| 表格序號 | | 大股東/董事/最高行政人員名 作出披露的買入 / 賣出或涉及的 每股的平均價 | | 業 | | --- | --- | --- | --- | --- | | | | 泉内 | 股份數目 | | | CS20250813E00371 | Splendor Power Limited | 1101(L) | 3.000.000(L) | HKD 0.4150 | | DA20250813E00370 | 器 | 1101(L) | 3,000,000(L) | HKD 0.4150 | | CS20250812E00349 | Splendor Power Limited | 1101(L) | 1.500.000(L) | HKD 0.4200 | | DA20250812E00348 | 器 自己 | 1101(L) | 1,500,000(L) | HKD 0.4200 | | CS20250811E00528 | Splendor Power Limited | 1101(L) | 1.000.000(L) | HKD 0.4200 | | DA20250811E00527 | ...

Core Viewpoint - Fitch Ratings has downgraded the long-term foreign currency issuer default rating (IDR) and senior unsecured rating of Concord New Energy (00182.HK) from "BB-" to "B+", maintaining a stable outlook while withdrawing all ratings for commercial reasons. This downgrade reflects short-term pressures in the industry, but the report contains resilience signals worth noting [1]. Group 1: Resilience Factors - The interest coverage capability remains stable, with Fitch predicting that Concord's EBITDA interest coverage ratio will stay above 3.0 times under declining financing costs. This is more favorable compared to ReNew Energy, which has a higher rating but a lower coverage ratio [2]. - Concord's financial data shows a cash reserve of 2 billion yuan and short-term debt of 2.1 billion yuan, indicating a good match between available funds and current liabilities, thus confirming low liquidity risk [2]. - The sustainability of the project sale model is recognized, with Fitch noting that Concord's "develop-and-sell" business model is unaffected by the rating downgrade. The company is expected to continue selling 200-300 MW of assets annually, which will help improve overall profitability [3]. - The strategic reduction in capital expenditure is undervalued, with projected capital spending for 2025-2027 expected to decrease to 3.2-3.8 billion yuan from 5.3 billion yuan in 2024. This shift towards wind power projects aims to mitigate risks associated with solar projects [3]. Group 2: 2026 Breakthrough Point - The year 2026 is anticipated to be a turning point for both the industry supply-demand structure and the company's financial metrics, with several positive variables to watch [4]. - Twelve new ultra-high voltage transmission lines are set to be operational by 2025-2026, adding 80 million kilowatts of transmission capacity, which will alleviate the "consumption dilemma" in the "Three North" regions where Concord has significant wind power assets [4]. - There is a consensus that the utilization hours for wind and solar power generation will stabilize and recover, with expectations for a rebound in electricity prices due to improved supply-demand dynamics [5]. - The electricity pricing mechanism is transitioning from "disorderly decline" to a "stable range," with market price drops narrowing, which will benefit Concord as 75% of its electricity enjoys fixed pricing or long-term contracts [5][6]. Group 3: Risk and Opportunity Rebalancing - Market concerns about rising leverage and asset sale pace have been reflected in Concord's current valuation, which is at a near 10-year low with a dynamic P/E ratio of approximately 5.12 times and a P/B ratio of about 0.35 times [7]. - Recent insider buying by the chairman and independent directors signals confidence in the company's long-term prospects and valuation bottom [7]. - Fitch's report outlines clear improvement paths, with the EBITDA net leverage ratio needing to remain below 7.5 times and interest coverage above 3.0 times to trigger a rating upgrade [7]. - The operationalization of ultra-high voltage lines in 2026 is expected to enhance renewable energy utilization rates by 10%, while the core "develop-and-sell" strategy will continue to advance [8].

2025年8月12日晚间，惠誉发布评级更新报告，将协合新能源（00182.HK）长期外币发行人违约评级 （IDR）及高级无担保评级从"BB-"下调至"B+"，展望维持稳定，同时因商业原因撤销所有评级。此次 评级调整虽反映行业逆风下的短期压力，但报告中暗藏的韧性信号值得细品研读。 一、惠誉报告中的 "韧性密码"：三大正面支撑未被市场充分认知 每次当市场聚焦在评级下调事件时，往往会忽视惠誉对公司基本面的结构性肯定，这些支撑因素或构成 协合2026年转机的基础： 首先，利息覆盖能力具备稳定性。报告中，惠誉预测未来协合EBITDA利息覆盖倍数在融资成本下降的 情况下将维持在3.0倍以上，我们亦将其与惠誉提到的印度同行ReNew Energy进行比较，发现协合的 EBITDA利息覆盖倍数甚至比惠誉评级高一档的ReNew Energy更具优势，即使该公司杠杆率仍相对高 企，正如惠誉对协合新能源中期EBITDA净杠杆率的预测为 7.3-8.2倍，高于ReNew Energy的6.5-6.7倍， 但实际上公司是有能力确保债务的安全边际，另一方面也说明融资成本的持续优化给该公司带来了财务 韧性。 同时，惠誉基于协合2025年上 ...

