Investment Rating - The report maintains a "Buy" rating for the company [3][5]. Core Insights - The company experienced a decline in revenue due to a drop in natural gas sales, with total sales volume for 2025 at 5.255 billion cubic meters, down 10.71% year-on-year. However, there was a recovery in LNG sales in Q4 2025 [1][2]. - The company's wind power generation increased by 7.71% year-on-year to 15.210 billion kWh in 2025, while solar power generation surged by 68.14% to 360 million kWh [2]. - The average on-grid electricity price for 2025 was 0.41 yuan/kWh, a decrease of 4.52% compared to the previous year, but the company maintained a high utilization rate of wind power at 97.58% [2]. - Operating cash flow saw a significant increase of 96.11% year-on-year, reaching 7.297 billion yuan, primarily due to reduced cash payments for goods and services [2]. - The company plans to distribute a cash dividend of 0.20 yuan per share, resulting in a total cash dividend of 903 million yuan, with a dividend payout ratio of 49.42% [3]. Financial Summary - For 2025, the company reported total revenue of 19.831 billion yuan, a decrease of 7.21% year-on-year, and a net profit attributable to shareholders of 1.826 billion yuan, an increase of 9.21% year-on-year [1][9]. - The projected revenues for 2026-2028 are 22.301 billion yuan, 25.406 billion yuan, and 27.922 billion yuan, reflecting growth rates of 12.5%, 13.9%, and 9.9% respectively [3][9]. - The expected net profits for the same period are 2.108 billion yuan, 2.653 billion yuan, and 2.928 billion yuan, with corresponding EPS of 0.47 yuan, 0.59 yuan, and 0.65 yuan [3][9].

Investment Rating - The report maintains a "Buy" rating for the company [3][5]. Core Insights - The company experienced a decline in revenue by 7.21% year-on-year, totaling 19.83 billion yuan in 2025, while the net profit attributable to shareholders increased by 9.21% to 1.83 billion yuan [1][3]. - The overall gas sales volume decreased by 10.71% year-on-year, with a total of 5.255 billion cubic meters sold in 2025, primarily due to warmer weather affecting demand [1]. - The company's wind power generation increased by 7.71% year-on-year, reaching 15.21 billion kWh, while solar power generation surged by 68.14% to 360 million kWh [2]. - The average on-grid electricity price (excluding tax) for 2025 was 0.41 yuan/kWh, a decrease of 4.52% compared to the previous year [2]. - The company achieved a significant increase in cash flow from operating activities, with a net cash flow of 7.297 billion yuan, up 96.11% year-on-year, supporting further capital expenditures in the renewable energy sector [2]. Financial Summary - The projected revenues for 2026-2028 are 22.30 billion yuan, 25.41 billion yuan, and 27.92 billion yuan, reflecting year-on-year growth rates of 12.5%, 13.9%, and 9.9% respectively [3][9]. - The net profit attributable to shareholders for the same period is expected to be 2.11 billion yuan, 2.65 billion yuan, and 2.93 billion yuan, with corresponding EPS of 0.47 yuan, 0.59 yuan, and 0.65 yuan [3][9]. - The company plans to distribute a cash dividend of 0.20 yuan per share, resulting in a total cash dividend distribution of 903 million yuan, with a dividend payout ratio of 49.42% [3].

