Major Events - Chuangsheng Group-B (06628) announced updated efficacy data for osemitamab triple therapy as a first-line treatment for gastric or gastroesophageal junction adenocarcinoma at ESMO Asia [1] - Strength Development (01277) plans to acquire 100% equity of Taiyuan Shidi for approximately 384 million yuan and acquire Dongzhimen property for a total of 86.33 million yuan [1] - Innovent Biologics (01801) completed a global strategic collaboration with Takeda Pharmaceutical and issued 6.9138 million shares under general authorization [1] - Ascentage Pharma-B (06855) received FDA and EMA approval for global registration of a Phase III clinical trial for Nilotinib as a first-line treatment for Ph+ ALL [1] - Baiao Saitou-B (02315) announced that its business partner IDEAYA received IND approval from the FDA for IDE034 [1] - Jinfang Pharmaceutical-B (02595) initiated a registration clinical trial for GFH375, the world's first oral KRAS G12D inhibitor in a controlled chemotherapy Phase III study [1] - Xixiangfeng Group (02473) signed a business cooperation agreement with Hello Car Rental to develop car rental services in designated cities under a "co-branded store" model [1] - International Commercial Settlement (00147) signed a computer chip sales agreement with Hong Kong Antarctic Light to seize growth opportunities in the IC chip market [1] - CSPC Pharmaceutical Group (01093) received clinical trial approval in the U.S. for a GLP-1/GIP receptor dual agonist injection [1] - MIRXES-B (02629) plans to collaborate with Crystal Technology to build an AI-enabled integrated "diagnosis and treatment" research and industrialization platform [1] - Zhengtong Automobile (01728) intends to invest approximately 816 million yuan to acquire Xiamen Xinda 4S dealership and automotive sales and export business [1] - Guorui Life (00108) plans to acquire 78.3% of Beijing Chunyu Tianxia Software for 269 million yuan [1] - Innovent Biologics (01801) successfully included seven innovative products (including new indications) in the 2025 National Medical Insurance Drug List [1] - Peijia Medical-B (09996) had its registration application for the TaurusNXT® "non-aldehyde cross-linked" transcatheter aortic valve replacement system accepted by the National Medical Products Administration [1] - Fosun Pharma (02196) had new drugs included in the National Medical Insurance Directory and commercial insurance innovative drug directory [1] - Junshi Biosciences (01877) had Tuoyi® new indications and Junshida® included in the National Medical Insurance Directory [1] - Valiant Biotech-B (09887) presented clinical data for LBL-034 at the 67th ASH Annual Meeting [1] - Canfite BioPharma (09926) had all approved indications for five marketed drugs successfully included in the latest National Medical Insurance Drug List [1] - Fuhong Hanlin (02696) had Fuzhuoning® (Citrus Acid Vovizili Capsules) included in the National Medical Insurance Drug List [1] - Green Leaf Pharmaceutical (02186) successfully included five new products in the 2025 National Medical Insurance Drug List or commercial insurance innovative drug directory [1] - Yinnuo Pharmaceutical-B (02591) had its core products included in the National Medical Insurance Drug List [1] Operating Performance - Poly Real Estate Group (00119) reported a contract sales amount of approximately 47.7 billion yuan for the first 11 months, a year-on-year decrease of 8.45% [2] - GAC Group (02238) reported November automobile sales of approximately 179,700 units, a year-on-year decline of 9.72% [2] - Xiehe New Energy (00182) reported an equity power generation of 697.23 GWh in November, a year-on-year increase of 7.77% [2]

