深南电B2025年半年度报告（英文版）

The Semi-Annual Report 2025 of Shenzhen Nanshan Power Co., Ltd. 1 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 The Semi-Annual Report 2025 of Shenzhen Nanshan Power Co., Ltd. 2 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. The Semi-Annual Report 2025 of Shenzhen Nanshan Power Co., Ltd. 3 Table of Contents Section I Important Notes, Table of Contents and Definitions ................................................................... 2 Section II Company Profile and Key Financial Indicators .......................................................................... 6 Section III Management Discussion and Analysis ..................................................................................... 9 Section IV Corporate Governance, Environment and Society ................................................................. 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 ............................................................