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Insights - The company's performance in the renewable energy sector is recovering, with a significant increase in wind power generation and profitability, despite challenges in the natural gas business [2][5]. - In 2025, the company achieved a net profit of 1.826 billion yuan, a year-on-year increase of 9.21%, driven by the recovery in the renewable energy sector [2][5]. - The company plans to distribute a cash dividend of 0.2 yuan per share, maintaining a stable dividend policy with a payout ratio of 49.42% [8]. Summary by Relevant Sections Financial Performance - In 2025, the company reported total revenue of 19.831 billion yuan, a decrease of 7.21% year-on-year, while the net profit attributable to shareholders was 1.826 billion yuan, an increase of 9.21% [5]. - The renewable energy segment saw a net profit of 1.612 billion yuan, up 11.95% year-on-year, supported by an increase in wind power generation and improved wind conditions [2][5]. Renewable Energy Segment - The company added 1.2705 million kilowatts of wind power capacity in 2025, bringing the total to 7.778 million kilowatts, a year-on-year increase of 18.07% [8]. - Wind power generation reached 14.85 billion kilowatt-hours, a year-on-year increase of 6.78%, while solar power generation increased by 68.14% [8]. Natural Gas Business - The natural gas segment faced challenges, with total sales volume decreasing by 10.71% to 5.255 billion cubic meters due to weakened market demand [8]. - The net profit from the natural gas business was 358 million yuan, down 25.01% year-on-year, reflecting the adverse industry conditions [2][5]. Strategic Adjustments - The company is divesting its solar power business to focus on its core wind power operations, with plans to gradually sell or transfer existing solar projects [8]. - As of the end of 2025, the company had 1.2981 million kilowatts of wind power capacity under construction, which is expected to enhance future growth [8].

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Insights - The company's performance in the renewable energy sector is recovering, driven by an increase in installed capacity and improved wind conditions, with a projected 6.78% year-on-year growth in wind power generation in 2025 [2][6]. - The natural gas business is under pressure due to a significant decline in gas sales volume, resulting in a 25.01% year-on-year decrease in net profit for this segment [2][6]. - Despite challenges in the natural gas sector, the overall net profit for the company is expected to reach 18.26 billion yuan in 2025, reflecting a year-on-year increase of 9.21% [2][6]. Summary by Sections Revenue and Profitability - In 2025, the company achieved operating revenue of 19.831 billion yuan, a decrease of 7.21% year-on-year, while the net profit attributable to shareholders was 18.26 billion yuan, an increase of 9.21% year-on-year [6]. Renewable Energy Performance - The company added 1.2705 million kilowatts of wind power capacity in 2025, bringing the total to 7.778 million kilowatts, a year-on-year increase of 18.07%. Wind power generation reached 14.85 billion kilowatt-hours, up 6.78% year-on-year [2][9]. - The photovoltaic segment also saw growth, with installed capacity reaching 424,800 kilowatts, a 15.06% increase, and generation increasing by 68.14% year-on-year to 360 million kilowatt-hours [9]. Natural Gas Business - The total gas sales volume decreased by 10.71% year-on-year to 5.255 billion cubic meters, with net profit from this segment falling to 358 million yuan, down 25.01% year-on-year [2][9]. Strategic Adjustments - The company is shifting its focus away from photovoltaic investments and plans to gradually divest its existing photovoltaic projects, while enhancing its wind power capacity with 1.2981 million kilowatts under construction [9]. Dividend Policy - The company plans to distribute a cash dividend of 0.2 yuan per share for 2025, maintaining a dividend payout ratio of 49.42%, which corresponds to a dividend yield of 5.11% based on the stock price as of March 25, 2026 [9].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong performance relative to the market [2][17]. Core Insights - The company reported a revenue of 19.83 billion HKD in 2025, a decrease of 7.21% year-on-year, while the net profit attributable to shareholders increased by 9.21% to 1.83 billion HKD, which was below expectations. The decline in profitability was primarily due to lower natural gas sales and a decrease in feed-in tariffs [8]. - The company achieved a total electricity generation of 15.21 billion kWh in 2025, with a year-on-year increase of 7.71%. The average utilization hours for wind power projects increased by 10 hours to 2,236 hours [8]. - The average feed-in tariff for 2025 decreased by 0.02 HKD/kWh to 0.41 HKD/kWh, impacting revenue despite increased generation [8]. - The company plans to distribute a cash dividend of 0.20 RMB per share, resulting in a dividend payout ratio of 49.42% and a dividend yield of 5.5% based on the closing price on March 26 [8]. - The forecast for net profit attributable to shareholders for 2026 and 2027 has been adjusted to 2.38 billion HKD and 2.73 billion HKD, respectively, with a new estimate for 2028 at 2.91 billion HKD [8]. Financial Data and Profit Forecast - Revenue projections for the company are as follows: - 2024: 19.83 billion HKD - 2025: 20.72 billion HKD - 2026: 23.34 billion HKD - 2027: 25.66 billion HKD - 2028: 29.15 billion HKD [5][9] - Net profit attributable to shareholders is projected to be: - 2024: 1.83 billion HKD - 2025: 2.38 billion HKD - 2026: 2.73 billion HKD - 2027: 2.91 billion HKD [5][9] - The company’s price-to-earnings (PE) ratios for 2026-2028 are projected to be 6.9, 6.0, and 5.6, respectively [8].