Investment Rating - The report assigns a "Buy" rating to the company, 京能清洁能源 (579 HK), with a target price of HKD 3.03, indicating a potential upside of 26.8% from the current price of HKD 2.39 [1][8][16]. Core Insights - The company's first-quarter performance was impacted by one-time items, resulting in a slight year-on-year decline in profit of 2.7% to RMB 1.293 billion. However, the gross profit increased by 11%, driven by new wind and solar installations [2][8]. - A new dividend policy was announced, significantly exceeding market expectations, with payout ratios for 2025-2027 set at 42%, 44%, and 46% of distributable profits, respectively. This is an increase from the previous guidance of 33%, 30%, and 27% [8]. - The company is expected to enhance its market capitalization and liquidity by entering the Hong Kong Stock Connect, which could attract more institutional investors and serve as a catalyst for short-term valuation improvement [8]. Financial Overview - Revenue projections for the company are as follows: RMB 20,446 million in 2023, RMB 20,562 million in 2024, RMB 21,883 million in 2025, RMB 23,666 million in 2026, and RMB 25,408 million in 2027, reflecting a compound annual growth rate [7][11]. - Net profit is forecasted to grow from RMB 3,150 million in 2023 to RMB 4,550 million in 2027, with corresponding earnings per share increasing from RMB 0.37 to RMB 0.54 [7][18]. - The company’s dividend per share is expected to rise from RMB 0.14 in 2023 to RMB 0.24 in 2027, with dividend yields projected at 7.8% and 10.6% for 2025 and 2027, respectively [7][8]. Operational Data - The total installed capacity is projected to increase from 14,500 MW in 2023 to 27,486 MW by 2027, with wind and solar power contributing significantly to this growth [10][11]. - The company aims to achieve a wind and solar power share of 81.2% in its total capacity by 2027, indicating a strategic focus on renewable energy sources [10].

Financial Position - As of March 31, 2025, the total current assets amounted to CNY 24,252,963,529.62, a decrease of 1.73% from CNY 24,682,022,976.20 at the beginning of the period[5] - The company's cash and cash equivalents decreased to CNY 6,728,860,423.92 from CNY 7,493,015,013.15, representing a decline of 10.21%[5] - Accounts receivable increased slightly to CNY 13,868,081,667.49 from CNY 13,811,985,503.11, showing a growth of 0.41%[5] - Total non-current assets reached CNY 76,277,222,160.87, a marginal increase from CNY 76,071,501,539.45, reflecting a growth of 0.27%[7] - The total liabilities decreased to CNY 61,612,339,427.14 from CNY 63,282,792,351.45, indicating a reduction of 2.64%[11] - Short-term borrowings decreased significantly to CNY 6,671,115,056.73 from CNY 8,304,855,523.63, a decline of 19.66%[9] - Long-term borrowings slightly decreased to CNY 26,367,217,858.03 from CNY 26,786,747,890.47, a reduction of 1.56%[11] - The total equity remained stable at CNY 38,917,846,263.35, with no significant changes reported[11] - The company reported a net asset value per share of CNY 4.73, consistent with previous periods[11] Revenue and Profitability - Total operating revenue for the current period reached ¥6,815,092,561.59, an increase of 4.6% compared to ¥6,516,358,013.58 in the previous period[15] - Total operating costs increased to ¥5,239,572,783.86, up from ¥5,134,329,217.49, reflecting a rise of 2.1%[15] - Net profit attributable to the parent company was ¥1,292,684,906.47, a decrease of 2.7% from ¥1,328,747,934.05 in the previous period[17] - The total equity attributable to the parent company increased to ¥37,555,831,377.24 from ¥36,175,953,311.40, marking a growth of 3.8%[13] - The total comprehensive income for the current period was ¥1,393,141,944.63, an increase from ¥1,293,631,808.62, reflecting a growth of 7.7%[19] Cash Flow - Cash flow from operating activities generated a net amount of ¥2,326,018,025.35, up from ¥1,936,951,967.79, indicating a growth of 20.1%[21] - The company reported a decrease in research and development expenses to ¥11,436.05 from ¥1,838,824.61, a significant drop of 99.4%[15] - Cash inflow from investment activities totaled ¥116,691,324.74, down 30.7% from ¥168,430,151.61 in the previous period[23] - Cash outflow from investment activities was ¥1,363,618,440.89, a slight decrease of 1.6% compared to ¥1,386,307,951.75 last period[23] - Net cash flow from investment activities was -¥1,246,927,116.15, worsening from -¥1,217,877,800.14 in the previous period[23] - Cash inflow from financing activities reached ¥5,086,200,000.00, an increase of 23.1% from ¥4,135,480,437.82 last period[24] - Cash outflow from financing activities was ¥6,923,038,152.15, up 48.3% from ¥4,663,691,888.83 in the previous period[24] - Net cash flow from financing activities was -¥1,836,838,152.15, compared to -¥528,211,451.01 last period[24] - The ending balance of cash and cash equivalents was ¥6,645,796,502.35, down from ¥6,758,671,507.37 in the previous period[24] Asset and Liability Management - Current assets totaled ¥21,280,842,981.73, a decrease of 2.0% from ¥21,721,312,354.44 at the beginning of the period[26] - Non-current assets increased slightly to ¥39,723,416,562.92 from ¥39,644,289,815.16 at the beginning of the period[28] - Total assets decreased to ¥61,004,259,544.65 from ¥61,365,602,169.60 in the previous period[28] - Total liabilities decreased to CNY 28,001,157,044.96 from CNY 28,299,848,598.20, reflecting a reduction of 1.1%[34] - Total equity attributable to shareholders decreased to CNY 33,003,102,499.69 from CNY 33,065,753,571.40, a decline of 0.2%[34] - Long-term borrowings decreased to CNY 3,182,662,492.00 from CNY 4,011,643,262.00, a reduction of 20.6%[32] - The total assets and liabilities combined amount to CNY 61,004,259,544.65, down from CNY 61,365,602,169.60, a decrease of 0.6%[34] Operational Performance - Operating cash inflow for the current period was CNY 116,687,755.74, a significant decrease from CNY 1,967,015,702.61 in the previous period[42] - Cash outflow from operating activities totaled CNY 413,645,585.38, down from CNY 2,246,222,304.08 in the previous period[42] - Net cash flow from operating activities was -CNY 296,957,829.64, compared to -CNY 279,206,601.47 in the previous period[42] - Cash inflow from investment activities was CNY 2,611,666,843.02, up from CNY 1,069,111,832.13 in the previous period[44] - Net cash flow from investment activities was -CNY 59,663,643.37, a decline from CNY 321,709,265.23 in the previous period[44] - Cash inflow from financing activities reached CNY 3,600,000,000.00, a substantial increase from CNY 80,000,000.00 in the previous period[44] - Cash outflow from financing activities totaled CNY 4,010,361,735.82, compared to CNY 2,416,875,446.34 in the previous period[46] - The net cash flow from financing activities was -CNY 410,361,735.82, worsening from -CNY 2,336,875,446.34 in the previous period[46] - The ending cash and cash equivalents balance was CNY 1,250,845,561.87, significantly higher than CNY 285,734,483.53 in the previous period[46] - The company reported a total cash and cash equivalents decrease of -CNY 766,983,208.83, compared to -CNY 2,294,372,782.58 in the previous period[46] Future Outlook - Future outlook includes potential expansion in clean energy projects and ongoing investments in technology development[3]

Financial Performance - The company's revenue for 2024 reached RMB 20,561.74 million, a slight increase from RMB 20,446.03 million in 2023, representing a growth of 0.56%[10] - Operating profit for 2024 was RMB 5,261.11 million, compared to RMB 5,187.88 million in 2023, indicating a growth of 1.42%[10] - The net profit attributable to equity holders for 2024 was RMB 3,245.05 million, up from RMB 3,057.64 million in 2023, reflecting an increase of 6.13%[10] - The company reported a total comprehensive income of RMB 3,367.87 million for 2024, compared to RMB 3,264.77 million in 2023, an increase of 3.16%[10] - The basic and diluted earnings per share for 2024 were RMB 39.36, up from RMB 37.09 in 2023, representing a growth of 6.13%[10] - The company achieved a net profit of RMB 3,420.9 million in 2024, an increase of 5.74% compared to RMB 3,235.2 million in 2023[43] - Total operating revenue rose by 0.57% to RMB 20,561.7 million in 2024 from RMB 20,446.0 million in 2023, driven by increased sales from wind and solar power segments[44] Asset and Capacity Growth - Total assets increased to RMB 101,053.44 million in 2024 from RMB 93,594.44 million in 2023, marking a growth of 7.81%[12] - As of the end of 2024, the company's total assets reached RMB 101.05 billion, with operating revenue of RMB 20.56 billion and a pre-tax profit of RMB 4.28 billion, marking a historical high[18] - The installed capacity of the company reached 17.437 million kilowatts, with a power generation of 40.01 billion kilowatt-hours and a heat