to Hangzhou Turbine Holding Company by 79,481.13 yuan.
yuan from Hangzhou Turbine Holding Company.
The Semi-Annual Report 2025
（1）Receivables
In RMB
End of term Beginning of term
Name Related party Bad debt Bad debt
Book balance Book balance
provision provision
Account Greenesol Power
receivable System Pvt.Ltd.
Hangzhou Oxyen Turbine
Machinery Co., Ltd.
Hangzhou Oxyen Co., Ltd. 2,661,000.00 798,300.00 2,769,000.00 775,700.00
Hangzhou Oxyen Expander
Machine Co., Ltd.
Subtotal 22,801,112.10 19,689,069.52 22,764,166.92 19,708,724.34
Financing Hangzhou Oxyen Turbine
receivable Machinery Co., Ltd.
Subtotal 2,500,000.00
Advanced Greenesol Power
payment System Pvt.Ltd.
Subtotal 186,504.67 186,504.67
Other Hangzhou Xiangjiang
receivable Technology Co., Ltd.
Industry and trade Company 129,497.27 6,474.86 58,349.73 2,917.49
Subtotal 730,882.25 487,582.84 659,734.71 484,025.47
Constrict
Oxyen Co., Ltd. 9,151,939.65 457,596.98 1,225,000.00 122,500.00
assets
Hangzhou Oxyen Expander
Machine Co., Ltd.
Subtotal 10,226,939.65 511,346.98 2,555,000.00 189,000.00
（2）Payables
In RMB
Name Related party Amount at year Amount at year beginning
Account payable Sales Company 10,134,588.42 14,122,505.23
Industry and trade Company 1,233,608.59 2,273,326.25
Hangzhou Oxygen Casting
Co., Ltd.
Hangzhou Oxygen Forging
heat Co., Ltd.
Subtotal 12,301,308.56 16,886,398.03
Notes Payable Sales Company 2,730,917.86 750,000.00
Industry and trade Company 318,898.28 2,634,595.48
Subtotal 3,049,816.14 3,384,595.48
Contract liabilities Hangzhou Oxyen Co., Ltd. 1,213,606.20 21,795,949.03
Hangzhou Oxyen Turbine
Machinery Co., Ltd.
GreenesolPower System Pvt.
Ltd.
Subtotal 1,850,774.34 21,995,657.32
Other payable Sales Company 1,212,279.82 100,000.00
Turbine Holdings Company 438,350.00 311,380.51
Subtotal 1,650,629.82 411,380.51
Lease liabilities Hangzhou Xiangjiang 831,546.41 2,074,262.18
The Semi-Annual Report 2025
Technology Co., Ltd.
Industry and trade Company 764,927.45 1,951,793.88
Subtotal 1,596,473.86 4,026,056.06
XV. Stock payment
√ Applicable □ Not applicable
In RMB
Grant in the current Exercise in the Failure in the
Grant object Unlocking in the current period
period current period current period(Note)
category
Qty Amount Qty Amount Qty Amount Qty Amount
Management staff 679,536 2,424,546.22
Operating
personnel
Total 689,832 2,461,281.77
Note: The number of original shares unlocked in this period is 442,200 shares, and the number in the table is the
number of shares after the bonus shares given in the past, 3 bonus shares for every 10 shares in the 2021 profit
distribution plan, and 2 bonus shares for every 10 shares in the 2022 profit distribution plan
Stock options or other equity instruments issued at the end of the period
√ Applicable □ Not applicable
Stock options issued outside at the end of
Other equity instrument s outstanding at the end of the period
the term
Grant object
Remaining term
Strike price Range Strike price Range Remaining term of the contract
of the contract
The price of restricted The lock-up period for the first grant
Management personnel, shares initially granted in and reserved grant of restricted shares
R& D personnel, Sales September 2021 and is 24 months, 36 months and 48
personnel, production reserved for grant in months respectively from the date of
personnel December 2021 was completion of the registration of
HK$ 6.825 per share. restricted shares
Other note
(1) Restricted stocks released in the current period
According to the Proposal on Achievement of Partial First-phase Lifting of Restricted Sale of the First Grant Part
of Restricted Stock Incentive Plan in 2021, which was reviewed and passed by the 10th Meeting of the Ninth
Board of Directors and the Fourth Meeting of the Ninth Board of Supervisors in 2024, as of January 13, 2025, the
first period for restricted sale of restricted stock of second grant in 2021 in the equity incentive plan has expired.
