The Semi-Annual Report 2025 of Shenzhen Nanshan Power Co. Ltd.Stock code: 000037 200037
Stock abbreviation: Shenzhen Nanshan Power A Shenzhen Nanshan Power B
Announcement No.: 2025-034
Shenzhen Nanshan Power Co. Ltd.The Semi-Annual Report 2025
August 22 2025
1The Semi-Annual Report 2025 of Shenzhen Nanshan Power Co. Ltd.
Section I Important Notes Table of Contents and Definitions
The Board of Directors the Board of Supervisors directors supervisors and senior officers of
the Company guarantee that the contents of the semi-annual report are true accurate and
complete and do not contain false records misleading statements or major omissions and that
they bear individual and joint legal liabilities.Kong Guoliang (legal representative) Chen Yuhui (chief accountant) Zhang Xiaoyin (Chief
Financial Officer) and Lin Xiaojia (head of the accounting department) (accounting officer)
declare that the financial reports in this semi-annual report are true accurate and complete.All directors attended the meeting of Board of Directors at which the semi-annual report was
reviewed.The Company has planned not to distribute cash dividends give away bonus shares or
increase share capital by capital reserves.Any forward-looking statements in this semi-annual report including future plans do not
constitute a material commitment of the Company to investors. Investors are kindly requested
to pay attention to investment risks.The semi-annual report is prepared in Chinese and English respectively. In case of any
ambiguity between the two versions the Chinese version shall prevail. Investors are advised to
read the full text of this semi-annual report carefully.
2The Semi-Annual Report 2025 of Shenzhen Nanshan Power Co. Ltd.
Table of Contents
Section I Important Notes Table of Contents and De... 2
Section II Company Profile and Key Financial Indic... 6
Section III Management Discussion and Analysis ...... 9
Section IV Corporate Governance Environment and So.. 26
Section V Important Matters ........................ 28
Section VI Changes in Shares and Shareholders ...... 35
Section VII Bonds .................................. 40
Section VIII Financial Report ...................... 41
Section IX Other Data ............................. 145
3The Semi-Annual Report 2025 of Shenzhen Nanshan Power Co. Ltd.
List of Documents for Inspection
I. Original of the 2025 semi-annual report bearing the signature of the Company's legal representative.II. Financial statements signed and stamped by the Company's Legal Representative Chief Accountant
Chief Financial Officer and Head of the Finance Department (Finance Head).III. The originals of all the Company's documents and announcements that have been publicly disclosed
in the designated media during the reporting period.IV. Place of inspection: office of the Company's Board of Directors.
4The Semi-Annual Report 2025 of Shenzhen Nanshan Power Co. Ltd.
Interpretation
Item Refer to Content
Company the Company Shenzhen Nanshan Power
Refer to Shenzhen Nanshan Power Co. Ltd.and listed company
Energy Corporation Refer to Shenzhen Energy Corporation
Shenzhen Nanshan Power (Zhongshan) Power Co.Shenzhen Nanshan Power Zhongshan Company Refer to
Ltd.Shenzhen Nanshan Power Gas Turbine Engineering
Shenzhen Nanshan Power Engineering Company Refer to
Technology (Shenzhen) Co. Ltd.Shenzhen Nanshan Power Environmental Shenzhen Nanshan Power Environmental
Refer to
Protection Company Protection (Shenzhen) Co. Ltd.Shenzhen Nanshan Power Xiwan Energy
Shenzhen Nanshan Power Xiwan Company Refer to
(Zhongshan) Co. Ltd.Shenzhen Nanshan Power Co. Ltd. Nanshan
Nanshan Power Plant Refer to
Power Plant
Shenzhen United Property and Equity Exchange Refer to Shenzhen United Property and Equity Exchange
Clou Electronics Refer to Shenzhen Clou Electronics Co. Ltd.Except for the specially described monetary units
RMB RMB 10000 RMB 100000000 Refer to the remaining ones are RMB RMB 10000 and
RMB 100000000
Reporting period Refer to From January 1 2025 to June 30 2025
5The Semi-Annual Report 2025 of Shenzhen Nanshan Power Co. Ltd.
Section II Company Profile and Key Financial Indicators
I. Company profile
Shenzhen Nanshan Power
Stock name A Shenzhen Nanshan Ticker 000037 200037
Power B
Stock exchange Shenzhen Stock Exchange
Name in Chinese Shenzhen Nanshan Power Co. Ltd.Chinese abbreviation of the深南电
Company (if any)
Shenzhen
Name in English (if any)
Nanshan Power Co. Ltd.Legal representative of the
Kong Guoliang
Company
II. Contact and contact information
Secretary of the Board of Directors Securities representative
Name Zou Yi
16/F-17/F Hantang Building OCT
Contact address Nanshan District Shenzhen
Guangdong Province
Tel. 0755-26003611
Fax 0755-26003684
E-mail investor@nspower.com.cn
III. Other information
1. Contact information of the Company
Whether the Company's registered address office address postal code website e-mail address etc.have changed during the reporting period
□Applicable □Not applicable
The Company's registered address office address and postal code website and e-mail address have
not changed during the reporting period. For details please refer to the 2024 Annual Report.
2. Place of information disclosure and provision
Whether the place of information disclosure and provision has changed during the reporting period
□Applicable □Not applicable
The website of stock exchange and the name and URL of the media where the Company discloses its
semi-annual report and the place of provision of the Company's semi-annual report have not changed
during the reporting period. For details please refer to the 2024 Annual Report.
3. Other relevant information
Whether other relevant information has changed in the reporting period
□Applicable □Not applicable
IV. Key accounting data and financial indicators
Whether the Company needs to retroactively adjust or restate the previous accounting data
6The Semi-Annual Report 2025 of Shenzhen Nanshan Power Co. Ltd.
□Yes □No
The reporting period Same period last year Changes YoY
Operating revenue (RMB) 166389954.25 187904264.71 -11.45%
Net profit attributable to
shareholders of listed -21739509.64 -37851109.90 42.57%
companies (RMB)
Net profit attributable to
shareholders of listed
companies after deducting -28327017.35 -44760057.08 36.71%
non-recurring profit or loss
(RMB)
Net cash flows from
-62253765.51-52996491.43-17.47%
operating activities (RMB)
Basic earnings per share
-0.0361-0.062842.52%
(RMB/share)
Diluted earnings per share
-0.0361-0.062842.52%
(RMB/share)
Weighted average rate of Increased by 1.16
-1.47%-2.63%
return on net assets percentage points
At the end of the reporting At the end of the previous Change compared to the
period year end of the previous year.Total assets (RMB) 1982671774.99 2012736635.59 -1.49%
Net assets attributable to
shareholders of listed 1467668154.94 1485380575.08 -1.19%
companies (RMB)
V. Differences in accounting data under domestic and foreign accounting standards
1. Differences in net profit and net assets in financial reports disclosed in accordance with both
international and Chinese accounting standards
□Applicable □Not applicable
There was no difference between net profit and net assets in the financial reports disclosed in
accordance with both international and Chinese accounting standards during the reporting period of the
Company.
2. Differences in net profit and net assets in financial reports disclosed in accordance with both
international and Chinese accounting standards
□Applicable □Not applicable
There was no difference between net profit and net assets in the financial reports disclosed in
accordance with both international and Chinese accounting standards during the reporting period of the
Company.VI. Non-recurring profit or loss items and amounts
□Applicable □ Not applicable
Unit: RMB
Item Amount Remark
Profit or loss on disposal of non- Mainly due to the impact of adjustment
current assets (including write-off of 1156732.52 for unrealized internal transaction
provision for asset impairment) profit/loss after disposal of non-current
7The Semi-Annual Report 2025 of Shenzhen Nanshan Power Co. Ltd.
assets.Government subsidies included in the
current profit or loss (except for those
that are closely related to the
Company's normal business
Mainly the government subsidies
operations comply with national 64723.14
related to income.policies and regulations are enjoyed
according to determined standards
and have a sustained impact on the
Company's profit or loss)
Profit or loss from changes in fair
value of financial assets and liabilities
held by non-financial enterprises and Mainly from the investment income
profit or loss from the disposal of obtained from the large-denomination
5195211.68
financial assets and financial certificates of deposit structured
liabilities except for effective hedging deposits and money market funds.operations related to the Company's
normal business operations
Other non-operating revenue and
-92279.19
expenses other than the above
Less: income tax impact 0.00
Changes in the amount of minority
-263119.56
interests (after tax)
Total 6587507.71
Details of other profit or loss that meet the definition of non-recurring gains and losses:
□Applicable □Not applicable
The Company had no specific profit or loss items that meet the definition of non-recurring profit or loss.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 does not define non-recurring profit or loss listed in the Explanation on defining non-
recurring profit or loss listed in the Explanatory Announcement No. 1 on Information Disclosure of
Companies that Offer Securities to the Public - Non-recurring Gains and Losses as recurring profit or
loss.
8The Semi-Annual Report 2025 of Shenzhen Nanshan Power Co. Ltd.
Section III Management Discussion and Analysis
I. Main business engaged in by the Company during the reporting period
In 1H25 China's electricity consumption demand continued its steady growth trend. The total electricity
consumption of the whole society reached 4841.8 billion kWh up 3.7% YoY. By sector the electricity
consumption of the primary industry was 67.6 billion kWh up 8.7% YoY; the electricity consumption of
the secondary industry was 3148.5 billion kWh up 2.4% YoY; the electricity consumption of the tertiary
industry was 916.4 billion kWh up 7.1% YoY; the urban and rural residential electricity consumption
was 709.3 billion kWh up 4.9% YoY showing a structural growth trend with coordinated development
across various sectors in whole.The Company's primary business includes power and heat supply for production and operation and
technical consulting and technical services related to power plants (stations). At the end of the reporting
period the Company's Nanshan Power Plant had a total of 3 sets of 9E type gas-steam combined cycle
generating units with a total installed capacity of 540000 KW. The power plant is located in the power
load center area of Shenzhen and is the peak shaving power supply plant in the region. It is currently in
normal production and operation. During the reporting period Nanshan Power Plant actively fulfilled its
power supply guarantee responsibilities firmly strengthened safety protocols and optimized gas-power
coordination through dynamic adjustments to electricity marketing and fuel procurement strategies. The
plant achieved 172 million kWh of grid-connected electricity generation and 250 million kWh of settled
contracted electricity; Its subsidiary Shenzhen Nanshan Power Environmental Protection Company fully
expanded electricity retail services acting as an agent for 21.56 million kWh of end-user electricity
consumption.In 1H25 the Company remained firmly focused on its annual objectives seizing opportunities in the
new energy sector. While steadily enhancing the profitability of its power generation business the
Company accelerated the development of an integrated "investment-construction-operation-
management-maintenance" platform and committed to building a diversified and intelligent
comprehensive energy service system thereby further consolidating its core competitive advantages. In
terms of key project construction leveraging its technical and resource strengths the Company
implemented full lifecycle quality control in strict compliance with national standards for key projects.The Zhongshan Independent Energy Storage Project (Phase I) was successfully commissioned under
these high-quality benchmarks. and commenced commercial operation in June 2025 fully participating
in frequency regulation and spot markets within the Southern China grid. Meanwhile as Guangdong
Province's first independent energy storage project is repurposed from a decommissioned coal plant it
sets a significant industry benchmark. In terms of project management building on the construction
experience of the Zhongshan Independent Energy Storage Project (Phase I) the Company optimized
and standardized its project management processes establishing replicable operational mechanisms
and profitable business models. This has significantly improved the efficiency and standardization of
full-cycle project management while strengthening its integrated "investment-construction-operation-
management-maintenance" capabilities. In terms of industry chain expansion aligned with its vision as
a comprehensive energy service provider the Company actively pursued mergers and acquisitions
across the industry chain to enhance core competencies. During the reporting period the Company
successfully acquired Sichuan Ruinan Electric Power Construction Engineering Co. Ltd. (renamed
Shenzhen Nanshan Power Energy Technology (Sichuan) Co. Ltd.) substantially boosting its power
engineering capabilities and laying a solid foundation for deeper engagement in the new energy market.During the reporting period the Company reported operating revenue of RMB 166.39 million with net
profit attributable to shareholders of the listed company of -RMB 21.7395 million and basic earnings
per share of -RMB 0.0361.
9The Semi-Annual Report 2025 of Shenzhen Nanshan Power Co. Ltd.
II. Core competitiveness analysis
In recent years the Company's primary business has been facing increasing difficulties and challenges
due to the macroeconomic situation and common issues in the gas turbine power generation industry.However the fundamental core competitiveness formed over more than thirty years of operation and
development along with strong support from the major shareholders innovative management practices
adopted by the Company's Board of Directors and management team have laid a necessary
foundation for the Company's ongoing operations and pursuit of transformative development. During
the reporting period the Company adhered to the concept of steady development firmly believed in its
strategy flexibly adjusted its business strategy carefully optimized its resource allocation successfully
overcame a series of development problems and further consolidated and enhanced its core
competitiveness.
1. Management culture of hard work and innovation. The Company has a group of management
personnel with a sense of innovation and the spirit of hard work. By deepening human resource reform
and building a performance-oriented appraisal and incentive mechanism the Company advocates and
creates a management culture of unity hard work innovation and progress. In addition the Company
attaches great importance to and vigorously promotes the construction of its institutional management
and compliance systems. It adheres to a standardized management that is law-abiding regulation-
compliant scientific rigorous efficient and orderly. Through process-based refined and standardized
management guidance the Company has established a solid foundation for deeply tapping into internal
potential and actively seeking external opportunities.
2. Professional and enterprising technical talents. With more than 30 years of hard work and influence
in the gas turbine power generation industry the Company has attracted and trained a group of
technical experts and professionals in the gas turbine industry and has accumulated rich experience in
the construction and operational management of gas turbine power plants. In order to comply with the
market trend of power market-oriented reform in the Guangdong Province the Company has
established a professional power marketing team to study power trading strategies explore and build
power marketing mathematical models. The accumulative rich experience in power marketing has laid a
solid foundation for the Company to participate in the construction of new power market and integrate
into the wave of power market reform. In addition with its excellent technical strength Shenzhen
Nanshan Power Engineering Company has provided comprehensive professional services such as
technical consulting commissioning and operation guarantee for dozens of gas turbine power stations
at home and abroad; The Company has successively undertaken the technical personnel training
business of dozens of power plants at home and abroad. With high-quality training content and
professional teaching team it has become a well-known professional talent training base in the
domestic gas turbine industry and has established a good reputation and professional brand image in
the industry.
3. A level of expertise that is up to date. In recent years the Company has continued to increase its
R&D efforts and promoted the sci-tech innovation-driven development to constantly enhance its core
competitiveness. On December 26 2024 it successfully passed the review again and obtained the
national high-tech enterprise certificate. The Company has a number of independent invention patents
utility model patents and software copyrights and jointly drafted and prepared 1 national standard.During the reporting period the Company applied for 6 utility model patents to the China National
Intellectual Property Administration. The Company had 45 authorized patents in total (including 5
invention patents) and 8 software copyrights which has greatly enhanced the Company's brand image
and industrial competitiveness.
4. Rich experience in industrial exploration. The Company gives full play to its own advantages makes
every effort to develop the integrated energy service business field and continuously accumulates
experience in the construction and operation of new energy industries such as electrochemical energy
10The Semi-Annual Report 2025 of Shenzhen Nanshan Power Co. Ltd.
storage photovoltaics and charging piles. Through the construction and operation of energy storage
black start projects photovoltaic projects MTC industrial and commercial energy storage project the
construction of Zhongshan independent energy storage power station and the development of
integrated photovoltaic storage and charging projects the Company has accumulated rich experience
in the construction commissioning and operation & maintenance of new energy and energy storage
projects and has trained a group of professional and technical talents. In addition the talent
accumulation and technical advantages of the traditional power industry have prepared sufficient
technical and talent resources for the Company to enter the field of integrated energy service and laid a
solid foundation.
5. Leading environmental protection level. The Company's power generation units are all gas-fired
power generation units adopting natural gas as fuel and the CO2 emission in the flue gas is about
42% of that of the coal-fired power plants providing strong support for the national "double carbon"
(carbon peaking and carbon neutrality) construction. According to the requirements of the "2018
'Shenzhen Blue' Sustainable Action Plan" of the Shenzhen Municipal People's Government the
Company has fully completed the "Shenzhen Blue" transformation of #3 #10 and #1 gas turbines of
Nanshan Power Plant. After the transformation the nitrogen oxides emissions of each unit have been
reduced to less than 15mg/m3 reaching the world's most advanced level. Nanshan Power Plant was
also selected as the best power plant of the Top Plant Award by Power Magazine the most
authoritative magazine in the global power industry founded in 1882.III. Primary business analysis
Overview
Please refer to the relevant contents of "I. Main businesses engaged in by the Company during the
reporting period".Year-on-year changes in key financial data
Unit: RMB
Year-on-
The reporting Same period last year
Item Reasons for changes
period year increase or
decrease
Mainly due to Nanshan Power
Plant's dynamic adjustment of spot
market clearing strategies in
response to nodal electricity prices
with the objective of maximizing
Operating revenue 166389954.25 187904264.71 -11.45% comprehensive returns from its
power generation business and
proactive reduction of electricity
output resulting in a year-on-year
decrease in power generation sales
revenue.Mainly due to reduced power
generation output at Nanshan
Operating costs 162096776.61 180350403.95 -10.12% Power Plant resulting in a year-on-
year decrease in power production
and sales costs.Mainly due to the Company's
enhanced budget controls and
Selling and
1048176.93 1609144.89 -34.86% optimized operational management
distribution expenses
resulting in a year-on-year decrease
in selling and distribution expenses.
11The Semi-Annual Report 2025 of Shenzhen Nanshan Power Co. Ltd.
G&A expenses 34186284.20 36646293.91 -6.71%
Mainly due to the Company's
notable progress in revitalizing
existing assets in 2024 resulting in
a year-on-year increase in net
Financial expenses 1412373.17 5742174.61 -75.40% monetary holdings during the first
half of the year and enhanced
liquidity management resulting in a
year-on-year decrease in financial
expenses.Income tax expenses 53667.86 0.00 100.00%
Mainly due to the decrease in
ongoing R&D projects of the
R&D expenses 8552435.26 15116862.75 -43.42%
Company resulting in a year-on-
year decrease in R&D expenses.Mainly due to the Company's
strengthening of working capital
management and the recovery by
Shenzhen Nanshan Power
Engineering Company of accounts
Net cash flows from receivable of previous years'
-62253765.51-52996491.43-17.47%
operating activities integrated energy service business
in the same period of the previous
year resulting in a year-on-year
decrease in net cash flows from
operating activities during the
reporting period.Mainly due to the following factors:
firstly the Company's active
advancement of the Zhongshan
Independent Energy Storage
Project resulting in increased
expenditures of RMB 118 million for
equipment procurement and
construction payments during the
reporting period; secondly
Net cash flows from enhanced fund management to
-222110234.68-29435927.80-654.55%
investing activities improve capital efficiency with RMB
193 million of existing monetary
funds allocated to structured
deposits at commercial banks and
money market funds in the current
period leading to increased cash
outflows from investing activities
and a consequent year-on-year
decrease in net cash flow from
investing activities.Mainly due to the Company's
optimization of its asset and liability
structure and the year-on-year
Net cash flows from decrease in the scale of new
-82535939.4881386462.47-201.41%
financing activities financing during the current period
resulting in an increase in the net
cash flows from financing activities
on a year-on-year basis.Net increase in cash -366926252.82 -1008351.65 - Mainly due to year-on-year
12The Semi-Annual Report 2025 of Shenzhen Nanshan Power Co. Ltd.
equivalents 36288.72% decreases in net cash flows from
operating activities investing
activities and financing activities
collectively resulting in a reduction
of net increase in cash and cash
equivalents on a year-on-year basis.Major changes in the Company's profit composition or profit sources during the reporting period
□Applicable □Not applicable
There were no major changes in the profit composition or profit source of the Company during the
reporting period.Composition of operating revenue
Unit: RMB
The reporting period Same period last year
Year-on-year
Item Proportion to Proportion to increase or
Amount operating Amount operating decrease
revenue revenue
Total operating
166389954.25100.00%187904264.71100.00%-11.45%
revenue
By sector
Power industry 162292199.47 97.54% 187206813.92 99.63% -13.31%
Others 4097754.78 2.46% 697450.79 0.37% 487.53%
Total 166389954.25 100.00% 187904264.71 100.00% -11.45%
By product
Power
production and 145150536.76 87.24% 182701860.97 97.23% -20.55%
sale
Integrated
27098360.0816.29%18756095.689.98%44.48%
energy service
Others 4333656.63 2.60% 697450.79 0.37% 521.36%
Consolidation
-10192599.22-6.13%-14251142.73-7.58%28.48%
offset
Total 166389954.25 100.00% 187904264.71 100.00% -11.45%
By region
Domestic 166389954.25 100.00% 187904264.71 100.00% -11.45%
Total 166389954.25 100.00% 187904264.71 100.00% -11.45%
Industries products or regions that account for more than 10% of the Company's operating revenue or
operating profit
□Applicable □ Not applicable
Unit: RMB
Year-on-year Year-on-year
Year-on-year
increase or increase or
Operating Gross increase or
Item Operating costs decrease in decrease in
revenue margin decrease in
operating operating
gross margin
revenue costs
13The Semi-Annual Report 2025 of Shenzhen Nanshan Power Co. Ltd.
By sector
Power industry 162292199.47 159841635.44 1.51% -13.31% -11.33% -2.20%
Others 4097754.78 2255141.17 44.97% 487.53% 2607.96% -43.09%
Total 166389954.25 162096776.61 2.58% -11.45% -10.12% -1.44%
By product
Power
production and 145150536.76 147223840.47 -1.43% -20.55% -18.73% -2.28%
sale
Integrated
27098360.0821157322.0921.92%44.48%78.42%-14.86%
energy service
Others 4333656.63 2353720.95 45.69% 521.36% 2726.33% -42.37%
Consolidation
-10192599.22-8638106.9028.48%-32.20%
offset
Total 166389954.25 162096776.61 2.58% -11.45% -10.12% -1.44%
By region
Domestic 166389954.25 162096776.61 2.58% -11.45% -10.12% -1.44%
Total 166389954.25 162096776.61 2.58% -11.45% -10.12% -1.44%
Under the circumstances that the calculation method of the Company's main business data is adjusted
during the reporting period the Company's main business data for the latest period is adjusted
according to the calculation method at the end of the reporting period
□Applicable □Not applicable
14The Semi-Annual Report 2025 of Shenzhen Nanshan Power Co. Ltd.
IV. Non-primary business analysis
□Applicable □ Not applicable
Unit: RMB
Item Amount Ratio in total profit Explanation of causes Sustainability
Mainly from the dividend
distributions received from the
Company's investments in other
The investment income
equity instruments the investment
recognized and
income generated from structured
Investment accounted for under the
13771642.72 -55.12% deposits large-denomination
income equity method for the
certificates of deposit and money
participated companies
market funds and the investment
is sustainable
income recognized and accounted
for under the equity method for the
participated companies.Mainly due to the adjustment for
Gains from
unrealized internal transaction
disposal of 1156732.52 -4.63% No
profit/loss after disposal of non-
assets
current assets.Non-operating
92279.19 -0.37% No
expenses
V. Analysis of assets and liabilities
1. Major changes in asset composition
Unit: RMB
At the end of the reporting
At the end of last year Increase
period or
Description of significant
Item Ratio of Ratio of decrease changes
Amount total Amount total in
assets assets proportion
Mainly due to: firstly the
optimization of the asset and
liability structure and the
repayment of short-term
borrowings in the current period;
secondly enhanced fund
Monetary management to improve capital
109252968.845.51%478979221.6623.80%-18.29%
funds efficiency with increase in
existing monetary funds
allocated to structured deposits
at commercial banks and money
market funds in the current
period leading to a decrease in
monetary funds.Mainly due to the increase in
Financial existing monetary funds
assets held for 192530263.51 9.71% 0.00 0.00% 9.71% allocated to structured deposits
trading at commercial banks and money
market funds.Accounts
85710068.424.32%67817025.913.37%0.95%
receivable
15The Semi-Annual Report 2025 of Shenzhen Nanshan Power Co. Ltd.
Other
118436883.645.97%131831575.626.55%-0.58%
receivables
Inventories 78387775.32 3.95% 80234374.79 3.99% -0.04%
Contract
7899241.040.40%95580.680.00%0.40%
assets
Assets held for
24582784.591.24%24582784.591.22%0.02%
sale
Other current
304301620.2715.35%285528539.2214.19%1.16%
assets
Long-term
equity 92754252.48 4.68% 90587521.44 4.50% 0.18%
investments
Other
investments in
350768378.7117.69%354798054.5717.63%0.06%
equity
instruments
Investment
1414731.460.07%1498009.840.07%0.00%
properties
Mainly due to the Company's
active advancement of the
Zhongshan Independent Energy
Storage Project and completion
Fixed assets 560840115.56 28.29% 451203790.97 22.42% 5.87%
of the project's preliminary
transfer to fixed assets during
the current period resulting in an
increase in fixed assets.Construction in
2838171.110.14%6983713.850.35%-0.21%
progress
Mainly due to the construction of
the Zhongshan Independent
Energy Storage Project which
Right-of-use involved new land and building
31379793.701.58%6160020.430.31%1.27%
assets leases recognized as right-of-
use assets during the current
period leading to an increase in
such assets.Intangible
1263932.790.06%1349731.810.07%-0.01%
assets
Mainly due to the repayment of
Short-term
93067166.65 4.69% 268615009.19 13.35% -8.66% short-term borrowings in the
borrowings
current period.Contract
0.000.00%50000.000.00%0.00%
liabilities
Mainly due to the payment of
prior-year annual performance
Employee
bonuses during the current
compensation 5126452.70 0.26% 16052879.47 0.80% -0.54%
period resulting in a decrease in
payable
employee compensation
payable.Other current
107922581.005.44%107922984.825.36%0.08%
liabilities
16The Semi-Annual Report 2025 of Shenzhen Nanshan Power Co. Ltd.
Mainly due to the construction of
the Zhongshan Independent
Energy Storage Project which
Long-term
97154742.83 4.90% 0.00 0.00% 4.90% involved new special fixed asset
borrowings
loans during the current period
leading to an increase in long-
term borrowings.Mainly due to the recognition of
lease liabilities in relation to
newly executed lease contracts
Lease liabilities 25452499.49 1.28% 2125910.18 0.11% 1.17% for land and buildings for the
Zhongshan Independent Energy
Storage Project resulting in an
increase in lease liabilities.
2. Main overseas assets
□Applicable □Not applicable
3. Assets and liabilities measured at fair value
□Applicable □ Not applicable
Unit: RMB
Changes in Cumulative Provision for
Purchase Sales amount
Beginning fair value of changes in fair impairment of
Item amount of the the current Other changes Ending balance
balance the current value included the current
current period period
period in equity period
Financial assets
1. Financial
assets held
for trading
(excluding 710000000.00 517726501.27 256764.78 192530263.51
derivative
financial
assets)
2. Derivative
financial
assets
3. Other debt
investments
4.
Investments
in other 354798054.57 1366324.14 3049378.71 1950000.00 -7346000.00 350768378.71
equity
instruments
5. Other non-
current
financial
assets
Subtotal of
financial 354798054.57 1366324.14 3049378.71 711950000.00 517726501.27 -7089235.22 543298642.22
assets
Investment
properties
Others
Total 354798054.57 1366324.14 3049378.71 711950000.00 517726501.27 -7089235.22 543298642.22
Financial
0.000.00
liabilities
Whether there are significant changes in the measurement attributes of the Company's main assets
17The Semi-Annual Report 2025 of Shenzhen Nanshan Power Co. Ltd.
during the reporting period
□Yes □No
4. Restrictions on asset rights as of the end of the reporting period
Balance at the end of the previous year
Item Ending balance (RMB)
(RMB)
L/G deposit 5112100.00 7912100.00
Total 5112100.00 7912100.00
VI. Investment status analysis
1. Overall situation
□Applicable □ Not applicable
Investment amount during the reporting Investment amount during the same
Range of change
period (RMB) period last year (RMB)
1950000.0050000000.00-96.10%
2. Major equity investments acquired during the reporting period
□Applicable □ Not applicable
18The Semi-Annual Report 2025 of Shenzhen Nanshan Power Co. Ltd.
Unit: RMB
Profit or
Progres
loss of Litigati
s as of Expect Date of
Investm investm on Disclosure
Name of Main Investmen Investmen Sharehol Sources Produ the ed disclos
Partner ent ent in involv index (if
investee business t method t amount ding ratio of funds ct type balance earnin ure (if
period the ed or any)
sheet gs any)
current not
date
period
Sichuan
Execute
Ruinan
d the
Electric Mainly
equity
Power engaged
transfer
Construc in EPC
agreem
tion business
ent on
Engineer of new
21 May
ing Co. energy Acquisiti
Shenzhe 2025
Ltd. [now photovolt on of Limite May 17
n Clou and Announce
renamed aic power equity d and
Acquisitio 1833750 Electroni Long complet ment No.:
as stations 75.00% through liability No July
n 0.00 cs Co. term ed the 2025-021
Shenzhe wind farm debt compa 15
Ltd. Fan industria 029
n stations assumpt ny 2025
Peng l and
Nanshan and ion
commer
Power energy
cial
Energy storage
registrat
Technolo power
ion
gy station
change
(Sichuan projects
in July
) Co.
2025.
Ltd.]
Shenzhe
n
Zhongke
Incubatio
n Equity
Investme
nts Fund
Manage
ment Co.Ltd.Shenzhe Engagem Shenzhe
n ent in n
Yuanzhi equity Yuanzhi
Zhongkai investme Energy
Energy nt Storage
Complet
Storage investme Private
ed an
Technolo nt Equity
Self- investm Octobe Announce
gy managem Establish 2600000 Fund Long
6.50% owned Fund ent of No r 25 ment No.:
Innovatio ent and ment 0.00 Manage term
funds RMB 2024 2024-060
n Private asset ment Co.
1.95
Fund managem Ltd.million.Partners ent Shenzhe
hip activities n New
(Limited through Energy
Partners private Storage
hip) funds Industry
Equity
Fund
Partnersh
ip China
Science
and
Technolo
gy
Develop
ment Co.Ltd. etc.Total -- -- 4433750 -- -- -- -- -- -- -- -- --
19The Semi-Annual Report 2025 of Shenzhen Nanshan Power Co. Ltd.
0.00
3. Major ongoing non-equity investments during the reporting period
□Applicable □Not applicable
4. Financial assets investment
(1) Securities investment situation
□Applicable □Not applicable
The Company had no securities investments during the reporting period.
(2) Derivatives investment situation
□Applicable □Not applicable
The Company had no derivative investments during the reporting period.
5. Usage of raised funds
□Applicable □Not applicable
The Company has not used the raised funds during the reporting period.VII. Sale of major assets and equity
1. Sale of major assets
□Applicable □ Not applicable
Whether
it is
Net
impleme
profit
nted as
contribu
planned
ted by
and as
the Ratio of
schedule
asset to net
Relations Whethe Whethe d. If it is
the profit
hip with r all the r all the not
listed contribu
the propert claims impleme
Transac compan Impact of ted by Pricing Whether
counterp y rights and nted as
tion y from the sale asset principle it is Disclos
Counterp Assets Date of arty of the debts planned Disclosure
prices the on the sales to s of related ure
arty sold sale (applicab assets involve the index
(RMB beginni Company the asset transacti date
le to involve d have reasons
10000) ng of (Note 3) listed sale ons
related d been been and the
the compan
transacti transfer transfer measure
current y in the
ons) red red s the
period total net
Compan
to the profit
y has
date of
taken
sale
should
(RMB
be
10000)
explaine
d.Shenzh It is Novem
en conducive Based ber 8
Nansha to on the 2023
Cuiheng n Power revitalizin asset Decem Announce
New Zhongs g the appraisa ber 15 ment No.:
District han Company' l results 2023 2023-048
Manage Compa Decem s assets it shall Not Decem
58445.052053;
ment ny has ber 12 0.00 in stock 0.00 be No applicabl No No Yes ber 20
352024-
Committe three 2023 improving determin e 2023 027、
e state- its ed after April
062、Zhongsh owned operating consulta 13
076。
an City land cash tion by 2024
use flows the Novem
right relieving Parties. ber 6
located its 2024
20The Semi-Annual Report 2025 of Shenzhen Nanshan Power Co. Ltd.
in operating Decem
Hengm pressure ber 28
en supporting 2024
Industri it to better
al Zone focus on
Nanlan transform
g ation and
Street developm
Cuihen ent and is
g New in line with
District the
Zhongs Company'
han City s strategic
developm
ent plan.It is
conducive
to
ensuring The
the transfer
smooth shall be
completio made
n of land through
Generat
acquisitio public
ing
n and listing
units
storage on the
and
work of Shenzh Decem
auxiliary
Shenzhen en ber 7
Fujian equipm Announce
Nanshan United 2024
Hengjing ent of Not ment No.:
March 6372.6 Power Property Complet March
Investme Shenzh 0.00 0.00 No applicabl Yes Yes 2024-070
4 2025 9 Zhongsha and ed 6
nt Co. en e 2025-002
n Equity 2025
Ltd. Nansha 2025-024.Company Exchang June 4
n Power
revitalizin e with 2025
Zhongs
g assets the
han
in stock asset
Compa
and evaluati
ny
helping on value
the as the
Company' base
s price for
transform listing.ation and
developm
ent.
