[HK]阳光能源(00757):2026 中期报告
原标题:阳光能源:2026 中期报告 公司資料 Board of Directors 董事會 Executive Directors 執行董事 Mr. TAN Xin (Chairman & Chief Executive Officer) 譚鑫先生（主席兼首席執行官）Mr. WANG Junze 王鈞澤先生 Mr. CHEN Hai (appointed with effect from 23 February 2026) 陳海先生（自二零二六年二月二十三日獲委任） Independent Non-executive Directors 獨立非執行董事 Dr. WONG Wing Kuen, Albert 王永權博士 Ms. CHUNG Wai Hang 鍾瑋珩女士 Ms. TAN Ying 譚英女士 Company Secretary 公司秘書 Mr. YEUNG Chi Tat 楊志達先生 Audit Committee 審核委員會 Dr. WONG Wing Kuen, Albert (Chairman) 王永權博士（主席） Ms. CHUNG Wai Hang 鍾瑋珩女士 Ms. TAN Ying 譚英女士 Remuneration Committee 薪酬委員會 Ms. TAN Ying (Chairlady) 譚英女士（主席） Dr. WONG Wing Kuen, Albert 王永權博士 Ms. CHUNG Wai Hang 鍾瑋珩女士 Nomination Committee 提名委員會 Ms. CHUNG Wai Hang (Chairlady) 鍾瑋珩女士（主席） Dr. WONG Wing Kuen, Albert 王永權博士 Ms. TAN Ying 譚英女士 Auditor 核數師 Ernst & Young 安永會計師事務所 Certified Public Accountants 執業會計師 Registered Public Interest Entity Auditor 註冊公共利益實體審計師Company Profile 公司簡介 Solargiga Energy Holdings Limited (the “Company”, together with its 陽光能源控股有限公司（「本公司」，連同其附屬公司 subsidiaries, the “Group”, Hong Kong stock code: 757), is a leading 統稱「本集團」，香股份代號：757）為太陽能服務 supplier of solar energy services. Its products are not only sold to 的領先供應商。其產品不僅向中游工業客戶出售， customers in the mid-stream industries, but also directly to end users.而且直接向終端客戶出售。 During the six months ended 30 June 2026 (the “Period” or the 在截至二零二六年六月三十日的六個月內（「期間」或 “reporting period”), the Group was mainly engaged in the following 「報告期間」），本集團主要從事以下業務： businesses: (a) the manufacture and trading of photovoltaic modules and (a) 製造及買賣光伏組件，以及提供相關代工服 provision of related processing services; 務; (b) the construction and operation of photovoltaic power plants; (b) 興建及經?光伏電站; 及 and (c) the manufacture and trading of semiconductors, the trading of (c) 製造及買賣半導體、買賣太陽能單晶硅電池 monocrystalline silicon solar cells and others. 及其他。 The Group now focuses on the manufacturing and sales of 本集團現專注於光伏產業下游光伏組件的製造及銷 downstream photovoltaic modules in the photovoltaic industry. 售，其中光伏組件的主要客戶為大型央企、大型跨 Among them the major customers of photovoltaic modules are large 國企業與其他終端光伏應用客戶，充分發揮了本集 domestic state-owned enterprises, multinational corporations and 團既有之產品的生產優勢。另本集團亦從事光伏系 other photovoltaic end-user customers. This enables the Group to 統安裝及光伏電站之開發、設計、建設、運?及維 fully demonstrate its current advantages in the production of such 護的一站式光伏發電解決方案。 products. Moreover, the Group is engaged in the installation of photovoltaic systems and the development, design, construction, operation and maintenance of photovoltaic generation plants.As of the end of the reporting period, the module production capacity 截至報告期末，本集團組件總產能為10.6吉瓦。 of the Group was 10.6 GW. Management Discussion and Analysis 管理層討論及分析 Market Overview 市場概覽 In the first half of 2026, the global energy transition, rising electricity 二零二六年上半年，全球能源轉型、電力需求增長 demand and energy security concerns continued to provide long- 及能源安全訴求繼續為可再生能源投資提供長期支 term support for investment in renewable energy. The escalating 。中東衝突升級及霍爾木茲海峽航運受阻加劇全 conflict in the Middle East and disruption of traffic through the Strait 球能源市場波動，也促使部分能源進口國進一步重 of Hormuz have exacerbated volatility in global energy markets, 視本土可再生能源、電網及儲能建設。國際能源署 prompting a number of energy-importing countries to place greater 預計，二零二六年全球能源投資將達到3.4萬億美 emphasis on the development of domestic renewable energy, power 元，其中約2.2萬億美元投向可再生能源、核能、 grids and energy storage infrastructure. The International Energy 電網、儲能、低排放燃料、能效及終端電氣化等領 Agency (IEA) estimates that global energy investment will reach 域；太陽能投資預計約為3,650億美元。上述趨勢顯 US$3.4 trillion in 2026, of which approximately US$2.2 trillion will 示，儘管行業發展節奏可能受到宏觀環境和政策週 be invested in sectors such as renewable energy, nuclear power, 期影，光伏仍是全球新增能源投資和電力系統轉 grids, energy storage, low-emission fuels, energy efficiency and end- 型的重要組成部分。 use electrification. It is estimated that the investment in solar power will reach approximately US$365 billion. These trends indicated that, though the pace of industry development may be affected by macroeconomic environment and policy cycles, photovoltaic energy remains a key component of new global energy investment and the global power system transition. Figure 1 Global energy investment scale (source: World Energy Investment 2025/2026 report issued by IEA) 圖1 全球能源投資規模（圖源：IEA《世界能源投資報告》2025/2026年版）Total global energy investment Investment in solar power (US$ trillion) (US$100 million) 全球能源總投資 太陽能投資 （萬億美元） （億美元） 4 5000 4,500 3.4 3.3 4000 3,650 3 3000 2 2000 1 1000 0 0 2025 2026E 2025 2026E Management Discussion and Analysis 管理層討論及分析 Market Overview (Continued) 市場概覽（續） II. The PRC Market: Cumulative Installed Capacity 二、 中國市場：累計裝機持續增長，市場Continued to Grow, with Accelerated Optimization of 結構加快優化 Market Structure Cumulative installed capacity continued to grow, with 累計裝機繼續增長，分佈式保持重要市場distributed PV maintaining a significant market position 地位According to data from the National Energy Administration, 根據國家能源局數據，二零二六年上半年全China recorded 71.77 GW of new grid-connected PV capacity 國光伏新增併網71.77吉瓦，其中集中式光伏in the first half of 2026, including 29.55 GW of centralized 29.55吉瓦、分佈式光伏42.22吉瓦。截至二PV and 42.22 GW of distributed PV. As of the end of June 零二六年六月底，全國光伏發電累計裝機達2026, China’s cumulative installed PV capacity reached 1,272 到1,272吉瓦，同比增長15.8%；二零二六年 GW, representing a year-on-year increase of 15.8%. The 上半年光伏累計發電量為655,500吉瓦時，光cumulative PV power generation reached 655,500 GWh in the 伏發電利用率為91.4%。中國光伏累計裝機first half of 2026, with a PV utilization rate of 91.4%. While 繼續增長，但新增裝機受上年度大規模集中 China’s cumulative installed PV capacity continued to grow, 併網的高電壓基數要求及市場化電價機制調new installations declined due to the combined effect of high 整的綜合影而有所回落。 