The number of restricted stocks that can be lifted for restricted sale is 689,832 shares.
√ Applicable □Not applicable
The Semi-Annual Report 2025
In RMB
Significant parameters of fair value of Equity instruments on
Closing price on the grant date
Determine the method
Significant parameters of fair value of equity instruments on
Closing price on the grant date
the grant date
The basis for determining the number of viable equity
Best estimate of the number of unlocked
instruments
Cumulative amount of equity-settled share-based payment
Included in capital reserve
Total expenses recognized for equity-settled share-
based payments in the current period
□ Applicable √ Not applicable
?Applicable □Not applicable
In RMB
Grant object category Equity-settled share-based payment fees Cash-settled share-based payment fees
Management personnel 3,744,600.24
R & D personnel 654,986.45
Sales personnel 634,993.91
Operating personnel 1,031,522.44
Total 6,066,103.04
XVI. Commitment or contingency
I. Important commitments
Important commitments in balance sheet date
As of June 30,2025, the outstanding balance of L/G issued by the Company and its subsidiaries in relevant
banks was EUR 2,179,399.50 and SEK333,509,275.500 and RMB 12,326,719.52, and the outstanding balance of L/G
was USD7,289,052.85, EUR 5,393,700.00 and RMB 580,765,177.06.
II Contingency
(1) Significant contingency at balance sheet date
In January 2025, Zhejiang Sanjian Construction Group Co., Ltd.(Sanjian Group) sued the Company in the
Linping District People's Court of Hangzhou City, demanding that the Company pays the additional fee of
The Semi-Annual Report 2025
involved in the "Construction Contract for the Joint Plant, Distribution Center, Technical Office Building, and
Doorman Engineering Construction Project of the Annual Output of 450 Units(Sets) of Industrial Turbine
Machinery Construction Project". Sanjian Group Company sued the Company in the Gongshu District People's
Court of Hangzhou City, demanding that the Company pay the additional fee of RMB 8,083,316.80 and the
corresponding overdue interest of RMB 59,727.96 for the project of " No. 73[2013]Hangzheng
Chuchu(Lighthouse Unit C6-D12, Xiacheng District) Plot Research Building" constructed by Sanjian Group
Company in the "Construction Engineering Construction".
As of the date of approval of this financial statement, None of the above cases have yet to be tried.
(2) The Company have no significant contingency to disclose, also should be stated
There was no significant contingency in the Company.
XVII. Events after balance sheet date
The Company does not have any non-adjustment Item among the major Item after the balance sheet date that need
to be disclosed.
The Semi-Annual Report 2025
XVIII. Other significant events
（1）Retrospective restatement
（2）Prospective application
(1) Non-monetary assets exchange
(2) Other assets replacement
(1) Recognition basis and accounting policies of reportable segment
The Company's main business is to produce and sell industrial steam turbines, their auxiliaries, accessories
and other products. The Company regards such business as a whole to implement management and evaluate the
operating results. Therefore, the Company does not need to disclose segment information. The operating income
and operating costs of the Company by product/region are detailed in Note VIII VII (61) of the Financial
Statements.
(2) The financial information of reportable segment
(3) There was no reportable segment, or the total amount of assets and liabilities of each part of reportable
segment, shall disclose the reason.