根据联交所最新权益披露资料显示，2025年8月12日，协合新能源(0182.HK)获主席刘顺兴在场内以每股均价0.42港元增 持150万股，涉资约63万港元。增持后，刘顺兴最新持股数目为1,802,204,242股，持股比例由22.86%上升至22.88%。 自8月5日以来，刘顺兴已连续6个交易日增持公司股票，累计斥资约416.046万港元，增持999万股，持股比例从22.45% 逐渐攀升至22.88%。 而此前8月7日，协合新能源亦获董事黄简斥资约41.65万港元增持100万股，持股比例由0.03%上升至0.05%。 多位高管持续增持，彰显了对协合新能源股价和未来长期发展的坚定信心，有利于提振投资者的信心，提升公司信誉， 增强市场竞争力。 | 股份代號: | 00182 | | --- | --- | | 上市法国名稱: | 協合新能源集團有限公司 | | 日期(日 / 月 / 年): | 13/08/2024 - 13/08/2025 | | 章科学 | 大股東/童事/最高行政人員名稱 作出披露的 | | 買入 / 賣出或涉及的股 每般的平均價 | | 持有權益的股份數目 | 佔已發行的 有關事件的日期 ...

来源：格隆汇APP 格隆汇8月13日｜根据联交所最新权益披露资料显示，2025年8月12日，协合新能源(0182.HK)获主席刘 顺兴在场内以每股均价0.42港元增持150万股，涉资约63万港元。增持后，刘顺兴最新持股数目为 1,802,204,242股，持股比例由22.86%上升至22.88%。 | 高精品社 | | 大發專產舉/嚴適行政人員名稱 作出鼓露的 貫入/費出或涉及的設 稱盤的平均價 | | | 持勇都益的股份數目 | 估已發行的 河國發生的日期 | | --- | --- | --- | --- | --- | --- | --- | | | | Call on | 5 31 | | (REGERED) | 用投資者發 日/月/日 | | | | | | | | 觉自分比 | | | | | | | | 96 | | CS20250812E00349 | Splendor Power Limited | 1101(L) | 1,500,000(L) | HKD 0.4200 | 761,827,087(L) | 9.67(L)12/08/2025 | | DA20250812E00348 | 到 ...

根据联交所最新权益披露资料显示，2025年8月12日，协合新能源(0182.HK)获主席刘顺兴在场内以每股均价0.42港元增 持150万股，涉资约63万港元。增持后，刘顺兴最新持股数目为1,802,204,242股，持股比例由22.86%上升至22.88%。 而此前8月7日，协合新能源亦获董事黄简斥资约41.65万港元增持100万股，持股比例由0.03%上升至0.05%。 多位高管持续增持，彰显了对协合新能源股价和未来长期发展的坚定信心，有利于提振投资者的信心，提升公司信誉， 增强市场竞争力。 自8月5日以来，刘顺兴已连续6个交易日增持公司股票，累计斥资约416.046万港元，增持999万股，持股比例从22.45% 逐渐攀升至22.88%。 | 表格序號 | | 大股東/董事/最高行政人員名稱 作出披露的 買入 / 賣出或涉及的股 每股的平均價 | | | | 持有權益的股份數目 | 佔已發行的 有關事件的日期 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 류조 | 份到目 | | | (廣委開上述 * 註釋) | 有投票權股 (日 / 月 ...

智通财经APP获悉，香港联交所最新资料显示，8月12日，协合新能源 (00182) 董事局主席刘顺兴先生增 持公司150万股，每股均价为0.42港元，总金额约63万港元。六个交易日共增持协合新能源999万股，增 持后最新持股数目约为 18.02亿股，最新持股比例为22.88%。 ...

香港联交所最新资料显示，8月12日，协合新能源(00182)董事局主席刘顺兴先生增持公司150万股，每 股均价为0.42港元，总金额约63万港元。六个交易日共增持协合新能源999万股，增持后最新持股数目 约为18.02亿股，最新持股比例为22.88%。 ...

Summary of Key Points Core Viewpoint - The chairman of Xiehe New Energy, Liu Shunxing, has been actively increasing his stake in the company, acquiring a total of 8.49 million shares over five days, which raises his ownership to 22.86% [1]. Group 1: Share Purchases - On August 11, 2025, Liu Shunxing purchased 1 million shares at an average price of HKD 0.42, totaling approximately HKD 420,000 [1]. - On August 5, 2025, he bought 2 million shares at an average price of HKD 0.4125 [1]. - On August 6, 2025, he acquired 2.07 million shares at an average price of HKD 0.4148 [1]. - On August 7, 2025, he purchased 1.71 million shares at an average price of HKD 0.4179 [1]. - On August 8, 2025, he bought another 1.71 million shares at an average price of HKD 0.4165 [1]. Group 2: Total Investment - The total investment over the five days amounted to over HKD 3.5 million [1]. - The cumulative shareholding after these transactions increased Liu's stake from previous levels to 22.86% [1].

Group 1 - The chairman of Xiehe New Energy (00182), Liu Shunxing, increased his shareholding by acquiring 1.71 million shares at an average price of 0.4165 HKD per share, totaling approximately 712,200 HKD [1] - After the purchase, the total number of shares held by Liu Shunxing is approximately 1.8 billion, representing a holding percentage of 22.85% [1]