Group 1 - The core point of the article is that Xiehe New Energy (00182.HK) reported its equity power generation for November 2025, which totaled 697.23 GWh, representing a year-on-year increase of 7.77% [1] - The solar equity power generation for the same period was 79.01 GWh, showing a significant year-on-year growth of 25.08% [1]

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： ...

此外，该基金也可能会收购集团在中国大陆所投资的可再生能源项目，这将有力拓展集团"开发-建设- 出售-资产管理"的商业模式，增强在运项目资产调转与资金循环，提升集团内部资金的使用效率。 公告称，集团成立该基金将有力推动与大型保险资本的深度合作。集团将进一步发挥在新能源领域的深 厚经验与专业能力，提供包括投资机会和建议，以及对被投资项目的资产管理等专业服务，实现收入来 源的多元化;永州界牌为合伙企业的有限合伙人，在该基金满足对该等险资有限合伙人的资本出资及最 低资本回报分配后，有机会获取大部分的超额回报。 协合新能源(00182)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。 ...

Core Viewpoint - The company, Xiehe New Energy, announced the establishment of a partnership with Jiangsu Zhaoyin, Taikang Life Insurance, and Taikang Pension Insurance, with a total investment commitment of RMB 1.811 billion, aimed at enhancing cooperation with large insurance capital and diversifying revenue sources [1]. Group 1 - The partnership agreement involves Xiehe Asset Management and Yongzhou Jiepai, both wholly-owned subsidiaries of the company [1]. - The total investment commitment from all partners amounts to RMB 1.811 billion, with the group's commitment being RMB 550 million [1]. - The board believes that the establishment of the partnership fund aligns with the overall interests of the company and its shareholders, considering the group's business strategy and financial status [1]. Group 2 - The establishment of the fund is expected to strengthen deep cooperation with large insurance capital, leveraging the company's extensive experience and expertise in the renewable energy sector [1]. - The company will provide investment opportunities, advice, and asset management services for the invested projects, aiming to diversify its income sources [1]. - Yongzhou Jiepai will act as a limited partner in the partnership, with the potential to receive a significant portion of excess returns after meeting the capital contribution and minimum capital return distribution requirements for the insurance capital limited partners [1].

智通财经APP讯，协合新能源(00182)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。 此外，该基金也可能会收购集团在中国大陆所投资的可再生能源项目，这将有力拓展集团"开发-建设- 出售-资产管理"的商业模式，增强在运项目资产调转与资金循环，提升集团内部资金的使用效率。 公告称，集团成立该基金将有力推动与大型保险资本的深度合作。集团将进一步发挥在新能源领域的深 厚经验与专业能力，提供包括投资机会和建议，以及对被投资项目的资产管理等专业服务，实现收入来 源的多元化;永州界牌为合伙企业的有限合伙人，在该基金满足对该等险资有限合伙人的资本出资及最 低资本回报分配后，有机会获取大部分的超额回报。 ...

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。 Concord New Energy Group Limited 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） 董事會宣佈，於二零二五年十二月三日交易時段後，協合資管（本公司之全資附屬公司）及 永州界牌（本公司之全資附屬公司）與江蘇招銀、泰康人壽保險及泰康養老保險就成立合夥 企業訂立合夥協議。所有該等合夥人之出資承諾總額為人民幣1,811百萬元，其中本集團出 資承諾總額為人民幣550百萬元。 上市規則之涵義 由於成立合夥企業之最高適用百分比率超過5%但低於25% ，根據上市規則第14章成立合夥 企業構成本公司之須予披露交易，故須遵守上市規則第14章項下之通知及公告規定。 背景 董事會宣佈，於二零二五年十二月三日交易時段後，協合資管（本公司之全資附屬公司）及永 州界牌（本公司之全資附屬公司）與江蘇招銀、泰康人壽保險及泰康養老保險 ...