supply of 27.334 million gigajoules, with renewable energy accounting for over 72% of the total installed capacity[18] - The total installed capacity of the group reached approximately 17.437 million kW, with non-fossil energy capacity increasing by 2.882 million kW year-on-year, a growth of 29.5%[27] Renewable Energy Focus - The company aims to enhance its green development strategy and technological innovation to achieve higher quality and efficiency in its operations[15] - The company's operating profit from renewable energy business reached RMB 4.49 billion, a year-on-year increase of 17.2%, accounting for over 75% of total operating profit[26] - The renewable energy installed capacity accounted for over 72%, with renewable energy power generation reaching 21.05 billion kWh, accounting for over 52% of total generation[28] - The company plans to focus on economic efficiency, green development, and technological innovation to enhance core competitiveness and value creation capabilities[19] Market and Project Development - The company successfully secured a 4.9 million kilowatt integrated windbreak and sand control project in Ximeng and a 100 MW agricultural-photovoltaic complementary project in Nanchuan, filling a regional gap[19] - The group exceeded its annual project development targets, adding 7.206 million kW of renewable energy development indicators, with 6.932 million kW from self-developed projects and 274,000 kW from acquisitions[29] - The company plans to accelerate the development of strategic emerging projects and enhance its market presence in renewable energy sectors[38] Cost Management and Efficiency - Operating expenses decreased by 3.51% to RMB 15,809.7 million in 2024, reflecting cost optimization efforts[52] - Other expenses decreased by 3.77% from RMB 1,204.9 million in 2023 to RMB 1,159.5 million in 2024 due to effective cost reduction measures[57] - The group has established a "three-level integrated" digital production and operation management system, enhancing operational efficiency and reducing production costs by approximately RMB 80 million[31] Governance and Management - The company has appointed Zhang Yi as a non-executive director, bringing extensive experience in investment management and risk control[102] - Zhao Jie serves as an independent non-executive director and has held various senior positions in power planning and design, contributing to the board's expertise[103] - The company is focusing on expanding its market presence and enhancing its governance structure through the appointment of experienced directors[104] - The board includes members with significant academic and professional qualifications, ensuring a high level of expertise in decision-making[108] Shareholder and Dividend Information - The company reported a proposed final dividend of RMB 14.30 per share, totaling approximately RMB 1,179.0 million for the fiscal year ending December 31, 2024[143] - The company maintains a cash reserve policy to support operational needs and future growth while prioritizing shareholder interests in profit distribution[140] - The company plans to review its dividend policy periodically to align with financial performance and market conditions[141] Strategic Initiatives - The company is focusing on developing renewable energy businesses and exploring hydrogen and energy storage opportunities in response to macroeconomic changes[88] - The company is actively monitoring foreign exchange risks, with a small portion of its business involving foreign currency loans and investments[86] - The company aims to leverage the diverse backgrounds of its board members to drive innovation and market expansion strategies[107] Subsidiaries and Joint Ventures - The company has several indirect non-wholly owned subsidiaries, including Inner Mongolia Jingtai Power Co., Ltd. and Ningxia Jingneng Ningdong Power Co., Ltd.[195] - The company is actively involved in market expansion through its indirect subsidiaries across different regions in China[195][200] - Beijing Energy International's strategy includes leveraging its subsidiaries for enhanced operational efficiency and market reach[196]