Major Events - Chuangsheng Group-B (06628) announced updated efficacy data for osemitamab triple therapy in first-line treatment of gastric or gastroesophageal junction adenocarcinoma at ESMO Asia [1] - Strength Development (01277) plans to acquire 100% equity of Taiyuan Shidi for approximately 384 million yuan and acquire Dongzhimen property for a total of 86.33 million yuan [1] - Innovent Biologics (01801) completed a global strategic collaboration with Takeda Pharmaceutical and issued 6.9138 million shares under general authorization [1] - Ascentage Pharma-B (06855) received FDA and EMA approval for global registration of the III phase clinical study of Nilotinib in first-line treatment of Ph+ ALL [1] - Baiao Saitou-B (02315) announced that its business partner IDEAYA received IND approval from the FDA for IDE034 [1] - Jinfang Pharma-B (02595) initiated a registration clinical trial for GFH375 in metastatic pancreatic cancer, marking the first global oral KRAS G12D inhibitor monotherapy controlled chemotherapy III phase study [1] - Xixiangfeng Group (02473) subsidiary signed a business cooperation agreement with Hello Car Rental to develop car rental business in designated cities under a "co-branded store" model [1] - International Commercial Settlement (00147) signed a computer chip sales agreement with Hong Kong Antarctic Light to seize growth opportunities in the IC chip market [1] - CSPC Pharmaceutical Group (01093) received clinical trial approval in the U.S. for GLP-1/GIP receptor dual agonist peptide injection [1] - MIRXES-B (02629) plans to collaborate with Jingtai Technology to build an AI-enabled integrated "diagnosis and treatment" research and industrialization platform [1] - Zhengtong Automotive (01728) plans to invest approximately 816 million yuan to acquire Xiamen Xinda 4S dealership and automotive sales and export business [1] - Guorui Life (00108) intends to acquire 78.3% of Beijing Chunyu Tianxia Software for 269 million yuan [1] - Innovent Biologics (01801) announced that seven innovative products, including new indications, were successfully included in the 2025 National Medical Insurance Drug List [1] - Peijia Medical-B (09996) had its registration application for the TaurusNXT® "non-aldehyde cross-linked" transcatheter aortic valve replacement system accepted by the National Medical Products Administration [1] - Fosun Pharma (02196) had new drugs included in the National Medical Insurance Directory and commercial insurance innovative drug directory [1] - Junshi Biosciences (01877) had Tuoyi® new indications and Junshida® included in the National Medical Insurance Directory [1] - Valiant Biopharma-B (09887) clinical data for LBL-034 was presented at the 67th ASH Annual Meeting [1] - Canfite BioPharma (09926) had all approved indications for five marketed drugs successfully included in the latest National Medical Insurance Drug List [1] - Fuhong Hanlin (02696) had Fuzhuoning® (Citrus Aurantium Extract Capsules) included in the National Medical Insurance Drug List [1] - Green Leaf Pharmaceutical (02186) had five new products successfully included in the 2025 National Medical Insurance Drug List or commercial insurance innovative drug directory [1] - Yinnuo Pharmaceutical-B (02591) core products were included in the National Medical Insurance Drug List [1] Operating Performance - Poly Real Estate Group (00119) reported contract sales of approximately 47.7 billion yuan in the first 11 months, a year-on-year decrease of 8.45% [2] - GAC Group (02238) reported November automobile sales of approximately 179,700 units, a year-on-year decline of 9.72% [2] - Xiehe New Energy (00182) reported November equity power generation of 697.23 GWh, a year-on-year increase of 7.77% [2]

Core Viewpoint - The company reported a year-on-year increase in equity power generation for November 2025, indicating positive growth in its operational performance [1] Group 1: Company Performance - The equity power generation for November 2025 reached 697.23 GWh, representing a 7.77% increase compared to the same month in the previous year [1] - The total equity power generation for the first eleven months of 2025 amounted to 7795.65 GWh [1]

协合新能源(00182)公布，该集团2025年11月权益发电量为697.23GWh，同比增长7.77%。前11个月权益 发电量为7795.65GWh。 ...

格隆汇12月5日丨协合新能源(00182.HK)公布2025年11月的权益发电量，11月总计权益发电量 697.23GWh，同比增长7.77%，其中太阳能权益发电量79.01GWh，同比增长25.08%。 ...

Core Viewpoint - The company, Xiehe New Energy (00182.HK), reported a 7.77% year-on-year increase in equity power generation for November 2025, reaching 697.23 GWh, with a total of 7795.65 GWh for the first 11 months of the year [1] Group 1 - The equity power generation for November 2025 was 697.23 GWh, reflecting a growth of 7.77% compared to the previous year [1] - The total equity power generation for the first 11 months of 2025 amounted to 7795.65 GWh [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性或完整性 亦不發表任何聲明，並表明不會就因本公告全部或任何部份內容而產生或因倚賴該等內容而引致之任何 損失承擔任何責任。 主席 劉順興 協合新能源集團有限公司* (於百慕達註冊成立之有限公司) (股份代碼: 182) 權益發電量 Concord New Energy Group Limited（協合新能源集團有限公司*）（「本公司」，連同其附 屬公司「本集團」）董事會宣佈本集團2025年11月之權益發電量。 本集團2025年11月權益發電量如下（單位：GWh）： | | 2025 | 年 | 月 11 | 年 2024 | 11 | 月 | 同比增長 | 年 2025 | 1-11 | 月 | 年 2024 | 1-11 | 月 | 同比增長 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 風電 | 618.22 | | | 583.80 | | | 5.90% | | 6,665.58 ...