2. Sale of major equity interests
□Applicable □Not applicable
VIII. Analysis of major holding and shareholding companies
□Applicable □ Not applicable
Information about major subsidiary and joint-stock companies that affect the Company's net profit by
more than 10%
Unit: RMB 10000
Company Company Registered Operating Operating
Main business Total assets Net assets Net profit
name type capital revenue profit
Gas turbine
Shenzhen
power
Nanshan
generation
Power
subsidiary waste heat 74680 44313.49 -42675.03 447.14 -1062.56 -1063.02
(Zhongshan)
power
Power Co.generation
Ltd.power supply
21The Semi-Annual Report 2025 of Shenzhen Nanshan Power Co. Ltd.
and heat
supply
(excluding
heat supply
pipe
networks)
wharves oil
depots
(excluding
refined oil
hazardous
chemicals and
flammable
and explosive
products) and
lease of
power
equipment
and facilities;
Land use
rights lease;
Nonresidential
real estate
lease.Technology
development
of waste heat
utilization
(excluding
Shenzhen
restricted
New Power
subsidiary items): waste 11385 27034.36 26074.29 0.00 481.97 481.97
Industrial Co.heat utilization
Ltd.for power
generation
gas turbine
power
generation.Energy
storage
technology
services;
Energy saving
management
services;
Shenzhen Contract
Nanshan energy
Power management;
Environmental subsidiary Technical 7900 4219.98 3709.25 152.22 -190.79 -191.20
Protection services of
(Shenzhen) solar power
Co. Ltd. generation
technology;
Centralized
fast charging
stations;
Engage in
investing
activities with
22The Semi-Annual Report 2025 of Shenzhen Nanshan Power Co. Ltd.
self-owned
funds.Technical
consulting
services of
construction
engineering
for gas-steam
combined
cycle power
plant
(stations)
maintenance
and overhaul
of operating
equipment for
gas-steam
Shenzhen
combined
Nanshan
cycle power
Power Gas
plant
Turbine
subsidiary (stations); 1000 4884.62 1363.52 2441.51 -69.43 -73.06
Engineering
Engineering
Technology
management
(Shenzhen)
services
Co. Ltd.technical
services of
engineering
power
generation
solar power
generation
and energy
storage as
well as repairs
of electrical
equipment
and general
equipment
etc.Import and
export
business of
goods and
technology
domestic
Shenzhen
trade
Xiefu Energy subsidiary 5330 13335.06 13262.08 65.26 -63.98 -66.81
(excluding
Co. Ltd.exclusive
controlled
and
monopolized
goods); lease
business etc.Jiangsu
Chemical raw
Liaoyuan Joint
materials
Environmental stock 4075 105665.64 84889.95 35293.46 4327.49 4041.86
chemicals
Protection company
and energy
Technology
23The Semi-Annual Report 2025 of Shenzhen Nanshan Power Co. Ltd.
Co. Ltd.Situation of acquiring and disposing subsidiary during the reporting period
□Applicable □ Not applicable
Methods of acquiring and disposing Impact on overall production operations
Company name
subsidiary during the reporting period and performance
Be helpful to streamline management
hierarchies and optimize the
Zhuhai Hengqin Zhuozhi Investment Liquidation and cancellation on June
Company's external investment
Partnership (Limited Partnership) 30 2025
structure with no material impact on
financial performance.Notes to main holding and shareholding companies
Shenzhen Nanshan Power Zhongshan Company: On March 4 2025 Shenzhen Nanshan Power
Zhongshan Company entered into a Physical Asset Transaction Contract with Fujian Hengjing
Investment Co. Ltd. for two sets of power generation units and related assets with a transfer
consideration of RMB 63726928.75 (tax exclusive). Fujian Hengjing Investment Co. Ltd. completed
the full payment of the transfer consideration applicable interest and VAT in installments by May 30
2025 marking the successful completion of the public listing and transfer of Shenzhen Nanshan Power
Zhongshan Company's power generation units.IX. Structured entities controlled by the Company
□Applicable □Not applicable
X. Risks faced by the Company and countermeasures
1. Primary business: Since 2025 affected by multiple factors the annual medium- and long-term
contract prices of the Company's Nanshan Power Plant have further dropped. At the same time with
the official commencement of the Guangdong Province's spot power market the 9E unit faces
profitability difficulties in competing with more efficient and cost-effective units. As a result the
Company's main business continues to face severe operational difficulties. The Company will persist in
enhancing the operation and management of assets in stocks proactively adapting to the demands and
dynamics of the power market and striving to optimize the profitability of its primary business and
overall operational efficiency. In June 2025 the Zhongshan Independent Energy Storage Project
(Phase I) of the Company commenced commercial operation fully participating in frequency regulation
and spot markets within the Southern China grid. In the future the Company will focus on the
construction of a new power system and actively investigate diverse business models and
opportunities to transition from a traditional power generation entity to a comprehensive energy service
provider to foster favorable conditions for the Company's sustained operations and robust growth.
2. Safety management: Under the market-oriented power production model more flexible scheduling
methods and stricter assessment policies of the grid put forward higher requirements for the work
safety of existing aging power generation equipment of the Company. The Company will continuously
improve the maintenance and management level of equipment by formulating scientific and reasonable
maintenance and technical transformation plans investing corresponding funds and technical forces
implementing primary responsibility for work safety and ensuring the safe and stable operation of
production facilities; simultaneously the Company will enhance training and emergency response
capacity ensuring the implementation of work safety responsibilities across five key areas:
responsibility of work safety management investment training and emergency response. Doing so
aims to prevent any human-induced work safety accidents within the Company's system while
maintaining the supporting role of the peak-shaving power supply point.
24The Semi-Annual Report 2025 of Shenzhen Nanshan Power Co. Ltd.
3. Fuel procurement: The Company's natural gas procurement price mainly depends on changes in the
international fuel market and the sales price of the Company's existing suppliers. In 1H25 spot natural
gas prices exhibited an overall downward trend though a sudden spike occurred in June due to the
Iran-Israel conflict before gradually retreating. As a result the Company's natural gas procurement
costs decreased year-on-year. The natural gas supply situation remained generally stable during this
period with limited supply disruptions. This stability stemmed from: a new equilibrium in global gas
distribution during the post-Russia-Ukraine war era; and newly commissioned power generation units in
Guangdong significantly outpacing load growth thereby alleviating pressure on existing units. However
the implementation of electricity spot market rules and capacity pricing mechanisms continues to
demand higher standards for supply stability and flexibility. The Company will further optimize upstream
partnerships enhance gas supply coordination ensure reliable fuel supply for power generation and
maximize efforts to reduce natural gas procurement costs.
4. Land of Nanshan Power Plant: In May 2025 the Company again accessed the Notice of Shenzhen
Municipal Bureau of Planning and Natural Resources on Issuing the Shenzhen Land Consolidation
Plan for 2025 on the official website of Shenzhen Municipal Bureau of Planning and Natural Resources.According to the above notice and its attached table Shenzhen Land Consolidation Plan for 2025 still
included the land acquisition and storage of Nanshan Power Plant and related content with no
substantial change from the content of the land consolidation plans disclosed in recent years. The
Company will maintain close engagement with relevant government authorities promptly
communicating its positions and requests to safeguard the legitimate rights and interests of the listed
company and all shareholders.XI. Formulation and implementation of market value management system and
valuation improvement plan
Whether the Company has formulated a market value management system.□Yes □No
Whether the Company has disclosed plans for valuation enhancement.□Yes □No
XII. Implementation of the action plan of "Double Improvement of Quality Return"
Whether the company has disclosed the announcement of the action plan of "Double Improvement of
Quality and Return".□Yes □No
25The Semi-Annual Report 2025 of Shenzhen Nanshan Power Co. Ltd.
Section IV Corporate Governance Environment and Society
I. Changes in the Company's directors supervisors and senior officers
□Applicable □ Not applicable
Name Position held Type Date Reason
Director Executive
Wu Guowen Deputy General Leave office June 11 2025 Retired
Manager
II. Profit distribution and conversion of capital reserves into share capital during the
reporting period
□Applicable □Not applicable
The Company has planned not to distribute cash dividends bonus shares or convert capital reserves
into share capital in the half year.III. Implementation of the Company's equity incentive plans employee stock
ownership plans or other employee incentive measures
□Applicable □Not applicable
The company has no equity incentive plan employee stock ownership plan or other employee incentive
measures and their implementation during the reporting period.IV. Environmental information disclosure
Whether the listed company and its principal subsidiaries are included in the Environmental Information
Disclosure Compliance List
□Yes □No
Number of enterprises included in the Environmental
Information Disclosure Compliance List (unit: 1
enterprises)
Search index for statutory environmental information disclosure
No. Name
reports
Guangdong Provincial Department of Ecology and Environment
Shenzhen Nanshan Power Co. Ltd.
1 Green Development Service Platform
Nanshan Power Plant
https://www-app.gdeei.cn/gdeepub/front/dal/report/list
The Company shall comply with the disclosure requirements for "power supply industry" as set out in
"Self-Regulation and Supervision Guidelines No. 3 for Shenzhen Stock Exchange-Listed Companies -
Industry Information Disclosure ".Types Names
Name of
of main of main
the Number Distributi
pollutan pollutan Emission Pollutant Total Total Excessiv
Compan Emission of on of
ts and ts and concentration/inte emission emissi approved e
y or mode discharg discharge
specific specific nsity standards ons emissions emission
subsidia e outlets outlets
pollutan pollutan
ry
ts ts
Shenzhe Concentrat "Shenzhen
Inside the
n ed Blue"
Nitroge Nitroge Nanshan 〈15 23.09 686.25
Nansha emission of 3 emission None
n oxides n oxides Power
n Power boiler and mg/m3
tons tons
standard
Plant
Co. Ltd. chimney <15mg/m3
26The Semi-Annual Report 2025 of Shenzhen Nanshan Power Co. Ltd.
The Company utilizes clean energy natural gas for power generation which produces no soot or sulfur
dioxide (SO?) emissions; it is classified as a non-key water pollution regulated entity with general
wastewater discharge outlets operating on an intermittent basis and no quantitative limits are imposed
on its water pollutant discharges.Information on environmental accidents occurring in the listed company
None
V. Social responsibilities
In 1H25 although the Company faced many challenges in production operation and management the
Company had the courage to assume social responsibilities actively ensured power supply when the
cost and price of power generation were seriously inverted and conscientiously performed its social
responsibilities to the best of its ability. In terms of work safety the Company has been adhering to the
principle of work safety making every effort to ensure the safety and stability of power production
actively exploring the work safety management model under new business and new formats optimizing
and improving the internal work safety management system and mechanism of the Company and
carrying out work safety technical supervision and innovation management in an orderly manner thus
achieving the goal of "five-noes" in work safety. In terms of environmental protection the Company
strictly complied with national and local environmental protection regulations and always adhered to
the concept of clean power generation and circular economic development. All environmental protection
work was effectively implemented with environmental protection emission meeting the requirement and
no environmental pollution accidents. In terms of love assistance the Company thoroughly
implemented the strategic decision-making and deployment of the central government for rural
revitalization implemented the task of fixed-point assistance for rural revitalization in towns and villages
and dispatched a town-based assistant to actively play a unique role in consumption assistance.
27The Semi-Annual Report 2025 of Shenzhen Nanshan Power Co. Ltd.
Section V Important Matters
I. Commitments made by the Company's actual controller shareholders related
parties acquirers the Company and other related parties that have been fulfilled
within the reporting period and those that have not been fulfilled within the time
limit as of the end of the reporting period
□Applicable □Not applicable
During the reporting period there were no commitments that were made by the actual controllers
shareholders related parties acquirers and other related parties of the Company to be fulfilled during
the reporting period but failed to be fulfilled as of the end of the reporting period.II. Non-operating capital occupation of the listed company by controlling
shareholders and other related parties
□Applicable □Not applicable
There was no non-operational occupation of funds by the controlling shareholder or other related
parties of the listed company during the reporting period.III. Illegal external guarantees
□Applicable □Not applicable
The Company had no illegal external guarantees during the reporting period.IV. Appointment and dismissal of accounting firms
Whether the semi-annual report has been audited.□Yes □No
The Company's semi-annual report has not been audited.V. Explanation of the Board of Directors and the Board of Supervisors on the
"modified report" of the accounting firm during the Reporting Period
□Applicable □Not applicable
VI. Explanation of the Board of Directors on the "modified report" of the previous
year
□Applicable □Not applicable
VII. Bankruptcy and restructuring related matters
□Applicable □Not applicable
The Company had no bankruptcy or reorganization related matters during the reporting period.VIII. Litigation
Major litigation and arbitration matters
□Applicable □Not applicable
The Company had no major litigation or arbitration matters during the reporting period.Other litigation events
□Applicable □ Not applicable
Basic Amount Whether to Proceedings Results and Execution of Disclosure Disclosure
28The Semi-Annual Report 2025 of Shenzhen Nanshan Power Co. Ltd.
information of involved form of litigation influence of litigation date index
litigation (RMB10000) estimated (arbitration) litigation (arbitration)
(arbitration) liabilities (arbitration) judgment
trial
Other
litigation that Failure to
does not meet meet the
No significant
the disclosure 533 No Under trial Not applicable Not applicable special
impact
standards for disclosure
major standards
litigation
Other
litigation that Failure to
does not meet meet the
No significant
the disclosure 87 No Closed Executed Not applicable special
impact
standards for disclosure
major standards
litigation
IX. Penalties and rectification
□Applicable □Not applicable
The Company had no penalties or rectifications during the reporting period.X. Integrity status of the Company and its controlling shareholders and actual
controller
□Applicable □ Not applicable
During the reporting period the Company and its largest shareholder did not fail to fulfill the effective
court judgments or had large amounts of debts that were not repaid at maturity and were in good
standing in terms of integrity. The company had no controlling shareholder or actual controller during
the reporting period.XI. Major related transactions
1. Related transactions related to daily operations
□Applicable □ Not applicable
Proporti Appro Whet
Amount Settlem Availabl
Pricing on in ved her
Details of ent e
Type of principl Price of the tradin the
of related method market Disclo
Related Relatio related es of related amount g appro Disclosur
related transacti of price of sure
party nship transacti related transac of quota ved e index
transacti ons related similar date
ons transac tions similar (RMB limit is
ons (RMB10 transac transac
tions transac 1000 excee
000) tions tions
tions 0) ded
Provisio
n of
Shenzh energy
Energy Announc
en Related manage Monthly Not April
manage Fair Market 150.0 ement
MTC legal ment 78.05 4.30% No settlem applica 23
ment value price 0 No.:
Co. person services ent ble 2025
services 2025-014
Ltd. to
related
persons
Shenzh Related Receipt EPC Fair Market 215.80 1.40% 215.8 No Single Not April Announc
29The Semi-Annual Report 2025 of Shenzhen Nanshan Power Co. Ltd.
en Clou legal of projects value price 0 settlem applica 23 ement
Electro person services of ent ble 2025 No.:
nics from photovol 2025-014
Co. related taic
Ltd. parties storage
and its and
subsidi chargin
ary g
energy
services
Shenzh Related Receipt Provisio Fair Market 0.61 0.01% 1.50 No Single Not April Announc
en legal of n of value price settlem applica 23 ement
Institut person services event ent ble 2025 No.:
e of from venues 2025-014
Buildin related material
g parties s etc.Resear
ch Co.Ltd.and its
subsidi
aries
294.46367.3
Total
0
Details of large-amount sales
None
returns
The actual performance during the
reporting period (if any) if the total The related transactions between the Company and the aforementioned related
amount estimated by category of parties complied with the actual production operation and business development
the daily related transactions needs of the Company and the actual transaction amounts all fell within the
expected to occur in the current approved limits.period
Reasons for large differences
between transaction prices and
Not applicable
market reference prices (if
applicable)
2. Related transactions involving acquisition or sale of assets or equity
□Applicable □ Not applicable
Assesse
Book d value
Transf
Pricing value of of Settlemen Transacti
Type of Details of er
principles transferr transferr t method on
Related Relations related related price Disclos Disclosure
of related ed ed of related profit/los
party hip transacti transactio (RMB ure date index
transacti assets assets transactio s (RMB
ons ns 10000
ons (RMB (RMB ns 10000)
)
10000)10000)
(if any)
Acquisitio Based on Payment
Shenzh n of 75% the asset of equity
May 17 Announcem
en Clou Related equity of appraisal 2436.2 2452.9 transfer
Acquired 1833. and july ent No.:
Electroni legal Sichuan results it 4 (100% 1 (100% considerat 0.00
equity 75 15 2025-021
cs Co. person Ruinan shall be equity) equity) ion
2025029
Ltd. Electric determin through
Power ed after the
30The Semi-Annual Report 2025 of Shenzhen Nanshan Power Co. Ltd.
Construct consultati assumptio
ion on by the n and
Engineeri parties repayment
ng Co. of Clou
Ltd. Electronic
s'
outstandin
g debt of
RMB
18.3375
million
owed to
Sichuan
Ruinan.Be helpful to strengthen the Company's integrated "investment-construction-
operation-management-maintenance" service chain further enhance its
Impact on the Company's operating
integrated energy service capabilities and establish a business model as an
results and financial status
integrated energy service provider without impact on the normal production
and operation of the Company.For transactions involving earn-out
provisions actual performance achieved Not applicable
during the reporting period
3. Related transactions involving joint external investment
□Applicable □Not applicable
Joint Affiliated Name of Primary Register Total Net assets Net profit
investor relationsh investee business of ed assets of of investee of investee
ip investee capital of investee (RMB’000 (RMB’000
investee (RMB’000 0) 0)
0)
Shenzhen Affiliated Shenzhen Engageme 40000
Yuanzhi legal Yuanzhi nt in equity
Energy person Energy investment
Storage Storage investment
Private Private manageme
Equity Equity nt and
Fund Fund asset
Manageme Manageme manageme
nt Co. nt Co. Ltd. nt activities
Ltd. (Limited through
Shenzhen Partnershi private
CAS p) funds
Incubation
Equity
Investment
Fund
Manageme
nt Co.Ltd.Shenzhen
New-Type
31The Semi-Annual Report 2025 of Shenzhen Nanshan Power Co. Ltd.
Energy
Storage
Industry
Equity
Investment
Fund LP
(Limited
Partnershi
p) China
Science
and
Technology
Developme
nt Institute
Co. Ltd..
4. Related credit and debt accounts
□Applicable □Not applicable
The Company had no related credit and debt accounts during the reporting period.
5. Transactions with financial companies that have relationship with the Company
□Applicable □Not applicable
There were no deposits loans credit or other financial business between the Company and financial
companies with relationship and related parties.
6. The transactions between financial companies controlled by the Company and related parties
□Applicable □Not applicable
There were no deposits loans credit or other financial business between financial companies
controlled by the Company and related parties.
7. Other major related transactions
□Applicable □Not applicable
The Company had no other major related transactions during the reporting period.XII. Major contracts and their performance
1. Custody contracting and lease matters
(1) Custody
□Applicable □Not applicable
The Company had no custody during the reporting period.
(2) Contracting
□Applicable □Not applicable
The Company had no contracting during the reporting period.
(3) Lease
□Applicable □Not applicable
The Company had no lease during the reporting period.
32The Semi-Annual Report 2025 of Shenzhen Nanshan Power Co. Ltd.
2. Material guarantee
□Applicable □Not applicable
The Company had no material guarantee during the reporting period.
3. Entrusted wealth management
□Applicable □ Not applicable
Overview of entrusted wealth management during the reporting period
Unit: RMB 10000
Overdue
Sources of funds
Amount of recovery of the
for entrusted Outstanding Overdue amount
Type entrusted wealth amount of
wealth balance not recovered
management impairment
management
accrued
Money market
Self-owned funds 16025.68 4253.03 0.00 0.00
funds
Total 16025.68 4253.03 0.00 0.00
Specific cases of high-risk entrusted wealth management with a large single amount or low security and
poor liquidity
□Applicable □Not applicable
The principal of entrusted wealth management is unlikely to be recovered or other cases that may lead
to impairment
□Applicable □Not applicable
4. Other major contracts
□Applicable □Not applicable
The Company had no other significant contracts during the reporting period.XIII. Explanation of other major matters
□Applicable □ Not applicable
Matters related to the land of Nanshan Power Plant: in May 2025 the Company accessed the Notice of
Shenzhen Municipal Bureau of Planning and Natural Resources on Issuing the Shenzhen Land
Consolidation Plan for 2025 again from the official website of Shenzhen Municipal Bureau of Planning
and Natural Resources. According to the above notice and its annex Shenzhen Land Consolidation
Plan for 2025 still includes the land acquisition and storage of Nanshan Power Plant and related
contents with no substantial change from the content of the land consolidation plans disclosed in
recent years. For details please refer to the relevant announcements disclosed by the Company in the
Securities Times and cninfo.com.cn (Announcement No.: 2025-023)
Except for the above matters the refunds due to the Company's "Project Technical Transformation
Benefit Fund" had no progress or change during the reporting period.XIV. Major matters of the Company's subsidiaries
□Applicable □ Not applicable
Matters related to listing and transfer of units of Shenzhen Nanshan Power Zhongshan Company: On
March 6 and June 4 2025 the Company disclosed the Announcement on the Progress of Relisting and
Transfer of Power Generation Unit Assets of the Wholly-Owned Subsidiary Shenzhen Nanshan Power
(Zhongshan) Power Co. Ltd. respectively. As of May 30 2025 Shenzhen Nanshan Power Zhongshan
33The Semi-Annual Report 2025 of Shenzhen Nanshan Power Co. Ltd.
Company received the full transfer payment installment interest and value-added tax from Fujian
Hengjing Investment Co. Ltd. totaling RMB 72253308.58. The listing and transfer of Shenzhen
Nanshan Power Zhongshan Company's power generation units were successfully completed. (For
details please refer to the relevant announcements disclosed by the Company on the Securities Times
and cninfo.com.cn with Announcement No.: 2024-068 069 070 075 2025-002 024)
34The Semi-Annual Report 2025 of Shenzhen Nanshan Power Co. Ltd.
Section VI Changes in Shares and Shareholders
I. Changes in shares
1. Changes in shares
Unit: share
Before the change Increase or decrease in the change (+ -) After the change
Issuanc Provide
e of Bonus nt fund Other Subtot
Quantity Scale Quantity Scale
new shares convers s al
shares ion
I. Shares
subject to
selling
restrictions
1. State
shareholding
2. State-owned
legal person
shareholding
3. Other
domestic
shareholdings
Including:
domestic legal
person
shareholding
Domestic
natural person
shareholding
4. Foreign
shareholding
Including:
foreign legal
person
shareholding
Foreign natural
person
shareholding
II. Shares
100.00
without selling 602762596 602762596 100.00%
%
restrictions
1. RMB
56.23
ordinary 338908150 338908150 56.23%
%
shares
2. Domestic-
43.77
listed foreign 263854446 263854446 43.77%
%
shares
3. Overseas-
listed foreign
shares
35The Semi-Annual Report 2025 of Shenzhen Nanshan Power Co. Ltd.
4. Others
III. Total
100.00
number of 602762596 602762596 100.00%
%
shares
Reasons for changes in shares
□Applicable □Not applicable
Approval status of changes in shares
□Applicable □Not applicable
Transfer status of changes in shares
□Applicable □Not applicable
Progress of implementation in share repurchase
□Applicable □Not applicable
Implementation progress of reducing and repurchasing shares through centralized bidding
□Applicable □Not applicable
The impact of changes in shares on basic earnings per share and diluted earnings per share net
assets per share attributable to the Company's ordinary shareholders and other financial indicators in
the most recent year and the most recent period
□Applicable □Not applicable
Other information that the Company deems necessary or that securities regulators require to be
disclosed
□Applicable □Not applicable
2. Changes in shares with selling restrictions
□Applicable □Not applicable
II. Issuance and listing of securities
□Applicable □Not applicable
III. Number of the Company's shareholders and shareholding status
Unit: share
Total number of preferred
Total number of ordinary
shareholders whose voting rights
shareholders at the end 43890 0
were restored at the end of the
of the reporting period
reporting period (if any) (see Note 8)
Shareholding status of shareholders holding more than 5% of the shares or the top 10 shareholders (excluding shares
lent through refinancing)
Increas Number Pledge marking or
Number of es and of freezing
shares held decreas shares Number of
Nature of Shareh
at the end es held shares with
Name sharehold olding
of the during with selling
er ratio Share Qua
reporting the selling restrictions status ntity
period reportin restricti
g period ons
HONG KONG NAM HOI Overseas 15.28% 92123248 0 0 92123248 Not 0
36The Semi-Annual Report 2025 of Shenzhen Nanshan Power Co. Ltd.
(INTERNATIONAL) LTD legal applicable
person
State-
Shenzhen Guangju owned Not
12.22%7366682400736668240
Industrial Co. Ltd. legal applicable
person
State-
Shenzhen Energy owned Not
10.80%6510613000651061300
Corporation legal applicable
person
Domestic
Not
Zeng Ying natural 1.19% 7159600 0 0 7159600 0
applicable
person
GUOTAI
Overseas
JUNAN SECURITIES - Not
legal 1.05% 6326859 0 6326859 0
(HONG KONG) 266020 applicable
person
LIMITED
China Merchants Overseas
Not
Securities (Hong Kong) legal 0.90% 5399654 -38500 0 5399654 0
applicable
Co. Ltd. person
Overseas
BOCI - Not
legal 0.72% 4310566 0 4310566 0
SECURITIES LIMITED 112500 applicable
person
Overseas
Not
LISHERYNZHANMING natural 0.69% 4149400 0 0 4149400 0
applicable
person
Haitong
Overseas
International Securities Not
legal 0.65% 3908357 0 0 3908357 0
Company Limited- applicable
person
Account Client
Domestic
Not
Huang Yilong natural 0.64% 3866500 0 0 3866500 0
applicable
person
Strategic investors or general
legal persons becoming the top
10 shareholders due to allotment None
of new shares (if any) (see Note
3)
1. Shenzhen Energy Corporation holds 100% equity in HONG KONG NAM HOI
Explanation of the above-
(INTERNATIONAL) LTD
mentioned shareholders'
2. The Company is unaware of whether the above-mentioned other public
relationship or concerted actions
shareholders have any relationship or are persons acting in concert.Explanation of the circumstances
in which the above-mentioned
shareholders involve entrusted None
voting right and abstention from
voting right
Special explanation for the
existence of repurchase accounts
None
among the top 10 shareholders
(if any) (see Note 11)
The shareholding situation of the top 10 shareholders with unrestricted tradable shares (excluding shares lent out
37The Semi-Annual Report 2025 of Shenzhen Nanshan Power Co. Ltd.
through refinancing and senior executive/locked shares)
Number of shares without selling Type of shares
Name restrictions held at the end of the
reporting period Type of shares Quantity
HONG KONG NAM HOI Domestic listed
9212324892123248
(INTERNATIONAL) LTD foreign shares
Shenzhen Guangju Industrial RMB ordinary
7366682473666824
Co. Ltd. shares
RMB ordinary
Shenzhen Energy Corporation 65106130 65106130
shares
Domestic listed
Zeng Ying 7159600 7159600
foreign shares
GUOTAI
JUNAN SECURITIES (HONG Domestic listed
63268596326859
KONG) foreign shares
LIMITED
China Merchants Securities Domestic listed
53996545399654
(Hong Kong) Co. Ltd. foreign shares
BOCI Domestic listed
43105664310566
SECURITIES LIMITED foreign shares
Domestic listed
LISHERYNZHANMING 4149400 4149400
foreign shares
Haitong
Domestic listed
International Securities Company 3908357 3908357
foreign shares
Limited-Account Client
RMB ordinary
Huang Yilong 3866500 3866500
shares
Explanation of relationship or
concerted action among the top
1. Shenzhen Energy Corporation holds 100% equity in HONG KONG NAM HOI
10 shareholders without selling
(INTERNATIONAL) LTD
restrictions and between the top
2. The Company is unaware of whether the above-mentioned other public
10 shareholders without selling
shareholders have any relationship or are persons acting in concert.restrictions and the top 10
shareholders
Description of the top 10 ordinary
shareholders' participation in
margin trading and securities None
lending business (if any) (see
Note 4)
Participation of shareholders holding more than 5% of the shares the top 10 shareholders and the top
10 shareholders of unrestricted tradable shares in refinancing business and lending shares
□Applicable □Not applicable
Changes of the top 10 shareholders and the top 10 shareholders of unrestricted tradable shares
compared with the previous period due to refinancing lending/repayment
□Applicable □Not applicable
Whether the Company's top 10 ordinary shareholders and the top 10 ordinary shareholders without
selling restrictions conducted agreed repurchase transactions during the reporting period
□Yes □No
38The Semi-Annual Report 2025 of Shenzhen Nanshan Power Co. Ltd.
The Company's top 10 ordinary shareholders and the top 10 ordinary shareholders without selling
restrictions did not engage in any agreed repurchase transactions during the reporting period.IV. Changes in shareholding of directors supervisors and senior officers
□Applicable □Not applicable
There were no changes in the shareholdings of the Company's directors supervisors and senior
officers during the reporting period. For details please refer to the 2024 Annual Report.V. Changes in the controlling shareholder or the actual controller
Changes in controlling shareholders during the reporting period
□Applicable □Not applicable
The Company's controlling shareholder did not change during the reporting period.Changes in actual controller during the reporting period
□Applicable □Not applicable
The Company's actual controller did not change during the reporting period.VI. Preferred shares
□Applicable □Not applicable
There were no preferred shares in the Company during the reporting period.
39The Semi-Annual Report 2025 of Shenzhen Nanshan Power Co. Ltd.
Section VII Bonds
□Applicable □Not applicable
40The Semi-Annual Report 2025 of Shenzhen Nanshan Power Co. Ltd.
Section VIII Financial Report
I. Auditor's report
Whether the semi-annual report has been audited.□Yes □No
The Company's semi-annual report has not been audited.II. Financial statements
The unit in the notes to the financial statements is: RMB
1. Consolidated balance sheet
Prepared by: Shenzhen Nanshan Power Co. Ltd.Unit: RMB
Item June 30 2025 December 31 2024
Current assets:
Monetary funds 109252968.84 478979221.66
Balances with clearing companies
Loans to banks and other financial
institutions
Financial assets held for trading 192530263.51
Derivative financial assets
Notes receivable
Accounts receivable 85710068.42 67817025.91
Receivables financing
Advances to suppliers 13070771.21 19062352.04
Premiums receivable
Reinsurance accounts receivable
Receivable reinsurance contract
reserve
Other receivables 118436883.64 131831575.62
Including: interest receivable
Dividends receivable
Financial assets purchased under
resale agreements
Inventories 78387775.32 80234374.79
Contract assets 7899241.04 95580.68
Assets held for sale 24582784.59 24582784.59
Non-current assets due within one
year
Other current assets 304301620.27 285528539.22
Total current assets 934172376.84 1088131454.51
Non-current assets:
Issuance of loans and advances
Debt investments
41The Semi-Annual Report 2025 of Shenzhen Nanshan Power Co. Ltd.
