Guangzhou Yuexiu Capital Holding Group Co., Ltd. To all shareholders of Guangzhou Yuexiu Capital Holding Group Co., Ltd.:
In 2025, the Board of Directors of Guangzhou Yuexiu Capital Holding Group Co., Ltd. (hereinafter referred to as the "Company") strictly followed the "Company Law," "Securities Law," and other laws and regulations, regulatory guidelines for listed companies from the China Securities Regulatory Commission (hereinafter referred to as the "CSRC"), the "Stock Listing Rules" and self-regulatory supervision guidelines for listed companies of the Shenzhen Stock Exchange (hereinafter referred to as the "SZSE"), and the Company's "Articles of Association" and "Rules of Procedure for Board Meetings." With a high sense of responsibility to all shareholders, the Board fully leveraged its strategic control and scientific decision-making functions, continuously improved the Company's compliance and governance system, guided and supervised the management in carrying out production and operational management, effectively protected the legitimate rights and interests of the Company and all shareholders, and vigorously promoted the Company's high-quality development. The main work of the Board of Directors in 2025 is reported as follows:
I. Overview of the Company's Operations in 2025
In 2025, the Company's Board of Directors adopted "Overcoming Difficulties, Stabilizing Operations, Planning for the Future, and Starting a New Journey" as the annual work theme. Actively seizing development opportunities brought by national policies such as expanding domestic demand, promoting technological innovation, and cultivating and strengthening new quality productive forces, the overall business performance reached a new high during the "14th Five-Year Plan" period.
In 2025, the Company achieved total operating revenue of 7.843 billion yuan, a year-on-year increase of 4.13%; net profit attributable to the parent company was 3.519 billion yuan, a year-on-year increase of 53.42%; and return on equity (ROE) was 11.26%, an increase of 3.41 percentage points year-on-year. As of the end of the reporting period, the Company's total assets were 213.198 billion yuan, net assets attributable to the parent company were 33.230 billion yuan, and the asset-liability ratio was 76.55%.
The financial situation is stable, successfully completing the "14th Five-Year Plan" targets and laying a solid foundation for the high-quality start of the "15th Five-Year Plan."
In terms of business development, the Company deepened its green, technology, and inclusive transformation, with new investments in the green, technology, and inclusive sectors accounting for 58% of the total for the year. As of the end of the period, the installed capacity of distributed photovoltaic power stations managed for households was 15.52 GW (including 12.99 GW controlled by the Company), with a cumulative installation of 550,000 power stations, benefiting hundreds of thousands of rural households. During the reporting period, the total power generation from new energy assets such as photovoltaic and wind power included in the consolidated statements was 15.065 billion kWh, generating electricity revenue of 4.644 billion yuan, a year-on-year increase of 51.30%. The Company continued to promote the development of specialized and differentiated operational capabilities across its business units, fostering new growth drivers.
In terms of financing, the Company actively seized market opportunities and deeply implemented its financing strategy of "expanding channels, controlling costs, and adjusting structure," effectively supporting the Company's business development funding needs. During the reporting period, the Company and its subsidiaries maintained good credit ratings, adhering to a dual-driven approach of indirect and direct financing and actively expanding the financing ecosystem. The Company seized market financing windows and, through methods such as "controlling new additions and adjusting existing stock," continuously reduced financing costs. The financing cost at the end of the period decreased by 37 basis points compared to the beginning of the year. On one hand, the Company leveraged its green finance strategy to actively expand green financing products and channels. On the other hand, it increased the issuance of long-term bonds to meet long-term funding needs, strengthening the defense line for liquidity.