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][18] Core Insights - The company reported a revenue of 19.83 billion RMB in 2025, a decrease of 7.21% year-on-year, while the net profit attributable to shareholders increased by 9.21% to 1.83 billion RMB, which was below expectations [8] - The increase in electricity generation effectively offset the impact of declining electricity prices, with total electricity generation reaching 15.21 billion kWh, a year-on-year increase of 7.71% [8] - The company’s average on-grid electricity price decreased by 0.02 RMB/kWh to 0.41 RMB/kWh in 2025, leading to a mixed performance in the renewable energy sector [8] - The company plans to distribute a cash dividend of 0.20 RMB per share, maintaining a high dividend payout ratio of 49.42%, resulting in a dividend yield of 5.5% based on the closing price [8] - The forecast for net profit attributable to shareholders for 2026 and 2027 has been adjusted downwards to 2.38 billion RMB and 2.73 billion RMB, respectively, with a new estimate for 2028 at 2.91 billion RMB [8] Financial Data and Profit Forecast - Revenue projections for the company are as follows: - 2024: 19.83 billion RMB - 2025: 20.72 billion RMB - 2026: 23.34 billion RMB - 2027: 25.66 billion RMB [5] - Net profit attributable to shareholders is projected to be: - 2024: 1.83 billion RMB - 2025: 2.38 billion RMB - 2026: 2.73 billion RMB - 2027: 2.91 billion RMB [5] - The company’s earnings per share (EPS) is expected to grow from 0.40 RMB in 2025 to 0.65 RMB in 2028 [5]

Financial Performance - The company's operating revenue for the year ended December 31, 2025, was RMB 19.831 billion, a decrease of 7.21% compared to 2024[5]. - The pre-tax profit for the same period was RMB 2.543 billion, an increase of 8.37% year-on-year[5]. - Net profit attributable to shareholders of the parent company reached RMB 1.826 billion, up 9.21% from 2024[5]. - Earnings per share were RMB 0.43, reflecting a 7.50% increase compared to the previous year[5]. - The group achieved a total profit of RMB 2.543 billion, an increase of 8.37% year-on-year[49]. - Net profit reached RMB 2.014 billion, up 5.98% year-on-year, with net profit attributable to shareholders of RMB 1.826 billion, an increase of 9.21%[49][51]. - Operating revenue for the year was RMB 19.831 billion, a decrease of 7.21% year-on-year[50]. - The wind and solar segment generated operating revenue of RMB 6.228 billion, an increase of 3.04%, accounting for 31.40% of total revenue[53]. - The natural gas segment reported operating revenue of RMB 13.594 billion, a decrease of 11.25%, making up 68.55% of total revenue[53]. - The company’s total comprehensive income for 2025 was RMB 2.01 billion, compared to RMB 1.90 billion in 2024, indicating an increase of 5.9%[173]. Dividends and Shareholder Returns - The company plans to distribute a final cash dividend of RMB 0.20 per share, totaling RMB 902.54 million, subject to shareholder approval[4]. - The net profit attributable to shareholders for 2025 is RMB 1,826,333,548.28, with a proposed cash dividend of RMB 0.20 per share, totaling RMB 902,538,614.60[163]. - The company plans to distribute dividends within two months after the annual general meeting approval, ensuring timely returns to shareholders[163]. Assets and Liabilities - The consolidated assets of the group amounted to RMB 93.491 billion as of December 31, 2025[6]. - As of December 31, 2025, the group's net current liabilities amounted to RMB 10.066 billion, with a net increase in cash and cash equivalents of RMB 1.789 billion[57]. - Total liabilities increased to RMB 61.99 billion in 2025, compared to RMB 56.90 billion in 2024, reflecting a growth of 8.3%[170]. - The company's total assets reached RMB 93,491,185,547.08 as of December 31, 2025, compared to RMB 84,016,482,012.66 in 2024, indicating an increase of about 11.6%[169]. - The asset-liability ratio decreased to 66.30% as of December 31, 2025, down from 67.73% at the end of 2024, primarily due to an increase in other equity instruments[60]. - The company's inventory decreased to RMB 2,007,781,140.81 in 2025 from RMB 2,162,586,032.24 in 2024, reflecting a decline of approximately 7.1%[169]. Cash Flow - Net cash flow from operating activities increased by 96.11% to RMB 7.297 billion, compared to RMB 3.721 billion in the previous year, primarily due to a significant reduction in cash payments