Other debt investments
Long-term receivables
Long-term equity investments 92754252.48 90587521.44
Other investments in equity
350768378.71354798054.57
instruments
Other non-current financial assets
Investment properties 1414731.46 1498009.84
Fixed assets 560840115.56 451203790.97
Construction in progress 2838171.11 6983713.85
Productive biological assets
Oil and gas assets
Right-of-use assets 31379793.70 6160020.43
Intangible assets 1263932.79 1349731.81
Development expenses
Goodwill
Long-term deferred expenses 4948144.52 5802861.77
Deferred tax assets 625000.00 625000.00
Other non-current assets 1666877.82 5596476.40
Total non-current assets 1048499398.15 924605181.08
Total assets 1982671774.99 2012736635.59
Current liabilities:
Short-term borrowings 93067166.65 268615009.19
Loans from the Central Bank
Loans from banks and other financial
institutions
Financial liabilities held for trading
Derivative financial liabilities
Notes payable
Accounts payable 84198576.86 14022157.61
Advances from customers
Contract liabilities 50000.00
Financial assets sold under
repurchase agreements
Customer bank deposits and due to
banks and other financial institutions
Receivings from vicariously traded
securities
Receivings from vicariously sold
securities
Employee compensation payable 5126452.70 16052879.47
Taxes payable 10575047.07 14348908.04
Other payables 7909244.89 15685234.29
Including: interest payable
42The Semi-Annual Report 2025 of Shenzhen Nanshan Power Co. Ltd.
Dividends payable
Handling charges and commissions
Reinsurance accounts payable
Liabilities held for sale
Non-current liabilities maturing within
6001170.314466835.32
one year
Other current liabilities 107922581.00 107922984.82
Total current liabilities 314800239.48 441164008.74
Non-current liabilities:
Reserves for insurance contract
Long-term borrowings 97154742.83
Bonds payable
Including: preferred shares
Perpetual bonds
Lease liabilities 25452499.49 2125910.18
Long-term payables
Long-term employee compensations
payable
Estimated liabilities
Deferred income 58349935.87 61522875.97
Deferred tax liabilities
Other non-current liabilities
Total non-current liabilities 180957178.19 63648786.15
Total liabilities 495757417.67 504812794.89
Owners' equity:
Share capital 602762596.00 602762596.00
Other equity instruments
Including: preferred shares
Perpetual bonds
Capital reserve 362770922.10 362770922.10
Less: treasury shares
Other comprehensive income 3049378.71 1683054.57
Special reserve 1307873.10
Surplus reserve 332908397.60 332908397.60
General risk reserves
Undistributed profits 164868987.43 185255604.81
Total equity attributable to the owners
1467668154.941485380575.08
of the parent company
Minority interests 19246202.38 22543265.62
Total owners' equity 1486914357.32 1507923840.70
Total Liabilities and owners' equity 1982671774.99 2012736635.59
43The Semi-Annual Report 2025 of Shenzhen Nanshan Power Co. Ltd.
Legal representative: Kong Guoliang Chief Accountant: Chen Yuhui Chief Financial Officer: Zhang
Xiaoyin Head of the Finance Department: Lin Xiaojia
2. Parent Company's Balance Sheet
Unit: RMB
Item June 30 2025 December 31 2024
Current assets:
Monetary funds 72569994.89 408963344.55
Financial assets held for trading 192530263.51
Derivative financial assets
Notes receivable
Accounts receivable 50494695.04 26641173.11
Receivables financing
Advances to suppliers 15044587.99 17256415.27
Other receivables 585795695.01 614157681.93
Including: interest receivable
Dividends receivable
Inventories 76658458.92 76391256.94
Contract assets
Assets held for sale
Non-current assets due within one
year
Other current assets 240327629.62 236196142.37
Total current assets 1233421324.98 1379606014.17
Non-current assets:
Debt investments
Other debt investments
Long-term receivables
Long-term equity investments 569491848.78 568752639.83
Other investments in equity
110615000.00110615000.00
instruments
Other non-current financial assets
Investment properties
Fixed assets 344826778.18 351782033.61
Construction in progress 1465356.80 1654419.67
Productive biological assets
Oil and gas assets
Right-of-use assets 3985895.53 6160020.43
Intangible assets 1166331.98 1234568.04
Development expenses
Goodwill
Long-term deferred expenses 4948144.52 5802861.77
Deferred tax assets
44The Semi-Annual Report 2025 of Shenzhen Nanshan Power Co. Ltd.
Other non-current assets 1666877.82 857135.84
Total non-current assets 1038166233.61 1046858679.19
Total assets 2271587558.59 2426464693.36
Current liabilities:
Short-term borrowings 93067166.65 106590219.19
Financial liabilities held for trading
Derivative financial liabilities
Notes payable 132000000.00
Accounts payable 4860844.50 7836364.14
Advances from customers
Contract liabilities
Employee compensation payable 2760836.16 10343784.13
Taxes payable 8516639.96 4194761.79
Other payables 268297468.55 249849964.57
Including: interest payable
Dividends payable
Liabilities held for sale
Non-current liabilities maturing within
4640491.014466835.32
one year
Other current liabilities
Total current liabilities 382143446.83 515281929.14
Non-current liabilities:
Long-term borrowings
Bonds payable
Including: preferred shares
Perpetual bonds
Lease liabilities 2125910.18
Long-term payables
Long-term employee compensations
payable
Estimated liabilities
Deferred income 57595898.93 60705055.43
Deferred tax liabilities
Other non-current liabilities
Total non-current liabilities 57595898.93 62830965.61
Total liabilities 439739345.76 578112894.75
Owners' equity:
Share capital 602762596.00 602762596.00
Other equity instruments
Including: preferred shares
Perpetual bonds
Capital reserve 289963039.70 289963039.70
45The Semi-Annual Report 2025 of Shenzhen Nanshan Power Co. Ltd.
Less: treasury shares
Other comprehensive income
Special reserve 1307873.10
Surplus reserve 332908397.60 332908397.60
Undistributed profits 604906306.43 622717765.31
Total owners' equity 1831848212.83 1848351798.61
Total Liabilities and owners' equity 2271587558.59 2426464693.36
Legal representative: Kong Guoliang Chief Accountant: Chen Yuhui Chief Financial Officer: Zhang
Xiaoyin Head of the Finance Department: Lin Xiaojia
3. Consolidated Income Statement
Unit: RMB
Item 1H25 1H24
I. Total operating revenue 166389954.25 187904264.71
Including: operating revenue 166389954.25 187904264.71
Interest income
Premiums earned
Handling charges and commission
income
II. Total operating costs 209522013.90 241153276.40
Including: operating costs 162096776.61 180350403.95
Interest expenses
Expenses from handling charges and
commissions
Surrender value
Net amount of compensation payout
Net amount withdrawn for insurance
contract reserves
Policy dividends
Reinsurance costs
Taxes and surcharges 2225967.73 1688396.29
Selling and distribution expenses 1048176.93 1609144.89
G&A expenses 34186284.20 36646293.91
R&D expenses 8552435.26 15116862.75
Financial expenses 1412373.17 5742174.61
Including: interest expenses 3740764.90 7949322.98
Interest income -2386769.54 -2338321.70
Plus: other income 3313058.58 3612526.69
Investment income (losses expressed
13771642.729007609.64
with "-")
Including: investment income from
2976431.042428488.38
associates and joint ventures
Gains from derecognition of financial
assets measured at amortized costs
46The Semi-Annual Report 2025 of Shenzhen Nanshan Power Co. Ltd.
Exchange gains (losses expressed
with "-")
Net exposure hedging gains (losses
expressed with "-")
Gains from fair value changes (losses
expressed with "-")
Losses from credit impairment (losses
expressed with "-")
Asset impairment loss (losses
expressed with "-")
Gains from disposal of assets (losses
1156732.52
expressed with "-")
III. Operating profit (losses expressed
-24890625.83-40628875.36
with "-")
Plus: non-operating revenue 75461.40
Less: non-operating expenses 92279.19 108730.90
IV. Total profit (total losses expressed
-24982905.02-40662144.86
with "-")
Less: income tax expenses 53667.86
V. Net profit (losses expressed with "-
-25036572.88-40662144.86
")
(I) Classification by business
continuity
1. Net profit from continued operations
-25036572.88-40662144.86
(net losses expressed with "-")
2. Net profit from discontinued
operations (net losses expressed with
"-")
(II) Classification by ownership
1. Net profit attributable to
-21739509.64-37851109.90
shareholders of the parent company
2. Minority interest income -3297063.24 -2811034.96
VI. Net of tax of other comprehensive
2719216.40
income
Net after-tax amount of other
comprehensive income attributable to 2719216.40
owners of parent company
(I) Other comprehensive income that
cannot be reclassified into profit or 2719216.40
loss
1. Remeasure changes in benefit
plans
2. Other comprehensive income that
cannot be converted into profit or loss
under the equity method
3. Fair value changes of other
2719216.40
investments in equity instruments
4. Fair value changes of the
enterprise's own credit risk
47The Semi-Annual Report 2025 of Shenzhen Nanshan Power Co. Ltd.
5. Others
(II) Other comprehensive income that
will be reclassified to profit or loss
1. Other comprehensive income that
can be converted into profit or loss
under the equity method
2. Fair value changes of other debt
investments
3. Amounts reclassified from financial
assets into other comprehensive
income
4. Credit loss provisions for other debt
investments
5. Cash flow hedging reserve
6. Differences arising from foreign
currency financial statements
7. Others
Net of tax of other comprehensive
income attributable to minority
shareholders
VII. Total comprehensive income -22317356.48 -40662144.86
Total comprehensive income
attributable to owners of the parent -19020293.24 -37851109.90
company
Total comprehensive income
-3297063.24-2811034.96
attributable to minority shareholders
VIII. Earnings per share
(I) Basic earnings per share -0.0361 -0.0628
(II) Diluted earnings per share -0.0361 -0.0628
Legal representative: Kong Guoliang Chief Accountant: Chen Yuhui Chief Financial Officer: Zhang
Xiaoyin Head of the Finance Department: Lin Xiaojia
4. Parent company's income statement
Unit: RMB
Item 1H25 1H24
I. Operating revenue 145467624.06 140040524.58
Less: operating costs 147248786.41 118685219.63
Taxes and surcharges 1148347.31 1101670.24
Selling and distribution expenses 196802.11 537063.19
G&A expenses 24209669.19 26326867.76
R&D expenses 6740933.81 9249152.47
Financial expenses -5324191.89 -3091965.12
Including: interest expenses 3275257.75 7829242.34
Interest income -8601235.68 -11090119.70
Plus: other income 3184551.84 2333552.74
Investment income (losses expressed 7829332.02 8979547.61
48The Semi-Annual Report 2025 of Shenzhen Nanshan Power Co. Ltd.
with "-")
Including: investment income from
2634120.342400426.35
associates and joint ventures
Income from derecognition of financial
assets measured at amortized costs
(losses expressed with "-")
Net exposure hedging gains (losses
expressed with "-")
Gains from fair value changes (losses
expressed with "-")
Losses from credit impairment (losses
expressed with "-")
Asset impairment loss (losses
expressed with "-")
Gains from disposal of assets (losses
expressed with "-")
II. Operating profit (losses expressed
-17738839.02-1454383.24
with "-")
Plus: non-operating revenue 75461.40
Less: non-operating expenses 66432.06 108730.90
III. Total profit (total losses expressed
-17805271.08-1487652.74
with "-")
Less: income tax expenses 6187.80
IV. Net profit (net losses expressed
-17811458.88-1487652.74
with "-")
(I) Net profit from continued
operations (net losses expressed with -17811458.88 -1487652.74
"-")
(II) Net profit from discontinued
operations (net losses expressed with
"-")
V. Net of tax of other comprehensive
income
(I) Other comprehensive income that
cannot be reclassified into profit or
loss
1. Remeasure changes in benefit
plans
2. Other comprehensive income that
cannot be converted into profit or loss
under the equity method
3. Fair value changes of other
investments in equity instruments
4. Fair value changes of the
enterprise's own credit risk
5. Others
(II) Other comprehensive income that
will be reclassified to profit or loss
1. Other comprehensive income that
49The Semi-Annual Report 2025 of Shenzhen Nanshan Power Co. Ltd.
can be converted into profit or loss
under the equity method
2. Fair value changes of other debt
investments
3. Amounts reclassified from financial
assets into other comprehensive
income
4. Credit loss provisions for other debt
investments
5. Cash flow hedging reserve
6. Differences arising from foreign
currency financial statements
7. Others
VI. Total comprehensive income -17811458.88 -1487652.74
VII. Earnings per share
(I) Basic earnings per share -0.0295 -0.0025
(II) Diluted earnings per share -0.0295 -0.0025
Legal representative: Kong Guoliang Chief Accountant: Chen Yuhui Chief Financial Officer: Zhang
Xiaoyin Head of the Finance Department: Lin Xiaojia
5. Consolidated statement of cash flows
Unit: RMB
Item 1H25 1H24
I. Cash flows from operating activities:
Cash received from selling goods and
154990186.28204720091.12
providing services
Net increase in customer bank
deposits and due to banks and other
financial institutions
Net increase in borrowings from the
Central Bank
Net increase in borrowings from
banks and other financial institutions
Cash received from premiums from
the original insurance contract
Net cash received from reinsurance
business
Net increase in policyholders' savings
and investment funds
Cash received from interest handling
charges and commissions
Net increase in borrowings from
banks and other financial institutions
Net increase in funds from repurchase
business
Net cash received from vicariously
traded securities
50The Semi-Annual Report 2025 of Shenzhen Nanshan Power Co. Ltd.
Tax refunds received
Other cash related to operating
10469572.2817132583.98
activities received
Sub-total of cash inflows from
165459758.56221852675.10
operating activities
Cash paid for purchase of goods and
145978477.97149321071.54
acceptance of services
Net increase in loans and advances to
customers
Net increase in deposits with the
Central Bank and interbank funds
Cash paid for indemnity payment of
original insurance contract
Net increase in lending funds
Cash paid for interest handling
charges and commissions
Cash paid for policy dividends
Cash paid to and on behalf of
60121803.8890936937.95
employees
Taxes and fees paid 12132329.68 13324028.30
Other cash related to operating
9480912.5421267128.74
activities paid
Sub-total of cash outflows from
227713524.07274849166.53
operating activities
Net cash flows from operating
-62253765.51-52996491.43
activities
II. Cash flows from investing activities:
Cash received from recovery of
8698892.26134000000.00
investments
Cash received from investment
8148076.973998821.38
income
Net cash recovered from disposal of
fixed assets intangible assets and 62511559.15 71336059.00
other long-term assets
Net cash received from disposal of
subsidiaries and other business units
Other cash received relating to
15015192.12
investing activities
Sub-total of cash inflows from
94373720.50209334880.38
investing activities
Cash paid for the acquisition and
construction of fixed assets intangible 120888761.27 7770808.18
assets and other long-term assets
Cash paid for investments 1950000.00 50000000.00
Net increase in pledge loans
Net cash paid for acquisition of
subsidiaries and other business units
Payments of other cash related to 193645193.91 181000000.00
51The Semi-Annual Report 2025 of Shenzhen Nanshan Power Co. Ltd.
investing activities
Sub-total of cash outflows from
316483955.18238770808.18
investing activities
Net cash flows from investing
-222110234.68-29435927.80
activities
III. Cash flows from financing
activities:
Cash received from absorption of
investments
Including: cash received by
subsidiaries from absorption of
minority shareholders' investments
Cash received from acquisition of
97154742.83312026209.56
borrowings
Other cash received related to
financing activities
Sub-total of cash inflows from
97154742.83312026209.56
financing activities
Cash paid to repay debt 175558036.22 218385088.06
Cash paid for distribution of dividends
1989966.096770219.03
profits or interest payments
Including: dividends and profits paid
by subsidiaries to minority
shareholders
Payments of other cash related to
2142680.005484440.00
financing activities
Sub-total of cash outflows from
179690682.31230639747.09
financing activities
Net cash flows from financing
-82535939.4881386462.47
activities
IV. Impact of fluctuation in exchange
-26313.1537605.11
rate on cash and cash equivalents
V. Cash and net increase in cash
-366926252.82-1008351.65
equivalents
Plus: beginning cash and balance of
471067121.66310734919.56
cash equivalents
VI. Ending balance of cash and cash
104140868.84309726567.91
equivalents
Legal representative: Kong Guoliang Chief Accountant: Chen Yuhui Chief Financial Officer: Zhang
Xiaoyin Head of the Finance Department: Lin Xiaojia
6. Parent company's statement of cash flows
Unit: RMB
Item 1H25 1H24
I. Cash flows from operating activities:
Cash received from selling goods and
138385701.82174377280.01
providing services
Tax refunds received
52The Semi-Annual Report 2025 of Shenzhen Nanshan Power Co. Ltd.
Other cash related to operating
22208624.58153330653.50
activities received
Sub-total of cash inflows from 327707933.51
160594326.40
operating activities
Cash paid for purchase of goods and
144922149.7788477771.52
acceptance of services
Cash paid to and on behalf of
37070418.4740489337.93
employees
Taxes and fees paid 1560645.13 9522902.24
Other cash related to operating
6775403.8250400653.94
activities paid
Sub-total of cash outflows from
190328617.19188890665.63
operating activities
Net cash flows from operating
-29734290.79138817267.88
activities
II. Cash flows from investing activities:
Cash received from recovery of
504336059.00
investments
Cash received from investment
2548076.973998821.38
income
Net cash recovered from disposal of
fixed assets intangible assets and
other long-term assets
Net cash received from disposal of
subsidiaries and other business units
Other cash received relating to
70000000.00
investing activities
Sub-total of cash inflows from
72548076.97508334880.38
investing activities
Cash paid for the acquisition and
construction of fixed assets intangible 2050686.91 893442.13
assets and other long-term assets
Cash paid for investments 50000000.00
Net cash paid for acquisition of
subsidiaries and other business units
Payments of other cash related to
224447253.82457630000.00
investing activities
Sub-total of cash outflows from
226497940.73508523442.13
investing activities
Net cash flows from investing
-153949863.76-188561.75
activities
III. Cash flows from financing
activities:
Cash received from absorption of
investments
Cash received from acquisition of
57413251.22
borrowings
Other cash received related to
16000000.00
financing activities
53The Semi-Annual Report 2025 of Shenzhen Nanshan Power Co. Ltd.
Sub-total of cash inflows from
16000000.0057413251.22
financing activities
Cash paid to repay debt 145558036.22 218385088.06
Cash paid for distribution of dividends
1296369.806295552.36
profits or interest payments
Payments of other cash related to
21854159.4115984323.34
financing activities
Sub-total of cash outflows from
168708565.43240664963.76
financing activities
Net cash flows from financing
-152708565.43-183251712.54
activities
IV. Impact of fluctuation in exchange
-629.68118.18
rate on cash and cash equivalents
V. Cash and net increase in cash
-336393349.66-44622888.23
equivalents
Plus: beginning cash and balance of
408963344.55282755408.67
cash equivalents
VI. Ending balance of cash and cash
72569994.89238132520.44
equivalents
Legal representative: Kong Guoliang Chief Accountant: Chen Yuhui Chief Financial Officer: Zhang
Xiaoyin Head of the Finance Department: Lin Xiaojia
54The Semi-Annual Report 2025 of Shenzhen Nanshan Power Co. Ltd.
7. Consolidated statements of changes in owners' equity
Amount in the current period
Unit: RMB
1H25
Owners' equity attributable to the parent company
Item Other equity instruments Less: Other General Minority Total owners'
Special Surplus Undistributed
Share capital Capital reserve treasury comprehensive risk Others Subtotal interests equity Preferred Perpetual
Others reserve reserve profits
shares bonds shares income reserves
I. Closing
balance of the 602762596.00 362770922.10 1683054.57 332908397.60 185255604.81 1485380575.08 22543265.62 1507923840.70
previous year
Plus: changes
in accounting
policies
Correction of
prior period
errors
Others
II. Beginning
balance of the 602762596.00 362770922.10 1683054.57 332908397.60 185255604.81 1485380575.08 22543265.62 1507923840.70
current year
III. Changes in
the current
period
1366324.141307873.10-20386617.38-17712420.14-3297063.24-21009483.38
(decreases
expressed with
"-")
(I) Total
comprehensive 2719216.40 -21739509.64 -19020293.24 -3297063.24 -22317356.48
income
(II) Owner's
investment and
reductions in
capital
1. Ordinary
shares invested
by owners
55The Semi-Annual Report 2025 of Shenzhen Nanshan Power Co. Ltd.
2. Capital
invested by
other equity
instruments
holders
3. Share-based
payments
included in
owners' equity
4. Others
(III) Profit
distribution
1. Withdrawal
of surplus
reserve
2. Withdrawal
of general risk
reserve
3. Distributions
to owners (or
shareholders)
4. Others
(IV) Internal
transfer of -1352892.26 1352892.26
owners' equity
1. Capital
reserve
converted into
capital (or
share capital)
2. Surplus
reserve
converted into
capital (or
share capital)
3. Surplus
reserve to
cover losses
4. Changes in
benefit plans
56The Semi-Annual Report 2025 of Shenzhen Nanshan Power Co. Ltd.
transferred to
retained
earnings
5. Other
comprehensive
income
-1352892.261352892.26
transferred to
retained
earnings
6. Others
(V) Special
1307873.101307873.101307873.10
reserve
1. Withdrawal in
the current 3056749.98 3056749.98 3056749.98
period
2. Usage in the
1748876.881748876.881748876.88
current period
(VI) Others
IV. Ending
balance in the 602762596.00 362770922.10 3049378.71 1307873.10 332908397.60 164868987.43 1467668154.94 19246202.38 1486914357.32
current period
Legal representative: Kong Guoliang Chief Accountant: Chen Yuhui Chief Financial Officer: Zhang Xiaoyin Head of the Finance Department: Lin Xiaojia
Amount in the previous period
Unit: RMB
1H24
Minority Total owners'
Owners' equity attributable to the parent company
interests equity
Item
Other equity instruments Less: Other General
Special Surplus Undistributed
Share capital Preferred Perpetual Capital reserve treasury comprehensive risk Others Subtotal
Others reserve reserve profits
shares bonds shares income reserves
I. Closing
-
balance of the 602762596.00 362770922.10 -2500000.00 332908397.60 163346776.24 1459288691.94 1390813361.65
68475330.29
previous year
Plus: changes
in accounting
policies
57The Semi-Annual Report 2025 of Shenzhen Nanshan Power Co. Ltd.
Correction of
prior period
errors
Others
II. Beginning
-
balance of the 602762596.00 362770922.10 -2500000.00 332908397.60 163346776.24 1459288691.94 1390813361.65
68475330.29
current year
III. Changes in
the current
1486848.46-37851109.90-36364261.44-2811034.96-39175296.40
period ("-" for
decrease)
(I) Total
comprehensive -37851109.90 -37851109.90 -2811034.96 -40662144.86
income
(II) Owner's
investment and
reductions in
capital
1. Ordinary
shares invested
by owners
2. Capital
invested by
other equity
instruments
holders
3. Share-based
payments
included in
owners' equity
4. Others
(III) Profit
distribution
1. Withdrawal
of surplus
reserve
2. Withdrawal
of general risk
reserve
58The Semi-Annual Report 2025 of Shenzhen Nanshan Power Co. Ltd.
3. Distributions
to owners (or
shareholders)
4. Others
(IV) Internal
transfer of
owners' equity
1. Capital
reserve
converted into
capital (or
share capital)
2. Surplus
reserve
converted into
capital (or
share capital)
3. Surplus
reserve to
cover losses
4. Changes in
benefit plans
transferred to
retained
earnings
5. Other
comprehensive
income
transferred to
retained
earnings
6. Others
(V) Special
1486848.461486848.461486848.46
reserve
1. Withdrawal
in the current 2811200.91 2811200.91 2811200.91
period
2. Usage in the
1324352.451324352.451324352.45
current period
(VI) Others
59The Semi-Annual Report 2025 of Shenzhen Nanshan Power Co. Ltd.
IV. Ending
-
balance in the 602762596.00 362770922.10 -2500000.00 1486848.46 332908397.60 125495666.34 1422924430.50 1351638065.25
71286365.25
current period
Legal representative: Kong Guoliang Chief Accountant: Chen Yuhui Chief Financial Officer: Zhang Xiaoyin Head of the Finance Department: Lin Xiaojia
8. Statement of changes in owners' equity of the parent company
Amount in the current period
Unit: RMB
1H25
Other equity instruments
Item Other Less: treasury Special Undistributed Total owners'
Share capital Preferred Perpetual Capital reserve comprehensive Surplus reserve Others
Others shares reserve profits equity
shares bonds income
I. Closing balance of the previous
602762596.00289963039.70332908397.60622717765.311848351798.61
year
Plus: changes in accounting policies
Correction of prior period errors
Others
II. Beginning balance of the current
602762596.00289963039.70332908397.60622717765.311848351798.61
year
III. Changes in the current period
1307873.10-17811458.88-16503585.78
(decreases expressed with "-")
(I) Total comprehensive income -17811458.88 -17811458.88
(II) Owner's investment and
reductions in capital
1. Ordinary shares invested by
owners
2. Capital invested by other equity
instruments holders
3. Share-based payments included in
owners' equity
4. Others
60The Semi-Annual Report 2025 of Shenzhen Nanshan Power Co. Ltd.
(III) Profit distribution
1. Withdrawal of surplus reserve
2. Distributions to owners (or
shareholders)
3. Others
(IV) Internal transfer of owners' equity
1. Capital reserve converted into
capital (or share capital)
2. Surplus reserve converted into
capital (or share capital)
3. Surplus reserve to cover losses
4. Changes in benefit plans
transferred to retained earnings
5. Other comprehensive income
transferred to retained earnings
6. Others
(V) Special reserve 1307873.10 1307873.10
1. Withdrawal in the current period 3056749.98 3056749.98
2. Usage in the current period 1748876.88 1748876.88
(VI) Others
IV. Ending balance in the current
602762596.00289963039.701307873.10332908397.60604906306.431831848212.83
period
Legal representative: Kong Guoliang Chief Accountant: Chen Yuhui Chief Financial Officer: Zhang Xiaoyin Head of the Finance Department: Lin Xiaojia
61The Semi-Annual Report 2025 of Shenzhen Nanshan Power Co. Ltd.
Amount in the previous period
Unit: RMB
1H24
Other equity instruments
Item Less: Other Special Undistributed Total owners'
Share capital Preferred Perpetual Capital reserve treasury comprehensive Surplus reserve Others
Others reserve profits equity
shares bonds shares income
I. Closing balance of the previous
602762596.00289963039.70332908397.60618813953.671844447986.97
year
Plus: changes in accounting policies
Correction of prior period errors
Others
II. Beginning balance of the current
602762596.00289963039.70332908397.60618813953.671844447986.97
year
III. Changes in the current period ("-"
1486848.46-1487652.74-804.28
for decrease)
(I) Total comprehensive income -1487652.74 -1487652.74
(II) Owner's investment and
reductions in capital
1. Ordinary shares invested by
owners
2. Capital invested by other equity
instruments holders
3. Share-based payments included in
owners' equity
4. Others
(III) Profit distribution
1. Withdrawal of surplus reserve
2. Distributions to owners (or
shareholders)
3. Others
(IV) Internal transfer of owners' equity
1. Capital reserve converted into
capital (or share capital)
62The Semi-Annual Report 2025 of Shenzhen Nanshan Power Co. Ltd.
2. Surplus reserve converted into
capital (or share capital)
3. Surplus reserve to cover losses
4. Changes in benefit plans
transferred to retained earnings
5. Other comprehensive income
transferred to retained earnings
6. Others
(V) Special reserve 1486848.46 1486848.46
1. Withdrawal in the current period 2794219.78 2794219.78
2. Usage in the current period 1307371.32 1307371.32
(VI) Others
IV. Ending balance in the current
602762596.00289963039.701486848.46332908397.60617326300.931844447182.69
period
Legal representative: Kong Guoliang Chief Accountant: Chen Yuhui Chief Financial Officer: Zhang Xiaoyin Head of the Finance Department: Lin Xiaojia
63The Semi-Annual Report 2025 of Shenzhen Nanshan Power Co. Ltd.
Shenzhen Nanshan Power Co. Ltd.Notes to the 2025 Semi-Annual Financial Statements
(Unless otherwise specified the monetary unit is RMB)
I. Basic information of the Company
(I) Company profile
Shenzhen Nanshan Power Co. Ltd. (the Company) was reorganized and established from a foreign
investment enterprise to a joint stock limited company on November 25 1993 with the approval of the
General Office of the Shenzhen Municipal People's Government under document SFBF [1993] No. 897.As approved by the Shenzhen Securities Administration Office under documents SZBF [1993] No. 179
and [1994] No. 233 the Company issued 40 million RMB ordinary shares and 37 million domestically
listed foreign shares to domestic and overseas investors respectively on January 3 1994. On July 1
1994 and November 28 1994 the RMB ordinary shares (A shares) and domestically listed foreign
shares (B shares) issued by the Company were listed and traded on Shenzhen Stock Exchange.The Company's main business is the production and operation of power supply and heating as well as
technical consultation and technical services related to power plant (station). The Company's registered
address is located at No. 2097 Moon Bay Avenue Nanshan District Shenzhen Guangdong. The
Company's headquarters office is located at 16F/17F Hantang Building Overseas Chinese Town
Nanshan District Shenzhen Guangdong.The financial statements were approved for disclosure by the Board of Directors of the Company on
August 20 2025.(II) Scope of consolidated financial statements
As of June 30 2025 the subsidiaries within the scope of the Company's consolidated financial
statements are as follows:
Subsidiary (enterprise) name Shareholding ratio % Remark
Shenzhen Nanshan Power (Zhongshan) Power Co. Ltd. ("Shenzhen
80.00
Nanshan Power Zhongshan Company")
Shenzhen Nanshan Power Gas Turbine Engineering Technology (Shenzhen)
100.00
Co. Ltd. ("Shenzhen Nanshan Power Engineering Company")
Shenzhen Nanshan Power Environmental Protection (Shenzhen) Co. Ltd.
100.00
("Shenzhen Nanshan Power Environmental Protection Company")
Shenzhen Xiefu Energy Co. Ltd. ("Xiefu Company") 50.00
Shenzhen New Power Industrial Co. Ltd. ("New Power Company") 100.00
Shennan Energy (Singapore) Co. Ltd. ("Singapore Company") 100.00
Hong Kong Hing Tak Shing Limited ("Hing Tak Shing") 100.00
Shenzhen Nanshan Power Xiwan Energy (Zhongshan) Co. Ltd. 51.00
Note: During the reporting period Zhuhai Hengqin Zhuozhi Investment Partnership (Limited
Partnership) has been liquidated and deregistered and is no longer included in the scope of the
consolidated financial statements.II. Basis for the preparation of financial statements
Based on the continuing operation and according to the actual transactions and events the Company
prepares the financial statements in accordance with "the Accounting Standards for Business
64The Semi-Annual Report 2025 of Shenzhen Nanshan Power Co. Ltd.
Enterprises - Basic Standards " promulgated by the Ministry of Finance and various specific accounting
standards application guidelines for accounting standards for business enterprises interpretations and
other relevant provisions for accounting standards for business enterprises (hereinafter collectively
referred to as the "Accounting Standards for Business Enterprises") as well as the disclosure
provisions by " General Provisions on Financial Reporting No. 15 of the Rules for Information
Disclosure and Presentation by Companies that Publicly Issue Securities" issued by the China
Securities Regulatory Commission.The Company has no events or circumstances that cast significant doubt on the going-concern ability
within 12 months from the end of the reporting period.III. Important accounting policies and accounting estimates
Based on its actual production and operation characteristics and the provisions of relevant Accounting
Standards for Business Enterprises the Company has formulated several specific accounting policies
and accounting estimates which are mainly reflected in the Provision for Bad Debts of Accounts
Receivable (Note III (XI) 6) Inventories (Note III (XII)) Fixed Assets (Note III (XVII)) Long-term
Deferred Expenses (Note III (XXIII)) Revenue Recognition and Measurement (Note III (XXVIII))
Special Reserves (Note III (XXXIII)) etc.(I) Statement on compliance with Accounting Standards for Business Enterprises
The financial statements comply with the requirements of Accounting Standards for Business
Enterprises promulgated by the Ministry of Finance and truly and completely reflect the Company's
consolidated and parent company's financial status as of June 30 2025 as well as the consolidated
and parent company's operating results and cash flows for the year ended June 30 2025.(II) Accounting period
A fiscal year begins on January 1 and ends on December 31 of the Gregorian calendar.(III) Operating cycle
The Company's operating cycle is 12 months and the operating cycle is used as the liquidity
classification standard for assets and liabilities.(IV) Recording currency
The Company uses RMB as the recording currency.(V) Materiality criteria determination method and selection basis
Item Materiality criterion
Significant individual provision for bad debts of accounts
Original book value is greater than RMB 1 million
receivable
The amount of individual provision for bad debts of
Significant provision for bad debts of accounts receivable
accounts receivable recovered or reversed exceeds
recovered or reversed in the current period
RMB 1 million
The write-off amount of individual accounts receivable
Write-off of significant accounts receivable
exceeds RMB 1 million
Important construction in progress The individual amount is greater than RMB 5 million
Significant estimated liabilities The individual amount is greater than RMB 5 million
(VI) Accounting treatments for business combinations under common control and not under
common control
For a business combination under common control the assets and liabilities acquired by the combining
party in a business combination are measured at the book value of the assets and liabilities of the
combined party at the combination date (including goodwill resulting from the acquisition of the
65The Semi-Annual Report 2025 of Shenzhen Nanshan Power Co. Ltd.
combined party by the ultimate controller) in the consolidated financial statements of the ultimate
controller. The difference between the book value of net assets acquired in the combination and the
book value of the combination consideration paid (or the total nominal value of shares issued) is
adjusted to the equity premium in capital reserve or to retained earnings if the equity premium in capital
reserve is not sufficient for elimination.For a business combination not under common control the assets given liabilities incurred or assumed
by the purchaser as consideration for the business combination are measured at fair value at the
purchase date and the difference between the fair value and its book value is recognized in current
profit or loss. Goodwill is recognized if the combination cost is greater than the difference in the share of
fair value of identifiable net assets of the acquiree acquired in the combination; Current profit or loss is
recognized if the combination cost is lower than the difference in the share of fair value of identifiable
net assets of the acquiree acquired in the combination.Costs directly related to business combinations are recognized in current profit or loss as incurred;
transaction costs for the issuance of equity securities or debt securities for business combinations are
presented in the amount initially recognized for equity securities or debt securities.(VII) Method of preparation for consolidated financial statements
1. Consolidation scope
The consolidation scope of the consolidated financial statements is determined based on control and
covers the Company and all subsidiaries.