voltage base requirements from the large-scale grid connection and adjustments to the market-based electricity pricing mechanism in the previous year. Distributed PV accounted for approximately 58.8% of new 分佈式光伏佔二零二六年上半年新增併網容grid-connected capacity in the first half of 2026 and remained 量約58.8%，繼續構成新增裝機的主要部as the main component of new installations. The demand from 分。工商業用戶降低用能成本、提高綠電使industrial and commercial users for lower energy costs, higher 用比例及增強供能穩定性的需求，為分佈式 proportion of green electricity use and more stable energy 光伏、儲能、售電及能效服務協同發展提供supply provides a foundation for the coordinated development 基礎。市場化電價機制亦促使項目投資方更of distributed PV, energy storage, electricity sales, and energy 細緻評估負荷特徵、峰谷價差、儲能配置及 efficiency services. Market-based electricity pricing mechanisms 綠電消納能力，項目開發由追求裝機規模轉 have also prompted project investors to conduct more detailed 向重視全生命週期收益。 assessments of load characteristics, peak-to-valley price differences, energy storage configurations, and green electricity consumption capacity. Project development has shifted from pursuing installation capacity to emphasizing full life-cycle benefits. Management Discussion and Analysis 管理層討論及分析 Market Overview (Continued) 市場概覽（續） III. Overseas Markets: More Diversified Demands and 三、 海外市場：需求更加多元化、市場准Higher Threshold for Market Access 入門檻更高 Europe and Japan: Market demand sustained steady 歐洲及日本：穩定需求與差異化產品機會growth, with opportunities for differentiated products 並存 According to data from SolarPower Europe, newly installed 根據SolarPower Europe數據，二零二五年PV capacity in the European Union reached approximately 歐盟新增光伏裝機約67.2吉瓦，維持較高規67.2 GW in 2025, maintaining a relatively high level. Heading 模。進入二零二六年，歐洲市場仍分別受到 into 2026, the European market continued to be affected by 庫存調整及低電價時段延長、併網排隊及項various factors, including inventory adjustments and prolonged 目融資等因素影，但能源安全、工業脫碳 time periods for low electricity pricing, grid connection queues 和電氣化繼續構成中長期需求基礎。隨著《淨 and project financing respectively. However, energy security, 零工業法案》等政策推進，供應鏈韌性、碳足 industrial decarbonization and electrification continue to 跡和本地製造等非價格因素在公共採購及項underpin medium- to long-term demand in the region. With 目招標中的權重上升，並要求企業在成本管advancement of policies including the Net-Zero Industry Act, 理之外，額外滿足認證、可追溯性及本地服– non-price factors such as supply chain resilience, carbon 務方面的要求。 – footprint and local manufacturing are gaining weight in public procurement and project tenders, and require enterprises to satisfy additional requirements regarding certification, traceability and local services on top of the cost management.Meanwhile, Japan has released its 7th Basic Energy Plan, 與此同時，日本已發佈第七次能源基本計which continues to promote renewable energy as a primary 劃，繼續將可再生能源作為主要電源推進，power source and projects that the proportion of solar power 並預計太陽能發電在二零四零年度電源結構generation in the power mix will reach approximately 23% 中的佔比達到約23%至29%。受土地資源、to 29% by 2040. Due to the limitation of land resources, 併網條件及社區協調要求影，日本新增項conditions for grid connection and community coordination 目更加重視屋頂、工商業及其他分佈式場requirements, new projects in Japan have focused more on 景，以確保安全、長期可靠性及本地運維，rooftop, industrial and commercial and other distributed 為高效產品、穩定質量、長期客戶關係和本scenarios to ensure safety, long-term reliability and local 地化服務提供差異化競爭空間。 operations and maintenance, thereby creating differentiated competitive advantages by virtue of high-efficiency products, stable quality, long-term customer relationships and localized services. Management Discussion and Analysis 管理層討論及分析 Market Overview (Continued) 市場概覽（續） IV. Related Industry Markets: Growing Demand for 四、 相關產業市場：儲能需求增長，半導體材Energy Storage Brought Structural Opportunities for 料呈現結構性機會 Semiconductor Materials Increased demand for synergistic configuration of 光伏與儲能協同配置需求上升 photovoltaics and energy storage As photovoltaic penetration further improves, challenges such 隨著光伏滲透率提高，午間電力消納、峰谷 as midday power absorption, peak-to-valley price differences 價差及電網調節問題在更多市場顯現。國際and grid regulation became more prominent in various 能源署（IEA）數據顯示，二零二五年全球新markets. According to IEA data, the world’s new battery energy 增電池儲能容量達到108吉瓦，同比增長約 storage capacity reached 108 GW in 2025, representing a 40%，其中約80%為大型儲能項目；二零二year-on-year increase of approximately 40%, of which around 六年全球電池儲能投資預計超過1,000億美80% was contributed by large-scale energy storage projects. 元。儲能應用正向獨立儲能、工商業儲能、Global investment in battery energy storage is projected to 光儲充一體化及參與電力市場交易等場景延exceed US$100 billion in 2026. Energy storage applications 伸，其項目收益仍受到電價機制、利用小are expanding into scenarios such as independent energy 時、融資成本及運?能力影。 storage, industrial and commercial energy storage, integrated photovoltaic-storage-charging systems and participation in electricity market trading, with project revenue remaining subject to electricity pricing mechanisms, utilization hours, financing costs and operation capabilities. Increasing importance in semiconductor material 半導體材料認證與穩定供應能力更為重要 certification and stable supply capabilities In the first half of 2026, due to the combined effects of 二零二六年上半年，全球半導體市場受人工changing demand across artificial intelligence infrastructure, 智能基礎設施、數據中心、汽車電子、工業 data centers, automotive electronics, industrial control and 控制及消費電子需求變化共同影，不同產consumer electronics, the global semiconductor market saw 品類別和應用領域景氣度分化。先進計算和divergent prosperity across different product categories and 存儲相關需求較強，部分成熟製程、消費電application areas. Demand for advanced computing and storage 子及傳統工業應用仍處於調整階段。