Core Viewpoint - The Chinese renewable energy industry is transitioning from "scale expansion" to "quality improvement and efficiency enhancement" by 2025, with a focus on building Alpha capabilities as Beta benefits diminish [1]. Group 1: Industry Transition - The renewable energy sector is experiencing a divergence characterized by high installed capacity growth but pressured profitability, with new installations of wind and solar power reaching 323 million kilowatts, accounting for 81.2% of national new power generation capacity [2]. - The need for companies to optimize capital structures and enhance financial resilience is becoming increasingly important, as high leverage no longer guarantees returns on equity (ROE) in the current uncertain environment [2]. - The shift towards a "quality improvement and efficiency enhancement" phase necessitates renewable energy operators to focus on operational excellence to create value and find new growth paths [2]. Group 2: Strategic Value of the Fund - The establishment of an 18 billion RMB renewable energy investment fund by Xiehe New Energy and Taikang represents a strategic move towards asset management, enhancing the company's growth logic and creating new growth opportunities [2][3]. - The asset management model allows Xiehe New Energy to leverage external capital, reducing pressure from high leverage while diversifying revenue sources beyond just power generation [3]. - By providing professional services through the fund, Xiehe New Energy can improve asset liquidity and optimize capital structure, while also generating management service income and ensuring the quality of investment projects [3]. Group 3: Industry Implications - The new development path of Xiehe New Energy illustrates the importance of choosing appropriate development models at different industry stages, aligning its strategy with industry cycles over the past 20 years [4]. - The collaboration with Taikang to establish the investment fund is an attempt to navigate short-term growth challenges, reflecting a shift towards asset management that aligns with industry cycle changes [4]. - If successful in transitioning capabilities and operational models, Xiehe New Energy could gain a first-mover advantage in the renewable asset management sector, providing a reference for industry development [5].

Core Insights - The establishment of an 18 billion RMB renewable energy investment fund by Xiehe New Energy Group and Taikang marks a strategic move to actively develop and invest in high-quality renewable energy projects through innovative capital cooperation [1][2] Group 1: Business Model Expansion - Xiehe New Energy, a leading green power developer and operator, has over 5GW of operational capacity and nearly two decades of project development experience. The fund's establishment is a significant strategic initiative to expand asset management business and enhance capital efficiency [2] - The fund will primarily invest in renewable energy projects, including wind, solar, and energy storage. This transition allows Xiehe New Energy to evolve from a single "power station operator" to a dual role of "operator + professional asset manager" [2] - By leveraging its expertise in project evaluation, construction management, and operational oversight, the company aims to provide industry insights and professional services to ensure quality and stable returns for the fund [2] Group 2: Strategic Synergy - The collaboration between insurance capital and stable asset operations aligns well, as insurance funds seek stable returns while renewable energy projects offer long-term cash flow stability [3] - For Taikang, this investment aligns with the national "dual carbon" strategy, providing access to high-quality underlying assets while supporting the real economy and achieving long-term stable returns [3] - For Xiehe New Energy, the fund signifies an expansion of its asset management business model, leveraging its operational management capabilities to enhance growth and value creation [3] Group 3: Professional Collaboration - The partnership combines industry and financial expertise, with Xiehe New Energy providing nearly 20 years of industry experience and a proven project evaluation system to ensure asset quality and stable cash flow [4] - Taikang contributes long-term, stable funding support, aligning with the characteristics of renewable energy assets and facilitating the integration of insurance capital with the real economy [4] - This "industry + finance + professional management" combination is expected to create a virtuous cycle, promoting high-quality development in the renewable energy sector [4] Group 4: Future Outlook - The fund's establishment represents an innovative model for capital and industry collaboration in the renewable energy sector, indicating a shift towards efficient separation of capital and operations with professional specialization [5] - The fund is anticipated to accelerate investment deployment, injecting new momentum and vitality into the green transition of the energy structure [5]

协合新能源(00182.HK)公布，于2025年12月3日交易时段后，协合资管(公司的全资附属公司)及永州界 牌(公司的全资附属公司)与江苏招银、泰康人寿保险及泰康养老保险就成立合伙企业订立合伙协议。所 有该等合伙人的出资承诺总额为人民币18.11亿元，其中该集团出资承诺总额为人民币5.5亿元。合伙企 业的目的为成立及营运该基金，以透过对被投资公司进行直接或间接的股权投资及╱或向其提供股东贷 款，为所有该等合伙人争取良好投资回报。 截至2025年12月3日收盘，协合新能源(00182.HK)报收于0.32港元，下跌4.48%，成交量1563.0万股，成 交额505.96万港元。投行对该股关注度不高，90天内无投行对其给出评级。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 协合新能源港股市值26.39亿港元，在电力行业中排名第16。主要指标见下表： ...