2. Consolidation procedure
The Company prepares consolidated financial statements based on its own financial statements and
those of its subsidiaries' and other relevant information. When the Company prepares consolidated
financial statements it treats the entire enterprise group as an accounting entity and reflects the overall
financial status operating results and cash flows of the enterprise group in accordance with the
recognition measurement and presentation requirements of relevant Accounting Standards for
Business Enterprises and in accordance with unified accounting policies.Accounting policies and accounting periods adopted by all subsidiaries included in the consolidation
scope of consolidated financial statements are consistent with those of the Company. If accounting
policies and accounting periods adopted by subsidiaries are inconsistent with those of the Company
necessary adjustments are made when preparing consolidated financial statements in accordance with
the Company's accounting policies and accounting periods. For a subsidiary acquired through business
combination not under common control its financial statements are adjusted based on fair value of
identifiable net assets on the purchase date. For a subsidiary acquired through business combination
under common control adjustments are made to its financial statements based on the book value of its
assets and liabilities (including goodwill resulting from acquisition of the subsidiary by ultimate
controller) in the ultimate controller's financial statements.The subsidiary's owners' equity current net profit or loss and current comprehensive income belonging
to minority shareholders are presented under the item of owners' equity in the consolidated balance
sheet under the item of net profit and under the item of total comprehensive income in the consolidated
income statement respectively. The balance resulting from the excess of the minority shareholders'
share of the current loss of a subsidiary over the minority's share of the subsidiary's owners' equity at
the beginning of the period is used to offset the minority interests.
(1) Increases in subsidiaries or businesses
If there are increases in subsidiaries or businesses as a result of business combination under common
control during the reporting period the beginning balance of the consolidated balance sheet is adjusted;
Include revenue expenses and profits of subsidiaries or business combinations from the beginning of
66The Semi-Annual Report 2025 of Shenzhen Nanshan Power Co. Ltd.
the current period to the end of the reporting period in the consolidated income statement; Include cash
flows from the beginning of the period to the end of the reporting period of subsidiaries or business
combinations in the consolidated statement of cash flows and adjust the relevant line items in the
comparative statements to deem the consolidated reporting entity to have been in existence since the
time point at which the ultimate controller began to control.If control can be exercised over an investee under common control as a result of an additional
investment etc. the parties involved in the combination are deemed to have been adjusted based on
their current status when the ultimate controller began to control. For equity investments held prior to
the acquisition of right of control of the combined party the relevant profit or loss other comprehensive
income and other changes in net assets have been recognized between the later of the combination
date of the original equity and the date on which the merging party and the merged party were under
common control and the combination date whichever is later and are offset against the beginning
retained earnings or current profit or loss of comparative statements period.If there are increases in subsidiaries or businesses as a result of a business combination not under
common control during the reporting period the beginning balance of the consolidated balance sheet
will not be adjusted; Include revenue expenses and profits of subsidiary or business from the purchase
date to the end of the reporting period in consolidated income statement; Include the cash flows of the
subsidiary or business from the purchase date to the end of the reporting period in the consolidated
statement of cash flows.If the Company can control an investee that is not under common control as a result of additional
investment etc. the Company remeasures the acquiree's equity interest held prior to the purchase date
at the fair value of the equity interest at the purchase date of the equity interest. The difference between
the fair value and its book value is recognized in current investment income. If the equity interest in the
acquiree held prior to the purchase date is related to other comprehensive income accounted for under
the equity method and other changes in owners' equity other than net profit or loss other
comprehensive income and profit distribution the other comprehensive income and other changes in
owners' equity related to them are transferred to investment income for the period in which they are
held at the purchase date except for other comprehensive income due to the remeasurement of the
investee's net liabilities under defined benefit plans or changes in net assets.
(2) Disposal of subsidiaries or businesses
* General treatment method
If the Company disposes the subsidiary or business during the reporting period the revenue expenses
and profits of the subsidiary or business from the beginning of the period to the date of disposal are
included in the consolidated income statement; Cash flows of the subsidiary or business from the
beginning of the period to the date of disposal are included in the consolidated statement of cash flows.When the Company loses right of control over the investee due to the disposal of part of the equity
investments or other reasons the Company remeasures the remaining equity investments after the
disposal according to its fair value on the date of loss of control. The difference between the sum of the
consideration received for the disposal of equity interest and the fair value of the remaining equity
interest less the sum of the share of the original subsidiary's net assets continuously measured from the
purchase date or the combination date based on the original shareholding ratio and goodwill is
recognized as investment income in the period in which the loss of control occurs. Other
comprehensive income related to equity investments in subsidiaries or other changes in owners' equity
other than net profit or loss other comprehensive income and profit distribution are transferred to
investment income in the current period upon loss of control except for other comprehensive income
due to remeasurement of net liabilities under defined benefit plans or changes in net assets by the
investee.
67The Semi-Annual Report 2025 of Shenzhen Nanshan Power Co. Ltd.
If the Company's shareholding ratio decreases due to other investors' capital increase in the subsidiary
and the Company loss of control accounting treatment is carried out in accordance with the above
principles.* Disposal of subsidiaries in stages
For the disposal of equity investments in subsidiaries through multiple transactions in stages until the
loss of control it generally indicates that multiple transactions are accounted for as a package of
transactions if the terms conditions and economic effects of each transaction of such disposal of equity
investments in subsidiaries meet one or more of the following circumstances:
i. such transactions are entered into simultaneously or with consideration of their effects on each other;
ii. such transactions can only achieve a complete business result when taken as an entirety;
iii. The occurrence of a transaction depends on the occurrence of at least one other transaction;
iv. a transaction is uneconomical when considered in isolation but economical when considered in
conjunction with other transactions.If the transactions that dispose of the equity investments in subsidiaries until of loss of control belongs
to a package of transactions the Company account for each transaction as a transaction in which
subsidiary is disposed of and loss of control; however the difference between the disposal price and the
net asset share of the subsidiary corresponding to the disposal of the investment in each case prior to
the loss of control is recognized in the consolidated financial statements as other comprehensive
income and transferred to current profit or loss in the period in which the loss of control occurs.If various transactions involving the disposal of equity investments in subsidiaries until loss of control do
not belong to a package of transactions prior to the loss of control accounting treatment is performed
in accordance with the relevant policies for partial disposal of equity investments in subsidiary without
loss of control; Upon loss of control accounting treatment is performed in accordance with general
method for disposal subsidiary.
(3) Purchase of minority interests in subsidiaries
The difference between the newly acquired long-term equity investments resulting from the purchase of
minority interests and the Company's net asset share of the subsidiaries calculated on the basis of the
ratio of the newly acquired shares in the subsidiaries' net assets on an ongoing basis from the purchase
date (or the combination date) is adjusted to the equity premium in the capital reserve in the
consolidated balance sheet or to the retained earnings if the equity premium in the capital reserve is
insufficient to offset the difference.
(4) Partially dispose of equity investments in subsidiaries without loss of control
The difference between the disposal price obtained from the partial disposal of long-term equity
investments in subsidiaries without loss of control and the corresponding subsidiaries' net asset share
on a continuing basis from the purchase date (or the combination date) of the long-term equity
investments disposed of is adjusted to the equity premium in the capital reserve in the consolidated
balance sheet or to the retained earnings if the capital reserve is insufficient to offset the difference.(VIII) Joint venture arrangements classification and accounting treatments
Joint venture arrangements are divided into joint operations and joint ventures.When the Company is a joint party to joint venture arrangements is entitled to the assets and assumes
the liabilities related to the arrangements it is a joint operation.The Company confirms the following items related to the interest share in joint operations and performs
accounting treatments in accordance with the relevant Accounting Standards for Business Enterprises:
(1) recognizing assets held separately by the Company and recognizing jointly held assets based on
68The Semi-Annual Report 2025 of Shenzhen Nanshan Power Co. Ltd.
the Company's share;
(2) recognizing liabilities borne separately by the Company and recognizing liabilities borne jointly
based on the Company's share;
(3) recognizing revenue from the sale of the Company's share of joint operations outputs;
(4) recognizing revenue from joint operations arising from the sale of output based on the Company's
share;
(5) recognizing expenses incurred independently and recognizing expenses incurred by joint
operations based on the Company's share.See Note "III (XV) Long-term equity investments" for the accounting policies of the Company's
investment in joint ventures.(IX) Determination criteria for cash and cash equivalents
When preparing the statement of cash flows the Company's cash on hand and deposits that can be
used for payment at any time are recognized as cash. Investments that meet the four conditions of
short term (due within three months from the purchase date) strong liquidity easy conversion into
known amounts of cash and small risk of value changes are determined as cash equivalents.(X) Foreign currency transactions and translation of foreign currency statements
1. Foreign currency transactions
Foreign currency transactions are recorded using the spot exchange rate at the transaction date as the
translation rate to convert the foreign currency amount into RMB.The balance of foreign currency monetary items on the balance sheet date is translated at spot
exchange rate on balance sheet date. The resulting exchange differences are recognized in current
profit or loss except for those arising from foreign-currency special borrowings related to the acquisition
and construction of assets eligible for capitalization which are treated in accordance with the principle
of capitalization of borrowing costs.
2. Translation of foreign currency financial statements
Assets and liability items in the balance sheet are translated using spot exchange rate on the balance
sheet date; Owners' equity items except for "undistributed profits" are translated at spot exchange rate
at the time of occurrence. Revenue and expense items in the income statement are translated at spot
exchange rate on the transaction date.When disposing of an overseas operation the difference arising from the translation of foreign-currency
financial statements related to the overseas operation is transferred from owners' equity items to the
current profit or loss in the period of disposal.(XI) Financial instruments
Financial instruments include financial assets financial liabilities and equity instruments.
1. Classification of financial instruments
Based on the Company's business model for managing financial assets and the contract cash flows
characteristics of financial assets financial assets are classified upon initial recognition into: financial
assets measured at amortized costs financial assets measured at fair value with changes included in
other comprehensive income financial assets (debt instruments) and financial assets measured at fair
value with changes included in current profit or loss.Financial assets with a business model whose objective is to collect the contractual cash flows and
whose contract cash flows consist solely of payments of principal and interest based on the principal
amount outstanding are classified as financial assets measured at amortized costs; Financial assets
69The Semi-Annual Report 2025 of Shenzhen Nanshan Power Co. Ltd.
with a business model whose objective is both to collect the contractual cash flows and to sell the
financial assets and whose contract cash flows consist solely of payments of principal and interest
based on the principal amount outstanding are classified as financial assets at fair value with changes
included in other comprehensive income (debt instruments); Other financial assets beyond these are
classified as financial assets measured at fair value with changes included in current profit or loss.For investments in non-trading equity instruments the Company determines upon initial recognition
whether to designate them as financial assets (equity instruments) measured at fair value with changes
included in other comprehensive income. At the time of initial recognition in order to eliminate or
significantly reduce accounting mismatches financial assets can be designated as financial assets
measured at fair value through the current profit or loss. According to the above conditions the financial
assets designated by the Company mainly include: (specifically describe the designated situation)
Financial liabilities are classified upon initial recognition into: financial liabilities measured at fair value
with changes included in current profit or loss and financial liabilities measured at amortized costs.Financial liabilities that meet one of the following conditions can be designated upon initial
measurement as financial liabilities measured at fair value with changes included in current profit or
loss:
1) Such designation can eliminate or significantly reduce accounting mismatches.
2) According to the enterprise risk management or investment strategies stated in formal written
documents the Company manages and evaluates the performance of the financial liabilities portfolio or
the portfolio of financial assets and financial liabilities on the basis of the fair value and reports to the
key officers within the enterprise on this basis.
3) The financial liabilities contain embedded derivative instruments that need to be separately split.
In accordance with the above conditions such financial liabilities designated by the Company mainly
include: (specifically describe the circumstances specified)
2. Recognition basis and measurement method for financial instruments
(1) Financial assets measured at amortized costs
Financial assets measured at amortized costs including notes receivable accounts receivable other
receivables long-term receivables debt investments etc. are initially measured at fair value with
related transaction costs included in the initial recognition amount; accounts receivable that do not
contain significant financing components and accounts receivable that the Company decides not to
consider the financing components of less than one year are initial measurement at the contract
transaction prices.Interest calculated using the effective interest method during the holding period is included in current
profit or loss.When financial assets are recovered or disposed of the difference between the price obtained and the
book value of the financial assets is recorded in current profit or loss.
(2) Financial assets (debt instruments) measured at fair value with changes included in other
comprehensive incomes.Financial assets (debt instruments) measured at fair value with changes included in other
comprehensive income including receivables financing other debt investments etc. are initially
measured at fair value with related transaction costs included in the initial recognition amount. The
subsequent measurement of the financial assets is carried out at fair value with fair value changes
recognized in other comprehensive income except for interest calculated using the effective interest
method impairment losses or gains and foreign exchange profit or loss.
70The Semi-Annual Report 2025 of Shenzhen Nanshan Power Co. Ltd.
On derecognition accumulated gains or losses previously included in other comprehensive income are
transferred out of other comprehensive income and included in current profit or loss.
(3) Financial assets (equity instruments) measured at fair value with changes included in other
comprehensive income
Financial assets (equity instruments) measured at fair value with changes included in other
comprehensive income including other investments in equity instruments etc. are initially measured at
fair value with related transaction costs included in the initial recognition amount. The subsequent
measurement of the financial assets is carried out at fair value with fair value changes included in other
comprehensive income. Dividend received is included in current profit or loss.On derecognition accumulated gains or losses previously included in other comprehensive income are
transferred out of other comprehensive income and included in retained earnings.
(4) Financial assets measured at fair value with changes included in current profit or loss
Financial assets measured at fair value with changes included in current profit or loss including financial
assets held for trading derivative financial assets other non-current financial assets etc. are initially
measured at fair value with related transaction costs included in current profit or loss. The subsequent
measurement of the financial assets is carried out at fair value with fair value changes included in
current profit or loss.
(5) Financial liabilities measured at fair value with changes included in current profit or loss
Financial liabilities measured fair value with changes included in current profit or loss including financial
liabilities held for trading derivative financial liabilities etc. are initially measured at fair value with
related transaction costs included in current profit or loss. The subsequent measurement of the financial
liabilities is carried out at fair value with fair value changes included in current profit or loss.On derecognition the difference between the book value and the consideration paid is included in
current profit or loss.
(6) Financial liabilities measured at amortized costs
Financial liabilities measured at amortized costs including short-term borrowings notes payable
accounts payable other payables long-term borrowings bonds payable and long-term payables are
initially measured at fair value with related transaction costs included in the initial recognition amount.Interest calculated using the effective interest method during the holding period is included in current
profit or loss.On derecognition the difference between the consideration paid and the book value of the financial
liabilities is included in current profit or loss.
3. Recognition basis and measurement method for transfer of financial assets
The Company assesses the extent to which it retains the risks and rewards of ownership of financial
assets when a transfer of financial assets occurs and treats them as follows respectively:
(1) If substantially all the risks and rewards of ownership of financial assets are transferred the financial
assets are derecognized and rights and obligations arising from or retained in the transfer are
recognized separately as assets or liabilities.
(2) If substantially all the risks and rewards of ownership of financial assets are retained the financial
assets continue to be recognized.
(3) If the Company neither transfers nor retains substantially all risks and rewards of ownership financial
assets (i.e. in cases other than those in (1) and (2) of this Article) it treats the financial assets
according to whether or not it retains control over the financial asset respectively as follows:
71The Semi-Annual Report 2025 of Shenzhen Nanshan Power Co. Ltd.
1) If control over the financial assets is not retained the financial assets are derecognized and the
rights and obligations arising from or retained in the transfer are recognized separately as assets or
liabilities.
2) If control of financial assets is retained the financial assets continue to be recognized to the extent of
continued involvement in the transferred financial assets and related liabilities are recognized
accordingly. The extent of continued involvement in the transferred financial assets is the extent to
which the Company bears the risk or rewards of changes in the value of the transferred financial
assets.In determining whether the transfer of financial assets satisfies the above conditions for derecognition
of financial assets the principle of substance over form is applied. The Company distinguishes between
transfer of financial assets in their entirety and partial transfer of financial assets.
(1) When the financial assets are transferred in their entirety to satisfy the conditions for derecognition
the difference between the following two amounts is recognized in current profit or loss:
1) The book value of transferred financial assets on the derecognition date.
2) The sum of the consideration received for the transfer of the financial assets and the amount
corresponding to the derecognized part of the cumulative fair value changes included directly in other
comprehensive income (the financial assets involved in the transfer are financial assets at fair value
with changes included in other comprehensive income).
(2) If financial assets are partially transferred and the transferred part as a whole meets conditions for
derecognition the book value of the entire financial assets before the transfer is divided between the
derecognized part and the continued recognition part (in this case the retained service assets are
deemed to continue to be recognized as part of financial assets) are amortized according to their
respective relative fair values on the transfer date and the difference between the following two
amounts is included in current profit or loss:
1) The book value of derecognized part on the derecognition date.
2) The sum of the consideration received for the derecognized part and the amount corresponding to
the derecognized part of the cumulative amount of fair value changes originally included in other
comprehensive income (the financial assets involved in the transfer are financial assets at fair value
with changes included in other comprehensive income).If the transfer of financial assets does not satisfy the conditions for derecognition the financial assets
continue to be recognized and the consideration received is recognized as financial liabilities.
4. Conditions for derecognition of financial liabilities
If the current obligations for financial liabilities are fully or partially discharged the financial liabilities or
a part thereof are derecognized; If the Company enters into an agreement with a creditor to replace the
existing financial liabilities by assuming new financial liabilities and the contractual terms of the new
financial liabilities are substantially different from those of the existing financial liabilities the existing
financial liabilities are derecognized and the new financial liabilities are recognized simultaneously.If all or part of the contractual terms of the existing financial liabilities are substantially modified the
existing financial liabilities or a part thereof are derecognized and the modified financial liabilities are
recognized as new financial liabilities.When financial liabilities are fully or partially derecognized the difference between the book value of the
derecognized financial liabilities and the consideration paid (including non-cash assets transferred out
or new financial liabilities assumed) is recognized in current profit or loss.If the Company repurchases part of financial liabilities it allocates the overall book value of the financial
liabilities based on the relative fair values of the continued recognition part and derecognized part on
72The Semi-Annual Report 2025 of Shenzhen Nanshan Power Co. Ltd.
the repurchase date. The difference between the book value allocated to the derecognized part and the
consideration paid (including non-cash assets transferred out or new financial liabilities assumed) is
recognized in current profit or loss.
5. Methods for determining fair values of financial assets and financial liabilities
For financial instruments that have an active market their fair values are determined based on the
quoted price in the active market. For financial instruments that do not have active market their fair
values are determined by valuation techniques. In valuing the fair value the Company uses valuation
techniques that are applicable in the current circumstances and are supported by sufficient available
data and other information selects inputs that are consistent with the characteristics of the assets or
liabilities that would be considered by a market participant in a transaction for the underlying assets or
liabilities and prioritizes the use of relevant observable inputs. Non-observable inputs are used only
when relevant observable inputs are not available or not practicable to obtain.
6. Test method and accounting treatment method of financial assets impairment
The Company estimates expected credit losses on financial assets measured at amortized costs and
financial assets measured at fair value with changes included in other comprehensive income (debt
instruments) either individually or in combination taking into account all reasonable and supportable
information including forward-looking information. The measurement of expected credit losses depends
on whether a significant increase in credit risk has occurred in the financial assets since initial
recognition.The Company uses a simplified measurement method to measure loss provision based on expected
credit losses over the entire life of all notes receivable contract assets accounts receivable and lease
receivables generated from daily operating activities such as sales of goods and provision of services
that are regulated by the revenue standard; for notes receivable receivables financing and other
receivables classified as portfolio other than these the Company calculates expected credit losses by
reference to historical credit loss experience current conditions and projections of future economic
conditions by using default risk exposures and expected credit loss over the life of the instruments rate
within the next 12 months or over the entire duration.In addition to the above-mentioned simplified measurement methods and various other receivables and
temporary payments other than purchased or originated credit loss the Company evaluates on balance
sheet date whether credit risk of relevant financial instruments has increased significantly since the
initial recognition measures its provision for losses and recognizes expected credit losses and changes
therein respectively.
(1) Recognition criteria and methods for provision for provision for bad debts of accounts receivable
with individually insignificant amount but individual provision for bad debts
The Company conducts separate impairment tests on accounts receivable with significant individual
amounts and conducts separate impairment tests on financial assets that have not been impaired and
includes them in financial assets portfolio with similar credit risk characteristics. Accounts receivable for
which impairment losses are recognized in individual test are no longer included in the portfolio of
accounts receivable with similar credit risk characteristics for impairment testing.
(2) Accounts receivable with individually insignificant amount but individual provision for bad debts
For accounts receivable whose individual amounts are not significant but have the following
characteristics such as: accounts receivable that are in dispute with the other party or involved in
litigation or arbitration; The debtor fails to be contacted and there is no third-party pursuer; The
accounts receivable that have obvious signs that the debtor is likely to be unable to fulfill its repayment
obligations shall be subject to a separate impairment test. If any object evidence proving the existence
of impairment impairment loss is recognized and provision for impairment is made at the difference
between present value of future cash flows and their book value.
73The Semi-Annual Report 2025 of Shenzhen Nanshan Power Co. Ltd.
(3) Determination basis and calculation method of accounts receivable whose expected credit losses
are calculated based on credit risk portfolio
When sufficient evidence of expected credit losses cannot be assessed at a reasonable cost at the
individual instrument level the Company divides notes receivable accounts receivable other
receivables and contract assets into portfolios based on credit risk characteristics by referring to
historical credit loss experience taking into account current conditions as well as judgments of future
economic conditions and calculates expected credit losses on a portfolio basis.Name of portfolios Basis for determining the portfolio
Portfolio I Portfolio of bank acceptance bills
Portfolio II Receivables from power production and sales
Portfolio III Integrated energy service receivables
Consolidated accounts receivable from related parties other receivables
Portfolio IV
and contract asset portfolios
Portfolio V Margin security deposit and petty cash portfolio
Portfolio VI Export tax rebate VAT refunded upon collection and other tax portfolios
Portfolio VII Other receivables and temporary payments other than the above portfolios
(XII) Inventories
1. Classification of inventories
The Company's main business is the power production and sale of power. The Company's inventories
mainly consist of materials and supplies consumed in the course of production or rendering of services
mainly including fuel raw materials spare parts and maintenance equipment etc.
2. Valuation method for dispatched inventories
Inventories are initially measured at the cost when acquired but measured at weighted average method
when dispatched.
3. Basis for determining net realizable value of different categories of inventories
For goods inventories for direct sale including finished products stock commodities and materials for
sale their net realizable values shall be recognized at the estimated selling prices minus the estimated
selling and distribution expenses and the relevant taxes and surcharges in the course of normal
production and operation; For material inventories required for process in the course of normal
production and operation their net realizable values are recognized at the estimated selling prices of
finished products minus estimated costs until completion selling and distribution expenses and relevant
taxes and surcharges; For inventories held to execute sales contract or service contract their net
realizable values are calculated on the basis of contract price. If the quantities of inventories specified in
sales contracts are less than the quantities held by the Company the net realizable value of the excess
portion of inventories shall be based on general selling prices.Provision for inventory depreciation will be made at the end of the period on an individual basis.However for inventories with large quantities and low unit prices provision for inventory depreciation
are made according to the category of inventories; For the inventories related to the series of products
manufactured and sold in the same area and of which the final use or purpose is identical or similar
thereto and if it is difficult to measure them by separating them from other items the provision for
inventory depreciation reserve shall be made on a consolidation basis.When making provision for inventory depreciation if the factors causing any write-down of inventory
value have disappeared leading to the net realizable values of inventories higher than its book value
the amount of write-down shall be reversed from the original provision for inventory depreciation with
the reversal being included in the current profit or loss.
74The Semi-Annual Report 2025 of Shenzhen Nanshan Power Co. Ltd.
4. Inventory system
The perpetual inventory system is adopted.
5. Amortization method for low-value consumables and packaging materials
(1) Low-value consumables are amortized at lump-sum method.
(2) Packaging materials are amortized at lump-sum method.
(XIII) Contract assets
1. Recognition methods and standards of contract assets
Contract assets refer to the right of the Company to receive consideration for goods or services
transferred to customers and the right depends on factors other than the passage of time. The
Company's unconditional (i.e. subject only to the passage of time) right to receive consideration from
customers is presented separately as accounts receivable.
2. Determination method and accounting treatment method of expected credit losses of
contract assets
For the determination method and accounting treatments of the expected credit losses of the contract
assets please refer to the accounting treatment of the relevant accounts receivable in Note III "(XI) 6.Test method and accounting treatments of financial assets impairment".(XIV) Assets held for sale
1. The Company classifies non-current assets or disposal groups that meet the following
conditions into the category of assets held for sale:
(1) According to the practice of selling such assets or disposal groups in similar transactions they can
be sold immediately under the current conditions;
(2) The sale is highly likely to occur that is the Company has made a resolution on a sale plan and
obtained a firm purchase commitment and the sale is expected to be completed within one year.Where the relevant regulations require the approval of the relevant authority or regulatory department of
the Company before the sale the approval has been obtained.
2. The Company classifies a component that meets one of the following conditions and is
capable of being separately distinguished and the component has been disposed of or
classified as held for sale:
(1) The component represents an independent major business or a separate major business area;
(2) The component is a part of an associated plan to dispose of an independent major business or a
separate major business area;
(3) The component is a subsidiary acquired for resale.
3. Presentation method
The Company presents separately in the balance sheet the assets in the non-current assets or disposal
group held for sale from other assets and the liabilities in the disposal group held for sale from other
liabilities. The assets in the non-current assets held for sale or the disposal group held for sale shall not
be offset against the liabilities in the disposal group held for sale and shall be presented as the current
assets and current liabilities respectively.The Company presents the profit or loss of continuing operations and the profit or loss of discontinued
operations in the income statement separately. For non-current assets or disposal groups held for sale
that do not meet the definition of discontinued operations their impairment losses and reversal amounts
and disposal profit or loss shall be presented as profit or loss from continuing operations. Operating
profit or loss such as impairment losses and reversal amount of discontinued operations and disposal
75The Semi-Annual Report 2025 of Shenzhen Nanshan Power Co. Ltd.
profit or loss shall be presented as the profit or loss from discontinued operations.(XV) Long-term equity investments
1. Judgment criteria for common control and significant influence
Common control refers to the mutual control over certain arrangement based on relevant agreements
however activities related to such arrangement can be decided only when the consensus of the
participating party sharing the right of control is obtained. Where the Company exercises common
control over the investees together with other parties to the joint ventures and enjoys the right on the
investee's net assets the investee is a joint venture of the Company.Significant influence refers to the power to participate in making decisions on the financial and
operating policies of an enterprise but not the power to control or jointly control the formulation of
such policies with other parties. If the Company can exert significant influence on investees investees
shall be associates of the Company.
2. Determination of initial investment cost
(1) Long-term equity investments formed by business combination
Business combination under common control: if the Company pays cash transfers non-cash assets or
assumes debts and issues equity securities as the combination consideration the share of book value
of acquiring the owners' equity of the combined party in the ultimate controller's consolidated financial
statements is taken as the initial investment cost of long-term equity investments on the combination
date. In case the Company can exercise control over the investee under common control for additional
investments or other reasons the initial investment cost of long-term equity investments should be
recognized at the share of book value of net asset of the combined party after the combination in the
consolidated financial statements of the ultimate controller on the combination date. If there is a
difference between the initial investment cost of the long-term equity investments on the combination
date and the sum of the book value of the long-term equity investments before combination and the
book value of the consideration newly paid by shares acquired on the combination date the difference
shall be used to adjust the equity premium; and if the equity premium is insufficient to be offset retained
earnings shall be offset.Business combination not under common control: the Company shall use the combination cost
determined on the purchase date as the initial investment cost of long-term equity investments. If it is
possible to exercise control investees that is not under common control due to additional investment or
other reasons the sum of the book value of the original equity investments plus the cost of the new
investment will be used as initial investment cost accounted under the cost method.
(2) Long-term equity investments obtained through other means
For long-term equity investments acquired from cash payment the initial investment cost is the actually
paid purchasing cost.For the long-term equity investments acquired by issuing equity securities the initial investment cost is
the fair value of the issued equity securities.On the premise that exchange of non-monetary assets is of commercial nature and the fair value of the
asset traded in and out can be measured reliably the initial investment cost of long-term equity
investments traded in with non-monetary asset should be determined according to the fair value of the
asset traded out and relevant taxes and surcharges payable unless any concrete evidence indicates
that the fair value of the asset traded in is more reliable; For exchange of non-monetary assets that do
not meet the above premise the book value of the asset traded out and relevant taxes and surcharges
payable should be recognized as the initial investment cost of the long-term equity investments traded.For long-term equity investments obtained through debt restructuring its book value is determined by
the fair value of the abandoned creditor's right and the other taxes directly attributable to the assets
76The Semi-Annual Report 2025 of Shenzhen Nanshan Power Co. Ltd.
and the difference between the fair value of the abandoned creditor's right and the book value is
included into the current profit or loss.
3. Subsequent measurements and recognition of profit or loss
(1) Long-term equity investments accounted for under the cost method
The Company's long-term equity investments in subsidiary is accounted for under the cost method.Except for the actual price paid for acquisition of investment or the cash dividends or profits contained
in the consideration which have been declared but not yet distributed the Company recognizes the
investment income in the current period at the cash dividends or profits declared by the investee.
(2) Long-term equity investments accounted for under the equity method
Long-term equity investments in associates and joint ventures are accounted for under the equity
method. If the initial investment cost is in excess of the share of fair value of identifiable net assets in
the investee when the investment is made the difference will not be adjusted to the initial investment
cost of long-term equity investments; If the initial investment cost is in short of the share of fair value of
identifiable net assets in the investee when the investment is made the difference will be included in
the current profit or loss.The Company should recognize the investment income and other comprehensive income respectively
in accordance with its share of net profit or loss and other comprehensive income realized by the
investees that it should enjoy or share and adjust the book value of long-term equity investments; The
book value of long-term equity investments will be reduced accordingly in the light of the profits or cash
dividends that the investee declares to distribute; For other changes in the owners' equity of investees
other than net profit or loss other comprehensive income and profit distribution the book value of long-
term equity investments is adjusted and included in owners' equity.When confirming the shares of net profit or loss of the investee which the Company shall enjoy based
on the fair value of the identifiable net assets of the investee at the time of acquisition of the investment
the Company confirms the net profit of the investee after adjustment in accordance with the Company's
accounting policies and the accounting period. During the period when the investment is held if the
investees prepares consolidated financial statements the accounting shall be made based on the
amount attributable to investees in net profit other comprehensive income and other changes in
owners' equity in the consolidated financial statements.The unrealized profit or loss of internal transactions between the Company and associates and joint
ventures shall be offset according to the proportion attributable to the Company and the investment
income shall be recognized on this basis. Unrealized internal transaction loss incurred between the
Company and the investee shall be recognized in full if such loss belongs to the asset impairment loss.If the Company invests or sells assets to associates and joint ventures and the assets constitute
business the accounting treatment shall be made in accordance with the relevant policies disclosed in
"III. (VI) Accounting treatments of business combination under common control and not under common
control" and "III. (VII) Preparation method of consolidated financial statements" in this note.When the Company recognizes the losses of investees that it should share it shall proceed in the
following order: Firstly reduce book value of long-term equity investments. Secondly if the book value
of long-term equity investments is not sufficient to offset it the investment losses will continue to be
recognized to the extent of book value of other long-term interests that essentially constitute a net
investment of the investees to offset the book value of long-term receivables etc. Finally after the
above processing if the enterprise still bears additional obligations according to the investment contract
or agreement the estimated liabilities will be recognized based on the estimated obligations and
included in the current investment losses.
