Investment Rating - The report assigns a "Buy" rating to the company with a target price of HKD 0.61 per share, indicating a potential upside of 47% from the current price of HKD 0.415 [6][12]. Core Insights - The company reported a revenue of HKD 1.4 billion for the first half of 2025, a decrease of 6.6% year-on-year, and a profit of HKD 282 million, down 43.8% year-on-year, primarily due to declining resource availability, lower comprehensive electricity prices, and power restrictions [3][9]. - The company has expanded its project portfolio, adding 191 MW of new capacity in the first half of 2025, with a total installed capacity of 4,778 MW, representing an 18% increase year-on-year [4][10]. - Financing costs have decreased, with an average financing cost of 3.15% and a comprehensive financing rate of 3.63%, both at historical lows, enhancing the company's long-term investment appeal [5][11]. Summary by Sections Financial Performance - In the first half of 2025, the company achieved a profit of HKD 282 million, with basic earnings per share of 3.58 cents. The average utilization hours for wind farms decreased by 6.4% to 1,142 hours, and the average comprehensive electricity price fell by 1.85 cents to HKD 0.3653 per kWh [3][9]. Project Development - The company has successfully secured new projects, including 600 MW of wind power in China and additional solar and energy storage projects outside China, maintaining a focus on high-quality project development with an internal rate of return (IRR) above 8% [4][10]. Valuation Metrics - As of June 30, 2025, the company's net assets stood at HKD 8.9 billion, with a book value per share of HKD 1.11. The current price-to-book (PB) ratio is 0.34, and the projected dividend yield for 2025 is approximately 9.64% [5][11].

Group 1 - The chairman of Xiehe New Energy, Liu Shunxing, increased his shareholding by purchasing 2 million shares at an average price of HKD 0.4125 per share, totaling approximately HKD 825,000 [1] - Following this transaction, Liu Shunxing's total shareholding rose to 1,794,214,242 shares, increasing his ownership percentage from 22.45% to 22.78% [1]

公司名稱: 協合新能源集團有限公司 (於百慕達註冊成立之有限公司) 呈交日期: 2025年8月6日 I. 法定/註冊股本變動 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年7月31日 狀態: 新提交 致：香港交易及結算所有限公司 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00182 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 10,000,000,000 | HKD | | 0.01 HKD | | 100,000,000 | | 增加 / 減少 (-) | | | 0 | | | HKD | | 0 | | 本月底結存 | | | 10,000,000,000 | HKD | | 0.01 HKD | | 100,000,000 | | 2 ...

（文章来源：证券时报网） 协合新能源公告，集团2025年7月权益发电量总计达到630.46GWh，同比增长1.81%；其中，风电权益发 电量达到493.51GWh，太阳能权益发电量同比增长53.05%达到136.95GWh。 ...

协合新能源(00182)发布公告，2025年7月，权益发电量总计630.46GWh，同比增长1.81%。其中，风电 权益发电量493.51GWh;太阳能权益发电量136.95GWh，同比增长53.05%。 2025年1-7月，权益发电量总计5389.33GWh，同比增加0.6%。 ...

智通财经APP讯，协合新能源(00182)发布公告，2025年7月，权益发电量总计630.46GWh，同比增长 1.81%。其中，风电权益发电量493.51 GWh;太阳能权益发电量136.95 GWh，同比增长53.05%。 2025年1-7月，权益发电量总计5389.33GWh，同比增加0.6%。 ...

格隆汇8月6日丨协合新能源(00182.HK)发布公告，集团2025年7月权益发电量总计达到630.46GWh，同 比增长1.81%；其中，风电权益发电量达到493.51GWh，太阳能权益发电量同比增长53.05%达到 136.95GWh。 ...