Core Points - Company reported a significant decline in revenue and profit for Q1 2025, with total revenue of 224 million yuan, down 90.18% year-on-year [1] - The net profit attributable to shareholders was -24.37 million yuan, a decrease of 164.85% compared to the same period last year [1] - Operating cash flow also decreased by 33.05% year-on-year, amounting to 35.36 million yuan [1] Financial Ratios - The latest debt-to-asset ratio is 57.48%, an increase of 1.81 percentage points from the previous quarter, but a decrease of 23.34 percentage points year-on-year [3] - Gross margin stands at 13.85%, down 7.22 percentage points from the previous quarter and down 7.44 percentage points year-on-year [3] - Return on equity (ROE) is -1.46%, a decrease of 7.49 percentage points compared to the same period last year [3] Earnings Per Share and Turnover Ratios - The diluted earnings per share is -0.05 yuan, a decline of 162.50% year-on-year [3] - Total asset turnover ratio is 0.06 times, down 53.14% year-on-year [3] - Inventory turnover ratio is 0.35 times, a decrease of 27.61% compared to the same period last year [3] Shareholder Information - The number of shareholders is 40,800, with the top ten shareholders holding 316 million shares, accounting for 63.85% of total equity [3] - The largest shareholder is China Chemical Science Research Institute Co., Ltd., holding 43.40% of shares [3]

Group 1 - The company has conducted a series of performance roadshows, including a 2024 annual performance release meeting in Hong Kong and an overseas roadshow in Singapore, focusing on energy security and green low-carbon development [1][2] - As of December 31, 2024, the company's total installed capacity reached approximately 17.437 million kilowatts, with non-fossil energy capacity at 12.662 million kilowatts, a year-on-year increase of 29.5% [1] - The total revenue for 2024 was approximately 20.562 billion yuan, an increase of 0.57% year-on-year, and the profit attributable to equity holders was about 3.245 billion yuan, up 6.13% year-on-year [1] Group 2 - The company has initiated a three-year dividend plan for 2025-2027, with a cash dividend ratio of no less than 42%, 44%, and 46% of the distributable profits for each respective year [3] - The management emphasizes the importance of policy guidance and compliance in business development, aiming to enhance investor relations and information disclosure quality through a multi-dimensional communication mechanism [2][3] - The company aims to adapt to new market conditions and strengthen its market awareness while promoting a virtuous cycle of performance growth, valuation recovery, and shareholder returns [3]

Investment Rating - The report assigns a "Buy" rating to the company 京能清洁能源 (579 HK) with a target price of HKD 2.46, indicating a potential upside of 20.6% from the current price of HKD 2.04 [1][14]. Core Insights - The company is expected to achieve a net profit of RMB 3.34 billion in 2024, reflecting a year-on-year increase of 6.1%, which is 15% higher than previous expectations. This is attributed to higher-than-expected compensation for shut-down hydropower projects, reduced operational costs for wind and solar projects, and a 7% decrease in financial expenses [6][15]. - The company plans to maintain a generous dividend of RMB 0.14 per share, which is a 2% increase year-on-year [6]. - The company has a total renewable energy capacity target of 21 GW by 2025, with a current construction of 2.1 GW. The ability to meet this target will be assessed in the upcoming half-year report [6][15]. Financial Overview - Revenue projections for the company are as follows: RMB 20.45 billion in 2023, RMB 20.56 billion in 2024, and RMB 21.88 billion in 2025, with a compound annual growth rate (CAGR) of 11% expected from 2024 to 2027 [3][15]. - The net profit is projected to grow from RMB 3.15 billion in 2023 to RMB 4.55 billion in 2027, with a steady increase in earnings per share from RMB 0.37 in 2023 to RMB 0.54 in 2027 [3][15]. - The company maintains a dividend yield of 7.5% for 2025 and 2026, which is considered attractive for investors [6][15]. Operational Data - The company’s installed capacity is expected to grow significantly, with wind power capacity increasing from 5,566 MW in 2023 to 11,958 MW by 2027, and solar power capacity from 3,818 MW to 10,368 MW in the same period [8][9]. - The proportion of wind and solar power in the total energy mix is projected to rise from 64.7% in 2023 to 81.2% by 2027 [8]. Market Position - The company is positioned favorably within the renewable energy sector, with a focus on wind and solar energy, which are expected to dominate its energy production in the coming years [6][15].