(3) Disposal of long-term equity investments
77The Semi-Annual Report 2025 of Shenzhen Nanshan Power Co. Ltd.
When disposing of long-term equity investments the difference between the book value and the actual
price obtained shall be included in the current profit or loss.When disposing of long-term equity investments accounted for under the equity method the portion
originally included in other comprehensive income will be accounted for in a corresponding ratio on the
same basis as the investees' direct disposal of relevant assets or liabilities. The owners' equity
recognized due to the changes in owners' equity other than net profit or loss other comprehensive
income and profit distribution shall be carried forward to the current profit or loss on a proportional
basis except for other comprehensive income arising from the investee's remeasurement of changes in
net liabilities or net assets under the defined benefit plans.If common control or significant influence on investees is lost due to the disposal of part equity
investments or other reasons the remaining equity after disposal shall be calculated in accordance with
recognition and measurement standards of financial instruments. The difference between its fair value
and book value at the date of loss of common control or significant influence is recognized in the
current profit or loss. For other comprehensive income recognized due to the original equity
investments accounted for under the equity method it shall be accounted for on the same basis as the
investees' direct disposal of relevant assets or liabilities when the accounting for equity method is no
longer adopted. The owners' equity recognized due to other changes in owners' equity of the investee
other than net profit or loss other comprehensive income and profit distribution will all be transferred to
the current profit or loss when accounted for under the equity method is terminated.If the Company loses right of control over investees due to the disposal of part of equity investments or
increase in capital of the subsidiary by other investors resulting in a decrease in the Company's
shareholding ratio when preparing individual financial statements if the remaining equity can exercise
common control or significant influence over investees it shall be accounted by under equity method
which shall be deemed to be adjusted under the equity method since the time of acquisition. If the
remaining equity cannot common control or exert significant influence on investees it shall be
accounted for in accordance with the relevant provisions of recognition and measurement standards of
financial instruments and the difference between its fair value and book value on the date of loss of
control shall be included in the current profit or loss.Where the equity disposed of are acquired through business combination as a result of additional
investment and other reasons if the remaining equities after disposal are calculated under the cost
method or equity method upon preparation of separate financial statements other comprehensive
income and other owners' equity recognized in equity investments held before the purchase date as a
result of accounting under equity method shall be carried forward pro rata; If the remaining equity after
disposal is accounted for in accordance with recognition and measurement standards of financial
instruments other comprehensive income and other owners' equity will be carried forward.(XVI) Investment properties
The investment properties refer to the properties held for earning rentals or/and capital appreciation
including leased land use right land use right held for transfer upon appreciation and leased building
(including self-built buildings or buildings developed for renting or buildings under construction or
development for future renting).The Company measures its existing investment properties under the cost model. For investment
properties measured under the cost model - in terms of buildings for renting the same depreciation
policy as that for fixed assets of the Company is adopted; for land use rights for renting the same
amortization policy as that for intangible assets is adopted.(XVII) Fixed assets
1. Recognition conditions of fixed assets
Fixed assets refer to the tangible assets of the Company held for the purpose of producing
78The Semi-Annual Report 2025 of Shenzhen Nanshan Power Co. Ltd.
commodities rendering services renting or business management with service life exceeding one
accounting year. Fixed assets are recognized when the following conditions are met at the same time:
(1) It is very likely that the economic benefits associated with the fixed assets will flow into the
enterprise;
(2) The cost of the fixed assets can be measured reliably.
2. Depreciation method
The depreciation of fixed assets is provided on a category basis by using the straight-line method (or:
unit-of-production method double declining balance method and sum-of-the-years-digits method etc.)
and the depreciation rate is determined according to the category estimated service life and estimated
net residual value rate of the fixed assets. If service life of the various components of fixed assets is
different or they provide economic benefits to the enterprise in different ways different depreciation
rates or depreciation method should be selected and depreciation should be accrued separately.The depreciation method depreciation life residual rate and annual depreciation rate of fixed assets
are as follows:
Annual
Depreciation Depreciation life Residual rate
Category depreciation rate
method (years) (%)
(%)
Straight-line
Buildings and constructions 20 years 0-10 4.5-5
method
Straight-line
House decoration 10 years 0-5 9.5-10
method
Machinery equipment - gas turbine Workload
-0-10-
generator units method
Machinery equipment (except for gas Straight-line
15-20 years 0-5 4.75-6.67
turbine generator unit) method
Straight-line
Means of transport 5 years 0-5 19-20
method
Straight-line
Electronic equipment 5 years 0-5 19-20
method
Straight-line
Other equipment 5 years 0-5 19-20
method
3. Subsequent expenditures
Subsequent expenditures on fixed assets refer to renovation and reconstruction expenses repair costs
etc. incurred during the use of fixed assets. Subsequent expenditures such as the renewal and
transformation of fixed assets if they meet the conditions for capitalization shall be included in the cost
of fixed assets and book value of the replaced part shall be deducted; The repair costs of fixed assets
that do not meet the conditions for capitalization are included in the current profit or loss when incurred.(XVIII) Construction in progress
The Company's construction in progress is classified into infrastructure projects technical
transformation projects integrated energy service information construction etc.The initial book values of the fixed assets are stated at necessary expenditures incurred before
construction in progress reaches the working conditions for its intended use. For construction in
progress that has reached working conditions for its intended use but for which the completion of
settlement has not been handled it shall be transferred into fixed assets at the estimated value
according to the project budget construction price actual cost etc. from the date when it reaches the
working conditions for its intended use. And the fixed assets shall be depreciated in accordance with
79The Semi-Annual Report 2025 of Shenzhen Nanshan Power Co. Ltd.
the Company’s policy on depreciation of fixed assets. Adjustment shall be made to the originally and
provisionally estimated value based on the actual cost after the completion of settlement is handled but
depreciation provided will not be adjusted.The standards for construction in progress to be transferred to fixed assets when they reach the
condition for its intended use are as follows:
Item Criteria and time point for transfer to fixed assets
(1) The main construction project and supporting projects have been substantially
completed; (2) When the construction project meets the requirements for predetermined
design it must be accepted by the survey design construction supervision and other
Buildings and entities; (3) Acceptance by external departments such as fire protection department state-
constructions owned land department and planning department etc.; (4) If a construction project has
reached the intended usable state but has not yet completed the final settlement it shall be
transferred to fixed assets at an estimated value based on the actual cost of the project from
the date on which it reaches the intended usable state.
(1) Relevant equipment and other supporting facilities have been installed; (2) The
equipment can maintain normal and stable operation for a period of time after debugging; (3)
Machinery equipment
The production equipment can stably produce qualified products over a period of time; (4)
The equipment has been inspected and accepted by asset managers and users.(XIX) Borrowing costs
1. Recognition principles for capitalization of borrowing costs
The borrowing costs include borrowing interest amortization of discounts or premiums auxiliary
expenses and exchange differences arising from foreign currency borrowings etc.The borrowing costs incurred by the company that can be directly attributed to the purchase
construction or production of assets that meet the capitalization conditions shall be capitalized and
included in the related asset cost; Other borrowing costs are recognized as expenses based on the
amount incurred when incurred and included in the current profit or loss.Assets eligible for capitalization refer to fixed assets investment properties inventories and other
assets which may reach their intended use or sale status only after long-time acquisition and
construction or production activities.Capitalization of borrowing costs begins when the following conditions are met at the same time:
(1) asset expenditures having occurred. Asset expenditures include expenditures in the form of cash
payments transfers of non-cash assets or interest-bearing debts for the acquisition construction or
production of assets that meet capitalization conditions;
(2) borrowing costs having been incurred;
(3) the purchase construction or production activities necessary to bring the asset to its intended
usable or salable state having begun.
2. Period of capitalization of borrowing costs
The capitalization period refers to the period from the time point at which capitalization of borrowing
costs commences to the time point at which capitalization ceases excluding the period during which
capitalization of borrowing costs is suspended.When the acquisition construction or production of assets that meet the capitalization conditions
reaches the intended usable or salable state the capitalization of borrowing costs ceases.When part of the projects in the acquisition construction or production of assets that meet the
capitalization conditions are completed and can be used independently the capitalization of borrowing
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costs of this part of the assets ceases.If each part of an asset purchased constructed or produced is completed separately but it cannot be
used or sold until the entirety is completed capitalization of borrowing costs stops when the entire asset
is completed.
3. Capitalization suspension period
If an asset that meets the capitalization conditions is abnormally interrupted during the acquisition
construction or production process and the interruption lasts for more than 3 months the capitalization
of borrowing costs is suspended; If the interruption is a necessary procedure for the acquired
constructed or produced assets that meet the capitalization conditions to reach the intended usable or
salable state the capitalization of borrowing costs continues. Borrowing costs incurred during the
interruption period are recognized as current profit or loss and the capitalization of borrowing costs
continues until the acquisition construction or production activities of the assets restart.
4. Calculation method for capitalization of borrowing costs rate and capitalization amount
For special borrowings for the purpose of purchasing constructing or producing assets eligible for
capitalization the capitalization amount of borrowing costs is determined by the actual borrowing costs
incurred in the period of the special borrowing less the amount of interest income earned on the
unused borrowed funds deposited in the bank or investment income earned on the temporary
investment.For general borrowings taken up for the acquisition or production of assets eligible for capitalization the
amount of borrowing costs to be capitalized is determined by multiplying weighted average of the asset
expenditures that exceed special borrowings by the capitalization rate of the general borrowings
general borrowings used. The capitalization rate is calculated and determined based on the weighted
average interest rate of general borrowings.(XX) Right-of-use assets
Except for short-term leases and leases of low value assets the Company recognizes the right-of-use
assets for the lease on the lease commencement date. The lease commencement date refers to the
date when the lessor provides the leased assets for use by the Company. Right-of-use assets are
initially measured at cost. This cost includes:
1. The initial measurement amount of the lease liabilities;
2. For lease payments paid on or before the lease commencement date if there is a lease incentive
the amount related to the lease incentive enjoyed shall be deducted;
3. Initial direct costs incurred by the Company;
4. The costs that the Company expects to incur to dismantle and remove leased assets restore the site
where leased assets are located or restore leased assets to the state stipulated in the lease terms but
does not include costs incurred for the production of inventories.The Company shall make provision for depreciation of the right-of-use assets with reference to the
relevant depreciation provisions of Accounting Standards for Business Enterprises No. 4 - Fixed Assets.If the Company can reasonably determine that the ownership of leased assets will be obtained at the
expiration of the lease term the right-of-use assets shall be depreciated within the remaining useful life
of the leased assets. If there is no reasonable assurance that the ownership of the leased assets can
be obtained at the expiration of the lease term the depreciation shall be made within the shorter of the
lease term or the remaining useful life of the leased assets.The Company determines whether the right-of-use assets have been impaired in accordance with the
Accounting Standards for Business Enterprises No. 8 - Asset Impairment and carries out accounting
treatment for the identified impairment losses.
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(XXI) Intangible assets
Intangible assets including land use right patented technology software etc. are initially measured at
actual cost.
1. Valuation method of intangible assets
(1) The Company shall initially measure the intangible assets at cost when obtaining the same
The cost of outsourced intangible assets includes the purchase price relevant taxes and other
expenses directly attributable to bringing the assets to the intended use. If the purchase price of
intangible assets is deferred beyond normal credit conditions and is essentially financing in nature the
cost of intangible assets is determined based on the present value of the purchase price.The book value of intangible assets acquired in a debt restructuring for use by the debtor against a debt
are determined based on the fair value of the claim waived and other costs directly attributable to
bringing the asset to its intended use such as taxes and the difference between the fair value of the
claim waived and the book value of the intangible assets is recognized in current profit or loss.Provided that the exchange of non-monetary assets has commercial substance and the fair value of
both the assets exchanged in and the assets exchanged out can be measured reliably the intangible
assets exchanged in by exchange of non-monetary assets are recorded at their fair value based on the
fair value of the assets exchanged out unless there is conclusive evidence that the fair value of the
assets exchanged in is more reliable; For exchange of non-monetary assets that do not meet the above
prerequisites the book value of the exchanged assets and related taxes payable are recognized as the
cost of the intangible assets exchanged and profit or loss is derecognized.
(2) Subsequent measurement
Analyze and determine service life of intangible assets when acquiring them.For intangible assets with limited service life they are amortized on straight-line method within the
period that they bring economic benefits to the enterprise; If it is not foreseeable that intangible assets
will bring economic benefits to the enterprise they are regarded as intangible assets with indefinite
service life and are not amortized.
2. Estimated service life of intangible assets with limited service life
Category Amortization method Amortization period (year) Basis for use
Within the validity period of the
Land use right Straight-line method 30-50
land title certificate
Patented technology Straight-line method 10 Patent certificate
Software Straight-line method 5 Software availability period
3. Basis for judgment of intangible assets with indefinite service life and procedures for
reviewing their service life
When reviewing the service life of intangible assets with indefinite service life the service life is
estimated and amortized in accordance with the amortization policy for intangible assets with limited
service life if there is evidence that the period over which the intangible asset will provide economic
benefits to the enterprise is foreseeable.
4. Specific criteria for dividing research and development stages
The expenditures of the Company's internal research and development projects are divided into
expenditures in the research stage and expenditures in the development stage.Research stage: the stage of creative and planned investigation and research activities to obtain and
understand new scientific or technical knowledge.
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Development stage: the stage in which research results or other knowledge are applied to a certain
plan or design to produce new or substantially improved materials devices products etc. before
commercial production or use.Development stage expenditures meet specific criteria for capitalization
Expenditures during the development stage of internal research and development projects are
recognized as intangible assets when the following conditions are met:
(1) It is technically feasible to complete the intangible assets so that it can be used or sold;
(2) Have the intention to complete the intangible assets and use or sell it;
(3) The usefulness of methods for intangible assets to generate economic benefits shall be proved
including being able to prove that there is a potential market for the products manufactured by applying
the intangible assets or there is a potential market for the intangible assets themselves or the intangible
assets will be used internally;
(4) Have sufficient technical financial and other resource support to complete the development of the
intangible assets and have the ability to use or sell the intangible assets;
(5) Expenditures attributable to the development stage of the intangible assets can be measured
reliably.(XXII) Asset impairment
For long-term assets such as long-term equity investments investment properties measured under the
cost model fixed assets construction in progress right-of-use assets and intangible assets with limited
useful lives if there are signs of impairment on the balance sheet date an impairment test shall be
conducted. If the results of impairment test indicate that the recoverable amount of assets is less than
its book value a provision for impairment is made based on the difference and the assets are
recognized as impairment losses. The recoverable amount is the net of the fair value of the assets less
costs of disposal and the current value of the expected future cash flows from the assets (whichever is
higher). Provision for asset impairment is calculated and recognized on the basis of individual assets. If
it is difficult to estimate the recoverable amount of an individual asset the recoverable amount of an
asset group is determined based on the asset group to which the asset belongs. The asset group is the
smallest combination of assets that can independently generate cash inflows.Goodwill intangible assets with indefinite service life and intangible assets that have not yet reached a
usable state are subject to impairment test at least at the end of each year.The Company performs the impairment test for goodwill. For the book value of goodwill arising from a
business combination the Company amortizes it to the relevant asset group on a reasonable method
from the purchase date; If it is difficult to be amortized to the relevant asset group it is amortized to the
relevant portfolio of asset groups. When amortizing the book value of goodwill the Company amortizes
it based on the relative benefits that the relevant asset groups or portfolio of asset groups can obtain
from the synergies of business combination and performs goodwill impairment test on this basis.In the impairment test for the relevant asset group or combination of asset groups containing goodwill if
there are indications of impairment for the asset group or combination of asset groups related to
goodwill the asset group or combination of asset groups that does not contain goodwill is first tested for
impairment the recoverable amount is calculated and compared with the relevant book value and
corresponding impairment losses are recognized. An impairment test is then performed on the asset
group or combination of asset groups containing goodwill by comparing the book value of the relevant
asset group or combination of asset groups (including the part of the book value of the goodwill
apportioned to it) with its recoverable amount. If the recoverable amount of the relevant asset group or
combination of asset groups is less than its book value impairment losses on goodwill are recognized.Once the above-mentioned asset impairment losses are recognized they will not be reversed in
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subsequent accounting periods.(XXIII) Long-term deferred expenses
1. Amortization method
The Company's long-term deferred expenses refer to various expenses that have been incurred but the
benefit period is more than one year (excluding one year). Long-term deferred expenses are amortized
in installments according to the benefit period of the expense item. If a long-term deferred expense item
cannot benefit future accounting periods all the amortized value of the item that has not been
amortized will be transferred to the current profit or loss.The renovation of lease premises is recognized as long-term deferred expenses and amortized over the
shorter of the following two periods:
(1) the estimated service life of the renovation (the estimated time until the next renovation);
(2) the estimated remaining service life of the main structure of the property
The Company's subsequent expenditure that do not meet the conditions for recognition of fixed assets
such as major repair costs are recognized as long-term deferred expenses in the year they occur and
are subsequently amortized in installments during the benefit period.
2. Amortization period
Item Amortization period
Renovation of rented fixed The estimated service life of the renovation and the estimated remaining service life of
assets the main structure of the property (whichever is shorter).Expenditures for capital repairs
Overhaul cycle for gas generator unit
of fixed assets
(XXIV) Contract liabilities
Contract liabilities refer to the Company's obligation to transfer goods or services to customers for
consideration received or receivable from customers. Contract assets and contract liabilities under the
same contract are presented in the net term.(XXV) Employee compensation
1. Accounting treatments of short-term compensation
During the accounting period when employees provide services for the Company the Company
recognizes the actual short-term compensation as a liability and includes it in the current profit or loss
or related asset costs.The Company contributes social insurance premiums and housing fund for its employees as well as
labor union fund and employee education expenses withdrawn as required and calculates and
determines the corresponding amount of employee compensation in accordance with the prescribed
accrual basis and accrual ratio during the accounting period in which the employees render services to
the Company.For non-monetary employee benefits if they can be measured reliably they are measured at fair value.
2. Accounting treatments for post-employment benefits
Defined contribution plans
The Company pays basic endowment insurance and unemployment insurance for its employees in
accordance with relevant regulations of the local government. During the accounting period when
employees provide services to the Company the amount payable is calculated based on the payment
base and ratio stipulated by the local government and is recognized as a liability and included in
current profit or loss or related asset costs.
84The Semi-Annual Report 2025 of Shenzhen Nanshan Power Co. Ltd.
In addition to basic endowment insurance the Company has also established an enterprise annuity
payment system (supplementary endowment insurance)/enterprise annuity plan in accordance with the
relevant policies of the national enterprise annuity system. The Company pays contributions to local
social insurance institutions/annuity plans based on a certain ratio of total employee wages and
includes the corresponding expenditures in current profit or loss or related asset costs.
3. Accounting treatments for dismissal benefits
When the Company cannot unilaterally withdraw dismissal benefits provided by the termination of labor
relationship plan or redundancy proposal or when it recognizes the costs or expenses related to the
restructuring involving the payment of dismissal benefits (whichever is earlier) employee compensation
liabilities arising from dismissal benefits are recognized and included in current profit or loss.(XXVI) Lease liabilities
Except for short-term leases and leases of low value assets the Company makes initial measurement
of the lease liabilities on the lease commencement date according to the present value of the unpaid
lease payments on that date. In calculating the present value of the lease payments the Company uses
the interest rate implicit in the lease as the discount rate and if the interest rate implicit in the lease
cannot be determined the incremental borrowing rate is used as the discount rate.Lease payments are payments made by the Company to the lessor in connection with the right to use
the leased assets during the lease term including:
1. Fixed payment amount (including substantial fixed payment amount) if there is any lease incentive
the relevant amount of the lease incentive shall be deducted;
2. Variable lease payments depending on the index or ratio;
3. The Company reasonably determines the exercise price of the purchase option to be exercised;
4. The lease term reflects the amount to be paid by the Company for exercising the option to terminate
the lease;
5. The amount expected to be paid according to the residual value of the guarantee provided by the
Company.The variable lease payments depending on the index or ratio is determined at the initial measurement
according to the index or ratio on the commencement date of the lease term. The variable lease
payments not included in the measurement of lease liabilities shall be included in the current profit or
loss or the related asset cost when they actually occur.After the lease commencement date the Company calculates the interest expenses of the lease
liabilities for each period of the lease term at a fixed periodic interest rate and includes it in the current
profit or loss or related asset cost.After the lease commencement date if the following circumstances occur the Company will re-measure
lease liabilities and adjust the corresponding right-of-use assets. If the book value of right-of-use assets
has been reduced to zero but lease liabilities still need to be further reduced the Company will include
the difference in the current profit or loss.
1. If the lease term changes or the evaluation result of the purchase option changes the Company shall
remeasure the lease liabilities according to the present value calculated by the changed lease
payments and the revised discount rate;
2. If the estimated amount payable according to the guaranteed residual value or the index or ratio used
to determine the lease payments changes the Company remeasures the lease liabilities according to
the changed lease payments and the present value calculated by the original discount rate. If the
change in lease payments is due to the change in floating interest rate the revised discount rate shall
be used to calculate the present value.
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Lease liabilities are presented as current liabilities or non-current liabilities in the balance sheet
according to their liquidity. The ending book value of non-current lease liabilities maturing within one
year from the balance sheet date shall be reflected in the item of "non-current liabilities maturing within
one year".(XXVII) Estimated liabilities
1. Recognition criteria for estimated liabilities
The Company recognizes the obligations related to contingencies such as litigation debt guarantees
onerous contracts restructuring matters etc. as estimated liabilities when the following conditions are
met at the same time:
(1) the obligation being the current obligation of the Company;
(2) the performance of the obligation being likely to cause economic benefits to flow out the Company;
(3) the amount of the obligation being able to be measured reliably.
2. Measurement methods for various types of estimated liabilities
The Company's estimated liabilities are initially measured at best estimate of the expenditures required
to perform the related present obligations.When determining best estimate the Company comprehensively considers factors such as risks
uncertainty and time value of money related to contingencies. Where the effect on the time value of
money is material the best estimate is determined by discounting the relevant future cash outflows.Best estimate is treated separately as follows:
If there being a continuous range (or interval) of required expenditures and various outcomes within the
range are equally likely to occur best estimate is determined based on the middle value of the range
that is the average of the upper and lower limits.If there being no continuous range (or interval) of required expenditures or if there being a continuous
range but the probabilities of occurrence of the various results within the range are not the same the
best estimate is determined on the basis of the most probable amount to be incurred if the contingency
relates to a single item; if the contingency involves multiple projects best estimate is calculated and
determined based on various possible outcomes and related probabilities.If all or part of the Company's expenses required to settle estimated liabilities are expected to be
compensated by a third party the compensation amount is recognized separately as an asset when it is
basically certain that it can be received. The recognized compensation amount shall not exceed the
book value of estimated liabilities.(XXVIII) Revenue
Disclosure of accounting policies adopted for revenue recognition and measurement according to
business type. The Company's revenue mainly comes from the following business types:
(1) Revenue from power production and sales; (2) Revenue from integrated energy services; (3) Other
revenue.
1. General principles
If the Company fulfills its performance obligations under a contract that is when the customer obtains
right of control of the relevant goods or services revenue is recognized. Performance obligations are
contractual commitments in which the Company transfers clearly distinguishable goods or services to
the customer. Obtaining right of control of the relevant goods or services refers to the ability to control
the use of the goods or the provision of the services and to derive virtually all of the economic benefits
therefrom.
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If one of the following conditions is met it is performance obligations to be fulfilled within a certain
period of time and the Company recognizes revenue over a period of time in accordance with the
performance progress: (1) the customer obtaining and consuming the economic benefits arising from
the Company's performance at the same time as the Company's performance; (2) the customer being
able to control the goods under construction during the Company's performance; (3) the goods
produced by the Company during the performance of the contract having irreplaceable uses and the
Company having the right to collect payment for the cumulative performance part completed so far
during the entire contract period. Otherwise the Company recognizes revenue at the time point at
which the customer obtains the right of control of the related goods or services.
2. Sales with a quality guarantee clause
For sales with a quality guarantee clause if the quality guarantee provides a separate service to the
customer in addition to the assurance that the goods or services sold meet standards specified herein
the quality guarantee constitutes an individual performance obligation. Otherwise the Company
accounts for the quality assurance liability in accordance with the provisions of the Accounting
Standards for Business Enterprises No. 13 - Contingencies.
3. Identification of the person with main liabilities and the agent
The Company identifies itself as the person with main liabilities or the agent when engaging in
transactions based on whether it has the right of control of the goods or services before transferring
them to the customer. If the Company has the right of control of the goods or services before
transferring them to the customer the Company identifies itself as the person with main liabilities and
recognizes revenue based on the total consideration received or receivable; Otherwise the Company
identifies itself as the agent and recognizes revenue based on the amount of commissions or handling
charges that may be received. This amount is determined according to the net amount after deducting
the price payable to other related parties from the total consideration received or receivable or
according to the specified commissions amount ratio or other factors.
4. Principles
If the Company fulfills its performance obligations under a contract that is when the customer obtains
right of control of the relevant goods or services revenue is recognized. Obtaining right of control of the
relevant goods or services refers to the ability to control the use of the goods or the provision of the
services and to derive virtually all of the economic benefits therefrom.
(1) Revenue from power production and sales
When the power is transmitted to the power grid company specified in the power sales contract which
means the power grid company has obtained the right of control of the power the Company shall
recognize the reported sales revenue.
(2) Revenue from integrated energy services
The revenue of services provided between the Company and customers mainly includes engineering
labor and services such as operation and maintenance management commissioning and overhaul as
well as energy service revenue for industrial and commercial energy storage and power sales. If
multiple performance obligations are involved they should be reasonably split and equipment sales
should be handled with reference to the sale of goods business. The provision of labor and services is
generally dealt with according to the output method based on the performance obligation fulfilled within
a certain time period. Requirements are as follows:
1) Sales of supporting equipment
For sales of equipment revenue shall be recognized when the customer obtains the right of control the
equipment. In general the recognition time point shall be the time when the customer signs after
receiving the completed or delivered products. Based on the terms of the Contract the required
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attachments for revenue recognition include but are not limited to the sales contract commodity
shipping order customer receipt sheet equipment acceptance sheet or customs declaration form etc.
2) Labor and services provided
* The recognition and settlement of revenue from such business shall comply with the provisions of
the business contract signed by both parties. At the end of each settlement period the necessary
documents stipulated in the Contract such as the attendance sheet service application form etc.confirmed by both parties shall be provided as the proof of the cumulative revenue recognition of the
settlement period and materials for collecting service price.* On each balance sheet date within the settlement period revenue shall be tentatively estimated
based on the performance progress. When using the output method to determine the performance
progress the progress is usually determined in combination with the actual measured completion
progress assessment of achieved results achieved milestones progress of the schedule completed or
delivered products and other output indicators.
3) Energy service income from industrial and commercial energy storage and power sales
For the industrial and commercial energy storage service business after the expiration of each
settlement cycle check and confirm the charging and discharging records of the energy storage project
with the customer and sign the confirmation form of electricity charge settlement of energy storage
power station tentatively estimate the confirmation revenue of service fees and make formal
settlement according to the actual electricity bill issued by the power supply bureau at the beginning of
each month adjust the tentatively estimated revenue and confirm the energy service revenue.For power sales service the energy service revenue of the current month shall be confirmed according
to the power sales revenue statement of Guangdong Power Exchange Co. Ltd.(XXIX) Contract costs
1. Cost of contract acquisition
The incremental costs incurred by the Company to obtain the Contract (that is costs which would not
have been incurred without obtaining the Contract) that may be recovered shall be recognized as an
asset and amortized on the same basis as the revenue recognition of goods or services related to the
asset. In addition the asset shall be included in the current profit or loss. If the amortization period of
the asset does not exceed one year the asset shall be included in the current profit or loss when
incurred. Other expenses incurred by the Company to obtain the contract shall be included in the
current profit or loss when incurred unless otherwise the expenses are borne by the customer.
2. Contract performance cost
The costs incurred by the Company to perform the Contract are recognized as an asset if they do not
fall within the scope of other provisions specified in the Accounting Standards for Business Enterprises
other than the revenue standards and meet all the following conditions: (1) when the cost is directly
related to an existing or expected contract; (2) when the cost increases the Company resources for
fulfilling performance obligations in the future; (3) when the cost is expected to be recovered. The
above-mentioned asset shall be amortized on the same basis as the revenue recognition of goods or
services related to the asset and included in the current profit or loss.
3. Impairment of contract costs
When recognizing impairment losses of assets related to contract costs the Company shall first
recognize impairment losses of other assets related to the Contract that are recognized in accordance
with other relevant accounting standards for business enterprises; Then if book value is higher than
difference between the remaining consideration expected to be obtained by the Company for the
transfer of the goods related to the asset and the estimated cost to be incurred for the transfer of the
related goods provision for impairment shall be made for the excess and it shall be recognized as the
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asset impairment loss.If the factors of impairment in the previous period subsequently changed causing the aforementioned
difference to be higher than the book value of the asset provision for asset impairment that has been
made previously shall be reversed and the higher part shall be included in the current profit or loss but
the book value of the asset after the reversal shall not exceed the book value of the asset on the date of
reversal assuming no provision for impairment is made.(XXX) Government subsidies
1. Type
Government subsidies refer to the monetary and non-monetary assets obtained by the Company from
the government free of charge. Government subsidies are divided into asset-related government
subsidies and income-related government subsidies.Asset-related government subsidies refer to government subsidies obtained by the Company and used
to purchase construct or otherwise form long-term assets. Income-related government subsidies refer
to government subsidies other than asset-related government subsidies.
2. Recognition time point
If there is evidence that the Company can meet the relevant conditions stipulated in the financial
support policy and is expected to receive financial support funds government subsidies shall be
recognized based on the amount receivable. Otherwise government subsidies shall be recognized
when they are actually received.If government subsidies are monetary assets they shall be measured at the amount received or
receivable. If government subsidies are non-monetary assets they shall be measured at the fair value;
If the fair value cannot be obtained reliably government subsidies shall be measured at the nominal
amount (RMB 1). Government subsidies measured at the nominal amount shall be directly included in
the current profit or loss.
3. Accounting treatment
Asset-related government subsidies shall be used to offset the book value of the relevant assets or
recognized as the deferred income. Government subsidies which are recognized as the deferred
income shall be included in the current profit or loss in installments according to a reasonable and
systematic method within service life of the relevant assets (if the government subsidies are related to
the daily activities of the Company the subsidies shall be included in other income; if the government
subsidies are not related to the daily activities of the Company the subsidies shall be included in non-
operating revenue).Income-related government subsidies that are used to compensate the Company for relevant costs or
losses in subsequent periods shall be recognized as the deferred income and included in the current
profit or loss (if the government subsidies are related to the daily activities of the Company the
subsidies shall be included in other income; if the government subsidies are not related to the daily
activities of the Company the subsidies shall be included in non-operating revenue) or used to offset
relevant costs or losses; If the subsidies are used to compensate for the relevant costs or losses
incurred by the Company the subsidies shall be directly included in the current profit or loss (if the
government subsidies are related to the daily activities of the Company the subsidies shall be included
in other income; if the government subsidies are not related to the daily activities of the Company the
subsidies shall be included in non-operating revenue) or used to offset relevant costs or losses.The policy-based preferential loan interest subsidies obtained by the Company will be accounted for
differently in the following two situations:
(1) if the central finance allocates interest subsidies to the lending bank and the lending bank provides
loans to the Company at a policy-based preferential interest rate the Company will use the actual loan
89The Semi-Annual Report 2025 of Shenzhen Nanshan Power Co. Ltd.
amount received as the entry value of the loan and calculate related borrowing costs based on the loan
principal and the policy-based preferential interest rate.