半導體remained relatively robust, while certain mature processes, 材料具有客戶認證週期較長、質量一致性和consumer electronics and traditional industrial applications 供應鏈穩定性要求嚴格等特點。隨著中國半were still in the adjustment stage. Semiconductor materials are 導體產業鏈推進本地化供應，能夠穩定滿足 featured by long customer certification cycles and stringent 客戶在尺寸、純度、缺陷控制和批量交付方requirements for quality consistency and supply chain stability. 面要求的材料供應商，有機會進一步參與客 With the promotion of local supply for China’s semiconductor 戶認證和擴大供貨。 industry chain, material suppliers capable of consistently meeting customer requirements regarding size, purity, defect control and bulk delivery will be well positioned to further participate in customer certification processes and expand their supply. Management Discussion and Analysis 管理層討論及分析 Operation Review 營運回顧 Operations Summary and Positioning 業務介紹與定位 In the first half of 2026, the global photovoltaic industry continued 二零二六年上半年，全球光伏行業繼續在「需求長期 to operate in a landscape where “long-term demand expansion” 擴張」與「供給深度調整」並存的格局中運行。需求方 and “deep supply adjustments” coexisted. On the demand side, the 面，全球電氣化進程、人工智慧與數據中心用電增 global electrification process, the growth of electricity consumption 長以及儲能需求，為光伏行業的中長期發展提供支 by artificial intelligence and data centers, and the demand for energy ；供給方面，階段性供需失衡、產品價格持續下 storage provided support for the medium-to-long-term development 降及落後產能出清，繼續對光伏行業企業的盈利能 of the photovoltaic industry. On the supply side, periodic supply- 力和經?管理提出挑戰。同時，國際貿易環境變化 demand imbalances, continuous product price declines, and the 推動產能本地化及海外供應鏈佈局加快。 phase-out of outdated capacity of photovoltaic modules continued to pose challenges to the profitability and operational management of enterprises in the photovoltaic industry. Meanwhile, changes in the international trade environment accelerated the localization of production capacity and the layout of overseas supply chains.Against this backdrop, the competitive focus of the photovoltaic 在此背景下，光伏行業的競爭重心由提供產品，轉 industry shifted from providing products to offering comprehensive 向提供覆蓋產品製造與能源服務的綜合能力，為具 capabilities covering product manufacturing and energy services, 備成本、客戶與技術優勢的企業創造發展機遇。 creating development opportunities for enterprises with cost, customer, and technological advantages. Relying on more than 20 years of experience in the manufacturing 本集團依託逾二十年專有核心光伏產品製造經驗， of its proprietary core photovoltaic products, the Group is gradually 正由專業光伏組件製造商，逐步演進為光伏及新能 evolving from a professional photovoltaic module manufacturer into 源整體解決方案的綜合服務提供。在維持組件核 a comprehensive service provider of photovoltaic and overall new 心業務的同時，本集團積極向光伏系統、綜合能源 energy solutions. While maintaining its core module businesses, 服務及新型半導體材料等領域延伸，逐步形成「核心 the Group actively extends into areas such as photovoltaic systems, 製造＋全鏈條解決方案」的業務格局：以自有核心製 integrated energy services, and new semiconductor materials, 造能力保障產品品質與交付，並以整體解決方案能 gradually forming a business landscape of “core manufacturing + 力提升客戶黏性及單一項目價值。本集團光伏組件 full-chain solutions”: guaranteeing product quality and delivery with 的主要客戶括大型央企、跨國企業及其他終端光 its own core manufacturing capabilities, and enhancing customer 伏應用客戶。 stickiness and single-project value with overall solution capabilities. The Group’s major customers of photovoltaic modules include large domestic state-owned enterprises in the PRC, multinational corporations, and other photovoltaic end-user customers. Management Discussion and Analysis 管理層討論及分析 Operation Review (Continued) 營運回顧（續） Module Businesses 組件業務 The Group has been engaged in the monocrystalline manufacturing 本集團於單晶製造領域深耕二十餘年，掌握成熟的 field for more than 20 years, mastering mature production technology 生產技術與制程工藝。本集團所專注的單晶組件產 and process. The monocrystalline module products that the Group 品已成為市場主流，並持續拓展單晶高效組件產品 focuses on have become the market mainstream, and it continues 線，括N型高效組件、大尺寸組件、無主柵組件、 to expand the monocrystalline high-efficiency module product line, 柔性組件、海上組件、多主柵電池組件及全黑組件 including N-type high-efficiency modules, large-format modules, zero 等。 busbar (0BB) modules, flexible modules, offshore modules, multi busbar cell modules, and all-black modules. Production Capacity Layout 產能佈局 The Group’s main manufacturing base for monocrystalline modules 本集團單晶組件的主要製造基地位於江蘇省鹽城 is located in Yancheng city, Jiangsu province, situated in the Yangtze 市，地處長江三角洲組件原輔材料產業集聚區域， River Delta, an agglomeration area for the supply of raw and auxiliary 並享有當地政府相關投資支持政策。報告期內，本 materials for modules, and enjoys the relevant supportive investment 集團持續推進鹽城生產基地的產線升級及工藝改 policies offered by the local government. During the reporting period, 造，以適應客戶對不同產品規格及交付安排的需 the Group continued to promote the production line upgrades and 求。截至二零二六年六月三十日，鹽城生產基地組 process transformation at the Yancheng production base to meet the 件年產能約8.7吉瓦，本集團組件年產能合計約10.6 evolving needs of customers for different product specifications and 吉瓦。 delivery arrangements. As of 30 June 2026, the module production capacity of the Yancheng production base was approximately 8.7 GW, while the total module production capacity of the Group was approximately 10.6 GW. Customer Structure 客戶結構 The major customers of the Group’s module business are large 本集團組件業務的主要客戶為中國大型央企、跨國 domestic state-owned enterprises in the PRC, multinational 企業、分散式戶用品牌頭部企業及其他大型光伏企 corporations, leading distributed residential brands, and other 業，括中國國家電力投資集團公司（「國電投」）、日 large photovoltaic enterprises, including State Power Investment 本夏普（SHARP Corporation，「SHARP」）、信義玻璃 Corporation (“SPIC”), SHARP Corporation (“SHARP”), Xinyi Glass 與信義光能集團、陽光電源股份有限公司、中國廣 Holdings Limited and Xinyi Solar Group, Sungrow Power Supply Co., 核集團有限公司、新華水力發電有限公司、中國綠 Ltd, China General Nuclear Power Corporation, Xinhua Hydropower 發、東方電氣集團、中交第二公路工程局、天合光 Company Limited, China Green Development, Dongfang Electric 能、正泰新能源、創維及中國電建集團等。