（4）Other note
(1) Relocation of Zhongneng Company
The 27th meeting of the Eighth Board of Directors of the Company reviewed and passed the Proposal on
Zhongneng Company's Investment in Building a New Production Base. Zhongneng Company started the overall
relocation of the enterprise and planned to invest in building a new production base in Qianjin Manufacturing Park,
Dajiangdong Industrial Cluster Area, Qiantang New District, Hangzhou. According to the needs of the
development and construction of Dongbuwan New Town in Qiantang New District, Hangzhou, Zhongneng
Company and the development and construction headquarters of Dongbuwan New Town in Hangzhou signed the
The Semi-Annual Report 2025
Compensation Agreement for Relocation of Non-residential Houses on February 13, 2023. The relevant plots are
No.18, 22nd Street, Baiyang Block, Hangzhou Economic and Technological Development Zone and No.855, 18th
Street, Baiyang Block, Hangzhou Economic and Technological Development Zone. The compensation Includes
compensation for real estate, decoration and accessories within the relocation scope, compensation for equipment
relocation, relocation expenses, loss of production and business suspension (Including compensation for employee
resettlement, operating losses, etc.), contract award and plot ratio subsidy award, etc. The total compensation for
relocation of the two plots is RMB 202.227 million. On December 18, 2023, Zhongneng Company completed the
handover work within the relocation scope of No.855, 18th Street, Baiyang Block, Hangzhou Economic and
Technological Development Zone, and received 90% of the compensation funds for the plot relocation, namely
RMB 85,154,850.00, and recognized the income from the disposal of the relocated assets of RMB 65,888,315.19.
As of June 30, 2025, the relocation project of No.18, 22nd Street, Baiyang Block, Hangzhou Economic and
Technological Development Zone had not been completed, and 60% of the compensation funds for this plot
relocation, namely RMB 64,566,300.00 (Including RMB 58,696,860.00 for relocation compensation and RMB
(2) Set up the joint venture
On April 25, 2025, the Company and Jiangsu Yangjing Petrochemical Group Co., Ltd. jointly established
Lianyungang Zhonghang Gas Turbine Technology Co., Ltd., with a registered capital of 100,000,000 yuan, and
the Company subscribes the contribution of 45 million yuan. As of June 30, 2025, the Company has not actually
contributed capital.
XIX. Notes of main Item in the financial statements of the Parent Company
（1）Disclosure according to the aging
In RMB
Aging Balance in year-end Balance Year-beginning
Within one year(one year Included) 608,467,735.92 690,648,752.58
Over 3 years 466,244,157.17 383,116,168.44
Over 5 years 198,539,727.45 211,846,912.86
Total 1,801,622,287.72 1,969,603,936.06
（2） According to the bad debt provision method classification disclosure
In RMB
Amount in year-end Balance Year-beginning
Categor Book Balance Bad debt provision Book Book Balance Bad debt provision Book
y Amount Proporti Amount Proporti value Amount Proporti Amount Proporti value
on(%) on(%) on(%) on(%)
Accrual 13,341,4 13,341,4
of bad 00.00 00.00
The Semi-Annual Report 2025
debt
provisio
n by
single
Includin
g：
Accrual
of bad
debt 1,788,28 494,904, 1,293,37 1,969,60 491,984, 1,477,61
provisio 0,887.72 893.01 5,994.71 3,936.06 739.00 9,197.06
n by
portfolio
Includin
g：
Total 100.00% 28.21% 100.00% 24.98%
Accrual of bad debt provision by single term :
In RMB
Opening balance Closing balance
Name Bad
Boo Bad debt
debt Book balance Proportion% Reason
k balance provision
provision
Accrual of bad debt Not expected to be
provision by single recovered
Accrual of bad debt provision by portfolio:
In RMB
Closing balance
Name
Book balance Bad debt provision Proportion
Aging portfolio 1,669,231,850.95 494,904,893.01 29.65%
Related party Portfolio 119,049,036.77
Total 1,788,280,887.72 494,904,893.01
Relevant information of the provision for bad debts will be disclosed with reference to the disclosure method of
other receivables if the provision for bad debts of bills receivable is accrued according to the general model of
expected credit loss:
□ Applicable √ Not applicable
(3) Accounts receivable withdraw, reversed or collected during the reporting period
The withdrawal amount of the bad debt provision：
In RMB
Opening Amount of change in the current period
Category Closing balance
balance Reversed or
Accrual Write-off Other
collected amount
Accrual of bad debt
provision by Single 13,341,400.00 13,341,400.00
term
Accrual of bad debt
provision by portfolio
Total 491,984,739.00 16,286,404.01 24,850.00 508,246,293.01
The Semi-Annual Report 2025
(4) Account receivables actually write-off during the reporting period
In RMB
Item Amount
Account receivables actually write-off 24,850.00
(5) The top five accounts receivable and contract assets at the end of the period aggregated according to
debtor
In RMB
Ending balance of
Proportion to
accounts
the total ending
Ending balance of receivable bad
Name of the Ending balance of Ending balance of balance of
accounts receivable debt provision and
organization accounts receivable contract assets accounts
and contract assets contract asset
receivable and
impairment
contract assets
provision
Shenyang Turbine
Machinery Co., 614,165,601.71 105,173,745.00 719,339,346.71 32.35% 123,660,091.67
Ltd
Hangzhou Turbine
New Energy Co., 96,502,043.40 59,300,000.00 155,802,043.40 7.01%
Ltd.