(2) if the central finance directly allocates interest subsidies to the Company the Company will use the
corresponding interest subsidies to offset related borrowing costs.(XXXI) Deferred tax assets and deferred tax liabilities
For deductible temporary differences deferred tax assets shall be recognized with the taxable income
that is likely to be obtained in the subsequent period to offset deductible temporary differences as the
limit. For deductible losses and tax credits which can be carried forward to subsequent years the
corresponding deferred tax assets shall be recognized with the future taxable income that is likely to be
obtained to offset deductible losses and tax credits as the limit.For taxable temporary differences except in special circumstances the deferred tax liabilities shall be
recognized.Special circumstances in which deferred tax assets or deferred tax liabilities are not recognized include:
initial recognition of goodwill; Other transactions or matters except for business combination that affect
neither accounting profits nor taxable income (or deductible losses) when incurred.When the Company is entitled to the legal right to settle on a net basis and intends to settle on a net
basis or obtain assets and pay off liabilities at the same time the current income tax assets and current
income tax liabilities shall be reported at the net amount after offsetting.When the Company is entitled to settle current income tax assets and current income tax liabilities on a
net basis and deferred tax assets and deferred tax liabilities are related to income tax levied by the
same taxation department on the same taxpayer or different taxpayers but in each significant period
when deferred tax assets and liabilities are reversed if the taxpayer involved intends to settle current
income tax assets and liabilities on a net basis or obtain assets and pay off liabilities at the same time
deferred tax assets and deferred tax liabilities shall be reported at the net amount after offsetting.(XXXII) Lease
Lease refers to a contract whereby the lessor transfers the right to use an asset to the lessee in
exchange for consideration for a certain period of time.
1. The Company acts as a lessee
The Company shall determine the right-of-use assets on the starting date of the lease term and
recognize lease liabilities based on the present value of the unpaid lease payments. Lease payments
include fixed payments and amounts payable when the purchase option or option to terminate lease is
likely to be exercised. Variable rent determined based on a certain ratio of sales amount shall not be
included in lease payments and shall be included in the current profit or loss when actually incurred.The Company's right-of-use assets include leased houses and buildings machinery equipment means
of transport computers and electronic equipment etc.For short-term leases with lease term of no more than 12 months and leases of low value assets with a
single asset at a low value when it is new the Company will not to recognize right-of-use assets and
lease liabilities and the relevant rental expenses will be calculated based on the straight-line method in
each period during lease term and included in the current profit or loss or related asset costs.
2. The Company acts as a lessor
Financing lease refers to the lease that basically transfers all the risks and rewards related to the
ownership of leased assets. Other leases are operating leases.
(1) Operating leases
When the Company rents out its own buildings machinery equipment and means of transport the
90The Semi-Annual Report 2025 of Shenzhen Nanshan Power Co. Ltd.
rental revenue from operating leases is recognized in accordance with the straight-line method during
lease term. Variable rents which are determined by the Company at a certain percentage of sales are
included in rental revenue when actually incurred.
(2) Financing lease
On the commencement date of the lease term the Company recognizes the finance lease receivables
for the financing lease and terminates the derecognition of related assets. The Company lists finance
lease receivables as long-term receivables while the finance lease receivables collected within one
year (including) from the balance sheet date are listed as non-current assets due within one year.(XXXIII) Special reserve
The work safety expenses extracted from the Company's power production and sales business in
accordance with national regulations are included in the cost of related products or current profit or loss
as well as in the "special reserve" account. The currently accrual standard is based on operating
revenue of the previous year using an excess regressive method to determine the accrual amount for
the current year. Such amount shall be withdrawn evenly every month and be included in the cost of
related products or current profit or loss as well as in the "special reserve" account. When the Company
uses special reserve the amount shall be charged directly to the special reserve if it belongs to cost of
spending; If fixed assets are formed they will be recognized as fixed assets when such assets reach
the intended usable state; At the same time special reserve is offset according to the cost of fixed
assets formed and accumulated depreciation of the same amount shall be recognized. Such fixed
assets will no longer be depreciated in subsequent periods.(XXXIV) Changes in significant accounting policies and accounting estimates
During the reporting period there was no change in significant accounting policies and accounting
estimates.IV. Taxes
(I) Main tax type and rates
Tax type Tax basis Tax rate
The output tax is calculated based on revenue from the sale
of goods and taxable services calculated according to the tax
Value-added tax law. After deducting the input tax allowed to be deducted in 13% 9% 6% 5% 3%
the current period difference shall be the value-added tax
payable.Urban maintenance and Based on the actual value-added tax and consumption tax
7%
construction tax paid
Based on the actual value-added tax and consumption tax
Education surcharge 3%
paid
Based on the actual value-added tax and consumption tax
Local education surcharge 2%
paid
Except for the following
enterprises that enjoy tax
Corporate income tax Based on taxable income preferential treatment
tax shall be paid at 25%
of the taxable income
After deducting 10% to 30% of the original value based on
Property tax 1.2%
the original cost
For the actual occupied land area of industrial land in
Nanshan District Shenzhen tax shall be paid at RMB 2-
Urban land use tax
8/square meter; Calculated and paid at RMB 1/m2 for the
actual land area occupied by industrial land in Zhongshan
Foreign taxes Foreign taxes shall be calculated according to the tax
91The Semi-Annual Report 2025 of Shenzhen Nanshan Power Co. Ltd.
Tax type Tax basis Tax rate
regulations of each overseas country and region
The tax subjects with different corporate income tax tax rates are as follows:
Taxpayer name Income tax rate
The Company 15%
Shenzhen Nanshan Power Engineering Company 15%
(II) Tax preferential treatment
1. Corporate income tax
(1) The Company obtained a national high-tech enterprise certificate numbered GR202444200365
which is valid for 3 years. From 2024 to 2026 the Company's corporate income tax enjoys a
preferential income tax rate of 15% for high-tech enterprise.
(2) Shenzhen Nanshan Power Engineering Company obtained a national high-tech enterprise
certificate numbered GR202344200269 which is valid for 3 years. From 2023 to 2025 the Company's
corporate income tax enjoys a preferential income tax rate of 15% for high-tech enterprise.
2. Value-added tax
Company Relevant laws regulations Approval Approval Preference Validity
Tax type
name and policies authority No. enjoyed period
Measures for the Value-
Shenzhen Administration of Value- Shenzhen added tax
Nanshan added Tax Exemption for Qianhai State GJSWZJG exemption
Value-
Power Cross-border Taxable Taxation G [2016] for cross- -
added tax
Engineering Activities in Replacement of Administratio No. 29 border
Company Business Tax with Value- n taxable
added tax activities
92The Semi-Annual Report 2025 of Shenzhen Nanshan Power Co. Ltd.
V. Notes to consolidated financial statements items
(I) Monetary funds
Item Ending balance Balance at the end of last year
Cash on hand 31006.55 30264.98
Bank deposits 103300161.95 471032644.67
Other monetary funds 5921800.34 7916312.01
Total 109252968.84 478979221.66
Including: total amount deposited abroad 6157200.51 6190580.08
The details of monetary funds that have restrictions on their use due to mortgage pledge or freezing
as well as those deposited overseas with restrictions on repatriation are as follows:
Balance at the end of last
Item Ending balance
year
L/G deposit 5112100.00 7912100.00
Total 5112100.00 7912100.00
In addition as at June 30 2025 the Company had no monetary funds subject to the restriction to use
due to mortgage pledge or freezing and with potential recovery risks.(II) Financial assets held for trading
Balance at the end of last
Item Ending balance
year
Financial assets measured at fair value with changes
192530263.51
included in the current profit or loss
Including: investments in debt instruments
Investments in equity instruments
Derivative financial assets
Others (note) 192530263.51
Financial assets designated as measured at fair value
and whose changes are recorded in profit or loss for the
period
Including: investments in debt instruments
Others
Total 192530263.51
Note: Other financial assets held for trading of the Company are structured deposits deposited in
commercial banks and money market funds.(III) Accounts receivable
1. Disclosure of accounts receivable on an aging basis
Aging Ending balance Balance at the end of last year
Within 1 year 58233550.91 44124575.22
1 to 2 years 14974782.37 21094465.13
2 to 3 years 20431110.21 14485054.31
Over 3 years 7606653.56 3648959.88
Total 101246097.05 83353054.54
93The Semi-Annual Report 2025 of Shenzhen Nanshan Power Co. Ltd.
2. Accounts receivable are classified and disclosed according to the method of provision for
bad debts
Ending balance
Book balance Provision for bad debts
Category
Provision Book value
Amount Ratio (%) Amount
ratio (%)
Provision for bad debts on
44625319.0144.0815128128.6333.9029497190.38
an individual basis
Provision for bad debts on a
56620778.0455.92407900.000.7256212878.04
credit risk portfolio basis
Total 101246097.05 100.00 15536028.63 15.34 85710068.42
Continued
Balance at the end of last year
Book balance Provision for bad debts
Category
Provision Book value
Amount Ratio (%) Amount
ratio (%)
Provision for bad debts on
43546002.2152.2415128128.6334.7428417873.58
an individual basis
Provision for bad debts on
39807052.3347.76407900.001.0239399152.33
a credit risk portfolio basis
Total 83353054.54 100.00 15536028.63 18.64 67817025.91
Important accounts receivable with provision for bad debts made on an individual basis:
Ending balance
Name Provision ratio Reasons for
Book balance Provision for bad debts
(%) provision
China Machinery Not expected to
41097665.4511600475.0728.23
Engineering Corporation be recovered
Shenzhen Petrochemical Legacy matters
Oil Products Bonded 3474613.06 3474613.06 100.00 from the distant
Trading Co. Ltd. past
Total 44572278.51 15075088.13 33.82
Provision for bad debts made by portfolio:
Items accrued on a portfolio basis:
Ending balance
Name
Accounts receivable Provision for bad debts Provision ratio (%)
Portfolio II: receivables from
50494695.040.00
power production and sales
Portfolio III: receivables from
6126083.00407900.006.66
integrated energy service
Total 56620778.04 407900.00 0.72
3. Provision for bad debts accrued reversed or recovered for the current period
Category Balance at the end Amount of changes for the current period Ending balance
94The Semi-Annual Report 2025 of Shenzhen Nanshan Power Co. Ltd.
of last year Reverse or Charge-off or
Accrual
recovery write-off
Provision for bad debts
15128128.6315128128.63
on an individual basis
Provision for bad debts
on a credit risk portfolio 407900.00 407900.00
basis
Total 15536028.63 15536028.63
4. Accounts receivable from actual write-off for the current period
There were no accounts receivable from actual write-off for the current period.
5. Accounts receivable and contract assets of the top five ending balances by debtors
Proportion
to the
Ending balance
total
of provision for
ending
Ending Ending balance bad debts of
Ending balance of balance of
balance of of accounts accounts
Entity name accounts accounts
contract receivable and receivable and
receivable receivable
assets contract assets provision for
and
contract asset
contract
impairment
assets
(%)
Shenzhen Power Supply
50494695.0450494695.0446.26
Bureau Co. Ltd.China Machinery Engineering
41097665.4541097665.4537.6511600475.07
Corporation
China Southern Power Grid
Electric Power Technology 4444339.62 4444339.62 4.07
Co. Ltd.Power China Hubei
4079000.0088000.004167000.003.82407900.00
Engineering Co. Ltd.Shenzhen Petrochemical Oil
Products Bonded Trading 3474613.06 3474613.06 3.18 3474613.06
Co. Ltd.Total 99145973.55 4532339.62 103678313.17 94.98 15482988.13
(IV) Advances to suppliers
1. Advances to suppliers are listed based on aging
Ending balance Balance at the end of last year
Aging
Book balance Ratio (%) Book balance Ratio (%)
Within 1 year 13010587.98 99.54 18960631.08 99.47
1 to 2 years 48500.00 0.37 90037.73 0.47
2 to 3 years
Over 3 years 11683.23 0.09 11683.23 0.06
Total 13070771.21 100.00 19062352.04 100.00
Note: there were no advances to suppliers with an aging of more than one year and a significant
amount at the end of the period.
95The Semi-Annual Report 2025 of Shenzhen Nanshan Power Co. Ltd.
2. Top five advances to suppliers in ending balances by suppliers
Proportion in total ending
Supplier Ending balance balance of advances to
suppliers (%)
Shenzhen Gas Group Co. Ltd. 11709906.09 89.59
Sichuan Ruinan Electric Power Construction Engineering
631200.004.83
Co. Ltd.Shanghai Minglan Gas Turbine Industry Technology Co.
248400.001.90
Ltd.Shenzhen Branch of China Telecom Corporation Limited 119010.58 0.91
DiDi Global Inc. 102039.44 0.78
Total 12810556.11 98.01
(V) Other receivables
Balance at the end of last
Item Ending balance
year
Interest receivable
Dividends receivable
Other receivables 118436883.64 131831575.62
Including: land acquisition and storage compensation
112298115.00112298115.00
receivable (Note)
Total 118436883.64 131831575.62
Note: the receivable for land acquisition and storage compensation pertains to the remaining
outstanding compensation payment for Plot A recognized by the subsidiary Shenzhen Nanshan Power
Zhongshan Company. The details are as follows:
On December 12 2023 Shenzhen Nanshan Power Zhongshan Company signed the Agreement on the
Recovery of State-Owned Land Use Rights and the Relocation Compensation Agreement with the
Cuiheng New District Management Committee. The agreements confirm the compensated land reserve
acquisition by the Cuiheng New District Management Committee of three parcels of state-owned land
use rights held by Shenzhen Nanshan Power Zhongshan Company in the Hengmen Industrial Zone
Nanlang Street Cuiheng New District Zhongshan City with a total land acquisition and storage
compensation amount to RMB 584453529. Cuiheng New District Management Committee entrusted
Zhongshan Xiwan Construction Investment Co. Ltd. to pay and advance the project compensation
funds.On November 4 2024 in order to ensure the construction land demand of the 300 MW/600 MWh
independent energy storage power station (Phase I) project in Cuiheng New District Zhongshan City
and ensure the smooth progress of the land acquisition and storage of Shenzhen Nanshan Power
Zhongshan Company Shenzhen Nanshan Power Zhongshan Company and Cuiheng New District
Management Committee signed a Supplementary Agreement which divided the original 434.86 mu plot
into two parts namely Plot A and Plot B of which Plot A was about 190.87 mu and the compensation
price was RMB 224711593; Plot B was about 244 mu and the compensation price was RMB
359741936.
On November 29 2024 Shenzhen Nanshan Power Zhongshan Company has signed the Land
Transfer Confirmation Letter with Cuiheng New District Management Committee for Plot A to complete
the transfer confirmation; At the same time in accordance with the agreement Shenzhen Nanshan
Power Zhongshan Company submitted an application to the Zhongshan Municipal Bureau of Natural
96The Semi-Annual Report 2025 of Shenzhen Nanshan Power Co. Ltd.
Resources for land recovery of all the plot of 434.86 mu and obtained the Decision on Administrative
Handling on December 5 2024 completing the cancellation of registration of the project land.According to the Accounting Standards for Business Enterprises and the CSRC's Guidelines for the
Application of Regulatory Rules - Accounting No. 3 Plot A has met the conditions for derecognition. As
of the end of 2024 the compensation price of Plot A has been collected in total of RMB 112413478.According to the agreement the remaining payment of RMB 112298115 will be made by December
31 2026 at the latest.
1. Other receivables
(1) Other receivables disclosed by aging
Balance at the end of last
Aging Ending balance
year
Within 1 year 117982134.52 116706098.92
1 to 2 years 290000.00 322956.77
2 to 3 years
Over 3 years 31555408.01 46193178.82
Total 149827542.53 163222234.51
(2) Disclosure by category
Ending balance
Book balance Provision for bad debts
Category
Provision ratio Book value
Amount Ratio (%) Amount
(%)
Provision for bad
debts on an individual 31390658.89 20.95 31390658.89 100.00
basis
Provision for bad
debts on a credit risk 118436883.64 79.05 118436883.64
portfolio basis
Total 149827542.53 100.00 31390658.89 20.95 118436883.64
Continued
Balance at the end of last year
Book balance Provision for bad debts
Category
Provision ratio Book value
Amount Ratio (%) Amount
(%)
Provision for bad
debts on an individual 31390658.89 19.23 31390658.89 100.00
basis
Provision for bad
debts on a credit risk 131831575.62 80.77 131831575.62
portfolio basis
Total 163222234.51 100.00 31390658.89 19.23 131831575.62
Provision for bad debts made on an individual basis:
Name Ending balance
97The Semi-Annual Report 2025 of Shenzhen Nanshan Power Co. Ltd.
Provision for bad Reasons for
Book balance Provision ratio (%)
debts provision
Huiyang Kangtai Industrial
14311626.7014311626.70100.00
Company
Receivables from
employee benefit fund 9969037.63 9969037.63 100.00
dividends and taxes Historical leftover
items which date
Shandong Jinan Power
back to long time
Equipment Factory Co. 3560000.00 3560000.00 100.00
ago and are
Ltd.expected to be
Receivables from purchase
1736004.16 1736004.16 100.00 irrecoverable
of employee dormitories
Accounts receivable from
Zhongshan cogeneration 1000000.00 1000000.00 100.00
project
Others 813990.40 813990.40 100.00
Total 31390658.89 31390658.89 100.00
Provision for bad debts made by portfolio:
Ending balance
Name
Other receivables Provision for bad debts Provision ratio (%)
Portfolio V: guarantee deposit
5074963.16
and petty cash portfolio
Portfolio VII: other receivables
113361920.48
and temporary payments
Total 118436883.64
(3) Provision provision for bad debts
The first stage The second stage The third phase
Expected credit Expected credit
Provision for bad debts Expected credit loss for the entire loss for the Total
losses over the duration (without entire duration
next 12 months credit (with credit
impairment) impairment)
Balance at the end of last year 31390658.89 31390658.89
Balance at the end of the previous
year in the current period
--Transfer to the second stage
--Transfer to the third stage
--Reverse to the second stage
--Reverse to the first stage
Provision for the current period
Reverse for the current period
Charge-off for the current period
Write-off for the current period
Other changes
98The Semi-Annual Report 2025 of Shenzhen Nanshan Power Co. Ltd.
The first stage The second stage The third phase
Expected credit Expected credit
Provision for bad debts Expected credit loss for the entire loss for the Total
losses over the duration (without entire duration
next 12 months credit (with credit
impairment) impairment)
Ending balance 31390658.89 31390658.89
(4) Provision for bad debts made reversed or recovered for the current period
Amount of changes for the current period
Balance at the
Category Ending balance
end of last year Reverse or Charge-off or Accrual
recovery write-off
Individual provision 31390658.89 31390658.89
(5) There were no other receivables actually write-off in the current period
(6) Classification of other receivables by nature of payment
Nature of payment Ending book balance Book balance at the end of last year
Current accounts with external units 132946830.51 146283298.87
Receivable from employees 12246318.76 12264858.97
Guarantee and deposit 4634393.26 4674076.67
Total 149827542.53 163222234.51
(7) Other receivables of the top five ending balances by debtors
Proportion to
the total
ending Ending balance
Nature of
Entity name Ending balance Aging balance of of provision for
payment
other bad debts
receivables
(%)
Current
Zhongshan Xiwan Construction accounts Within 1
112298115.0074.95
Investment Co. Ltd. with external year
units
Current
Huiyang Kangtai Industrial accounts Over 5
14311626.709.5514311626.70
Company with external years
units
Receivable
Receivables from employee Over 5
from 9969037.63 6.65 9969037.63
benefit fund dividends and taxes years
employees
Current
Shandong Jinan Power accounts Over 5
3560000.002.383560000.00
Equipment Factory Co. Ltd. with external years
units
Zhongshan Nanlang Town Guarantee Within 1
1832916.001.22
Property Management Co. Ltd. and deposit year
Total 141971695.33 94.75 27840664.33
(VI) Inventories
99The Semi-Annual Report 2025 of Shenzhen Nanshan Power Co. Ltd.
1. Inventories classification
Ending balance Balance at the end of last year
Item Provision for Provision for
Book balance inventory Book value Book balance inventory Book value
depreciation depreciation
Spare 133818765.8 78299565.0
125990508.8349448586.0976541922.7455519200.72
parts 0 8
Auxiliary
materials
and low-
336744.23336744.23417181.8679264.71337917.15
value
consumab
les etc.Contract
performan 1461911.76 1461911.76 1549695.97 1549695.97
ce cost
Others 47196.59 47196.59 47196.59 47196.59
135832840.280234374.7
Total 127836361.41 49448586.09 78387775.32 55598465.43
29
2. Provision for inventory depreciation and provision for impairment of contract performance
costs
Increased amount in the Decreased amount in the
Balance at the current period current period
Item Ending balance
end of last year Reverse or
Accrual Others Others
charge-off
Spare parts 55519200.72 6070614.63 49448586.09
Auxiliary materials and
low-value 79264.71 79264.71 0.00
consumables etc.Total 55598465.43 6149879.34 49448586.09
(VII) Contract assets
1. Contract assets
Ending balance Balance at the end of last year
Item Provision for Book Provision for
Book balance Book value Book value
bad debts balance bad debts
Progress
7798238.867798238.86
payment
Quality
101002.18101002.1895580.6895580.68
guarantee
Total 7899241.04 7899241.04 95580.68 95580.68
2. Classified disclosure of contract assets by the method of provision for bad debts
Class Ending balance
Book balance Provision for bad debts
100The Semi-Annual Report 2025 of Shenzhen Nanshan Power Co. Ltd.
Amount Proportion (%) Amount Proportion of Book value
provision (%)
Provision for
bad debts on a
individual basis
Provision for 7899241.04 100 7899241.04
bad debts on a
credit risk
portfolio
Total 7899241.04 100 7899241.04
Continued
Class Balance at the end of last year
Book balance Provision for bad debts
Amount Proportion (%) Amount Proportion of Book value
provision (%)
Provision for
bad debts on a
individual basis
Provision for 95580.68 100 95580.68
bad debts on a
credit risk
portfolio
Total 95580.68 100 95580.68
(VIII) Assets held for sale
Estimated
Ending book Provision for Ending book Estimated
Item Fair value disposal
balance impairment value disposal time
cost
Fixed assets 14800817.46 14800817.46 2025
Intangible 9781967.13 9781967.13 2025
101The Semi-Annual Report 2025 of Shenzhen Nanshan Power Co. Ltd.
assets
Total 24582784.59 24582784.59
Note: the ending book value of assets held for sale are all carried forward from fixed assets and
intangible assets due to land acquisition and storage by the Company's subsidiary Shenzhen Nanshan
Power Zhongshan Company. Please refer to the notes to other receivables in Note V (V) to the financial
statements for details of the relevant matters.According to the Relocation Compensation Agreement the Agreement on the Recovery of State-
Owned Land Use Rights and the supplementary agreement signed by Shenzhen Nanshan Power
Zhongshan Company and Cuiheng New District Management Committee Zhongshan City the land
acquisition and storage for Plot B will be completed and handed over to the Management Committee
before June 30 2025. If the Company fails to complete the handover of Plot B before the expiration of
the agreed handover period the Parties may extend the handover period and the extension period
shall not exceed 3 months. Based on the irrevocable legal binding nature of the agreements the
smooth progress of the land acquisition and storage process for Plot A the orderly preparations for the
acquisition and storage of Plot B the certainty of completing the handover within one year and the
compliance status where pre-reserve asset usage does not affect the transaction with clearly defined
rights and obligations the Company has classified Plot B and its above-ground structures as the
"assets held for sale" in accordance with applicable accounting standards reflecting their actual status
and anticipated disposal arrangements.(IX) Other current assets
Balance at the end of last
Item Ending balance
year
Large-amount negotiable certificate of deposit and accrued
234840831.48232165987.85
interest
Land acquisition and storage production and business
suspension employee compensation and relocation 47558423.57 37899306.75
expenses etc. (Note)
Amount of input value-added tax to be deducted 21894549.50 8614307.70
Prepaid income tax 6583089.98
Others 7815.72 265846.94
Total 304301620.27 285528539.22
Note: it is collected by the Company's subsidiary Shenzhen Nanshan Power Zhongshan Company in
relation to the land acquisition and storage matters. For details of the relevant land acquisition and
storage matters please refer to the explanatory notes under Other Receivables in Note V (V) of the
notes to the financial statements.In accordance with the Accounting Treatment for Relocation Compensation Matters stipulated in the
CSRC's Guidance on the Application of Regulatory Rules - Accounting Category No. 3 Shenzhen
Nanshan Power Zhongshan Company has classified the expenses incurred for implementing the land
acquisition and storage matters including demolition losses of buildings and ancillary facilities
relocation expenses and employee compensation paid during the production suspension period as
other current assets following the land reserve process.(X) Long-term equity investments
102The Semi-Annual Report 2025 of Shenzhen Nanshan Power Co. Ltd.
Increase and decrease in the current period
Beginning Investment
balance of
Beginning profit or loss Adjustments to
Investees provision
balance Additional Reduced recognized the other
for investment investment under the comprehensive
impairment equity income
method
I. Associates
Jiangsu Liaoyuan
Environmental Protection
Technology Co. Ltd.
90587521.442976431.04
(hereinafter referred to as
"Liaoyuan Environmental
Protection")
Total 90587521.44 2976431.04
Continued:
Increase and decrease in the current period Ending
Declaration balance of
Investees Other Provision
Ending
of cash provision
changes for Others balance
dividend or for
in equity impairment
profits impairment
I. Associates
Jiangsu Liaoyuan
Environmental Protection
Technology Co. Ltd.
809700.0092754252.48
(hereinafter referred to as
"Liaoyuan Environmental
Protection")
Total 809700.00 92754252.48
(XI) Other investments in equity instruments
1. Other investments in equity instruments
Ending balance Balance at the end of last year
Item Original book Fair value Original book Fair value
Ending balance Ending balance
value changes value changes
Sunpower Technology
140000000.0022782620.92162782620.92140000000.0022782620.92162782620.92
(Jiangsu) Co. Ltd.Shenzhen Yuanzhi Ruixin
New Generation Information
Technology Private Equity -
92654000.00-17233242.2175420757.79100000000.0081400433.65
Investments Fund 18599566.35
Partnership (Limited
Partnership)
Jiangxi Nuclear Power Co.
60615000.0060615000.0060615000.0060615000.00
Ltd.Shenzhen New Energy
Storage Industry Equity
50000000.0050000000.0050000000.0050000000.00
Fund Partnership (Limited
Partnership)
Shenzhen Yuanzhi
Zhongkai Energy Storage
1950000.001950000.00
Technology Innovation
Private Fund Partnership
103The Semi-Annual Report 2025 of Shenzhen Nanshan Power Co. Ltd.
(Limited Partnership)
Shenzhen Petrochemical
Oil Products Bonded 2500000.00 -2500000.00 2500000.00 -2500000.00
Trading Co. Ltd.Total 347719000.00 3049378.71 350768378.71 353115000.00 1683054.57 354798054.57
2. Investment in non-trading equity instruments
Reasons for
The amount of measuring at fair
Dividend Reasons for
other value and whose
income transferring other
Accumulated Accumulated comprehensive changes are
Item recognized in comprehensive
gains losses income recognized in
the current income to
transferred to other
period retained earnings
retained earnings comprehensive
income
Sunpower
Plan to hold for
Technology 5600000.00 22782620.92
the long term
(Jiangsu) Co. Ltd.As a result of the
disposal of certain
Shenzhen Yuanzhi
investments the
Ruixin New
cumulative fair
Generation
value changes
Information
Plan to hold for previously
Technology Private 17233242.21 1352892.26
the long term recognized in
Equity Investments
other
Fund Partnership
comprehensive
(Limited
income are
Partnership)
transferred to
retained earnings
Jiangxi Nuclear Plan to hold for
Power Co. Ltd. the long term
Shenzhen New
Energy Storage
Industry Equity Plan to hold for
Fund Partnership the long term
(Limited
Partnership)
Shenzhen Yuanzhi
Zhongkai Energy
Storage
Technology Plan to hold for
Innovation Private the long term
Fund Partnership
(Limited
Partnership)
Shenzhen
Petrochemical Oil Plan to hold for
2500000.00
Products Bonded the long term
Trading Co. Ltd.Total 5600000.00 22782620.92 19733242.21 1352892.26
(XII) Investment properties
Item Houses and buildings Total
1. Original book value
(1) Balance at the end of last year 9708014.96 9708014.96
(2) Increased amount in the current period
- Outsourcing
(3) Reduced amount in the current period
104The Semi-Annual Report 2025 of Shenzhen Nanshan Power Co. Ltd.
Item Houses and buildings Total
—Disposal
(4) Ending balance 9708014.96 9708014.96
2. Accumulated depreciation and accumulated amortization
(1) Balance at the end of last year 8210005.12 8210005.12
(2) Increased amount in the current period 83278.38 83278.38
- Provision or amortization 83278.38 83278.38
(3) Reduced amount in the current period
—Disposal
(4) Ending balance 8293283.50 8293283.50
3. Provision for impairment
(1) Balance at the end of last year
(2) Increased amount in the current period
-Provision
(3) Reduced amount in the current period
—Disposal
(4) Ending balance
4. Book value
(1) Ending book value 1414731.46 1414731.46
(2) Book value at the end of last year 1498009.84 1498009.84
(XIII) Fixed assets
1. Fixed assets and disposal of fixed assets
Item Ending balance Balance at the end of last year
Fixed assets (Note 1) 559338913.36 377498094.30
Disposal of fixed assets (Note 2) 1501202.20 73705696.67
Total 560840115.56 451203790.97
Note 1: The increase in the ending balance of fixed assets is primarily due to the Zhongshan
Independent Energy Storage Station Project (Phase I) of Shenzhen Nanshan Power Xiwan Company a
subsidiary of the Company reaching its intended usable condition in May 2025 and preliminary fixed-
asset recognition during the current period leading to an increase of RMB 192 million in the original
value of fixed assets at the consolidated financial statement level.Note 2: The decrease in the ending balance of fixed assets held for disposal is primarily due to the
public listing and transfer of power generation units and related assets by the Company's subsidiary
Shenzhen Nanshan Power Zhongshan Company which was completed in March 2025. The transaction
amount was RMB 63.7269 million (excluding tax) and the full transfer payment and VAT were collected
by May 30 2025.
105The Semi-Annual Report 2025 of Shenzhen Nanshan Power Co. Ltd.
2. Fixed assets
Houses buildings Electronic equipment
Item Machinery equipment Means of transport Total
and decoration and other equipment
1. Original book value
(1) Balance at the end of last year 294719041.34 1670156222.33 5208602.47 40933308.11 2011017174.25
(2) Increased amount in the current period 20578856.84 172562906.64 84152.38 193225915.86
-Purchase 84152.38 84152.38
- Transfer-in from projects under
20578856.84172562906.64193141763.48
construction
(3) Reduced amount in the current period 53291.10 53291.10
-Disposal or scrapping 53291.10 53291.10
(4) Ending balance 315297898.18 1842719128.97 5208602.47 40964169.39 2204189799.01
2. Accumulated depreciation
(1) Balance at the end of last year 207817321.47 1267888430.12 4707082.87 34155145.08 1514567979.54
(2) Increased amount in the current period 2400605.90 8015800.11 259479.52 701164.03 11377049.56
-Provision 2400605.90 8015800.11 259479.52 701164.03 11377049.56
(3) Reduced amount in the current period 38991.54 38991.54
-Disposal or scrapping 38991.54 38991.54
(4) Ending balance 210217927.37 1275904230.23 4966562.39 34817317.57 1525906037.56
3. Provision for impairment
(1) Balance at the end of last year 17852047.84 100972179.24 53176.48 73696.85 118951100.41
(2) Increased amount in the current period
-Provision
(3) Reduced amount in the current period 6252.32 6252.32
-Disposal or scrapping 6252.32 6252.32
(4) Ending balance 17852047.84 100972179.24 53176.48 67444.53 118944848.09
4. Book value
106The Semi-Annual Report 2025 of Shenzhen Nanshan Power Co. Ltd.
Houses buildings Electronic equipment
Item Machinery equipment Means of transport Total
and decoration and other equipment
(1) Ending book value 87227922.97 465842719.50 188863.60 6079407.29 559338913.36
(2) Book value at the end of last year 69049672.03 301295612.97 448343.12 6704466.18 377498094.30
107The Semi-Annual Report 2025 of Shenzhen Nanshan Power Co. Ltd.