本集團 Corporation, CCCC Second Highway Engineering, Trina Solar, 與相關客戶保持長期合作，並持續拓展國內外組件 Astronergy, Skyworth, and Power Construction Corporation of China. 銷售業務。本集團亦導入全球領先的夏普光伏產品 The Group maintains long-term cooperation with these customers and 40年品質保障體系，以加強產品品質及長期可靠性 continues to expand domestic and overseas module sales businesses. 管理。 The Group has also introduced SHARP’s global leading 40-year quality assurance system for photovoltaic products to strengthen product quality and long-term reliability management. Management Discussion and Analysis 管理層討論及分析 Operation Review (Continued) 營運回顧（續） Integrated Energy Services (Photovoltaic System Business) 綜合能源服務（光伏系統業務（續）） (Continued) Photovoltaic Power Plant Business (EPC and Self-owned 光伏電站業務（設計、採購及施工（「EPC」）與自持 Operations) 運?） The Group is engaged in commercial and industrial distributed 本集團從事工商業分散式光伏EPC建設與自持電站運 photovoltaic EPC construction and self-owned power plant ?，通過自持電站獲取長期穩定的運?收益。報告 operations, obtaining long-term stable operational revenue through 期內，業務結構持續優化，低毛利EPC業務佔比減 self-owned power plants. During the reporting period, the business 少。 structure was continuously optimized, and the proportion of low-margin EPC business was reduced. Electricity Sales and Energy Storage 售電與儲能 The Group has obtained electricity sales qualifications, launched 本集團已取得中國售電資質，開展市場化售電業 market-oriented electricity sales businesses, and promoted the 務，並與儲能系統合作夥伴推進「組件＋儲能」組合 combined sales of “modules + energy storage” with energy storage 銷售。二零二六年七月，本集團的獨立儲能項目 system partners. In July 2026, the Group’s 100MW/400MWh 100MW/400MWh獲納入遼寧省「十五五」第一批新 independent energy storage project was included in the first batch 型儲能項目，該項目預計二零二六年九月開工建 of new energy storage projects for the “15th Five-Year Plan” in 設、二零二七年九月並網投運，標誌本集團正式進 Liaoning province of the PRC. Such project is expected to commence –入儲能投資運?領域，與該虛擬電廠系統形成「儲 construction in September 2026 and be grid-connected and put into –調 售」協同效應。 operation in September 2027, marking the Group’s official entry into the energy storage investment and operation sector, forming a “storage-regulation-sales” synergy with such virtual power plant system. Integrated Photovoltaics-Storage-Charging System 光儲充一體化 The Group focuses on high-power charging scenarios such as heavy 本集團聚焦重卡、貨車、出租車、乘用車園區等大 trucks, freight trucks, taxis, and passenger vehicle parks, self-功率充電場景，自建自?光儲充電站，構建「光伏＋ constructing and self-operating photovoltaics-storage-charging 儲能＋充電」一體化運?模式。就發儲充售板塊方 stations, and building a “photovoltaics + storage + charging” 面，加速充電樁建設。 integrated operational model. In terms of the generation, storage, charging, and sales sector, it is accelerating the construction of charging piles. Management Discussion and Analysis 管理層討論及分析 Operation Review (Continued) 營運回顧（續） New Semiconductor Materials Business 新型半導體材料業務 Business Positioning 業務定位 The PRC is the world’s largest semiconductor application market. 中國為全球最大的半導體應用市場。本集團新型半 Based on semiconductor-grade silicon materials, the Group’s new 導體材料業務以半導體級硅材料為基礎，擁有相對 semiconductor materials business has relatively independent product 獨立的產品路線及客戶體系。本集團持續推進現有 routes and customer systems. The Group continues to promote the 產品銷售及新產品認證，優化產品結構並拓展高附 sales of existing products and the certification of new products, 加值應用領域。 optimizing the product structure and expanding high-value-added application areas. Existing Products 現有產品 The Group is engaged in the production and sales of 6-8 inches 本集團從事6至8英寸重摻（砷、銻、磷、硼）及輕摻 semiconductor grade monocrystalline silicon ingot with heavy doping 半導體級單晶硅棒、13至15英寸半導體單晶硅的生 (arsenic, antimony, phosphorus, and boron) and light doping, as well 產與銷售，其中13至15英寸產品已批量出口韓國。 as 13-15 inches semiconductor monocrystalline silicon. Among them, 相關產品主要面向既有客戶群體，為該業務提供相 13-15 inches products have been exported in bulk to South Korea. 對穩定的收入及現金流來源。 Related products are primarily targeted at the existing customer base, providing relatively stable revenue and cash flow sources for this business. New Products and Application Expansion 新產品及應用拓展 The Group continuously promotes the customer certification and sales 本集團持續推進大直徑重摻靶材、光電應用材料等 of new products such as large-diameter heavily doped targets and 新產品的客戶認證及銷售，相關產品已通過多個下 optoelectronic application materials. Relevant products have passed 游客戶認證並實現銷售，應用領域覆蓋半導體設備 multiple downstream customer certifications and achieved sales, 配套、汽車芯片等場景；其中，大直徑產品已實現 with application areas covering scenarios such as semiconductor 批量供貨，光電材料客戶涵蓋中央企業及民?企 equipment support and automotive chips; among them, large- 業。本集團持續推動產品結構向高附加值方向優 diameter products have achieved bulk supply, and customers for 化。 optoelectronic materials cover both central state-owned and private enterprises. The Group continues to promote the optimization of its product structure toward high value-added directions. R&D Direction 研發方向 The Group conducts forward-looking research and development 本集團圍繞第三代半導體（碳化硅）開展前瞻性研 surrounding third-generation semiconductors (silicon carbide/SiC), and 發，並積極探索與主業相關的其他新型材料應用方 actively explores other new material application directions related to 向。在重摻雜濃度控制、晶體品質、大尺寸化（與8 its main business. It continues to invest in heavy doping concentration 英寸產線兼容）等方面持續投入，鞏固技術護城河。 