Xi'an Shaangu
Power Co., Ltd
The 704 Research
Institute of China
State Shipbuilding
Co., Ltd.
Bohai Shipyard
Group Co., Ltd
Total 1,029,394,530.57 185,796,285.60 1,215,190,816.17 54.65% 228,524,845.96
In RMB
Item Ending balance Opening balance
Dividend receivable 76,125,057.68
Other receivable 8,503,295.67 10,694,085.45
Total 84,628,353.35 10,694,085.45
(1)Interest receivable
□Applicable ?Not applicable
The Semi-Annual Report 2025
(2)Dividend receivable
In RMB
Item Ending balance Opening balance
Hangzhou Bank 76,125,057.68
Total 76,125,057.68
□Applicable ?Not applicable
（3）Other account receivable
In RMB
Nature Ending book balance Opening book balance
Deposit 11,428,367.44 13,635,642.93
Provisional payment receivable 555,174.21 563,424.62
Other 1,986,027.46 2,057,845.98
Total 13,969,569.11 16,256,913.53
In RMB
Aging Ending book balance Opening book balance
Within 1 year(Including 1 year） 8,435,395.16 10,935,039.59
Over 3 years 5,272,173.94 5,271,873.94
The Semi-Annual Report 2025
Over 5 years 4,450,873.94 4,450,873.94
Total 13,969,569.11 16,256,913.53
In RMB
Amount in year-end Balance Year-beginning
Categor Book Balance Bad debt provision Book Book Balance Bad debt provision Book
y Amount Proporti Amount Proporti value Amount Proporti Amount Proporti value
on(%) on(%) on(%) on(%)
Includin
g：
Accrual
of bad
debt 13,969,5 5,466,27 8,503,29 16,256,9 5,562,82 10,694,0
provisio 69.11 3.44 5.67 13.53 8.08 85.45
n by
portfolio
Includin
g：
Total 100.00% 39.13% 100.00% 34.22%
Accrual of bad debt provision by portfolio:
In RMB
Ending balance
Name
Book balance Bad debt provision Accrual ratio
Related party Portfolio 1,911,005.18
Aging portfolio 12,058,563.93 5,466,273.44 45.33%
Including：Within 1 year 6,524,389.98 326,219.50 5.00%
Over 5 years 4,450,873.94 4,450,873.94 100.00%
Total 13,969,569.11 5,466,273.44
Provision for bad debts is made according to the general model of expected credit losses
In RMB
Phase I Phase II Phase III
Expected credit losses Expected credit losses
Bad debt provision Expected credit losses for the entire duration for the entire duration Total
over next 12 months (without credit (with credit impairment
impairment occurred) occurred)
Balance on January 1,
January 1, 2025
balance in the current
period
——Transfer to stage
-10,600.00 10,600.00
II
——Transfer to stage
-5,000.00 5,000.00
III
The Semi-Annual Report 2025
Provision in the current
-107,534.64 15,600.00 -4,620.00 -96,554.64
period
Balance on June
Loss provision changes in current period, change in book balance with significant amount
□ Applicable √Not applicable
The withdrawal amount of the bad debt provision：
In RMB
Current changes
Category Opening balance Collected or Ending balance
Accrual Write off Other
reversal
Accrual of bad debt
provision by portfolio
Total 5,562,828.08 -96,554.64 5,466,273.44
In RMB
Proportion of the
total year end Closing balance
Name Nature Closing balance Aging balance of the of bad debt
accounts provision
receivable
Over 5
Shanghai Customs Waigaoqiao Office Deposit 3,710,320.94 26.56% 3,710,320.94
years
Hangzhou Ganghua Gas Co., Ltd. Deposit 1,300,000.00 [Note 1] 9.31% 760,000.00
Beijing Guodian Engineering Within 1
Deposit 982,012.00 7.03% 49,100.60
Tendering Co., Ltd year
Within 1
New Energy Company Other 932,827.07 6.68%
year
hree Gorges International Tendering Within 1
