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分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。 CHINA SUNTIEN GREEN ENERGY CORPORATION LIMITED* 新天綠色能源股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：00956） 完成根據一般授權認購新H股 茲提述(i)新天綠色能源股份有限公司（「本公司」）日期均為2025年9月30日有關股份認購事項及清洗豁 免的通函（「通函」）及臨時股東會通告，及(ii)本公司日期為2025年10月24日有關臨時股東會投票表決 結果及授出清洗豁免的公告。除非文義另有所指，否則本公告所使用詞彙應具有通函所界定的相同 涵義。 完成股份認購事項 董事會欣然宣佈，股份認購協議所載所有先決條件均已達成，且根據股份認購協議的條款及條件， 完成已於2025年11月7日發生。於完成後，本公司根據股份認購協議按認購價每股認購股份4.93港元 向燕山國際投資有限公司（即河北建投指定方）配發及發行307,000,000股H股。 ...

Core Viewpoint - Xintian Green Energy (600956.SH) reported a decrease in power generation for October 2025, indicating potential challenges in operational performance [1] Group 1: Power Generation Performance - The company and its subsidiaries achieved a power generation of 950,402.12 MWh in October 2025, representing a year-on-year decrease of 20.97% [1] - Cumulatively, as of October 31, 2025, the total power generation reached 11,718,263.28 MWh, which is a year-on-year increase of 6.15% [1]

Core Viewpoint - New Tian Green Energy (600956.SH) reported a decrease in power generation for October 2025, while cumulative power generation showed an increase year-on-year [1] Group 1: Power Generation Performance - In October 2025, the company and its subsidiaries completed a power generation of 950,402.12 MWh, representing a year-on-year decrease of 20.97% [1] - As of October 31, 2025, the cumulative power generation reached 11,718,263.28 MWh, which is a year-on-year increase of 6.15% [1]

Core Insights - The company reported a total electricity generation of 950,402.12 MWh for October 2025, representing a year-on-year decrease of 20.97% [1] - Cumulatively, the company achieved a total electricity generation of 11,718,263.28 MWh as of October 31, 2025, which is a year-on-year increase of 6.15% [1] Summary by Category - **Electricity Generation for October 2025** - The company and its subsidiaries completed an electricity generation of 950,402.12 MWh, showing a significant decline compared to the previous year [1] - **Cumulative Electricity Generation** - As of October 31, 2025, the cumulative electricity generation reached 11,718,263.28 MWh, indicating a positive growth trend year-on-year [1]

Core Viewpoint - The renewable energy sector in China is poised for significant growth, with projections indicating that renewable energy generation could double in the next five years, potentially replacing fossil fuels in the energy supply [2] Group 1: Industry Trends - The electricity sector is experiencing a transformation, with power operators gaining renewed vitality and intrinsic value being reassessed due to ongoing reforms [3] - The demand for electricity is robust, driven by the urgent need for smart grid upgrades and infrastructure improvements, leading to a high growth cycle in grid investment [5] - The photovoltaic (PV) industry is witnessing a trend of reducing losses, with the third quarter showing signs of recovery and a potential for performance improvement [5][6] Group 2: Investment Recommendations - Investors are encouraged to focus on high-quality thermal power operators such as Huaneng International and Datang Power, as well as major hydropower companies like Yangtze Power and Guotou Power [3] - The electricity sector's basic fundamentals are solidifying, with recommendations to pay attention to long-cycle growth areas such as ultra-high voltage and smart grid technologies [4] - The PV industry is expected to benefit from a dual boost of performance improvement and structural changes, suggesting a favorable environment for investment in this sector [5][6]

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10月31日 狀態: 新提交 FF301 致：香港交易及結算所有限公司 公司名稱: 新天綠色能源股份有限公司 (於中華人民共和國註冊成立的股份有限公司) | 2. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 600956 | 說明 | | A 股已在上海證券交易所主板上市。 | | | | | | | | 法定/註冊股份數目 | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 2,366,688,677 | RMB | | 1 RMB | | 2,366,688,677 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 2,366,688,677 | RMB | | 1 RMB | | 2,366,688,677 | 本月底法定 ...

FF301 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10月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 新天綠色能源股份有限公司 (於中華人民共和國註冊成立的股份有限公司) 呈交日期: 2025年11月5日 I. 法定/註冊股本變動 第 1 頁 共 10 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | 股份類別 | H | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00956 | 說明 | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | 已發行股份總數 | | | 上月底結存 | | | 1,839,004,396 | 0 | | 1,839,004,396 | | 增加 / 減少 (-) | | | | 0 | | | | 本月底結存 | | | 1,839,004,396 | 0 | | 1,839,004,3 ...