Investment Rating - The report assigns a "Buy" rating to the company 京能清洁能源 (579 HK) with a target price of HKD 2.46, indicating a potential upside of 20.6% from the current price of HKD 2.04 [1][14]. Core Insights - The company is expected to achieve a net profit of RMB 3.34 billion in 2024, representing a year-on-year increase of 6.1%, which is 15% higher than previous expectations. This is attributed to higher-than-expected compensation for shut-down hydropower projects, reduced operational costs for wind and solar projects, and a 7% decrease in financial expenses [6][15]. - The company plans to maintain a final dividend of RMB 0.14 per share, reflecting a 2% increase year-on-year [6]. - The company has a total renewable energy capacity target of 21 GW by 2025, with a current construction of 2.1 GW, primarily in solar projects. The ability to meet this target will be assessed in the upcoming half-year report [6][15]. Financial Overview - Revenue projections for the company are as follows: - 2023: RMB 20.45 billion - 2024: RMB 20.56 billion (0.6% YoY growth) - 2025E: RMB 21.88 billion (6.4% YoY growth) - 2026E: RMB 23.67 billion (8.1% YoY growth) - 2027E: RMB 25.41 billion (7.4% YoY growth) [3][15]. - Net profit forecasts are: - 2023: RMB 3.15 billion - 2024: RMB 3.34 billion (6.1% YoY growth) - 2025E: RMB 3.70 billion (11.1% YoY growth) - 2026E: RMB 4.13 billion (12.0% YoY growth) - 2027E: RMB 4.55 billion (10.3% YoY growth) [3][15]. - The company maintains a dividend yield of 7.5% for 2025 and 2026, which is considered attractive [6][15]. Operational Data - The company’s installed capacity is projected to grow significantly: - Wind power: from 5,566 MW in 2023 to 11,958 MW in 2027 - Solar power: from 3,818 MW in 2023 to 10,368 MW in 2027 - Total renewable energy capacity: from 14,500 MW in 2023 to 27,486 MW in 2027 [8][9]. - The proportion of wind and solar power in total capacity is expected to increase from 64.7% in 2023 to 81.2% in 2027 [8]. Valuation Metrics - The report maintains a price-to-earnings (P/E) ratio of 5.2x for 2025, based on a five-year historical average, with a target price adjustment reflecting the company's improved operational cost management [6][15]. - The company’s book value per share is projected to increase from RMB 3.72 in 2023 to RMB 5.06 in 2027 [3][15].

Financial Performance - For the year ending December 31, 2024, the company's revenue was RMB 20,561.7 million, an increase of 0.57% compared to the previous year[4] - The profit attributable to equity holders for the year was RMB 3,245.0 million, representing a growth of 6.13% year-on-year[4] - The basic and diluted earnings per share for the year were RMB 39.36[4] - The company's operating profit for the year was RMB 5,261.1 million, compared to RMB 5,187.9 million in the previous year[5] - The total comprehensive income for the year was RMB 3,367.9 million, up from RMB 3,264.8 million in the previous year[7] - Revenue from customer contracts for the year ended December 31, 2024, was RMB 20,512,847, an increase from RMB 20,364,969 in 2023, representing a growth of 0.73%[17] - Total revenue for the year ended December 31, 2024, reached RMB 20,561,740, compared to RMB 20,446,028 in 2023, indicating a growth of 0.56%[17] - The company reported a year-on-year increase in segment profit to RMB 5,257,422,000 for the year ended December 31, 2024, compared to RMB 5,172,960,000 in 2023[34] - The company reported a net profit attributable to ordinary shareholders of RMB 3,245,045,000 for 2024, up from RMB 3,057,641,000 in 2023, reflecting a growth of about 6.1%[61] Dividends - The board proposed a final dividend of RMB 0.143 per share, totaling approximately RMB 1,179.0 million[3] - The company approved a final ordinary share dividend of RMB 0.1398 per share for the year ending December 31, 2023, totaling RMB 1,152,582,000, to be paid on July 31, 2024[62] - For the year ending December 31, 2024, the board proposed a final ordinary share dividend of RMB 0.1430 per share, amounting to RMB 1,178,964,000, pending shareholder approval[62] - The company will withhold a 10% corporate income tax on dividends distributed to non-resident corporate shareholders[152] - Non-resident individual shareholders will not be subject to Chinese personal income tax on the dividends distributed by the company[153] Assets and Liabilities - Non-current assets increased to RMB 76,988.2 million from RMB 73,782.6 million year-on-year[8] - Cash and cash equivalents rose