Deposit 600,000.00 4.30% 30,000.00
Co., Ltd [Note 2] year
Within 1
Huadian Tendering Co., Ltd.[Note 2] Deposit 600,000.00 4.30% 30,000.00
year
Guangcai Tendering（Shenzhen） Within 1
Deposit 600,000.00 4.30% 30,000.00
Co.,Ltd.[Note 2] year
Total 8,725,160.01 62.48% 4,609,421.54
[Note 1]Within 1 year ：400,000.00 yuan，4-5 years：800,000.00 yuan，Over 5 years：100,000.00 yuan
[Note 2 ] The balance of these three units is tied for 4th place
In RMB
Closing balance Opening balance
Item Provision for Provision for
Book balance Book value Book balance Book value
impairment impairment
The Semi-Annual Report 2025
Investments in
subsidiaries
Total 855,561,471.34 855,561,471.34 844,864,375.75 844,864,375.75
(1)Investments in subsidiaries
In RMB
Opening Changes in the period (+, -)
Ending
The Opening balance of Ending
Withdrawn balance of
invested balance(Bo the Additional Decreased Other(Note balance(Bo
impairment impairment
entity ok value) impairment investment investment ) ok value)
provision provision
provision
Auxiliary
Machine 33,597.54
Co.
Packaged 67,586,325. 67,603,124.
Co. 37 14
Machinery 202,584,00 202,584,00
Company 0.00 0.00
Turbine 21,543,643. 21,610,838.
Company 24 38
Zhongneng 27,644,475. 27,644,475.
Company 06 06
Casting 11,220,000. 11,220,000.
Company 00 00
New
Energy 510,802.51
Company
Ranchuang 155,972,46 156,041,16
Company 0.31 1.94
Wuhu New
Energy
Company
Total 697,095.59
Note: It is mainly due ’s a share-based payment expense recognized in the current period.
（2）Investments in associates and joint ventures
In RMB
Openi Changes in the period (+, -)
ng Other Ending
Openi Invest Cash
balanc compr Accrua Ending balanc
The ng ment divide
e of Additi ehensi l of balanc e of
investe balanc Capital gains Other nd or
the onal ve impair e(Boo impair
d e(Boo reducti recogn equity profit Other
impair invest incom ment k ment
entity k on ized change annou
ment ment e provisi value) provisi
value) under nced to
provisi adjust on on
on equity issued
ment
I. Joint venture
II. Associated enterprise
Lianyu
ngang
Zhong
hang
The Semi-Annual Report 2025
Gas
Turbin
e
Techn
ology
Co.,
Ltd
The recoverable amount is determined on the basis of the net amount of fair value less disposal costs
□Applicable ?Not applicable
The recoverable amount is determined by the present value of the projected future cash flows
□Applicable ?Not applicable
The reason for the obvious discrepancy between the foregoing information and the information used in the
impairment test of previous years or the external information
Not applicable
The reason for the obvious discrepancy between the information used in the Company's impairment test in
previous years and the actual situation in the current year
Not applicable
（3）Other note
In RMB
Current period incurred Prior period incurred
Item
Revenue Cost Revenue Cost
Main business 968,492,651.83 762,829,818.51 1,158,894,048.25 974,714,836.80
Other business 6,925,052.20 1,818,123.72 8,173,797.60 2,862,962.27
Total 975,417,704.03 764,647,942.23 1,167,067,845.85 977,577,799.07
Information related to the transaction price allocated to the remaining performance obligation:
At the end of the reporting period, the amount of revenue corresponding to the performance obligations with
signed contract but not yet fulfilled or not fulfilled is RMB 3,411,532,392.00.