Core Viewpoint - The company reported its Q3 2025 results, showing a mixed performance with a decline in total revenue but an increase in net profit, indicating resilience in certain operational areas despite market challenges [1][2]. Financial Performance - For the first nine months of 2025, the company achieved total operating revenue of 14.445 billion yuan, a year-on-year decrease of 8.51%, while net profit attributable to shareholders was 1.559 billion yuan, an increase of 4.23% [1]. - In Q3 alone, the company recorded operating revenue of 3.541 billion yuan, down 3.03% year-on-year, but net profit rose significantly by 122.98% to 147 million yuan [1]. - The company's financial expenses for the first nine months were 793 million yuan, a decrease of 13.37% year-on-year, contributing to improved cash flow [3]. Operational Highlights - Wind power generation showed steady growth, with total generation of 10.768 billion kWh in the first nine months, up 9.47% year-on-year, and Q3 generation of 2.518 billion kWh, an increase of 9.20% [1]. - The average on-grid electricity price (excluding tax) decreased by 5.4% to 0.415 yuan/kWh due to increased market-oriented trading [1]. - The company is expected to maintain a new wind power installation capacity of 1 GW from 2025 to 2026, supporting long-term performance growth [1]. Market Dynamics - LNG sales showed signs of recovery in Q3, with wholesale and LNG volumes increasing by 27.66% and 11.04% respectively, reversing earlier declines due to lower LNG prices stimulating market demand [2]. - The company’s gas sales volume for the first nine months was 3.521 billion m³, down 10.90%, with retail gas volume continuing to decline due to weak industrial demand [2]. Dividend and Shareholder Returns - The company has a clear dividend return plan for 2024-2026, with a minimum cash dividend ratio of 40%, resulting in a current dividend yield of 5.7% [3].

Investment Rating - The report maintains a "Buy" rating for the company [7]. Core Views - The company has shown steady growth in wind power generation, with a 9.47% year-on-year increase in total electricity generation for the first nine months of 2025, reaching 107.68 billion kWh [7]. - LNG sales have shown signs of recovery in Q3, with a 27.66% increase in wholesale gas sales and an 11.04% increase in LNG sales compared to the previous year [7]. - The company is expected to maintain a new wind power installation capacity of 1GW from 2025 to 2026, which is anticipated to drive long-term stable growth in wind power performance [7]. Financial Data and Profit Forecast - The company reported total operating revenue of 14.445 billion yuan for the first nine months of 2025, a decrease of 8.51% year-on-year, while net profit attributable to the parent company increased by 4.23% to 1.559 billion yuan [7]. - The average on-grid electricity price (excluding tax) decreased by 5.4% to 0.415 yuan per kWh in the first nine months of 2025, primarily due to an increase in market-oriented electricity trading [7]. - The financial cost has decreased significantly, with the comprehensive funding cost dropping to 2.41% by the end of September 2025, a reduction of 33 basis points compared to the end of 2024 [7]. - The forecast for net profit attributable to the parent company for 2025-2027 has been adjusted to 2.431 billion, 2.686 billion, and 3.037 billion yuan, respectively [7][8].

Investment Rating - The report maintains a "Buy" rating for the company [2][7][17] Core Insights - The company reported a total revenue of 14.445 billion yuan for the first nine months of 2025, a decrease of 8.51% year-on-year, while the net profit attributable to the parent company increased by 4.23% to 1.559 billion yuan [7] - Wind power generation showed steady growth with a total generation of 10.768 billion kWh, a year-on-year increase of 9.47%, despite a slight decline in the average on-grid electricity price [7] - LNG sales showed signs of recovery in Q3, with wholesale and LNG sales volumes increasing by 27.66% and 11.04% respectively, reversing the downward trend seen in the first half of the year [7] - The company has seen a significant reduction in accounts receivable, down to 6.207 billion yuan, primarily due to receiving substantial renewable energy subsidies [7] - The forecast for net profit attributable to the parent company for 2025-2027 has been adjusted to 2.431 billion, 2.686 billion, and 3.037 billion yuan respectively, reflecting changes in gas sales volume and electricity prices [7] Financial Data and Profit Forecast - Revenue projections for 2023A to 2027E are as follows: 20,282 million, 21,372 million, 20,863 million, 23,163 million, and 25,533 million yuan respectively [6][8] - Net profit attributable to the parent company is projected to be 2,207 million, 1,672 million, 2,431 million, 2,686 million, and 3,037 million yuan for the same period [6][8] - The company’s earnings per share are expected to be 0.52, 0.40, 0.58, 0.64, and 0.72 yuan respectively [6]