to RMB 7,401.6 million, compared to RMB 6,605.1 million in the previous year[8] - As of December 31, 2024, the total current liabilities amounted to RMB 28,114,771,000, an increase from RMB 22,211,211,000 in 2023, representing a growth of approximately 26.8%[9] - The net current liabilities stood at RMB (4,049,535,000) as of December 31, 2024, compared to RMB (2,399,402,000) in 2023, indicating a deterioration in liquidity position[9] - Total assets minus current liabilities reached RMB 72,938,670,000 in 2024, slightly up from RMB 71,383,230,000 in 2023[9] - Non-current liabilities decreased to RMB 35,455,895,000 in 2024 from RMB 36,862,552,000 in 2023, reflecting a reduction of about 3.8%[9] - The company's net asset value increased to RMB 37,482,775,000 in 2024, up from RMB 34,520,678,000 in 2023, marking an increase of approximately 8.5%[9] - The total equity attributable to equity holders of the company rose to RMB 33,161,082,000 in 2024, compared to RMB 30,678,046,000 in 2023, representing a growth of about 8.1%[9] - Total assets reached RMB 1010.5 billion by the end of 2024, marking an 8.0% increase year-on-year, and the first time total assets surpassed the RMB 100 billion mark[76] Revenue Segmentation - The revenue breakdown for 2024 shows electricity sales at RMB 18,342,675, heat sales at RMB 2,157,466, and maintenance services at RMB 12,706[21] - The report indicates that the performance of the gas power and heating segment generated revenue of RMB 12,410,304, while wind power, solar power, and hydropower contributed RMB 4,709,301, RMB 3,086,397, and RMB 294,139 respectively[30] - The revenue from the gas power and heating segment decreased by 1.26% from RMB 12,568.2 million in 2023 to RMB 12,410.3 million in 2024, primarily due to a reduction in electricity prices and sales volume[102] - The wind power segment's revenue increased by 4.38% from RMB 4,511.9 million in 2023 to RMB 4,709.3 million in 2024, attributed to an increase in grid-connected capacity[103] - The photovoltaic segment's revenue rose by 4.35% from RMB 2,957.8 million in 2023 to RMB 3,086.4 million in 2024, also due to increased grid-connected capacity[105] - The hydropower segment's revenue decreased by 8.86% from RMB 322.7 million in 2023 to RMB 294.1 million in 2024, resulting from a decline in sales volume[106] Government Support and Subsidies - The company received government subsidies related to clean energy production amounting to RMB 22,760 and subsidies related to asset construction totaling RMB 60,887[30] - The company received government subsidies related to clean energy production amounting to RMB 589,835,000, with additional subsidies for asset construction totaling RMB 42,650,000[32] Strategic Initiatives and Future Outlook - The company anticipates continued growth in revenue and profitability driven by increased demand for clean energy solutions and government support[40] - The company plans to enhance its market presence through strategic investments in new technologies and potential acquisitions in the renewable energy sector[40] - The company is focusing on developing renewable energy businesses and exploring hydrogen energy and energy storage to adapt to macroeconomic changes[145] - The company plans to accelerate the development of strategic emerging projects, including the completion of the first batch of the integrated wind and sand control project in Xilin Gol League[95] - The company aims to enhance its market awareness and utilize AI tools to optimize trading strategies and improve marketing efficiency[92] - The company will actively explore new business models such as "new energy+" and virtual power plants to solidify its foundation for high-quality development[96] Corporate Governance - The company is committed to maintaining high standards of corporate governance and has complied with the relevant rules during the year ending December 31, 2024[156] - The audit committee has reviewed the group's annual performance and the financial statements prepared in accordance with international financial reporting standards[160] - The annual performance announcement is published on the Hong Kong Stock Exchange's "Disclosure Easy" website and the company's website[161] - The company will release its 2024 annual report containing all information required by the Listing Rules at an appropriate time[161] Research and Development - Research and development investment for the year was approximately RMB 880 million, with an R&D intensity of 3.6%, resulting in 19 invention patents and 76 utility model patents[86] Market Position and Recognition - The group was recognized as one of the "Top 500 Global New Energy Enterprises" and ranked among the "Top 100 ESG Best Practices" in 2024[88]