control, crystal quality, and large-format sizing (compatible with 8-inch production lines) to consolidate its technological moat.Management Discussion and Analysis 管理層討論及分析 Operation Review (Continued) 營運回顧（續） Operating Performance ?運實績 In the first half of 2026, the various sub-segments of the photovoltaic 二零二六年上半年，中國光伏行業各細分環節繼續 industry in the PRC continued to undergo profound adjustments. 處於深度調整之中，供需失衡及激烈價格競爭對行 Supply-demand imbalances and fierce price competition exerted 業企業的收入及盈利能力造成壓力。在此環境下， pressure on the revenue and profitability of industry enterprises. In 本集團以穩定組件業務規模及控制經?風險為重 this environment, the Group focused on stabilizing the scale of the 點，並繼續推進綜合能源服務及新型半導體材料業 module business and controlling operational risks, and continued to 務。 advance the development of the integrated energy services and new semiconductor materials businesses. Module Business 組件業務 During the reporting period, the external shipment volume of 報告期內，本集團主要產品光伏組件的對外付運 the Group’s major product, photovoltaic modules, increased 量由去年同期的約1,509.5兆瓦增加至約2,169.0兆 from approximately 1,509.5 MW in the same period last year to 瓦，同比上升44%。在行業整體付運量承壓的背景 approximately 2,169.0 MW, representing a year-on-year increase of 下，本集團付運量實現同比增長，主要由於本集團 44%. Against the backdrop of overall industry shipment pressure, the 持續拓展國內分散式客戶、優化訂單結構，並通過 Group’s shipment volume achieved year-on-year growth, primarily OEM及ODM業務提高產能利用率。然而，受本集團 because the Group continuously expanded domestic distributed 的平均銷售價格下降影，付運量增長未能完全抵 customers, optimized the order structure, and improved capacity 銷價格下降對組件業務收入及毛利的影。報告期 utilization through OEM and ODM businesses. However, affected by 內，本集團持續實施以銷定產、控制存貨及審慎篩 the decline in the average selling price of the Group, the growth in 選訂單等措施，加強?運資金管理並降低行業價格 shipment volume could not fully offset the impact of price declines 波動帶來的經?風險。 on the revenue and gross profit of the module business. During the reporting period, the Group continuously implemented measures such as sales-driven production, inventory control, and prudent order screening to strengthen working capital management and reduce operational risks brought by industry price fluctuations. Integrated Energy Services 綜合能源服務 The Group continued to advance businesses such as commercial 本集團繼續推進國內工商業分散式光伏、售電、儲 and industrial distributed photovoltaics, electricity sales, energy 能及光儲充一體化等業務。以BIPV與零碳移動建築 storage, and integrated photovoltaics-storage-charging systems. 為雙輪驅動，加速從製造向「產品+服務+場景」綜 Driven by the dual wheels of BIPV and zero-carbon mobile buildings, 合解決方案升級。業務方面，將積極推進鹽城市綠 it accelerated the upgrade from manufacturing to comprehensive 電直連分散式光伏項目的建設，推進江蘇、湖北、 solutions of “products + services + scenarios”. On the domestic 安徽優質景區零碳度假民宿落地，並以錦州、鹽城 business front, it will actively promote the construction of the green 「零碳建築+光伏充電站」模式打造零碳文體商業街區 power direct connection distributed photovoltaic project in Yancheng 標桿；海外市場將聚焦日本、澳大利亞、瑞士、蒙 city, advance the implementation of high-quality zero-carbon resort 古、中東、大洋洲等重點區域，加快推進目前各地 accommodations in scenic areas in Jiangsu, Hubei, and Anhui, and 區預購產品的交付，同步深化卡塔爾分散式光伏合 build benchmark zero-carbon cultural and sports commercial districts 作，拓展塞班島和湯加島的光儲與移動房整島開發 using the “zero-carbon building + photovoltaic charging station” 機會，並通過當地代理合作、樣品展示區建設、屬 model in Jinzhou and Yancheng. In overseas markets, it will focus 地認證及自媒體直達終端的組合打法，將預製化、 on key regions such as Japan, Australia, Switzerland, Mongolia, 電力自給的產品優勢全面轉化為銷售成果。整體推 the Middle East, and Oceania, accelerating the delivery of currently 動光伏系統業務在更多新場景成長，為集團長期收 pre-ordered products across various regions. Simultaneously, it 益提供堅實支。 will deepen distributed photovoltaic cooperation in Qatar, expand opportunities for whole-island development of photovoltaics-storage and mobile housing in Saipan and Tonga, and fully transform the advantages of prefabricated, self-sufficient electricity products into sales results through a combined approach of local agency cooperation, sample showroom construction, localized certification, and direct-to-terminal social media marketing. Overall, it promotes Management Discussion and Analysis 管理層討論及分析 Financial Review 財務回顧 Revenue 收益 The revenue of the Group increased by approximately 14.0% from 本集團於期內收益錄得約人民幣1,165.6百萬元，較 approximately RMB1,022.3 million for the first half of 2025 to 二零二五年上半年的人民幣約1,022.3百萬元增加約 approximately RMB1,165.6 million for the Period. The increase in 14.0%。收益增加主要歸因於光伏組件對外付運量 revenue was primarily attributable to an increase in the external 增加以及市場狀況趨於穩定。 shipment volume of photovoltaic modules and the stabilisation of market conditions. Cost of sales 銷售成本 Cost of sales of the Group for the Period increased by approximately 本集團本期間的銷售成本由去年上半年的人民幣約 8.7% from approximately RMB1,031.1 million in the first half of 2025 1,031.1百萬元增加約8.7%至約人民幣1,120.8百萬 to approximately RMB1,120.8 million for the Period. The increase was 元。銷售成本增加主要與收益增加一致。 mainly in line with the increase in revenue. Gross profit/(loss) and gross profit margin 毛利╱（毛虧）及毛利率The Group recorded a gross profit of approximately RMB44.8 本集團於期內錄得毛利約人民幣44.8百萬元及毛利 million and a gross profit margin of approximately 3.8% for the 率約3.8%，相比二零二五年同期的毛虧約人民幣 Period, representing a significant turnaround from a gross loss of 8.8百萬元及負毛利率約0.9%，錄得顯著改善。該 approximately RMB8.8 million and a negative gross profit margin 改善主要歸因於收益增加以及本集團持續致力於成 of approximately 0.9% for the corresponding period in 2025. The 本控制及提升生產效率。 improvement was mainly attributable to the increase in revenue and the Group’s continuous efforts in cost control and production efficiency enhancement. Other income and gains, net 其他收入及收益，淨額 Other income and gains, net decreased by approximately 25.4% 其他收入及收益，淨額由二零二五年上半年的人民 from approximately RMB41.4 million in the first half of 2025 to 幣約41.4百萬元減少約25.4%至本期間的人民幣 approximately RMB30.9 million for the Period. The decrease was 約30.9百萬元。