In RMB
Item Occurred current term Occurred in previous term
Long-term equity investment income by
Cost method
Disposition of the investment income
generated by the long-term equity 5,388,916.38 3,774,530.27
investments
Dividend income from other equity
instrument investments during the 76,125,057.68 141,375,107.12
holding period
Discounted loss of financing receivable -520,656.38 -1,151,386.13
Debt restructuring gains and losses 5,405,869.63
Total 265,700,602.68 296,743,310.89
The Semi-Annual Report 2025
XX. Supplement information
√ Applicable □Not applicable
In RMB
Item Amount Notes
Non-current asset disposal gain/loss 519,745.31
Governmental Subsidy accounted as current gain/loss, except for Mainly due to the government
those subsidies at with amount or quantity fixed by the national subsidies and other government
government and closely related to the Company’s business subsidies such as R&D confirmed in
operation. the current period.
Gain and loss from change of the fair value arising from
transactional monetary assets, transactional financial liabilities as
It is mainly due to the investment
held as well as the investment income arising from disposal of the
transactional monetary assets, transactional financial liabilities and
products
financial assets available for sale excluding the effective hedging
transaction in connection with the Company’s normal business
Mainly due to the separately
Reverse of the provision for impairment of accounts receivable impaired receivables recovered by
undergoing impairment test individually subsidiaries New Energy Company
and Hangfa Company
Gains/losses of debt restructure 1,823,910.00
Operating income and expenses other than the aforesaid Item 564,473.03
Other gains and losses that meet the definition of exceptional
-205,500.00
gain/loss
Less: Influenced amount of income tax 11,661,783.62
Amount of influence of minority interests（After tax） 5,050,840.28
Total 53,742,027.31 --
Details of other gains/losses Item that meets the definition of non-recurring gains/losses:
□Applicable?Not applicable
There are no other gains/losses Item that meet the definition of non-recurring gains/losses in the Company.
Explain the Item defined as recurring profit (gain)/loss according to the lists of extraordinary profit (gain)/loss in
Q&A Announcement No.1 on Information Disclosure for Companies Offering Their Securities to the Public ---
Extraordinary Profit/loss
□Applicable?Not applicable
Earnings per share
Weighted average
Profit of report period Basic earnings per Diluted earnings per
returns equity(%)
share(RMB/share） share(RMB/share)
Net profit attributable to the
Common stock shareholders of 1.65% 0.13 0.13
Company.
Net profit attributable to the
Common stock shareholders of 1.07% 0.08 0.08
Company after deducting of non-
The Semi-Annual Report 2025
recurring gain/loss.
（ 1 ） Simultaneously pursuant to both Chinese accounting standards and international accounting
standards disclosed in the financial reports of differences in net income and net assets.
□ Applicable□√ Not applicable
（2）Differences of net profit and net assets disclosed in financial reports prepared under overseas and
Chinese accounting standards.
□ Applicable□√ Not applicable
(3)Explanation of the reasons for the differences in accounting data under domestic and foreign accountin
g standards. If the data that has been audited by an overseas audit institution is adjusted for differences, the
name of the overseas institution should be indicated
The Semi-Annual Report 2025
IX. Other Submitted Data
I. Other major social security issues
Whether the listed company and its subsidiaries have other major social security issues
□Yes □No ?Not applicable
Whether it was administratively punished during the reporting period
□Yes □No ?Not applicable
II. Reception of research, communication and interview during the reporting period
?Applicable □Not applicable
Main content and
Reception Reception Basic situation index
Time Way Object information
location type of investigation
provided
Matters related to
cooperative gas
Conference turbines, Investor Relations
Sinolink Securities, BOCOM
March room 204, Field independent gas Live Activity Record
Institute Schroders , Guotai Fund Management
Co., Ltd.