Group 1 - A new company named Tianjin Wuqing Jingneng Yongding Clean Energy Co., Ltd. has been established with a registered capital of 20 million yuan [1] - The legal representative of the company is Qiao Jiaxin [1] - The business scope includes wind power generation technology services, solar power generation technology services, energy storage technology services, and contract energy management [1] Group 2 - The company is jointly held by Jingneng Clean Energy and other stakeholders [1]

Assets and Liabilities - As of September 30, 2024, the total current assets amounted to RMB 20,566,260,049.05, an increase from RMB 19,658,065,103.28 at the beginning of the period[3] - Non-current assets totaled RMB 76,234,259,090.60, an increase from RMB 74,304,062,883.78 at the beginning of the period[4] - The total assets of the company amounted to RMB 96,800,519,139.65, compared to RMB 93,962,127,987.06 at the start of the period, reflecting a growth of approximately 3.9%[4] - Total current liabilities amounted to RMB 21,989,815,223.60, an increase from RMB 13,543,158,109.72 at the beginning of the period[5] - Non-current liabilities totaled RMB 38,706,695,252.01, compared to RMB 37,719,278,301.13 at the beginning of the period[6] - The total liabilities reached RMB 60,696,510,475.61, up from RMB 59,268,683,414.05 at the start of the period[6] - The total equity attributable to shareholders was RMB 35,268,098,998.19, an increase from RMB 32,940,783,669.09 at the beginning of the period[7] Revenue and Profit - Total operating revenue for the period reached RMB 14,832,094,322.22, a decrease from RMB 15,123,755,367.47 in the previous period[8] - Total operating costs amounted to RMB 12,469,285,174.30, compared to RMB 12,539,427,133.92 in the previous period[8] - Operating profit for the period was RMB 2,807,103,612.46, down from RMB 3,071,273,612.97 in the previous period[9] - Net profit for the period was RMB 2,604,024,972.32, a decrease from RMB 3,072,641,613.91 in the previous period[9] - The net profit attributable to the parent company's shareholders was RMB 2,569,355,902.93, compared to RMB 3,072,641,613.91 in the previous period[9] - Total comprehensive income for the period was RMB 2,513,541,609.65, down from RMB 3,072,641,613.91 in the previous period[10] Cash Flow - The net cash flow from operating activities for the current period is RMB 3,934,719,705.31, compared to a net outflow of RMB 1,328,116,842.66 in the previous period[11] - Cash inflow from operating activities totaled RMB 18,917,472,521.04, while cash outflow was RMB 14,982,752,815.73, resulting in a net cash flow of RMB 3,934,719,705.31[11] - The cash flow from investment activities showed a net outflow of RMB 3,978,313,614.58, a significant decrease from a net inflow of RMB 1,785,420,669.51 in the previous period[12] - Cash inflow from financing activities was RMB 18,622,883,728.24, while cash outflow was RMB 18,760,513,300.05, leading to a net cash flow of RMB -137,629,571.81[12] - The total cash and cash equivalents at the end of the period amounted to RMB 6,403,225,598.86, down from RMB 1,083,248,268.62 in the previous period[13] Investments and Expenses - The company's long-term equity investments were valued at RMB 1,654,249,297.61, showing a slight increase from RMB 1,626,781,466.57 at the beginning of the period[4] - The company reported a total of RMB 13,690,309,857.48 in construction in progress, an increase from RMB 11,108,602,081.20 at the beginning of the period[4] - Research and development expenses for the company were RMB 2,726,517.88, compared to RMB 3,405,405.96 in the previous period[8] Other Information - The company has not disclosed any new product developments or market expansion strategies in the current report[1] - The exit of four hydropower stations in Sichuan Province is expected to impact the company's profits, with compensation arrangements still under discussion[10] - The company reported a government subsidy of RMB 21,270,421.00 during the period[9] - Other comprehensive income after tax was negative RMB 90,483,362.67, reflecting a decline from the previous period[10] - The impact of exchange rate changes on cash and cash equivalents was a decrease of RMB 4,438,773.31[13]