該減少主要由於本期間匯兌收益淨 mainly due to a decrease in net foreign exchange gains, government 額、政府補貼及銀行存款利息收入減少。 grants and interest income from bank deposits during the Period.Selling and distribution expenses, net 銷售及分銷開支，淨額 Selling and distribution expenses, net showed a net expense of 銷售及分銷開支，淨額於本期間錄得開支淨額約人 approximately RMB8.0 million for the Period, as compared to a net 民幣8.0百萬元，而二零二五年同期則為收益淨額約 income of approximately RMB12.3 million for the corresponding 人民幣12.3百萬元。該變動主要由於保用撥備回沖 period in 2025. This change was primarily attributable to a decrease 金額減少。 in the reversal of warranty provisions. Administrative expenses 行政開支 Administrative expenses mainly comprised staff costs, research and 行政開支主要括員工成本、研發開支及日常辦公 development expenses and daily office expenses. The administrative 費用。本期間的行政開支約為人民幣75.8百萬元， expenses for the Period amounted to approximately RMB75.8 而二零二五年同期則為約人民幣81.9百萬元。其減 million, as compared to approximately RMB81.9 million from the 少的主要原因是本集團加大力度提高?運效率，並 corresponding period of 2025. The decrease was mainly attributable 實施嚴格控制成本。 to the Group’s enhanced efforts to increase operational efficiency and implement strict cost control. Management Discussion and Analysis 管理層討論及分析 Financial Review (Continued) 財務回顧（續） Basic and diluted loss per share 每股基本及攤薄虧損 Basic and diluted loss per share attributable to ordinary equity 歸屬於母公司普通股股東的每股基本及攤薄虧損為 holders of the parent was RMB1.68 cents for the Period, as compared 人民幣1.68分，而二零二五年同期的每股基本及攤 to the basic and diluted loss per share of RMB3.28 cents for the 薄虧損則為人民幣3.28分。每股虧損減少與歸屬於 corresponding period in 2025. The decrease in loss per share was in 母公司股東的虧損減少一致。 line with the reduction in loss attributable to owners of the parent.Inventory turnover days 存貨週轉日 The inventory turnover days for the Period was 53 days, comparable 本期間的存貨週轉日為53日，與二零二五年十二月 to 53 days as at 31 December 2025. The Group maintained stable 三十一日的53日相若。本集團透過策略性管理產銷 inventory levels through strategic management of production and 平衡，維持穩定的存貨水平。 sales balance. Trade receivables turnover days 應收貿易賬款週轉日 Trade receivables turnover days for the Period decreased to 166 本期間的應收貿易賬款週轉日由二零二五年十二月 days from 211 days as at 31 December 2025. The decrease was due 三十一日的211日減少至166日。該減少乃由於本集 to the Group’s intensified collection efforts and improved credit 團加大收款力度及改善信貸管理。 management. Trade payables turnover days 應付貿易賬款週轉日 The trade payables turnover days decreased to 177 days for the 本期間應付貿易賬款週轉日為177日，相比二零二五 Period, from 205 days as at 31 December 2025. The decrease 年十二月三十一日的205日有所下降。該下降反映本 reflected the Group’s continued efforts to maintain good relationships 集團在管理付款條款的同時，持續致力於維持與供 with suppliers while managing payment terms. 應商的良好關係。 Liquidity and financial resources 流動資金及財務資源 The principal sources of working capital of the Group during the 本集團於期內主要?運資金來源為經?活動。於二 Period were from its operating activities. As at 30 June 2026, the 零二六年六月三十日，本集團的流動比率（流動資 current ratio (current assets divided by current liabilities) of the Group 產除流動負債）為1.0（二零二五年十二月三十一日： was 1.0 (31 December 2025: 1.1). The Group had net borrowings of 1.1）。本集團於二零二六年六月三十日有借貸淨額 approximately RMB340.8 million as at 30 June 2026 (31 December 人民幣約340.8百萬元（二零二五年十二月三十一 2025: approximately RMB223.2 million), including cash at bank and 日：人民幣223.2百萬元），其中括銀行及手頭現 on hand of approximately RMB163.1 million (31 December 2025: 金人民幣約163.1百萬元（二零二五年十二月三十一 approximately RMB240.7 million), pledged deposits of approximately 日：人民幣約240.7百萬元）、已抵押存款人民幣約 RMB424.9 million (31 December 2025: approximately RMB501.5 424.9百萬元（二零二五年十二月三十一日：人民幣 million), bank and other loans due within one year of approximately 約501.5百萬元）、一年內到期銀行及其他貸款人民 RMB922.9 million (31 December 2025: approximately RMB964.2 幣約922.9百萬元（二零二五年十二月三十一日：人 million) and non-current bank and other loans of approximately 民幣約964.2百萬元）以及非流動銀行及其他貸款人 RMB6.0 million (31 December 2025: approximately RMB1.2 million). 民幣約6.0百萬元（二零二五年十二月三十一日：人 The gearing ratio (net debt divided by total equity) as at 30 June 2026 民幣約1.2百萬元）。資本負債比率（借貸淨額除以權 was 54.9% (31 December 2025: 33.0%). 益總額）於二零二六年六月三十日為54.9%（二零二五年十二月三十一日：33.0%）。 Pledge of Assets 資產抵押 As at 30 June 2026, the Group’s borrowings were secured by the 於二零二六年六月三十日，本集團的借貸以本集團 Group’s assets of approximately RMB155,766,000 (31 December 約人民幣155,766,000元的資產作抵押（二零二五年 2025: approximately RMB161,429,000). 十二月三十一日：約人民幣161,429,000元）。 Management Discussion and Analysis 管理層討論及分析 Financial Review (Continued) 財務回顧（續） Business Outlook 業務展望 Looking ahead to the second half of the year, with the gradual 展望下半年，隨著海外主流市場需求逐步?復及部 recovery of demand in mainstream overseas markets and the 分新興市場持續擴張，光伏行業的長期發展基礎依 continuous expansion of some emerging markets, the long-term 然存在；但行業供需調整、產品價格波動及國際貿 development foundation of the photovoltaic industry remains 易環境變化預計仍將持續，行業競爭重心亦逐步由 intact. However, industry supply-demand adjustments, product price 規模轉向綜合能力。本集團將繼續以審慎經?及? fluctuations, and changes in the international trade environment 運資金管理為原則，圍繞組件業務、綜合能源服務 are expected to persist, and the focus of industry competition is 及新型半導體材料業務推進以下工作。 