Summary of the Conference Call for Xiehe New Energy Company Overview - **Company**: Xiehe New Energy - **Period**: Mid-2025 - **Industry**: Renewable Energy Key Financial Metrics - **Revenue**: 1.4 billion RMB, a decrease of 6.6% year-on-year [2] - **Net Profit Attributable to Shareholders**: 282 million RMB, down 43.8% year-on-year, primarily due to non-operating losses and reduced power generation profits [2][4] - **Total Assets**: Increased from 32.13 billion RMB at the end of 2024 to 33.21 billion RMB, a growth of 3.4% [3] - **Net Assets**: Remained stable at 8.9 billion RMB [3] - **Cash Balance**: Approximately 2.3 billion RMB, up 4.1% from the beginning of the year [3] - **Operating Cash Flow**: 1.041 billion RMB, an increase of 22.5% year-on-year [6] Power Generation Performance - **Equity Power Generation**: 4.76 billion kWh, roughly unchanged from the previous year [5] - **Revenue from Equity Power Generation**: 1.335 billion RMB, a decrease of 2.1% year-on-year [5] - **Net Profit from Power Generation**: 440 million RMB, down 25.2% year-on-year [5] - **Average Wind Abandonment Rate**: 12.9%, and average Solar Abandonment Rate: 32.6%, both significantly increased compared to the previous year [5] Strategic Adjustments - **Operational Strategy**: Shifted focus to efficiency, quality, and increased profit certainty in response to market changes [7] - **Regional Development Strategy**: Adjusted development strategies based on domestic and international policy changes, emphasizing power marketing and optimizing trading strategies for higher returns [7] Industry Trends - **Global Renewable Energy Growth**: The sector continues to grow rapidly, driven by declining financing rates and increasing demand for clean energy [8] - **China's Electricity Demand**: Slowed growth in electricity demand, with significant impacts from power restrictions in renewable energy-intensive regions [8] - **Government Initiatives**: Accelerated efforts to integrate renewable energy into the market and establish sustainable pricing mechanisms [8] Technological Developments - **Wind Turbine Technology**: Large-scale development may slow, but innovations in performance improvement are ongoing, with slight price recovery in the Chinese market [9] - **Solar Technology**: Dominated by Topcon technology, with increasing penetration of BC technology and new products based on perovskite technology [9] - **Battery Storage Innovations**: Active innovations in performance and safety, with strong global investment growth in storage technologies [11] Financial and Investment Outlook - **Financing Costs**: Average financing cost reduced to 3.15%, with a 35 basis point decrease from the beginning of the year [6] - **Investment Standards**: Adjusted internal rate of return (IRR) standards from 8% to 7%, with a focus on projects with stable electricity prices and strong profit certainty [21] - **Capital Expenditure**: Expected to be between 3.5 billion to 4 billion RMB for 2025, down from 4.5 billion to 5 billion RMB in 2024 [22] Challenges and Responses - **Performance Decline**: Profit decline attributed to reduced resource availability, increased power restrictions, and lower overall electricity prices [13][14] - **ACWA Transaction Termination**: Canceled due to assessment timing issues and market conditions, impacting financial results [15][18] - **Operational Adjustments**: Focus on increasing profit certainty rather than rapid capacity growth, optimizing operations, and reducing costs [24][25] Future Plans - **International Expansion**: Continued global business development with nine countries outside China having established offices [20] - **Second Listing**: Progressing with plans for a second listing in Singapore to enhance liquidity, with no immediate fundraising plans [23]

Core Viewpoint - The domestic renewable energy industry is experiencing a dual scenario of rapid growth in installed capacity alongside significant challenges such as declining electricity prices and increasing abandonment rates of renewable energy generation [1][5]. Group 1: Industry Performance - In the first half of 2025, the installed capacity of wind and solar power in China saw substantial growth, with wind power increasing by 98.9% to 51.39 GW and solar power rising by 107.1% to 212.21 GW [1]. - However, there was a sharp decline in new installations in June 2025, with wind and solar power installations dropping by 15.9% and 38.4% year-on-year, respectively, marking the first month of year-on-year decline for solar installations [1]. - The industry is currently in a phase of capacity clearing, with expectations for profit recovery in the second half of the year as outdated capacities are eliminated [2]. Group 2: Company Performance - Despite the challenging industry environment, the company reported a 10.9% increase in wind power equity installed capacity to 3,844 MW and a 60% increase in solar power equity installed capacity to 934 MW [3]. - The company achieved a significant reduction in financing costs, with the average financing cost dropping to 3.15% and overall financing costs decreasing by 35 basis points to 3.63% [4]. - The company’s green electricity and green certificate trading business has shown strong performance, with green electricity settlements reaching 4.24 billion kWh, a 26% increase year-on-year [6]. Group 3: Strategic Focus - The company is focusing on high-quality project development rather than merely pursuing scale, which enhances investment efficiency and revenue certainty [3]. - The company is expanding its global footprint by acquiring renewable energy projects outside China, including 152.5 MW of solar projects and 300 MW of energy storage projects [3]. - A recent power purchase agreement for a 21 MW solar project in South Korea is expected to provide stable cash flow and higher returns compared to domestic projects, reflecting the company's strategic shift towards international markets [6]. Group 4: Future Outlook - The release of favorable policies and the acceleration of ultra-high voltage construction are expected to support long-term growth in the renewable energy sector [6]. - The company’s focus on green electricity trading is anticipated to become a significant contributor to future earnings, with innovative trading models enhancing decision-making accuracy [6][7]. - Overall, while facing short-term pressures, the company demonstrates resilience and potential for growth as the industry environment improves [7].

Financial Performance - The company reported a revenue of 1.4 billion RMB for the six months ending June 30, 2025 [1][3] - The profit attributable to equity holders was 282 million RMB, with a net profit margin of 20% [1][3] - Basic earnings per share were 3.58 cents [1] Asset and Capital Structure - As of June 30, 2025, the company's net asset value was 8.9 billion RMB, with a net asset value per share of 1.11 RMB [1] - The average financing cost decreased by 35 basis points to 3.63% for the first half of 2025 [4] Operational Metrics - The installed capacity of equity generation increased to 4,778 MW, representing a growth of 22.5% compared to the first half of 2024 [6][7] - The company’s asset composition is primarily focused on wind power, accounting for 80.5% of total capacity, with 3,844 MW from wind and 934 MW from solar [8] Generation and Efficiency - The equity generation volume reached 4.76 billion kWh [10] - The average utilization hours for wind power increased to 1,142 hours in the first half of 2025, up from 1,087 hours in the same period of 2024 [12] Strategic Initiatives - The company aims to enhance operational efficiency by optimizing existing power plants and exploring service-oriented business opportunities [13][27] - There is a focus on global expansion and increasing the proportion of stable asset investments [13][27] Environmental and Social Governance (ESG) - The company has maintained excellent ESG performance, with significant reductions in carbon dioxide and sulfur dioxide emissions, as well as water savings [19][21] - The company has been recognized in the S&P Sustainability Yearbook for two consecutive years [24][26]