3. Fixed assets without the certificate of title
Reasons for failure to acquire the
Item Book value
certificate of title
Oil depot complex 443246.19 Formalities not completed
Chemical water treatment workshop 232960.00 Formalities not completed
Cooling tower 673259.25 Formalities not completed
Cafeteria of complex building 180248.49 Formalities not completed
Mail room at the main entrance 47264.13 Formalities not completed
Total 1576978.06
4. Disposal of fixed assets
Item Ending balance Balance at the end of last year
Buildings and constructions
Machinery equipment 1485098.75 72098979.01
Means of transport 16103.45 50000.00
Electronic equipment and other equipment 189564.16
Others 1367153.50
Total 1501202.20 73705696.67
Note: for details please refer to the Note V (XIII) 1. "Fixed assets and disposal of fixed assets" to the
financial statements.(XIV) Construction in progress
1. Construction in progress and project materials
Item Ending balance Balance at the end of last year
Construction in progress 2838171.11 6983713.85
Total 2838171.11 6983713.85
2. Construction in progress
Ending balance Balance at the end of last year
Item Provision for Provision for
Book balance Book value Book balance Book value
impairment impairment
Oil-to-gas project
of Nanshan 9441286.39 9441286.39 9441286.39 9441286.39
Power Plant
Technical
Renovation
Project of 3172069.27 1605000.00 1567069.27 4238664.96 1605000.00 2633664.96
Nanshan Power
Plant
Informationization
Construction 973932.03 973932.03 90754.71 90754.71
Project
Zhongshan
Independent
4259294.184259294.18
Energy Storage
Project
108The Semi-Annual Report 2025 of Shenzhen Nanshan Power Co. Ltd.
Ending balance Balance at the end of last year
Item Provision for Provision for
Book balance Book value Book balance Book value
impairment impairment
Others 297169.81 297169.81
Total 13884457.50 11046286.39 2838171.11 18030000.24 11046286.39 6983713.85
3. Changes in significant construction in progress in the current period
Fixed assets
Increased Other decreases
Beginning transferred for
Project name amount in the in the current Ending balance
balance the current
current period period
period
Zhongshan
Independent Energy 4259294.18 187756352.45 192015646.63 0.00
Storage Project
Note: The Zhongshan Independent Energy Storage Project (Phase I) of Shenzhen Nanshan Power
Xiwan Company a subsidiary of the Company reaches its intended usable condition in May 2025 and
during the current period RMB 192 million was preliminarily transferred from construction in progress to
fixed assets at the consolidated financial statement level.Continued:
Including:
Proportion Interest
Budget Accumulated amount of
of project Project capitalization
amount amount of interest Sources of
Project name investment progress rate in the
(RMB interest capitalization funds
in budget (%) current
10000) capitalization in the current
(%) period (%)
period
Zhongshan
Independent Self-
30715.2478.42100.0025.7425.7465.38
Energy Storage financed
Project
(XV) Right-of-use assets
1. Right-of-use assets
Item Buildings Total
I. Original book value
1. Beginning balance 8696499.48 8696499.48
2. Increased amount in the
28096305.8128096305.81
current period
3. Decreased amount in the
current period
4. Ending balance 36792805.29 36792805.29
II. Accumulated depreciation
1. Beginning balance 2536479.05 2536479.05
2. Increased amount in the
2876532.542876532.54
current period
(1) Provision 2876532.54 2876532.54
3. Decreased amount in the
current period
109The Semi-Annual Report 2025 of Shenzhen Nanshan Power Co. Ltd.
Item Buildings Total
4. Ending balance 5413011.59 5413011.59
III. Provision for impairment
IV. Book value
1. Ending book value 31379793.70 31379793.70
2. Beginning book value 6160020.43 6160020.43
Note: (1) The increase in right-of-use assets in the current period is mainly due to the construction of
the Zhongshan Independent Energy Storage Project of Shenzhen Nanshan Power Xiwan Company
which involved new land and building leases recognized as right-of-use assets during the current
period.
(2) The beginning balance of right-of-use assets refers to the Company's operating leases of 16F/17F
Hantang Building Property for office use.(XVI) Intangible assets
Item Land use right Patent Software Total
1. Original book value
(1) Balance at the end of last year 30800611.14 138625.07 5187330.02 36126566.23
(2) Increased amount in the current
103066.04103066.04
period
-Purchase 103066.04 103066.04
(3) Reduced amount in the current period
—Disposal
(4) Ending balance 30800611.14 138625.07 5290396.06 36229632.27
2. Accumulated amortization
(1) Balance at the end of last year 30755027.16 66512.54 3955294.72 34776834.42
(2) Increased amount in the current
3295.568673.72176895.78188865.06
period
-Provision 3295.56 8673.72 176895.78 188865.06
(3) Reduced amount in the current period
—Disposal
(4) Ending balance 30758322.72 75186.26 4132190.50 34965699.48
3. Provision for impairment
(1) Balance at the end of last year
(2) Increased amount in the current
period
-Provision
(3) Reduced amount in the current period
—Disposal
(4) Ending balance
4. Book value
(1) Ending book value 42288.42 63438.81 1158205.56 1263932.79
(2) Book value at the end of last year 45583.98 72112.53 1232035.30 1349731.81
110The Semi-Annual Report 2025 of Shenzhen Nanshan Power Co. Ltd.
(XVII) Long-term deferred expenses
Increased Amortization
Balance at the Other
Item amount in the amount in the Ending balance
end of last year reductions
current period current period
Major repair expenses 5510756.56 717578.82 4793177.74
Renovation costs 292105.21 137138.43 154966.78
Total 5802861.77 854717.25 4948144.52
(XVIII) Deferred tax assets and deferred tax liabilities
Deferred tax assets not offset
Ending balance Balance at the end of last year
Item Deductible Deductible Deferred tax Deferred tax
temporary temporary
assets assets
differences differences
Fair value changes of other
2500000.00625000.002500000.00625000.00
investments in equity instruments
Total 2500000.00 625000.00 2500000.00 625000.00
(XIX) Other non-current assets
Ending balance Balance at the end of last year
Item Provision for Provision for
Book balance Book value Book balance Book value
impairment impairment
Advance
payment for
Zhongshan
4739340.564739340.56
independent
energy storage
project
Relevant
expenses for
functional
857135.84857135.84857135.84857135.84
substitution of
Nanshan
Power Plant
Major overhaul
expenditures
for power
generation
809741.98809741.98
units of
Nanshan
Power Plant
(Note)
Total 1666877.82 1666877.82 5596476.40 5596476.40
Note: Mainly due to major overhaul expenditures for power generation units of Nanshan Power Plant
during the reporting period. As the overhaul project remains uncompleted and does not yet meet
capitalization conditions such expenditures have been classified under other non-current assets. Such
expenditures will be transferred to long-term deferred expenses once the capitalization conditions are
satisfied.(XX) Assets with restricted ownership or use rights
111The Semi-Annual Report 2025 of Shenzhen Nanshan Power Co. Ltd.
Ending balance Balance at the end of last year
Item Restric RestricBook restrictio Book restricti
Book value ted Book value ted
balance ns balance ons
type type
Guara 7912100. Guara
Monetary funds 5112000.00 5112000.00 Freeze 7912100.00 Freeze
ntee 00 ntee
7912100.
Total 5112000.00 5112000.00 7912100.00
00
(XXI) Short-term borrowings
Balance at the end of last
Item Ending balance
year
Credit loan 93000000.00 106558036.22
Pledged loan (note) 162000000.00
Accrued interest on short-term borrowings 67166.65 56972.97
Total 93067166.65 268615009.19
Note: The Company pledged its own patent for invention to China Merchants Bank Co. Ltd. Shenzhen
Branch for a loan of RMB 30 million pledged a letter of credit to Shanghai Pudong Development Bank
Co. Ltd. Shenzhen Branch for a loan of RMB 87 million and pledged a letter of credit to Industrial Bank
Co. Ltd. Shenzhen Branch for a loan of RMB 45 million. All of such loans were repaid in the current
period.(XXII) Accounts payable
1. Accounts payable
Item Ending balance Balance at the end of last year
Payments for goods labor services and services 83011661.61 13560180.89
Electricity bill 1186915.25 461976.72
Total 84198576.86 14022157.61
Note: The increase in the ending balance is primarily due to the Zhongshan Independent Energy
Storage Station Project (Phase I) of Shenzhen Nanshan Power Xiwan Company a subsidiary of the
Company reaching its intended usable condition in May 2025 and preliminary fixed-asset recognition
during the current period leading to a corresponding increase in accounts payable.
2. Top five accounts payable
Proportion to the accounts
Entity name Book balance
payable balance (%)
China Southern Power Grid Electric Power
56159690.8366.70
Technology Co. Ltd.CRCC Harbour & Channel Engineering Bureau
16434954.6819.52
Group Co. Ltd.Guangzhou Zike Environmental Protection
1872500.002.22
Technology Co. Ltd.Guangdong Nanhai Power Design Institute
1377358.491.64
Engineering Co. Ltd.Shenzhen Power Supply Bureau Co. Ltd. 1186915.25 1.41
Total 77031419.25 91.49
112The Semi-Annual Report 2025 of Shenzhen Nanshan Power Co. Ltd.
(XXIII) Contract liabilities
Item Ending balance Balance at the end of last year
Advance payment for integrated energy service 50000.00
Total 50000.00
(XXIV) Employee compensation payable
1. Employee compensation payable
Increased amount Decreased amount
Balance at the
Item in the current in the current Ending balance
end of last year
period period
Short-term compensation 16052879.47 46979297.32 57905724.09 5126452.70
Post-employment benefits-
6270590.226270590.22
defined contribution plans
Dismissal benefits 339420.00 339420.00
Total 16052879.47 53589307.54 64515734.31 5126452.70
2. Short-term compensation
Increased Decreased
Balance at the
Item amount in the amount in the Ending balance
end of last year
current period current period
(1) Salaries bonuses allowances and
15180182.3437210051.5847506674.654883559.27
subsidies
(2) Employee welfare fees 731700.11 1871409.14 2465356.75 137752.50
(3) Social insurance premiums 2317964.98 2317964.98
Including: medical insurance premiums 1848868.45 1848868.45
Work injury insurance premium 285312.55 285312.55
Maternity insurance premium 183783.98 183783.98
(4) Housing provident fund 4582608.72 4582608.72
(5) Trade union funds and employee
140997.02997262.901033118.99105140.93
education expenses
Total 16052879.47 46979297.32 57905724.09 5126452.70
3. Defined contribution plans list
Increased Decreased
Balance at the
Item amount in the amount in the Ending balance
end of last year
current period current period
Basic endowment insurance 5964083.78 5964083.78
Unemployment insurance premiums 306506.44 306506.44
Enterprise annuity payment
Total 6270590.22 6270590.22
(XXV) Taxes payable
Tax items Ending balance Balance at the end of last year
Corporate income tax 9140402.85
113The Semi-Annual Report 2025 of Shenzhen Nanshan Power Co. Ltd.
Tax items Ending balance Balance at the end of last year
Value-added tax 8626884.42 4261775.21
Property tax 1056802.56
Land use tax 392509.86
Personal income tax 338014.85 712556.99
Stamp duty 30744.93 172648.01
Urban maintenance and construction tax 75886.08 32043.68
Education surcharge 32522.62 13687.09
Local education surcharge 21681.75 9201.24
Others 6592.97
Total 10575047.07 14348908.04
(XXVI) Other payables
Balance at the end of last
Item Ending balance
year
Interest payable
Dividends payable
Other payables 7909244.89 15685234.29
Total 7909244.89 15685234.29
1. Other payables
(1) Presented according to nature of payment
Item Ending balance Balance at the end of last year
Labor and service fees (note) 6379616.98 14687088.11
Guarantee 969984.00 750651.39
Others 559643.91 247494.79
Total 7909244.89 15685234.29
Note: The main reason for the increase in the balance of the current period is that its subsidiary
Shenzhen Nanshan Power Zhongshan Company paid the costs of dismantling and disposing the oil
tank and oil pipeline in plot A in the current period according to the agreement signed with Zhongshan
Xiwan Construction Investment Co. Ltd. for land acquisition and storage matters.
(2) Top five other payables
Proportion to the other
Entity name Book balance accounts payable balance
(%)
Zhongshan Xiwan Construction Investment Co. Ltd. 4415015.60 55.82
CNOOC Guangdong Natural Gas Co. Ltd. 971444.00 12.28
Lixinzhonglian CPAS (Special General Partnership) 465000.00 5.88
Shenzhen Shennong Kitchen Co. Ltd 300000.00 3.79
Shenzhen Jinzhixin Investment Co. Ltd. 250000.00 3.16
Total 6401459.60 80.93
(XXVII) Non-current liabilities maturing within one year
114The Semi-Annual Report 2025 of Shenzhen Nanshan Power Co. Ltd.
Item Ending balance Balance at the end of last year
Lease liabilities due within one year 5939709.57 4466835.32
Long-term borrowings due within one year 61460.74
Total 6001170.31 4466835.32
(XXVIII) Other current liabilities
Item Ending balance Balance at the end of last year
Progress payment for land acquisition and storage
107922581.00107922581.00
compensation (Note)
Interests of other partners in the partnership 403.82
Total 107922581.00 107922984.82
Note: For the compensation of Plot B received by the Company's subsidiary Shenzhen Nanshan Power
Zhongshan Company due to land acquisition and storage matters please refer to the Note V (V) "Other
receivables" to the financial statements for details of the relevant land acquisition and storage matters.The total compensation price of Plot B was RMB 359741936. As of the end of the reporting period the
progress payment of Plot B compensation of RMB 107922581 was received. As the transfer of Plot B
has not yet been completed the compensation already received has been included in other current
liabilities.(XXIX) Long-term borrowings
Item Ending balance Balance at the end of last year
Fixed asset mortgage loans 97154742.83
Total 97154742.83
(XXX) Lease liabilities
1. Lease liabilities details
Item Ending balance Beginning balance
Lease liabilities 25452499.49 2125910.18
Total 25452499.49 2125910.18
Note: The increase in the balance of the current period is mainly due to the construction of the
Zhongshan Independent Energy Storage Project by the Company's subsidiary Shenzhen Nanshan
Power Xiwan Company which resulted in the recognition of lease liabilities for new land and above-
ground building lease contracts.
2. Lease liabilities maturity analysis
Item Ending balance Beginning balance
Over 1 year 25452499.49 2125910.18
Total 25452499.49 2125910.18
(XXXI) Estimated liabilities
There was no balance at the end of the current period or the previous year or amount incurred in the
current period.(XXXII) Deferred income
1. Classification of deferred income
115The Semi-Annual Report 2025 of Shenzhen Nanshan Power Co. Ltd.
Increased Decreased
Balance at the
Item amount in the amount in the Ending balance Causes
end of last year
current period current period
Government See Table 2 for
61522875.973172940.1058349935.87
subsidies details
Total 61522875.97 3172940.10 58349935.87
2. Deferred income related to government subsidies
New Amount
subsidy recognized in Other Asset
Balance at the end
Liabilities amount in profit or loss in chang Ending balance related/incom
of last year
the current the current es e related
period period
Shenzhen air
quality
39866533.41 2365909.08 37500624.33 Asset related
improvement
subsidy
Government
subsidies for low-
nitrogen 17917839.78 229384.08 17688455.70 Asset related
equipment
renovation
Motor energy
efficiency
228960.00 17280.00 211680.00 Asset related
improvement
subsidy scheme
Funds for
technological
transformation
846722.24 35333.34 811388.90 Asset related
and investment
projects in 2021-
2022
Industrial
development 750000.00 187500.00 562500.00 Asset related
special grants
Supporting funds
for industrial
energy
conservation and
comprehensive
utilization projects 1095000.00 273750.00 821250.00 Asset related
in the Green
Development and
Industrial "Carbon
Peak" Support
Program
Circular economy
support fund for
817820.54 63783.60 754036.94 Asset related
sludge drying
project
Total 61522875.97 3172940.10 58349935.87
(XXXIII) Other non-current liabilities
116The Semi-Annual Report 2025 of Shenzhen Nanshan Power Co. Ltd.
There was no balance at the end of the current period or the previous year or amount incurred in the
current period.(XXXIV) Share capital
Increase (+) and decrease (-) in the current period
Balance at the
Item Issuance Provident Bonus Ending balance end of last year of new fund Others Subtotal
shares
shares conversion
Total shares 602762596.00 602762596.00
(XXXV) Capital reserve
Increased amount Decreased
Balance at the end
Item in the current amount in the Ending balance
of last year
period current period
Capital premium (equity premium) 233035439.62 233035439.62
Other capital reserve 129735482.48 129735482.48
Total 362770922.10 362770922.10
117The Semi-Annual Report 2025 of Shenzhen Nanshan Power Co. Ltd.
(XXXVI) Other comprehensive income
Amount in the current period
Less:
Less:
recognized in
recognized in
other
other
Balance at the comprehensive Amount before comprehensive Less: Attributable to Attributable
Item end of last income in the income tax for income in the income parent to minority Ending balance
year previous the current previous tax company after shareholders
period and
period period and expenses tax after tax
transferred to
transferred to
retained
current profit or
earnings in the
loss
current period
1. Other comprehensive income that
1683054.572719216.401352892.261366324.143049378.71
cannot be reclassified into profit or loss
Including: remeasure changes in
benefit plans
Other comprehensive income that
cannot be transferred to profit or loss
under the equity method
Fair value changes of other
1683054.572719216.401352892.261366324.143049378.71
investments in equity instruments
Total other comprehensive income 1683054.57 2719216.40 1352892.26 1366324.14 3049378.71
118The Semi-Annual Report 2025 of Shenzhen Nanshan Power Co. Ltd.
(XXXVII) Special reserve
Increased amount Decreased amount
Balance at the end
Item in the current in the current Ending balance
of last year
period period
Safety production costs 3056749.98 1748876.88 1307873.10
Total 3056749.98 1748876.88 1307873.10
Note: the Company's power production business shall be withdrawn in accordance with the
Administrative Measures for the Withdrawal and Use of Enterprise Work Safety Expenses (CZ [2022]
No. 136) (issued on December 12 2022) and the work safety expenses shall be included in the current
profit or loss and transferred to the special reserves at the same time.(XXXVIII) Surplus reserve
Increased amount Decreased amount
Balance at the end
Item in the current in the current Ending balance
of last year
period period
Statutory surplus reserve 310158957.87 310158957.87
Discretionary surplus reserve 22749439.73 22749439.73
Total 332908397.60 332908397.60
(XXXIX) Undistributed profits
Balance at the end of last
Item Ending balance
year
Undistributed profits at the end of last year before adjustments 185255604.81 163346776.24
Adjustments to the total amount of the undistributed profits at
the beginning of the year (increase + decrease -)
Undistributed profits at the beginning of the year after
185255604.81163346776.24
adjustments
Plus: net profit attributable to owners of parent company for the
-21739509.6421908828.57
current period
Plus: amount of other comprehensive income transferred to
1352892.26
retained earnings (Note)
Less: withdrawal of statutory surplus reserve
Dividends payable on ordinary shares
Ending undistributed profits 164868987.43 185255604.81
Note: During the current period an amount of RMB 1352892.26 was transferred from other
comprehensive income to retained earnings. This primarily resulted from the divestment of certain
investments that had been designated as financial assets measured at fair value through other
comprehensive incomes. In accordance with the Accounting Standards for Business Enterprises No.22
- Recognition and Measurement of Financial Instruments the cumulative fair value changes previously
recorded in other comprehensive income were required to be transferred to retained earnings. This
transaction did not impact the current profit or loss.(XL) Operating revenue and operating costs
1. Operating revenue and operating costs
Amount in the current period Amount in the previous period
Item
Revenue Cost Revenue Cost
119The Semi-Annual Report 2025 of Shenzhen Nanshan Power Co. Ltd.
Amount in the current period Amount in the previous period
Item
Revenue Cost Revenue Cost
Main business 162292199.47 159841635.44 187206813.92 180267125.57
Other business 4097754.78 2255141.17 697450.79 83278.38
Total 166389954.25 162096776.61 187904264.71 180350403.95
120The Semi-Annual Report 2025 of Shenzhen Nanshan Power Co. Ltd.
2. Break down by product or service type
Amount in the current period Amount in the previous period
Item
Revenue Cost Revenue Cost
Power production
145150536.76147223840.47182701860.97181148653.86
and sale
Integrated energy
27098360.0821157322.0918756095.6811858462.90
service
Others 4333656.63 2353720.95 697450.79 83278.38
Consolidation
-10192599.22-8638106.90-14251142.73-12739991.19
offset
Total 166389954.25 162096776.61 187904264.71 180350403.95
3. By region
Amount in the current period Amount in the previous period
Item
Revenue Cost Revenue Cost
Domestic 166389954.25 162096776.61 187904264.71 180350403.95
Total 166389954.25 162096776.61 187904264.71 180350403.95
4. Revenue arising from contracts
Amount in the previous
Item Amount in the current period
period
Classification by contract performance obligations
Including: revenue recognized at a certain time point 149248291.54 183399311.76
Revenue recognized within a certain period of time 17141662.71 4504952.95
Total 166389954.25 187904264.71
(XLI) Taxes and surcharges
Item Amount in the current period Amount in the previous period
Property tax 1056802.56 878745.93
Land use tax 392509.86 305752.50
Urban maintenance and construction tax 339762.60 218338.44
Stamp duty 185091.20 121268.67
Education surcharge 145567.18 93573.61
Local education surcharge 97044.77 62382.40
Environmental protection tax 8829.56 7974.74
Vehicle and vessel tax 360.00 360.00
Total 2225967.73 1688396.29
(XLII) Selling and distribution expenses
Amount in the current
Item Amount in the previous period
period
Employee compensation 871824.28 1231401.93
Agency fee 64150.94 277424.53
Travel expenses 63490.48 32776.13
121The Semi-Annual Report 2025 of Shenzhen Nanshan Power Co. Ltd.
Amount in the current
Item Amount in the previous period
period
Entertainment expenses 34674.90 55369.70
Office expenses 1603.77
Others 12432.56 12172.60
Total 1048176.93 1609144.89
(XLIII) G&A expenses
Item Amount in the current period Amount in the previous period
Employee compensation 23431922.15 22381477.28
Depreciation cost 3078250.26 3506184.76
Agency fee 1155172.36 786977.48
Entertainment expenses 534218.98 562297.27
Water electricity and property management fees 726714.45 796556.57
Repair costs 212903.23 105850.09
Communication and information fees 373785.16 377172.45
Travel expenses 194065.01 327219.49
Vehicle usage fee 453043.27 390789.84
Office expenses 156835.02 139670.26
Fees of the Board of Directors 5792.50 197914.04
Greening and cleaning fees 361632.93 326085.76
Rental fees 2458091.14 2636120.57
Stock related fee 21366.15 81111.77
Amortization of intangible assets 178015.80 166886.35
Others 844475.79 3863979.93
Total 34186284.20 36646293.91
(XLIV) R&D expenses
Item Amount in the current period Amount in the previous period
Employee compensation 8153835.98 12068981.04
Depreciation cost 394879.28 3040458.21
Others 3720.00 7423.50
Total 8552435.26 15116862.75
(XLV) Financial expenses
Amount in the previous
Item Amount in the current period
period
Interest expenses 3740764.90 7949322.98
Less: interest income 2386769.54 2338321.70
Exchange losses 25370.15 -37606.16
Bank handling charges and others 33007.66 168779.49
Total 1412373.17 5742174.61
122The Semi-Annual Report 2025 of Shenzhen Nanshan Power Co. Ltd.
(XLVI) Other benefits
Item Amount in the current period Amount in the previous period
Amortization of government subsidies in the
3172940.103578045.23
current period
Personal tax handling charges refund 110868.48 34481.46
Others 29250.00
Total 3313058.58 3612526.69
See Note VI (II) to the financial statements for the amount of government subsidies included in other
income in the current period.(XLVII) Investment income
Amount in the
Item Amount in the current period
previous period
Investment income from disposal of long-term equity
investments
Investment income from financial assets held for
5195211.686510401.50
trading during the holding period
Income from long-term equity investments accounted
2976431.042428488.38
for equity method under the equity method
Dividend income received from investments in equity
5600000.0068719.76
instruments during the holding period
Total 13771642.72 9007609.64
(XLVIII) Gains from disposal of assets
Amount in the current Amount in the Amount included in non-recurring
Item
period previous period profit or loss in the current period
Profits and losses on disposal of
1156732.521156732.52
non-current assets
Total 1156732.52 1156732.52
(XLIX) Non-operating revenue
Amount included in
Amount in the current Amount in the non-recurring profit or
Item
period previous period loss in the current
period
Subsidies for house demolition and
75461.40
resettlement
Total 75461.40
(L) Non-operating expenses
Amount included in
Amount in the current Amount in the non-recurring profit or
Item
period previous period loss in the current
period
Losses from damage or scrapping of non-
108730.90
current assets
Others 92279.19 92279.19
123The Semi-Annual Report 2025 of Shenzhen Nanshan Power Co. Ltd.
Amount included in
Amount in the current Amount in the non-recurring profit or
Item
period previous period loss in the current
period
Total 92279.19 108730.90 92279.19
(LI) Income tax expenses
1. Income tax expenses
Item Amount in the current period Amount in the previous period
Current income tax expenses 53667.86
Deferred income tax expenses
Total 53667.86
2. Adjustment process of accounting profit and income tax expenses
Item Amount in the current period
Total profit -24982905.02
Income tax expenses calculated at the legal [or
-3747435.75
applicable] tax rate
Impact of subsidiaries subject to different tax rates 842804.93
Impact of non-taxable income -446464.66
Impact of non-deductible costs expenses and
70783.31
losses
Impact of deductible losses from the use of
unrecognized deferred income tax assets in the -2757255.29
previous period
Impact of deductible temporary differences or
deductible losses of deferred income tax assets 6091235.31
unrecognized in the current period
Income tax expenses 53667.86
(LII) Earnings per share
1. Basic earnings per share
Basic earnings per share is calculated by dividing the consolidated net profit attributable to ordinary
124The Semi-Annual Report 2025 of Shenzhen Nanshan Power Co. Ltd.
shareholders of the parent company by the weighted average of outstanding ordinary shares of the
Company:
Amount in the current Amount in the previous
Item
period period
Consolidated net profit attributable to ordinary shareholders of
-21739509.64-37851109.90
the parent company
Weighted average of outstanding ordinary shares of the
602762596.00602762596.00
Company
Basic earnings per share -0.0361 -0.0628
2. Diluted earnings per share
Diluted earnings per share are calculated by dividing the consolidated net profit (diluted) attributable to
ordinary shareholders of the parent company by the weighted average (diluted) of the Company's
outstanding ordinary shares:
Amount in the current Amount in the previous
Item
period period
Consolidated net profit attributable to ordinary shareholders of
-21739509.64-37851109.90
the parent company (diluted)
Weighted average of outstanding ordinary shares of the
602762596.00602762596.00
Company (diluted)
Diluted earnings per share -0.0361 -0.0628
(LIII) Statement of cash flows items
1. Cash received from other operating activities
Amount in the current Amount in the previous
Item
period period
Current accounts received etc. 9681785.94 14602512.23
Interest income 676917.86 2288271.75
Income from government subsidies 110868.48 241800.00
Total 10469572.28 17132583.98
2. Cash paid for other operating activities
Amount in the current Amount in the previous
Item
period period
Expenses from payment period 7982293.72 20583772.82
Current accounts paid etc. 1498618.82 683355.92
Total 9480912.54 21267128.74
3. Cash received from other investing activities
Amount in the current Amount in the previous
Item
period period
Received principal and interest on loans from non-related
15015192.12
parties
Total 15015192.12
4. Cash paid for other investing activities
125The Semi-Annual Report 2025 of Shenzhen Nanshan Power Co. Ltd.
Amount in the current Amount in the previous
Item
period period
Cash of structured deposits and certificates of deposit etc. 192463428.68 181000000.00
Cash paid for the liquidation and cancellation of subsidiaries 1181765.23
Total 193645193.91 181000000.00
5. Cash paid for other financing activities
Amount in the current Amount in the previous
Item
period period
Note deposit 2800000.00
Payment for principal and interest of lease liabilities 2142680.00 2684440.00
Total 2142680.00 5484440.00
(LIV) Supplementary information of Statement of Cash Flows
1. Supplementary information of Statement of Cash Flows
Amount in the current Amount in the
Supplementary information
period previous period
1. Adjusting net profit to cash flows from operating activities
Net profit -25036572.88 -40662144.86
Plus: losses from credit impairment
Provision for asset impairment
Depreciation and amortization of investment properties 83278.38 83278.38
Depreciation of fixed assets 11377049.56 10501363.95
Depreciation of right-of-use assets 2876532.54 2629300.57
Amortization of intangible assets 188865.06 172074.85
Amortization of long-term deferred expenses 854717.25 755453.82
Amortization of deferred income -3172940.10 -3173447.45
Losses from disposal of fixed assets intangible assets and other
-1156732.52
long-term assets (income expressed with "-")
Losses on write-off of fixed assets (income expressed with "-") 108730.90
Losses from changes in fair value ("-" for gains)
Financial expenses (income expressed with "-") 1412373.17 5742174.61
Investment losses (income expressed with "-") -13771642.72 -9007609.64
Decrease in deferred tax assets (increases expressed with "-")
Increase in deferred tax liabilities (decreases expressed with "-")
Decrease in inventories (increases expressed with "-") 1846599.47 2430717.81
Decrease in operating receivables (increases expressed with "-") 318259.02 -36060439.41
Increase in operating payables (decreases expressed with "-") -38073551.74 13484055.04
Others
Net cash flows from operating activities -62253765.51 -52996491.43
2. Significant investments and financing activities that do not involve
cash receipts and payments
Conversion of debt into capital
126The Semi-Annual Report 2025 of Shenzhen Nanshan Power Co. Ltd.
Amount in the current Amount in the
Supplementary information
period previous period
Convertible corporate bonds due within one year
3. Net changes in cash and cash equivalents
Ending balance of cash 104140868.84 309726567.91
Less: beginning balance of cash 471067121.66 310734919.56
Plus: ending balance of cash equivalents
Less: beginning balance of cash equivalents
Net increase in cash equivalents -366926252.82 -1008351.65
2. Composition of cash and cash equivalents
Balance at the end of
Item Ending balance
last year
I. Cash 104140868.84 471067121.66
Including: cash on hand 31006.55 30264.98
Bank deposits readily available for payment 103300161.95 471032644.67
Other monetary funds readily available for payment 809700.34 4212.01
Deposits with the central bank available for payment
Interbank deposits
Interbank lending
II. Cash equivalents
Including: bond investments due within three months
III. Balance of ending cash and cash equivalents 104140868.84 471067121.66
Including: restricted cash and cash equivalents used by the parent
company or subsidiaries within the group
3. Monetary funds that are not classified as cash and cash equivalents
Reasons for not
Amount in the previous being classified as
Item Amount in the current period
period cash and cash
equivalents
L/G deposit 5112100.00 2800000.00 Frozen restricted
Total 5112100.00 2800000.00
(LV) Assets with restricted ownership or right of use
Item Ending book value Reason for restriction
Monetary funds 5112100.00 L/G deposit
(LVI) Foreign currency monetary items
Ending foreign currency Conversion Ending converted RMB
Item
balance exchange rate balance
Monetary funds
Including: USD 842535.61 7.15860 6031375.30
EUR 1017.71 8.40240 8551.21
HKD 135107.99 0.91195 123211.72
127The Semi-Annual Report 2025 of Shenzhen Nanshan Power Co. Ltd.