building development, and 02）
major asset
restructuring
Content of the
Conference Investor Relations
transformation of
room 303, Field Live Activity Record
April 3,2025 Institute China Securities the Company's
turbine power research Form（No.:2025-
products and
building 03）
services
The development
trend of steam
turbines,
Conference cooperation with Investor Relations
room 304, Field Siemens, the Live Activity Record
April 3,2025 Institute Everbright Securities
turbine power research development of Form（No.:2025-
building independent gas 04）
turbines, major
asset restructuring,
etc
Conference Content of gas Investor Relations
room 303, Field Huafu Securities, Fangzheng turbine-related and Live Activity Record
April 7,2025 Institute
turbine power research Securities major asset Form（No.:2025-
building restructuring 05）
Content of the
development
progress of
independent gas
turbines, market
room of the
development Investor Relations
technology Hongde Fund, Jiashi Fund,HSBC
April Field strategies, Live Activity Record
Building of the Institute global Asset Management , Guotai
Company’s Haitong
foreign capital, 06）
Manufacturing
progress in the field
base
of maintenance,
and the future
development
strategy of the
The Semi-Annual Report 2025
company's products
The content of
theCompany's
business
Conference Guosen Asset Management, Yongxing Investor Relations
transformation
room 303, Field Securities, Tianfeng Live Activity Record
May 21,2025 Institute direction, gas
turbine power research Securities,Huyang Private Fund, Form（No.:2025-
turbine business,
building Guotou Securities 07）
and the progress of
independent gas
turbines
The content of the
Company's gas
Conference turbine operation Investor Relations
room 303, Field and maintenance Live Activity Record
May 23,2025 Institute Shanxi Securities
turbine power research market, steam Form（No.:2025-
building turbine products 08）
and listing transfer
matters
The Company's
new energy
Hangzhou Shangrong business and
Investment,Zhejiang Guomao Orient prospects, the
Capital , Zhejiang cultural development space
investment Yangtze River Delta of the gas turbine
digital fund,Zhejiang Deyuan market, the
Intelligence, Zhejiang Baolong progress of
Conference Appliance, Hangzhou Shengyue independent Investor Relations
room 303, Field Investment, Tiantang Silicon valley , research and Live Activity Record
May 26,2025 Institute
turbine power research Zhejiang Xindu Holding, Zhongcai development of gas Form（No.:2025-
building Merchants Investment Group, turbines, the 09）
Zhejiang Entan Industry, Hangzhou progress of the
Beige Investment, Hangzhou Company's B-share
Leikeao Investment, Zhejiang conversion to A-
Taiyang Technology, Hangzhou share
Qiyue Clothing, Hangzhou Jinlong implementation and
Group, etc. the plan after the
completion of
implementation, etc
The content of the
use and market
situation of gas
turbine products,
the business model
of cooperation with
Conference Huachuang Securities, Siemens gas Investor Relations
room 303, Field ZhejiangXingan Shiye Investment, turbine products, Live Activity Record
June 20,2025 Institute
turbine power research Shanjian Investment ,Yuanxin the progress of Form（No.:2025-
building Investment independent 10）
research and
development of gas
turbines, and the
progress of major
asset restructuring
project
III. Fund flows between the listed company and the controlling shareholder and other related parties
?Applicable □Not applicable
The Semi-Annual Report 2025
Name of the fund Amount incurred Repayment for
Nature of Opening Ending Interest Interest
transaction during the the reporting
transaction balance balance income expenses
counterparty reporting period period
Hangzhou Oxyen
Turbine Business
Machinery Co., transaction
Ltd.
Hangzhou Oxyen
Business
Expander 4.70 0.00 4.70 0.00
transaction
Machine Co., Ltd.
Hangzhou Oxyen Business
Group Co., Ltd. transaction
Hangzhou Oxyen
Turbine Business
Machinery Co., transaction
Ltd.
Hangzhou Oxyen Business
Group Co., Ltd. transaction
Hangzhou
Xiangjiang Business
Technology Co., transaction
Ltd.
Total -- 1,067.29 3,686.27 2,909.08 1,844.48
Relevant decision- The Company's funds transactions with controlling shareholder and other related parties are normal business
making transactions, and the approval procedures for related party transactions have been fulfilled in accordance with
procedures relevant regulations.
Funds security The Company's fund income and expenditure strictly implement the "Fund Management System", and the
measures relevant business is approved in strict accordance with the approval process to ensure the safe use of funds.
Hangzhou Turbine Power Group Co., Ltd.
Chairman of the Board：Ye Zhong
August 26,2025
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