Core Viewpoint - 京能清洁能源 has announced the recommendation to appoint KPMG as the international auditor for the fiscal year 2025, pending approval from shareholders at an upcoming extraordinary general meeting [1] Group 1 - The board of 京能清洁能源 has made a resolution to recommend KPMG as the international auditor based on the results of a tender process and the recommendation from the audit committee [1] - An extraordinary general meeting will be convened for shareholders to consider and approve the appointment of KPMG [1] - The term of KPMG will commence upon the conclusion of the extraordinary general meeting and will last until the end of the next annual general meeting, subject to shareholder approval [1]

行業知識；(iii)其獨立性及客觀性；(iv)其團隊的背景及能力；(v)其報價及審計方 案；及(vi)會計及財務匯報局頒佈的指引。基於上文所述，審計委員會已評估並認 為畢馬威屬獨立，且稱職、有能力擔任本公司之國際審計師。 根據招標結果，並經審計委員會推薦，董事會決議建議委任畢馬威為本公司2025 年度之國際審計師。本公司將召開臨時股東會（「臨時股東會」），以供股東考慮及 酌情批准建議委任畢馬威為本公司2025年度之國際審計師。畢馬威之任期將於臨 時股東會結束時開始，直至本公司下屆年度股東會結束時為止，惟須待股東於臨 時股東會上批准後方可作實。 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的內容概不負 責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部 或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 Beijing Jingneng Clean Energy Co., Limited 北京京能清潔能源電力股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：00579） 建議委任國際審計師 茲提述北京京能清潔能源電力股份有限公司（「本公司」）日 ...

Group 1 - The company, Zhonghua Equipment, announced plans to acquire 100% equity of Yiyang Rubber Plastic Machinery Group and Beijing Bluestar Energy Investment Management, which constitutes a major asset restructuring [1][3] - The stock of Zhonghua Equipment will resume trading on July 29, 2025, after being suspended since July 28, 2025 [1][3] - As of the end of 2024, Zhonghua Equipment reported a revenue of 9.612 billion yuan and a net loss of 2.202 billion yuan, indicating a need for improvement in profitability [3][5] Group 2 - Yiyang Rubber specializes in rubber machinery manufacturing, with key products including internal mixers, vulcanizers, and extruders, serving various industries such as tires and medical rubber [3][4] - Beijing Bluestar focuses on chemical equipment manufacturing, generating revenue primarily from chlor-alkali electrolysis systems, molten salt thermal energy storage systems, and special valves [4] - The transaction is expected to enhance the company's capabilities in the rubber machinery and chemical equipment sectors, improving market scale and operational efficiency [5][6] Group 3 - The controlling shareholders and actual controllers of Zhonghua Equipment will remain unchanged after the transaction, ensuring stability in governance [4] - The transaction aims to strengthen the company's competitive position in the chemical equipment sector and is expected to help the company achieve profitability [5][6] - Prior to suspension, Zhonghua Equipment's stock price was 8.36 yuan per share, with a total market value of 4.136 billion yuan [6]

Core Viewpoint - China National Chemical Equipment (中化装备) plans to initiate an asset injection from its major shareholder, which is expected to constitute a significant asset restructuring after completing a major asset divestiture and entering a business adjustment period [1]. Group 1: Asset Injection Details - On July 14, China National Chemical Equipment announced plans to issue shares to acquire 100% equity of Yiyang Rubber Plastic Machinery Group Co., Ltd. and 100% equity of Blue Star (Beijing) Chemical Machinery Co., Ltd. from China Chemical Equipment Co., Ltd. and Blue Star Energy Investment Management Co., Ltd. respectively, while also raising matching funds from no more than 35 qualified investors [2]. - The company has signed a Letter of Intent for Equity Acquisition with relevant parties for both transactions, agreeing to further negotiate on the scope of the acquired assets, transaction methods, pricing, and asset valuation [4]. Group 2: Business Synergy - The injected assets are expected to have business synergy with China National Chemical Equipment. Yiyang Rubber Machinery is a key player in the domestic rubber machinery industry, with products sold to over 40 countries, including Japan, the USA, and Brazil [5]. - Blue Star Machinery, a high-tech enterprise, is one of the three major global suppliers of ion membrane electrolytic cells, with a domestic market share of nearly 50% and an international market share exceeding 20% by the end of 2024 [5]. Group 3: Financial Performance - China National Chemical Equipment has faced continuous losses in recent years, but the loss amount has significantly narrowed after asset divestiture. The company expects a net loss attributable to shareholders of approximately 14.71 million to 22.06 million yuan for the first half of 2025 [6]. - The company anticipates improved financial conditions after completing the major asset restructuring project by the end of December 2024, as overseas loss-making businesses will no longer be included in the consolidated financial statements [6].