for goods and services[68]. - The net cash flow from investing activities for 2025 and 2024 was RMB -8.797 billion and RMB -6.942 billion, respectively, representing a year-on-year decrease of 26.72%[69]. - The net cash flow from financing activities for 2025 and 2024 was RMB 3.294 billion and RMB 2.890 billion, respectively, showing a year-on-year increase of 13.96%[70]. - Cash and cash equivalents at the end of the period amounted to 4,843,375,231.92 RMB, representing 5.18% of total assets, an increase of 58.47% from the previous period[93]. - The company reported a net cash flow from financing activities of RMB 3,293,586,777.00 in 2025, up from RMB 2,890,126,221.06 in 2024, indicating stronger financing capabilities[179]. Market and Industry Trends - The company is a leading developer and operator of renewable and clean energy in North China, focusing on wind power generation and natural gas sales[8]. - The national strategy emphasizes the development of renewable energy, particularly wind and solar power, as a key focus for the future[18]. - China's offshore wind energy resources have a technical development potential of approximately 2.25 billion kilowatts within 200 kilometers offshore, with a target to exceed 10 million kilowatts of installed capacity by 2025[19]. - The investment scale in key energy sectors is expected to grow by over 25% by 2027 compared to 2023, focusing on energy-saving renovations and upgrades of old wind farms[20]. - The new energy storage capacity is projected to reach over 60 million kilowatts by 2027, with an emphasis on long-duration storage[24]. - The implementation of a price mechanism for independent energy storage projects has been established, enhancing profitability certainty for projects in Hebei Province[25]. - The State Development and Reform Commission has initiated a market-oriented reform for renewable energy pricing, aiming for full market entry of renewable projects by June 2025[26]. Operational Developments - The company is transitioning to a market-driven model for electricity sales, with a significant portion of sales now conducted through market transactions[11]. - The company is actively enhancing its trading system to adapt to evolving market conditions and regulatory changes in the electricity sector[12]. - The company is focusing on technological innovation and digital transformation to enhance operational efficiency and reduce costs, aiming to maximize organizational effectiveness[63]. - The company is actively expanding its infrastructure with ongoing projects, including the Qinhuangdao-Fengnan coastal gas pipeline, which is 94.5% welded[41]. - The company is set to enhance its natural gas storage and peak-shaving capabilities while negotiating for high-quality long-term and spot resources from international LNG suppliers[113]. Research and Development - The company has obtained 95 authorized invention patents and 423 utility model patents, with 182 papers published in national journals and conferences[48]. - Total R&D investment for the period is 277,332,749.98, representing 1.40% of operating revenue[88]. - Research and development expenses decreased by 28.31% to RMB 2.699 billion, mainly due to lower depreciation and amortization costs[67]. - The company has 230 R&D personnel, accounting for 7.5% of total employees[90]. Risks and Challenges - The wind power business faces climate risks due to annual fluctuations in wind resources, with a potential decrease in wind speed expected in 2026 compared to 2025[127]. - The company anticipates that electricity output issues will continue to constrain wind power project development due to lagging grid construction, particularly in regions with concentrated wind resources[127]. - The natural gas business is at risk of declining pipeline transportation and urban gas fees as the government continues to reform pricing structures[129]. - The company is facing increased competition in market expansion due to the gradual opening of national pipeline infrastructure, which may complicate market development efforts[129]. - The company is monitoring international energy market price fluctuations to mitigate risks associated with LNG procurement costs[130]. Strategic Initiatives - The company aims to enhance its LNG trade chain and improve the synergy of its natural gas industry chain, leveraging its regional advantages[113]. - The company plans to expand its market presence by actively participating in the acquisition and integration of local natural gas companies, thereby increasing its market share[114]. - The company is committed to achieving a 30% share of non-fossil energy consumption in total energy consumption by 2035, as part of China's new climate goals[110]. - The company will continue to push for the construction of natural gas supply and storage systems, optimizing the layout of long-distance pipelines and regional gas networks[111]. - The company aims to maximize the efficiency of land and wind resources through the renovation of old wind farms and the implementation of "green electricity direct connection" projects[112].

