Ming Yang Smart Energy reports mid-year financials, reallocates fundraising

Ming Yang Smart Energy Group’s 2025 semi-annual report shows a profit decrease due to a total impairment charge of -69.1872 million yuan. This includes credit impairment losses of -65.8387 million yuan and asset impairment losses of -3.3485 million yuan. The company confirmed these provisions adhere to accounting standards. The report, approved on August 26, 2025, highlights the impact of these charges on the first half of 2025 financial performance.

Concurrently, the company is optimizing its fundraising strategy. Proceeds from a 2020 non-public stock issuance, initially allocated for a 10MW offshore floating wind turbine project, will be re-directed. The remaining 234.7205 million yuan will now fund the Zhangjiakou Mingyang Chabei Alibaba Data Center project. This decision, approved on October 29, 2024, reflects the completion of the original project and strategic reallocation.

Additional adjustments include changing the investment for the Shanwei Offshore Engineering Base project to support the Yumen City Mingzhi Wind Power and Zhangjiakou Mingyang Chabei Alibaba Data Center projects. Funds initially earmarked for the mixed tower production base are now going towards the Xinyang Huangming New Energy project. These reallocations are part of the company's broader "quality improvement and efficiency return" action plan, aligning with updated business objectives and market conditions.