gradually shifting from scale to comprehensive capabilities. The Group will continue to adhere to the principles of prudent operations and working capital management, advancing the following work around the module business, integrated energy services, and new semiconductor materials business. In terms of the module business, the Group will continue to optimize 組件業務方面，本集團將繼續優化客戶及訂單結 its customer and order structure, promote the market application of 構，推進高功率及差異化組件產品的市場應用，並 high-power and differentiated module products, and flexibly arrange 根據訂單情況靈活安排生產，以控制存貨水平及? production based on order conditions to control inventory levels and 運資金佔用，保持產銷平衡。 working capital tie-ups, maintaining a balance between production and sales. In terms of integrated energy services, the Group will prudently 綜合能源服務方面，本集團將審慎推進工商業分散 advance projects such as commercial and industrial distributed 式光伏、儲能、市場化購售電及光儲充一體化等項 photovoltaics, energy storage, market-oriented electricity purchase 目，重點評估項目收益、回款週期及資金投入，並 and sales, and integrated photovoltaics-storage-charging systems. 通過系統集成、合作開發等方式控制資本開支及運 It will focus on evaluating project returns, payment cycles, and ?風險。 capital investments, and control capital expenditures and operational risks through methods such as system integration and cooperative development. In terms of new semiconductor materials, the Group will continue 新型半導體材料業務，本集團將繼續推進重摻單晶 to advance the customer certification and bulk sales of heavily 硅及大直徑產品的客戶認證及批量銷售，並根據市 doped monocrystalline silicon and large-diameter products, and 場需求開展十二英寸產品及碳化硅相關技術研發， conduct research and development of 12-inch products and silicon 持續優化產品結構。 carbide-related technologies based on market demand, continuously optimizing the product structure. Based on core manufacturing as the foundation and overall 以核心製造為根基、以整體解決方案為延伸，本集 solutions as the extension, the Group will continuously enhance 團將在能力驅動階段持續提升綜合競爭力，推動各 its comprehensive competitiveness in the capability-driven stage, 業務穩健發展，並為客戶與股東創造長期價值。 promote the steady development of various businesses, and create long-term value for customers and shareholders. DIVIDEND 股息 The Directors do not recommend the payment of an interim dividend 董事不建議就截至二零二六年六月三十日止六個月 for the six months ended 30 June 2026 (for the six months ended 30 派發中期股息（截至二零二五年六月三十日止六個 June 2025: Nil). 月：無）。 Disclosure of Interests 權益披露 Substantial Shareholders’ and Other Persons’ 主要股東及其他人士於股份及相關股Interests and Short Positions in Shares and 份的權益及淡倉 Underlying Shares As at 30 June 2026, so far as the Directors are aware, save as 截至二零二六年六月三十日，據董事所知悉，除上 disclosed above, the substantial shareholders and other persons or 文披露外，以下主要股東及其他人士或法團（並非 corporations (not being a Director or chief executive of the Company) 董事或本公司最高行政人員）於本公司股份及相關股 who had interests or short positions in the shares and underlying 份中，擁有已記錄於根據證券及期貨條例第336條 shares of the Company as recorded in the register required to be 規定存置的登記冊或已另行知會本公司的權益或淡 kept under section 336 of the SFO or had otherwise notified to the 倉：Company were as follows: Number of Approximate ordinary shares Percentage of Name Capacity held (Note 1) shareholding (%) 名稱╱姓名 身分 所持普通股數目 概約持股百分比 （附註1） (%) Mr. TAN Wenhua Beneficial interest (Note 2) 556,924,443 (L) 16.76%譚文華先生 實益權益（附註2） Interest of a controlled corporation (Note 2) 155,320,308 (L) 4.67%受控法團權益（附註2） Hiramatsu International Corp. Beneficial owner 141,837,692 (L) 4.27%實益擁有人 Hanako Hiramatsu (Note 3) Interest of a controlled corporation 141,837,692 (L) 4.27%Hanako Hiramatsu（附註3） 受控法團權益 Madam SZE Tan Hung Beneficial interest 172,290,000 (L) 5.18%施丹紅女士 實益權益 Mr. TUNG Ching Sai (Note 4) Interest of spouse 172,290,000 (L) 5.18%董清世先生（附註4） 配偶權益 Notes: 附註： 1. The letter “L” denotes the person’s long position in such securities. 1. 字母「L」指該人士於該等證券的好倉。 2. Mr. TAN Wenhua retired as a director of the Company on 10 June 2025. He 2. 譚文華先生已於二零二五年六月十日退任本公司董 is the father of Mr. TAN Xin, an executive Director. As at 30 June 2026, Mr. 事。彼為執行董事譚鑫先生的父親。於二零二六年六 TAN Wenhua is deemed to be interested in an aggregate of 712,244,751 月三十日，譚文華先生根據證券及期貨條例被視為 shares of the Company by virtue of the SFO, of which (i) 556,924,443 於合共712,244,751股本公司股份中擁有權益，當中 shares of the Company are directly held by him; and (ii) 155,320,308 shares (i)556,924,443股本公司股份由譚文華先生直接持有； of the Company are held by You Hua Investment Corporation, a company 及(ii)155,320,308股本公司股份由在英屬處女群島註冊 incorporated in the British Virgin Islands, which is wholly-owned by Mr. TAN 成立且由譚文華先生全資擁有之佑華投資有限公司持 Wenhua. 有。 3. To the best of the Directors’ knowledge, information and belief having made 3. 據董事於作出一切合理查詢後所深知、全悉及確信，於 all reasonable enquiry, Hiramatsu International Corp. is wholly-owned by 本報告日期，Hiramatsu International Corp.由Hanako Hanako Hiramatsu as at the date of this report. By virtue of the SFO, Hanako Hiramatsu全資擁有。根據證券及期貨條例，Hanako Hiramatsu is deemed to be interested in the Shares held by Hiramatsu Hiramatsu被視為於Hiramatsu International Corp.持有 International Corp. 的股份中擁有權益。 4. Mr. TUNG Ching Sai is the spouse of Madam SZE Tan Hung and is therefore 4. 董清世先生為施丹紅女士的配偶，因此根據證券及期貨 deemed to be interested in all the shares which Madam SZE Tan Hung is 條例，彼被視為於施丹紅女士所持股份中擁有權益。 interested in for the purpose of the SFO. Save as disclosed above, as at 30 June 2026, the Directors are not 除上文披露外，截至二零二六年六月三十日，董 Corporate Governance and Other Information 企業管治及其他資料 Model Code for Securities Transactions by 董事進行證券交易的標準守則 Directors The Company has adopted the Model Code for Securities Transactions 本公司已採納上市規則附錄C3所載上市發行人董事 by Directors of Listed Issuers (the “Model Code”) as set out in 進行證券交易的標準守則（「標準守則」），作為董事進 Appendix C3 to the Listing Rules as the code of conduct regarding 行證券交易的操守守則。本公司已作出特定查詢， securities transactions by the Directors. Specific enquiries have been 以確認全體董事已於截至二零二六年六月三十日止 made by the Company to confirm that all Directors have complied 六個月遵守標準守則。 