Core Viewpoint - The strategic adjustment path of Sinochem Equipment is outlined through a series of actions, including divesting loss-making assets and injecting high-quality targets, as the company plans a major asset restructuring [1][10]. Group 1: Major Asset Restructuring - Sinochem Equipment plans to acquire 100% equity of Yiyang Rubber Plastic Machinery Group Co., Ltd. and Beijing Bluestar Energy Investment Management Co., Ltd. through share issuance [1][2]. - The restructuring will not change the controlling shareholder or actual controller of the company [2]. - The company will also raise supporting funds by issuing shares to no more than 35 specific investors [1]. Group 2: Financial Performance - Sinochem Equipment expects a significant reduction in losses for the first half of 2025, with projected net profit attributable to shareholders ranging from -22.06 million to -14.71 million yuan [8]. - The company reported a net profit of -287 million yuan and a non-recurring net profit of -513 million yuan in the same period last year, indicating a substantial improvement [9]. - The financial improvement is attributed to the completion of a major asset restructuring in December 2024, which removed overseas loss-making businesses from the consolidated financial statements [9][10]. Group 3: Business Focus and Future Direction - Following the restructuring, Sinochem Equipment will no longer engage in plastic machinery business, focusing instead on chemical equipment and rubber machinery [6]. - The company has undergone a name change to better reflect its strategic direction and operational status [6]. - Sinochem Equipment's products and services are widely used in various industries, including chemical, petrochemical, metallurgy, power, and coal [13].

Core Viewpoint - The company, Jingneng Clean Energy, is currently undervalued and has established a three-year dividend return plan, with an expected average annual compound growth rate of 8.5% in dividends from 2015 to 2024 [1] Group 1: Financial Performance - The company plans to maintain a dividend payout ratio of at least 38%, 40%, and 41% of net profit attributable to shareholders for the years 2025, 2026, and 2027 respectively [1] - Projected revenues for 2025, 2026, and 2027 are estimated at 21.3 billion, 22 billion, and 22.5 billion yuan, reflecting year-on-year growth rates of 3.8%, 3.0%, and 2.5% [1] - Expected net profits attributable to shareholders for the same years are forecasted to be 3.57 billion, 3.81 billion, and 4.05 billion yuan, with year-on-year growth rates of 10%, 6.6%, and 6.4% [1] Group 2: Market Position - Jingneng Clean Energy is the largest gas-fired power supplier in Beijing, with gas power generation accounting for 47% of the city's total gas power generation and heating supply making up 43% of centralized heating in Beijing as of 2024 [2] - The company has a cumulative installed capacity of 17.4 GW as of the end of 2024, with wind, solar, and gas power capacities of 6.9 GW, 5.3 GW, and 4.8 GW respectively [2] Group 3: Operational Stability - The gas power generation segment has shown strong profitability stability, contributing approximately 1 billion yuan to net profit attributable to shareholders [3] - The local electricity supply is primarily gas-fired, with gas power accounting for 95% of local generation in 2024, and the company’s gas power plants have maintained a stable output over the past decade [3] - The company benefits from relatively low and stable gas procurement prices, with unit gas costs increasing only slightly from 0.467 yuan/kWh to 0.487 yuan/kWh from 2020 to 2024 [3] Group 4: Renewable Energy Strategy - The company has shown a restrained approach to expanding its renewable energy assets, focusing on maintaining profitability rather than merely increasing scale [4] - From 2015 to 2024, the operating profit from wind and solar energy has grown significantly, with compound annual growth rates of 16% and 20% respectively [4] - The company has several high-quality projects in the pipeline, including a 1.5 million kW wind project expected to be operational in 2025, and additional projects in Guangdong and Beijing [4]

Group 1 - The bond 25京能洁能SCP002 has a net trading price of 99.99 yuan, down by 1.98 basis points, with a trading volume of 1.5 billion yuan and a latest yield of 1.7001% [1] - The bond is issued by Beijing Jingneng Clean Energy Power Co., Ltd., with an actual issuance amount of 1.5 billion yuan, maturing on August 7, 2025 [1] - The bond has a zero-coupon structure with a face value of 100 yuan and a coupon rate of 1.6700% [1] Group 2 - Beijing Jingneng Clean Energy Power Co., Ltd. was established in 1993 and primarily engages in electricity and heat production and supply [2] - The company has invested in 222 enterprises and participated in 634 bidding projects, holding 16 trademarks and 27 patents [2] - The company possesses 11 administrative licenses [2]

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]