Ending foreign currency Conversion Ending converted RMB
Item
balance exchange rate balance
SGD 2613.03 5.61790 14679.74
Total 6177817.97
(LVII) Lease
1. The Company serves as the Lessee
Item Amount in the current period Amount in the previous period
Interest expenses on lease liabilities 470748.87 52282.29
Total cash outflow related to lease 2142680.00 2556609.50
Variable lease payments not included in the
measurement of lease liabilities
Lease expenses for short-term lease or low-
value assets simplified
2. The Company serves as the Lessor
Operating leases when serving as the Lessor
Including: revenue related to variable
Item Lease income lease payments not included in lease
receipts
House lease 756951.25
Total 756951.25
VI. R&D expenditures
Amount incurred in the current Amount incurred in previous
Item
period period
Employee compensation 8153835.98 12068981.04
Depreciation cost 394879.28 3040458.21
Royalties 3720.00 2235.00
Others 5188.50
Total 8552435.26 15116862.75
Including: expensed R&D expenditures 8552435.26 15116862.75
Total 8552435.26 15116862.75
VII. Equity in other entities
(I) Equity in subsidiaries
1. Composition of enterprise group
Main place of Shareholding ratio (%) Acquisition
Name of subsidiary
business Direct Indirect method
Shenzhen Nanshan Power (Zhongshan) Power Co. Ltd. Zhongshan 80.00 Establishment
Shenzhen Nanshan Power Gas Turbine Engineering
Shenzhen 100.00 Establishment
Technology (Shenzhen) Co. Ltd.Shenzhen Nanshan Power Environmental Protection
Shenzhen 100.00 Establishment
(Shenzhen) Co. Ltd.Shenzhen Xiefu Energy Co. Ltd. Shenzhen 50.00 Establishment
128The Semi-Annual Report 2025 of Shenzhen Nanshan Power Co. Ltd.
Main place of Shareholding ratio (%) Acquisition
Name of subsidiary
business Direct Indirect method
Shenzhen New Power Industrial Co. Ltd. Shenzhen 100.00 Establishment
Shennan Energy (Singapore) Co. Ltd. Singapore 100.00 Establishment
Hong Kong Syndisome Co. Ltd. Hongkong 100.00 Establishment
Shenzhen Nanshan Power Xiwan Energy (Zhongshan)
Zhongshan 51.00 Establishment
Co. Ltd.
2. Important non-wholly owned subsidiaries
Dividends
Shareholding Profits and losses
declared to be
ratio of attributable to Ending balance
distributed to
Name of subsidiary minority minority of minority
minority
shareholders shareholders in interests
shareholders the
(%) the current period
current period
Shenzhen Nanshan Power (Zhongshan)
20-2962989.39-47064206.22
Power Co. Ltd.
3. Main financial information of important non-wholly owned subsidiaries
Shenzhen Nanshan Power (Zhongshan) Power Co. Ltd.Name of
subsidiary Non-current Current Non-current Current assets Total assets Total liabilities
assets liabilities liabilities
Ending 220745501.0 443134936.8 747277973.2 122607242.3 869885215.5
222389435.80
balance 3 3 7 2 9
Amount at
316071079.6732191175.3732191175.3
the end of 231477900.81 84593178.85
633
last year
Continued
Amount in the current period Amount in the previous period
Cash
Name of Total Total Cash flows flows
subsidiary Operating comprehe Operating comprehe from Net profit from Net profit
revenue nsive revenue nsive operating
operating
income income activities
activities
Shenzhen
Nanshan
------
Power 4471436 1103351
1063018106301816725689380307.9380307.3450564
(Zhongshan) .76 5.24
3.093.09.4968681.13
Power Co.Ltd.(II) Equity in joint venture arrangements or associates
1. Significant joint ventures or associates
Name of joint ventures or Main Place of Nature of Shareholding Accounting Whether
associates place of registration business ratio (%) treatments the
129The Semi-Annual Report 2025 of Shenzhen Nanshan Power Co. Ltd.
business for Company's
investments activities
Direct Indirect in joint are
ventures or strategic
associates
Liaoyuan Environmental Yixing Yixing Environmental Equity
9.935 No
Protection (note) Jiangsu Jiangsu protection method
Note: the Company invested RMB 72873680.00 in Liaoyuan Environmental Protection accounting for
9.935% of the equity of Liaoyuan Environmental Protection and is the second largest shareholder of
Liaoyuan Environmental Protection. The Board of Directors of Liaoyuan Environmental Protection has
five directors. On March 12 2022 the Company appointed one director constituting a significant impact
on Liaoyuan Environmental Protection.
2. Main financial information of significant joint ventures or associates
Ending balance/Amount in the current Balance at the end of the previous
Item period year/Amount in the previous period
Liaoyuan Environmental Protection Liaoyuan Environmental Protection
Current assets 659651786.88 651606972.89
Non-current assets 397004616.00 404737609.91
Total assets 1056656402.88 1056344582.80
Current liabilities 180992468.68 204238716.00
Non-current liabilities 26764459.76 26261285.84
Total liabilities 207756928.44 230500001.84
Minority interests 248854377.06 250986390.18
Equity attributable to shareholders of 600045097.38 574858190.78
the parent company
Net asset share calculated based on 59614480.42 57112161.25
shareholding ratio
Adjustments 33139772.06 33475360.19
-Others 33139772.06 33475360.19
Book value of equity investments in 92754252.48 90587521.44
associates
Fair value of equity investments in
associates with publicly quoted prices
Operating revenue 352934583.44 301045259.67
Financial expenses -642424.81 -1779388.61
Income tax expenses 7068598.26 9028363.51
Net profit 40418608.35 35650818.44
Net profit attributable to shareholders of 32538101.18 24711259.75
the parent company
Net profit from discontinued operations
130The Semi-Annual Report 2025 of Shenzhen Nanshan Power Co. Ltd.
Ending balance/Amount in the current Balance at the end of the previous
Item period year/Amount in the previous period
Liaoyuan Environmental Protection Liaoyuan Environmental Protection
Other comprehensive income
Total comprehensive income 32538101.18 24711259.75
Dividends received from associates in 809700.00 809700.00
the current period
VIII. Government subsidies
(I) Liability items involving government subsidies
Amount included in
New subsidies in the Amount included in
Balance at the end of non-operating
Liabilities current period other income for the
last year revenue in the current
Amount current period
period
Deferred income 61522875.97 3172940.10
(Continued)
Asset-related/
Amount of cost offset income-related
Liabilities Other changes Ending balance
in the current period
Deferred income 58349935.87 Asset related
(II) Government subsidies included in the current profit or loss
Amount incurred in the
Subsidy project Amount incurred in the current period
previous period
Other benefits 3172940.10 3578045.23
3172940.103578045.23
IX. Risks related to financial instruments
The Company's main financial instruments include equity investments long-term and short-term
borrowings accounts receivable accounts payable other receivables etc. For details of various
financial instruments please refer to the relevant items in the Note V. The risks related to these
financial instruments and the risk management policies adopted by the Company to mitigate these
risks are described below. The management of the Company manages and monitors these risk
exposures to ensure that the above risks are controlled within a limited range.The Company uses sensitivity analysis techniques to analyze the impact that reasonable and probable
changes in risk variables may have on current profit or loss or shareholders' equity. As any risk variable
seldom changes in isolation and the correlation between the variables will have a significant effect on
the final affected amount of the change of a risk variable the following contents are carried out under
the assumption that the change of each variable is independently:
(I) Credit risk
Credit risk refers to the risk that one party to financial instruments fails to perform its obligations
causing the other party to suffer financial losses. The Company is mainly exposed to customer credit
risk caused by credit sales. Before entering into a new contract the Company assesses the credit risk
of the new customers including external credit ratings and in some cases bank references (when this
information is available). The Company sets a credit limit for each customer which is the maximum
131The Semi-Annual Report 2025 of Shenzhen Nanshan Power Co. Ltd.
amount for which no additional approval is required.The Company ensures that the Company's overall credit risk is within a controllable range through
quarterly monitoring of credit ratings of existing customers and monthly review of aging analysis of
accounts receivable. When monitoring the credit risk of customers customers are grouped according to
their credit characteristics. Customers rated as "high risk" are placed on the restricted customer list and
may only be given for credit sales by the Company in the future with additional approval otherwise they
must be required to pay the corresponding amount in advance.(II) Market risk
Market risk of financial instruments refers to the risk that the fair value or future cash flows of financial
instruments fluctuates due to changes in market prices including exchange rate risk interest rate risk
and other price risks.
(1) Interest rate risk
Interest rate risk refers to the risk that the fair value or future cash flows of financial instruments
fluctuates due to changes in market interest rates. The Company's risk of changes in cash flows of
financial instruments due to changes in interest rates is mainly related to variable-rate bank borrowings.The sensitivity analysis of interest rate risk is based on the following assumptions:
Changes in market interest rates affect interest income or expenses of variable-rate financial
instruments; For fixed-rate financial instruments measured fair value changes in market interest rates
only affect their interest income or expenses; for derivative financial instruments designated as hedging
instruments changes in market interest rates affect their fair value and all interest rate hedging is
expected to be highly effective; changes in the fair value of derivative financial instruments and other
financial assets and liabilities which are calculated by using the discounted cash flow method at the
market interest rate on the balance sheet date.As of June 30 2025 the Company's bank loan interest calculated at floating rates totaled RMB
1205566.68.
(2) Exchange rate risk
Exchange rate risk refers to the risk that the fair value or future cash flows of financial instruments
fluctuates due to fluctuations in foreign exchange rates. The Company tries its best to match foreign
currency revenues with foreign currency expenditures to reduce exchange rate risk. In addition the
Company may also enter into forward foreign exchange contracts or currency swap contracts to avoid
exchange rate risk. During the current period and the previous period the Company did not sign any
forward foreign exchange contract or currency swap contract.The exchange rate risk exposed to the Company mainly comes from financial assets and financial
liabilities denominated in foreign currencies and the amounts of foreign-currency financial assets and
foreign-currency financial liabilities converted into RMB are listed as follows:
Ending balance Balance at the end of last year
Item Other Other
USD foreign Total USD foreign Total
currencies currencies
Monetary funds 6031375.30 146442.67 6177817.97 6051803.55 158516.38 6210319.93
Total 6031375.30 146442.67 6177817.97 6051803.55 158516.38 6210319.93
As of June 30 2025 with all other variables remaining unchanged if RMB appreciates or depreciates
by 5% against foreign currencies the Company's net profit will increase or decrease by RMB
308890.90. The Management believes that 5% reasonably reflects the reasonable range of possible
132The Semi-Annual Report 2025 of Shenzhen Nanshan Power Co. Ltd.
changes in RMB against foreign currencies in the following year.(III) Liquidity risk
Liquidity risk refers to the risk of a shortage of funds when an enterprise fulfills its obligations that is
settled by the delivery of cash or other financial assets. It is the Company's policy to ensure that it has
sufficient cash to repay its debts as and when they fall due. Liquidity risk is centrally controlled by the
Company's Finance Department. The Finance Department ensures that the Company has sufficient
funds to repay its debt under all reasonable forecasts by monitoring cash balances readily realizable
securities and rolling forecasts of cash flows over the next 12 months.X. Disclosure of fair value
The input value used for measuring fair value is divided into three levels:
Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the
Company can access on the measurement date.Level 2 inputs are directly or indirectly observable inputs of relevant assets or liabilities other than Level
1 inputs.
Level 3 inputs are unobservable inputs of related assets or liabilities.The level to which the results of fair value measurement belong is determined by the lowest level of
inputs that are significant to fair value measurement as a whole.
1. Fair values of assets and liabilities measured at fair value as at June 30 2025
Fair value as at June 30 2025
Item Measured at the Measured at Measured at
fair value of level the fair value the fair value of Total
1 of level 2 level 3
Continuous measurement at fair value
Financial assets held for trading 192530263.51 192530263.51
Other investments in equity instruments 350768378.71 350768378.71
Including: non-trading equity instrument
350768378.71350768378.71
investments
Total assets with continuous measurement
543298642.22543298642.22
at fair value
2. Valuation techniques and qualitative and quantitative information of important parameters used for
items measured at the fair value of Level 2 on a continuing and non-continuous basis
At the end of the period the structured deposits are taken as the fair value according to the type of
financial products and the forecast of future cash flows.
3. Basis for determining the market price of items measured at the fair value of Level 3 on a continuing
and non-continuous basis
For non-trading equity instruments investments the Company uses valuation techniques to determine
their fair value. The valuation models used mainly are discounted cash flow model and market
comparable company model etc. The input values of valuation techniques mainly include risk-free
interest rate benchmark interest rate exchange rate credit spread liquidity premium illiquidity
discount etc.XI. Related parties and related transactions
(I) Information on the parent company of the Company
The Company does not have a parent company as none of its shareholders hold more than 50% of the
133The Semi-Annual Report 2025 of Shenzhen Nanshan Power Co. Ltd.
Company's shares and cannot form a control relationship with the Company by other means.(II) Information on the Company's subsidiaries
For details of the Company's subsidiaries please refer to the Note "VII. (I) Equity in subsidiaries".(III) Information on the Company's joint ventures and associates
For details of the Company's significant joint ventures or associates please refer to the Note "VII. (II)
Equity in joint venture arrangements or associates".(IV) Information on other related parties
Relationship between other related parties and
Name of other related parties
the Company
Shenzhen Energy Corporation (hereinafter referred to as "Energy Legal person holding more than 5% of the
Corporation") Company's shares
Legal person holding more than 5% of the
Shenzhen Guangju Industrial Co. Ltd.Company's shares
Legal person holding more than 5% of the
HONG KONG NAM HOI (INTERNATIONAL) LTD
Company's shares
Legal person that indirectly holds more than 5%
Shenzhen Capital Holdings Co. Ltd. of the Company's shares through Energy
Corporation
Zhang Ming the supervisor of the Company
Artron Art (Group) Co. Ltd.serves as a director of the Company
Holding enterprise of the Company's largest
Shenzhen MTC Co. Ltd.shareholder
Holding enterprise of the Company's largest
Shenzhen Institute of Building Research Co. Ltd.shareholder
Directors supervisors and senior officers of the Company Key managers
(V) Related transactions
1. Related transactions of purchase and sale of goods and rendering and acceptance of
services
Purchase of goods/acceptance of services
Details of related Amount in the Amount in the
Related party
transactions current period previous period
Purchase of
Artron Art (Group) Co. Ltd. and its subsidiaries 9418.50
goods
Shenzhen Institute of Building Research Co. Ltd. and Accepting labor
6080.00
its subsidiaries services
Energy
Shenzhen Clou Electronics Co. Ltd. and its subsidiary management 2158000.00
services
Sales of goods/rendering of services
Details of related Amount in the Amount in the
Related party
transactions current period previous period
Energy
Shenzhen MTC Co. Ltd. management 780548.34 309121.92
services
134The Semi-Annual Report 2025 of Shenzhen Nanshan Power Co. Ltd.
2. Related party guarantees
The Company has no related-party guarantees.(VI) Receivables and payables of related parties
1. Receivables
Book balance at
Ending book
Project name Related party the end of last
balance
year
Advances to
Shenzhen Clou Electronics Co. Ltd. and its subsidiary 631200.00
suppliers
Contract assets Shenzhen MTC Co. Ltd. 275175.24
Contract assets Shenzhen Clou Electronics Co. Ltd. and its subsidiary 7580.68 7580.68
Contract assets China Science and Technology Development Co. Ltd. 1764.00
Accounts
Shenzhen MTC Co. Ltd. 457584.58
receivable
Total 915719.92 465165.26
XII. Commitments and contingencies
(I) Important commitments
1. Information on guarantees issued as of June 30 2025
The Company applied to Shanghai Pudong Development Bank Co. Ltd. Shenzhen Branch for issuing a
payment guarantee within the credit line with an amount of RMB 30 million and due on July 16 2025.The Company's subsidiary Shenzhen Nanshan Power Environmental Protection Company applied to
China Merchants Bank Co. Ltd. Shenzhen Branch for issuing a performance guarantee within the
credit line with an amount of RMB 3.7 million and due on March 31 2026.The Company's subsidiary Shenzhen Nanshan Power Engineering Company applied to Agricultural
Bank of China Limited Shenzhen OCT Sub-branch for issuing a performance guarantee within the
credit line with an amount of RMB 1.4121 million and due on June 30 2027.
2. Other commitments
As of June 30 2025 except for the above matters the Company had no other important commitments
required to be disclosed.(II) Contingencies
As of June 30 2025 the Company had no contingencies required to be disclosed.XIII. Events after the balance sheet date
As of the date of the Report the Company had no other subsequent events required to be disclosed.XIV. Other important events
(I) Information on segments
1. Determination basis and accounting policies of reporting segments
For management purposes the Company and subsidiaries are divided into business units based on
products and services. The Company has three reporting segments as follows:
(1) Power Production and Sale Division;
(2) Integrated Energy Service Segment;
135The Semi-Annual Report 2025 of Shenzhen Nanshan Power Co. Ltd.
(3) Other segments
The Company's management periodically evaluates the operating results of its operating segments to
decide on the allocation of resources to them and to evaluate their performance.Segment reporting information is disclosed in accordance with the accounting policies and
measurement criteria used by the segments in reporting to the Management which are consistent with
the basis of accounting and measurement used in the preparation of the financial statements.
2. Financial information of reporting segments
Power Production Integrated Energy Inter-segment
Item Other Segments Total
and Sale Division Service Segment offsetting
Operating
145467624.0625937260.085124076.8410139006.73166389954.25
revenue
Operating
147248786.4118798396.204580554.378530960.36162096776.61
costs
Total assets 2125603806.31 90730346.51 696064638.82 929727016.66 1982671774.99
Total
418077620.9340318279.28872933922.00835572404.54495757417.67
liabilities
XV. Notes to the main items of the parent company's financial statements
(I) Accounts receivable
1. Disclosure of accounts receivable on an aging basis
Aging Ending balance Balance at the end of last year
Within 1 year 50494695.04 26641173.11
Subtotal 50494695.04 26641173.11
Less: provision for bad debts
Total 50494695.04 26641173.11
2. Accounts receivable are classified and disclosed according to the method of provision for
bad debts
Ending balance
Book balance Provision for bad debts
Category
Provision Book value
Amount Ratio (%) Amount
ratio (%)
Provision for bad debts on an
individual basis
Provision for bad debts on a
50494695.04100.0050494695.04
credit risk portfolio basis
Total 50494695.04 100.00 50494695.04
Balance at the end of last year
Book balance Provision for bad debts
Category
Provision Book value
Amount Ratio (%) Amount
ratio (%)
Provision for bad debts on an
individual basis
136The Semi-Annual Report 2025 of Shenzhen Nanshan Power Co. Ltd.
Balance at the end of last year
Book balance Provision for bad debts
Category
Provision Book value
Amount Ratio (%) Amount
ratio (%)
Provision for bad debts on a
26641173.11100.0026641173.11
credit risk portfolio basis
Total 26641173.11 100.00 26641173.11
Provision for bad debts made by portfolio:
Items accrued on a portfolio basis:
Ending balance
Name
Accounts receivable Provision for bad debts Provision ratio (%)
Portfolio II: receivables from
50494695.04
power production and sales
Total 50494695.04
3. Accounts receivable and contract assets of the top five ending balances by debtors
Ending balance
Proportion to
of provision for
the total ending
Ending Ending balance bad debts of
Ending balance balance of
balance of of accounts accounts
Entity name of accounts accounts
contract receivable and receivable and
receivable receivable and
assets contract assets provision for
contract assets
contract asset
(%)
impairment
Shenzhen Power Supply
50494695.0450494695.04100.00
Bureau Co. Ltd.Total 50494695.04 50494695.04 100.00
(II) Other receivables
Balance at the end of last
Item Ending balance
year
Interest receivable
Dividends receivable
Other receivables 585795695.01 614157681.93
Total 585795695.01 614157681.93
1. Other receivables
(1) Disclosure based on aging
Balance at the end of last
Aging Ending balance
year
Within 1 year 36661595.92 100172359.91
1 to 2 years 548994349.97 512439711.54
2 to 3 years
Over 3 years 26164764.61 27570625.97
Total 611820710.50 640182697.42
137The Semi-Annual Report 2025 of Shenzhen Nanshan Power Co. Ltd.
(2) Disclosure by category
Ending balance
Book balance Provision for bad debts
Category
Provision ratio Book value
Amount Ratio (%) Amount
(%)
Provision for bad debts on
26025015.494.2526025015.49100.00
an individual basis
Provision for bad debts on a
585795695.0195.75585795695.01
credit risk portfolio basis
Total 611820710.50 100.00 26025015.49 4.25 585795695.01
Continued
Balance at the end of last year
Book balance Provision for bad debts
Category
Provision ratio Book value
Amount Ratio (%) Amount
(%)
Provision for bad debts on
26025015.494.0726025015.49100.00
an individual basis
Provision for bad debts on a
614157681.9395.93614157681.93
credit risk portfolio basis
Total 640182697.42 100.00 26025015.49 4.07 614157681.93
(3) Provision for bad debts on an individual basis
Ending balance
Name Provision for bad Reasons for
Book balance Provision ratio (%)
debts provision
Huiyang Kangtai
14311626.70 14311626.70 100.00 Historical leftover
Industrial Company
items which date
Receivables from back to long time
employee benefit fund 9969037.63 9969037.63 100.00 ago and are
dividends and taxes expected to be
irrecoverable
Receivables from
purchase of employee 1736004.16 1736004.16 100.00
dormitories
Others 8347.00 8347.00 100.00
Total 26025015.49 26025015.49 100.00
(4) Provision for bad debts on a portfolio basis
Ending balance
Name
Other receivables Provision for bad debts Provision ratio (%)
Portfolio IV: current accounts of
related parties within the 583462935.93
consolidation
Portfolio V: guarantee deposit and
1504702.55
petty cash portfolio
138The Semi-Annual Report 2025 of Shenzhen Nanshan Power Co. Ltd.
Ending balance
Name
Other receivables Provision for bad debts Provision ratio (%)
Portfolio VII: other receivables and
828056.53
temporary payments
Total 585795695.01
(5) Provision for bad debts
The first stage The second stage The third phase
Expected credit Expected credit
Provision for bad debts Expected credit loss for the entire loss for the Total
losses over the duration (without entire duration
next 12 months credit (with credit
impairment) impairment)
Balance at the end of last year 26025015.49 26025015.49
Balance at the end of the previous
year in the current period
--Transfer to the second stage
--Transfer to the third stage
--Reverse to the second stage
--Reverse to the first stage
Provision for the current period
Reverse for the current period
Charge-off for the current period
Write-off for the current period
Other changes
Ending balance 26025015.49 26025015.49
(6) Classification by nature of payment
Nature of payment Ending book balance Book balance at the end of last year
Transactions among related parties
583462935.93611645846.09
within the combination
Other receivables and temporary
15018805.8715170475.09
payments
Receivable from employees 11834266.15 11837807.57
Margin security deposit and petty cash
1504702.551528568.67
portfolio
Total 611820710.50 640182697.42
(7) Centralized fund management
Amounts included in other receivables due to centralized
579073864.05
fund management
The Company centralizedly manages the funds and the
principal and interest of the subsidiary receivable is RMB
Situation description
579073864.05 and the principal and interest of the
subsidiary payable is RMB 131770646.21.(III) Long-term equity investments
139The Semi-Annual Report 2025 of Shenzhen Nanshan Power Co. Ltd.
Ending balance Balance at the end of last year
Item Provision for Provision for
Book balance Book value Book balance Book value
impairment impairment
Investments in
921739841.56445002245.26476737596.30923167363.65445002245.26478165118.39
subsidiaries
Investments in
associates and joint 92754252.48 92754252.48 90587521.44 90587521.44
ventures
Total 1014494094.04 445002245.26 569491848.78 1013754885.09 445002245.26 568752639.83
1. Investments in subsidiaries
Provision
Increased for
Decreased Ending balance
Balance at the amount in impairment
Investees amount in the Ending balance of provision for
end of last year the current in the
current period impairment
period current
period
Shenzhen Xiefu
26650000.0026650000.00
Energy Co. Ltd.Shennan Energy
(Singapore) Co. 6703800.00 6703800.00
Ltd.Shenzhen New
Power Industrial 382993975.75 382993975.75 13709556.49
Co. Ltd.Shenzhen
Nanshan Power
410740001.00410740001.00410740000.00
(Zhongshan)
Power Co. Ltd.Shenzhen
Nanshan Power
Gas Turbine
Engineering 24460360.00 24460360.00
Technology
(Shenzhen) Co.Ltd.Shenzhen
Nanshan Power
Environmental
70191704.8170191704.8120552688.77
Protection
(Shenzhen) Co.Ltd.Zhuhai Hengqin
Zhuozhi Investment
Partnership 1427522.09 1427522.09
(Limited
Partnership)
Total 923167363.65 1427522.09 921739841.56 445002245.26
2. Investments in associates and joint ventures
Investees Beginning Beginning Increase and decrease in the current period
140The Semi-Annual Report 2025 of Shenzhen Nanshan Power Co. Ltd.
balance balance of Investment
provision Adjustments to profit or loss
for Additional Reduced the other recognized
impairment investment investment comprehensive under the
income
equity method
Associates 90587521.44 2976431.04
Total 90587521.44 2976431.04
Continued:
Increase and decrease in the current period Ending
balance of
Investees Declaration of Other changes Provision for Ending balance provision
cash dividend or Others
in equity impairment for
profits impairment
Associates 809700.00 92754252.48
Total 809700.00 92754252.48
(IV) Operating revenue and operating costs
1. Operating revenue and operating costs
Amount in the current period Amount in the previous period
Item
Revenue Cost Revenue Cost
Main business 145150536.76 147170247.98 83356643.60 117329074.78
Other business 317087.30 78538.43 56683880.98 1356144.85
Total 145467624.06 147248786.41 140040524.58 118685219.63
2. Break down by product or service type
Amount in the current period Amount in the previous period
Item
Revenue Cost Revenue Cost
Power production and
145150536.76147170247.98139947599.59117329074.78
sale
Others 317087.30 78538.43 92924.99 1356144.85
Total 145467624.06 147248786.41 140040524.58 118685219.63
3. By region
Amount in the current period Amount in the previous period
Item
Revenue Cost Revenue Cost
Domestic 145467624.06 147248786.41 140040524.58 118685219.63
Total 145467624.06 147248786.41 140040524.58 118685219.63
4. Revenue arising from contracts
Amount in the previous
Item Amount in the current period
period
Classification by contract performance obligations
Including: revenue recognized at a certain time point 145467624.06 140040524.58
Revenue recognized within a certain period of time
Total 145467624.06 140040524.58
141The Semi-Annual Report 2025 of Shenzhen Nanshan Power Co. Ltd.
(V) Investment income
Amount in the current Amount in the
Item
period previous period
Income from long-term equity investments accounted for equity
2976431.042400426.35
method under the equity method
Investment income from financial assets held for trading during the
5195211.686510401.50
holding period
Dividend income received from investments in equity instruments
68719.76
during the holding period
Dividends from long-term equity investments
Investment income from liquidation and cancellation of subsidiaries
-342310.70
(Note)
Total 7829332.02 8979547.61
Note: Mainly due to investment income from the liquidation and deregistration of the Company's
subsidiary Zhuhai Hengqin Zhuozhi Investment Partnership (Limited Partnership) during the current
period as part of the Company's efforts to streamline management layers and optimize its external
investment structure.XVI. Change in the scope of consolidation
(I) Changes in consolidation scope due to other reasons
During the reporting period the main reason for the change in the company's consolidation scope was
the liquidation and deregistration of the subsidiary Zhuhai Hengqin Zhuozhi Investment Partnership
(Limited Partnership) on June 30 2025.Methods of acquiring and disposing Impact on overall production operations
Company name
subsidiary during the reporting period and performance
Be helpful to streamline management
hierarchies and optimize the
Zhuhai Hengqin Zhuozhi Investment Liquidation and cancellation on June
Company's external investment
Partnership (Limited Partnership) 30 2025
structure with no material impact on
financial performance.XVII. Supplementary information
(I) Statement of non-recurring profit or loss in the current period
Item Amount Remark
Profits and losses on disposal of non-current assets 1156732.52
Tax returns deduction and exemption approved beyond the
authority or without official approval documents
Government subsidies included in the current profit or loss (except
for government subsidies closely related to the enterprise 64723.14
business obtained by quota or quantity at unified state standards)
Fund occupation fees charged to non-financial enterprises
included in the current profit or loss
The investment cost in subsidiaries associates and joint ventures
acquired by an enterprise is less than the gains from the fair value
of the identifiable net assets of the investees that shall be enjoyed
when acquiring the investment
Profits and losses on exchange of non-monetary assets
142The Semi-Annual Report 2025 of Shenzhen Nanshan Power Co. Ltd.
Item Amount Remark
Profit or loss from entrusting others to invest or manage assets
Various provision for asset impairment made due to force majeure
factors such as natural disasters
Profits and losses of debt restructuring
Enterprise reorganizing expenses such as employee
accommodation costs and integration expenses etc.Profit or loss in excess of the fair value arising from transactions
with obviously unfair transaction price
Current net profit and loss of subsidiaries from the beginning of the
period to the combination date arising from business combination
under the common control
Profit or loss arising from contingencies unrelated to the
Company's normal business operations
Profit or loss from changes in fair value arising from holdings of
financial assets held for trading derivative financial assets
financial liabilities held for trading and derivative financial liabilities
and investment income from disposal of financial assets held for
5195211.68
trading derivative financial assets financial liabilities held for
trading derivative financial liabilities and other debt investments
except for effective hedging operations related to the normal
business of the Company
Reversal of provision for impairment of receivables individually
tested for impairment
Profit or loss from external entrusted loans
Profits and losses from fair value changes of investment properties
that are subsequently measured by using the fair value model
Impact of one-off adjustment to the current profit or loss in
accordance with laws and regulations on taxation and accounting
on the current profit or loss
Revenue from custody fees obtained from entrusted operations
Other non-operating revenue and expenses other than the above -92279.19
Other profit and loss items that meet the definition of non-recurring
gains and losses
Subtotal 6324388.15
Less: income tax impact
Changes in the amount of minority interests (after tax) -263119.56
Total 6587507.71
(II) Return on equity and earnings per share
Earnings per share (RMB)
Weighted average rate
Profit during the reporting period of return on net assets Diluted basic earnings per
(%) earnings per share
share
Net profit attributable to ordinary shareholders of the
-1.47%-0.0361-0.0361
Company
Net profit attributable to ordinary shareholders of the
-1.92%-0.0470-0.0470
Company after deducting non-recurring gains and
143The Semi-Annual Report 2025 of Shenzhen Nanshan Power Co. Ltd.
Earnings per share (RMB)
Weighted average rate
Profit during the reporting period of return on net assets Diluted basic earnings per
(%) earnings per share
share
losses
144The Semi-Annual Report 2025 of Shenzhen Nanshan Power Co. Ltd.
Section IX Other Data
I. Other major public security issues
Whether the listed company and its subsidiaries have any other major public security issues
□Yes □No □Not applicable
Whether administrative penalties were imposed during the reporting period
□Yes □No □Not applicable
II. Registration form for reception of visitors intended for research communication
interviews and other activities during the reporting period
□Applicable □ Not applicable
Main content Basic
Reception Reception Means of discussed and information
Visitor type Visitor
date location reception information index of the
provided survey
Inquire about
the
Company's
performance
industry
prospects
Online
future The Company
communicatio
Value online Institutions development offers prompt
May 15 2025 n on the 13
platform individuals plans response in
network
transformation writing.platform
measures and
the update of
the
Company's
investment
matters etc.Participate in The Company
General welcomes
Headquarters
January - June Meetings visitors in
office area of Field research Individuals 5
2025 receive visits accordance
the Company
from individual with laws and
investors etc. regulations
Inquire about
the
Company's
future
development The Company
January - June irm.cninfo direction the offers prompt
Written Inquiry Individuals 17
2025 network updates of the response in
Company's writing.investment
matters and
land-related
matters etc.Inquire about The Company
Telephone Telephone
January - June the responded in
communicatio communicatio Individuals 28
2025 Company's accordance
n n
performance with the law
145The Semi-Annual Report 2025 of Shenzhen Nanshan Power Co. Ltd.
market
performance
land-related
matters and
the update of
the
Company's
investment
matters etc.III. Fund transactions between the listed company and its controlling shareholder
and other related parties
□Applicable □ Not applicable
Unit: RMB 10000
Amount Amount
Nature of
Name of the Beginning incurred in repaid in the Ending Interest Interest
the
counterparty balance the reporting reporting balance income expenses
transaction
period period
Shenzhen
Nanshan
Non-
Power
operating 60828.72 1255.96 7139.59 54945.09 703.28
(Zhongshan
transactions
) Power Co.Ltd.Shenzhen
Nanshan
Power Gas
Non-
Turbine
operating - 3418.74 381.79 3036.95 2.85
Engineering
transactions
Technology
(Shenzhen)
Co. Ltd.Shenzhen
Nanshan
Power Non-
Xiwan operating 10.60 15.88 21.71 4.77
Energy transactions
(Zhongshan
) Co. Ltd.Total -- 60839.32 4690.58 7543.09 57986.81 706.13
Relevant
decision-
Not Applicable
making
procedures
Measures
for ensuring
Not Applicable
the security
of funds
146
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