with the Model Code for the six months ended 30 June 2026. Audit Committee 審核委員會 The audit committee of the Company, comprising three independent 本公司審核委員會（成員括三名獨立非執行董事） non-executive Directors, has reviewed the accounting principles and 已審閱本集團採納的會計原則及慣例，並已與本公 practices adopted by the Group and such matters as internal controls 司管理層檢討內部監控及財務報告等事宜，括本 and financial reporting with the management of the Company, 中期報告的內容。 including the contents of this interim report. Share Schemes 股份計劃 During the six months ended 30 June 2026, the Company did not 於截至二零二六年六月三十日止六個月，本公司並 have any share schemes as defined under Chapter 17 of the Listing 無任何上市規則第十七章所界定的股份計劃。 Rules. Purchase, Sale or Redemption of the 購買、出售或贖回本公司的上市證券 Company’s Listed Securities Neither the Company nor any of its subsidiaries purchased, redeemed 截至二零二六年六月三十日止六個月及截至本報告 or sold any of the Company’s listed securities during the six months 日期，本公司或其任何附屬公司概無購買、贖回或 ended 30 June 2026 and up to the date of this report. 出售本公司任何上市證券。 By Order of the Board 承董事會命 Solargiga Energy Holdings Limited 陽光能源控股有限公司 Tan Xin 主席 Chairman 譚鑫 Hong Kong, 27 August 2026 香，二零二六年八月二十七日 Interim Condensed Consolidated Statement of Profit or Loss 中期簡明綜合損益表 For the six months ended 30 June 2026 截至二零二六年六月三十日止六個月(Expressed in Renminbi)（以人民幣列示） Six months ended 30 June 截至六月三十日止六個月 2026 2025 二零二六年 二零二五年 Notes RMB’000 RMB’000 附註 人民幣千元 人民幣千元 (Unaudited) (Unaudited) （未經審核） （未經審核） Revenue 收益 4 1,165,601 1,022,337 Cost of sales 銷售成本 (1,120,804) (1,031,144) Gross profit/(loss) 毛利╱（毛虧） 44,797 (8,807) Other income and gains, net 其他收入及收益，淨額 5 30,885 41,438Selling and distribution expenses, net 銷售及分銷開支，淨額 (7,984) 12,272Administrative expenses 行政開支 (75,822) (81,930) Impairment losses on financial and contract 財務及合約資產減值assets (22,366) (39,815) Impairment losses of property, plant and 物業、廠房及設備減值 – equipment 虧損 (8,966) – Other expenses 其他費用 6 (7,443) Finance costs 融資成本 7 (20,629) (22,308) Loss before tax 除稅前虧損 8 (58,562) (108,116) Income tax credit/(expense) 所得稅抵免╱（費用） 9 709 (1,566) Loss for the period 期間虧損 (57,853) (109,682) Attributable to: 以下人士應佔： Owners of the parent 母公司股東 (55,951) (109,117) Non-controlling interests 非控制性權益 (1,902) (565) Loss for the period 期間虧損 (57,853) (109,682) Basic and diluted loss per share 歸屬於母公司普通股股東 attributable to ordinary equity holders 之每股基本及攤薄虧損of the parent (RMB cents) （人民幣分） 10 (1.68) (3.28) Interim Condensed Consolidated Statement of Financial Position中期簡明綜合財務狀況表 As at 30 June 2026 於二零二六年六月三十日 (Expressed in Renminbi) （以人民幣列示） At 30 June At 31 December 2026 2025 於二零二六年 於二零二五年 六月三十日 十二月三十一日 Notes RMB’000 RMB’000 附註 人民幣千元 人民幣千元 (Unaudited) (Audited) （未經審核） （經審核） Non-current assets 非流動資產 Property, plant and equipment 物業、廠房及設備 11 533,809 548,767Long term prepayments and other assets 長期預付款項及其他資產 44,004 41,965Right-of-use assets 使用權資產 117,053 119,584 Equity investments designated at fair value 指定為以公允價值計量且through other comprehensive income 其變動計入其他全面收 入之權益投資 767 627 Deferred tax assets 遞延稅項資產 3,908 3,682 Total non-current assets 非流動資產總額 699,541 714,625 Current assets 流動資產 Inventories 存貨 12 331,345 328,124 Trade and bills receivables, and contract 應收貿易賬款、票據及合assets 約資產 13 1,081,674 1,062,383 Prepayments, other receivables and other 預付款項、其他應收款項assets 及其他資產 14 276,277 360,901 Current tax recoverable 即期可收回稅項 3 99 Pledged deposits 已抵押存款 15 424,912 501,486 Cash and cash equivalents 現金及現金等價物 163,087 240,691 Total current assets 流動資產總額 2,277,298 2,493,684 Current liabilities 流動負債 Interest-bearing bank and other borrowings 銀行及其他計息借貸 16 922,855 964,232Trade and bills payables 應付貿易賬款及票據 17 1,049,455 1,155,889Other payables and accruals 其他應付款項及應計開支 18 158,249 175,045Contract liabilities 合約負債 8,182 5,911 Current tax payable 應付即期稅項 36,580 37,095 Warranty provision 保用撥備 20 7,639 5,672 Current portion of lease liabilities 一年內到期的租賃負債 9,090 8,159 Total current liabilities 流動負債總額 2,192,050 2,352,003 Net current assets 流動資產淨額 85,248 141,681 Total assets less current liabilities 總資產減流動負債 784,789 856,306Interim Condensed Consolidated Statement of Changes in Equity中期簡明綜合權益變動表 For the six months ended 30 June 2026 截至二零二六年六月三十日止六個月(Expressed in Renminbi)（以人民幣列示） Attributable to owners of the parent 母公司股東應佔權益 General Non- Share Share reserve Capital Exchange Other Accumulated controlling Total capital premium fund reserve reserve reserve losses Total interests equity非控制性 股本 股份溢價 一般儲備金 資本儲備 匯兌儲備 其他儲備 累計虧損 權益 權益 權益總額RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000人民幣千元 人民幣千元 人民幣千元 人民幣千元 人民幣千元 人民幣千元 人民幣千元 人民幣千元 人民幣千元 人民幣千元 As at 1 January 2026 於二零二六年一月一日 285,924 1,540,888 311,688 31,919 (41,968) (92,844) (1,377,523) 658,084 17,549 675,633 – – – – – – Loss for the period 期間虧損 (55,951) (55,951) (1,902) (57,853)Other comprehensive loss for the period: 期間其他全面虧損： Changes in fair value of equity 指定為以公允價值計 investments designated at fair value 量且其變動計入其 through other comprehensive income 他全面收入之權益 投資之公允價值變 – – – – – – – 動 140 140 140 Exchange differences on translation of 換算海外業務產生的 – – – – – – – foreign operations 匯兌差額 2,946 2,946 2,946 – – – – Total comprehensive income/(loss) 全面收入╱（虧損）總額 2,946 140 (55,951) (52,865) (1,902) (54,767) As at 30 June 2026 (Unaudited) 於二零二六年六月三十 日（未經審核） 285,924 1,540,888 311,688 31,919 (39,022) (92,704) (1,433,474) 605,219 15,647 620,866 As at 1 January 2025 於二零二五年一月一日 285,924 1,540,888 310,815 31,919 (43,664) (89,630) (1,091,336) 944,916 17,516 962,432 – – – – – – Loss for the period 期間虧損 (109,117) (109,117) (565) (109,682)Other comprehensive loss for the period: 期間其他全面虧損： Changes in fair value of equity 指定為以公允價值計（未完）  |