EF001 EF001 | 有關代預扣所得稅之更多補充 | 股東類型 | 稅率 | （如適用） | | --- | --- | --- | --- | | 非居民企業 | | | | | （非中國內地登記地址） | | 10% | | | 非個人居民 | | | | | （非中國內地登記地址） | | 10% | | | 發行人所發行上市權證/可轉換債券的相關信息 | | | | | 發行人所發行上市權證/可轉換債券 | 不適用 | | | | 其他信息 | | | | | 其他信息 | 不適用 | | | | 發行人董事 | | | | | 本公司非執行董事為曹欣博士、李連平博士、秦剛先生、張旭蕾博士、盧榮先生及趙士毅先生；本公司執行董事為譚建鑫先生；以 | | | | | 及本公司獨立非執行董事為周文港博士、楊晶磊博士、陳奕斌先生及劉斌先生。 | | | | 第 2 頁 共 2 頁 v 1.1.1 免責聲明 | 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 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 ...

可持续发展报告摘要 可持续发展报告摘要 证券代码：600956 证券简称：新天绿能 新天绿色能源股份有限公司 2025年可持续发展报告摘要 1 / 7 第一节 重要提示 1、本摘要来自于可持续发展报告全文，为全面了解本公司环境、社会和公司治理议 题的相关影响、风险和机遇，以及公司可持续发展战略等相关事项，投资者应当到 www.sse.com.cn 网站仔细阅读可持续发展报告全文。 2、本可持续发展报告经公司董事会审议通过。 2 / 7 可持续发展报告摘要 第二节 报告基本情况 1、基本信息 | 股票代码 | 600956 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 公司简称 | 新天绿能 | | | | | | | | 公司名称 | 新天绿色能源股份有限公司 | | | | | | | | 报告范围 | 合并报表范围 | | | | | | | | 时间范围 | 年 月 2025 1 1 31 | 月 | 日至 | 2025 | 年 | 12 | 日 | | 编制依据 | 《上海证券交易所上市公司自律监管指引第 14 | ...

新天绿色能源股份有限公司（以下简称"公司"或"本公司"）于 2026 年 3 月 25 日召开第六届董事会第四次会议，审议通过了《关于本公司 2025 年度计 提资产减值准备及核销资产的议案》。为客观反映本公司资产状况和经营成果， 确保会计信息真实可靠，按照《企业会计准则》及公司相关财务会计制度的规定， 经对公司及所属企业资产进行盘点、梳理并采取必要的减值测试，对公司及部分 所属企业计提资产减值准备及核销资产，现将具体情况公告如下： 证券代码：600956 证券简称：新天绿能 公告编号：2026-008 新天绿色能源股份有限公司 关于 2025 年度计提资产减值准备及核销资产的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、计提资产减值准备情况 根据《企业会计准则》的相关规定，公司及合并报表范围内子公司对截至 2025 年 12 月 31 日的各项资产进行了清查分析，对存在减值迹象的资产进行了 减值测试，根据测试结果，2025 年度计提资产减值准备金额合计 47,197.16 万元。 具体情况如下： | 项目 | 本 ...