Core Viewpoint - New Tianjin Green Energy (00956) has entered into a share subscription agreement with Hebei Construction Investment, agreeing to issue 307 million new H-shares at a subscription price of HKD 4.93 per share, totaling HKD 15.14 billion in cash, representing a premium of approximately 16.55% over the closing price on the agreement date [1] Group 1 - The board believes that the issuance of H-shares to Hebei Construction Investment is fair and reasonable, aligning with the overall interests of the company and its shareholders [1] - The proceeds from the share subscription will amount to HKD 15.14 billion, with a net amount of approximately HKD 15 billion after deducting issuance costs [1] - Approximately 80% of the net proceeds will be used for the construction of wind power projects and gas-fired power plants, while about 20% will be allocated for working capital and other general purposes [1]

Core Viewpoint - New Tian Green Energy has entered into a conditional share subscription agreement with Hebei Construction Investment, agreeing to issue 307 million new H-shares at a subscription price of HKD 4.93 per share, raising a total of HKD 1.51 billion, which will help alleviate financial pressure and improve the company's capital structure [1] Group 1: Share Subscription Details - The subscription price of HKD 4.93 represents a premium of approximately 16.55% over the closing price of HKD 4.23 on the last trading day [1] - The new H-shares will account for approximately 7.30% of the existing issued share capital as of the announcement date and about 6.80% after the completion of the subscription [1] Group 2: Financial Impact - As of December 31, 2024, the company's debt-to-asset ratio is at a relatively high level of 67.73% [1] - The issuance of H-shares will effectively supplement capital, reduce the debt-to-asset ratio, optimize the capital structure, and enhance financial stability [1] - This capital raise is aimed at supporting the company's healthy, sustainable, and robust development [1]

证券代码：600956 证券简称：新天绿能 公告编号：2025-050 新天绿色能源股份有限公司 第六届董事会第二次临时会议决议公告 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）发行股票的种类和面值 本次向特定对象发行的股票种类为境外上市外资股（H 股），每股面值人民 币 1 元。 新天绿色能源股份有限公司（以下简称"公司"或"本公司"）第六届董事会 第二次临时会议于 2025 年 8 月 27 日以通讯方式召开。会议通知于 2025 年 8 月 20 日以电子邮件等方式送达全体董事。本次会议应到董事 11 名，实到董事 11 名。会议由董事长曹欣先生召集并主持。本次会议的召开符合《公司法》和《公 司章程》的有关规定，会议决议合法有效。 经过有效表决，本次会议审议通过了以下议案： 一、审议通过了《关于本公司 2025 年度向特定对象发行 H 股股票方案的议 案》 （二）发行方式及发行时间 本次发行 H 股股票采取向特定对象发行的方式，并在股东大会授权的有效 期内择机发行。 （三）发行对象和认购方式 本次向特定对象发行 ...

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。 本公告僅供參考，並不構成收購、購買或認購本公司證券之邀請或要約。 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） 本公司聯席財務顧問 （按英文字母順序排序） 獨立董事委員會及獨立股東之獨立財務顧問 有關根據一般授權建議認購新H股之關連交易 於2025年8月27日（交易時段後），本公司與河北建投訂立股份認購協議，據此，本公司已有條件 同意配發及發行，而河北建投已有條件同意認購或指定河北建投指定方認購307,000,000股新H 股，認購價為每股認購股份4.93港元，總代價為現金1,513,510,000港元。 1 （股份代號：00956） (1)有關根據一般授權建議認購新H股之關連交易； 及 (2)申請清洗豁免 河北建投將根據收購守則規則26的豁免註釋1向執行人員申請清洗豁免，以尋求豁免遵 ...

Core Viewpoint - The company has approved a plan to issue H shares to a specific investor, Hebei Construction Investment Group, to raise funds for wind power and gas power projects, as well as for general working capital [1][2][3] Group 1: H Share Issuance Details - The type of shares to be issued is H shares with a par value of RMB 1 per share [1] - The issuance price is set at HKD 4.93 per share [2] - A total of 307,000,000 H shares will be issued [2] - The total amount of funds raised is expected to be HKD 1,513,510,000 [2] - Approximately 80% of the funds will be allocated to wind power and gas power projects, while 20% will be used for working capital and other general purposes [2] Group 2: Approval and Compliance - The issuance plan has been reviewed and approved by the company's strategic and investment committee, audit committee, and independent directors, confirming its compliance with relevant laws and regulations [3][4][5] - The plan requires approval from the company's shareholders' meeting [4][5] Group 3: Related Transactions - The company has signed a subscription agreement with Hebei Construction Investment Group for the purchase of the H shares [4][5] - The shares subscribed by Hebei Construction Investment Group will be subject to a 36-month lock-up period [2] Group 4: Shareholder Meeting Proposals - The company proposes to authorize the board to handle all matters related to the H share issuance [6][7] - The board seeks shareholder approval for Hebei Construction Investment Group to be exempt from making a mandatory offer following the share issuance [8][9] - An independent board committee will be established to provide opinions on the subscription agreement and related matters [10]

Core Viewpoint - The company plans to issue H shares to a specific entity, Hebei Construction Investment Group, to raise funds for its renewable energy and clean energy projects, which will enhance its financial stability and market confidence [1][10]. Summary by Sections 1. Overview of Related Transactions - The company intends to issue 307,000,000 H shares at a price of 4.93 HKD per share, raising a total of 1,513,510,000 HKD [1][6]. - This transaction is classified as a related party transaction but does not constitute a major asset restructuring [1][2]. 2. Related Party Information - Hebei Construction Investment Group holds 48.95% of the company's shares, making it the controlling shareholder [2][3]. 3. Financial Data of Related Party - As of March 31, 2025, Hebei Construction Investment Group reported total assets of 32,305,459.93 million CNY and net assets of 13,691,717.47 million CNY [5]. - For the first quarter of 2025, the company reported revenue of 1,599,741.26 million CNY and a net profit of 173,012.17 million CNY [5]. 4. Purpose of the Fundraising - The funds raised will primarily support the development of the company's renewable energy and clean energy projects, particularly in wind and natural gas sectors [9][10]. - The company aims to optimize its capital structure and enhance financial stability, as its debt-to-asset ratio is currently at 67.73% [10]. 5. Market Confidence and Shareholder Benefits - The full subscription of the H shares by the controlling shareholder is expected to boost market confidence and support the company's high-quality development [10]. 6. Approval Process for the Transaction - The transaction has been approved by the company's board and independent directors, ensuring compliance with relevant laws and regulations [10][11].

Investment Rating - The report maintains a "Buy" rating for the company [4][7]. Core Views - The company's performance has been impacted by a decline in natural gas sales, but wind power operations are showing improvement and driving growth [1][2][3]. - The company is expected to continue benefiting from increased installed capacity and improved utilization hours in wind power, alongside cash flow advantages from its natural gas business [4]. Summary by Sections Financial Performance - In the first half of 2025, the company reported total revenue of 10.904 billion yuan, a year-on-year decrease of 10.16%, and a net profit attributable to shareholders of 1.412 billion yuan, a decrease of 1.23% [1]. - For Q2 2025, revenue was 3.993 billion yuan, down 5.61% year-on-year, with a net profit of 458 million yuan, down 23.43% [1][2]. - The decline in performance is primarily due to a reduction in natural gas sales volume, which fell by 16.86% year-on-year in Q2 2025 [2]. Natural Gas Operations - In Q2 2025, the company completed a total gas transmission/sales volume of 967 million cubic meters, a decrease of 16.86% year-on-year, with sales volume at 893 million cubic meters, down 13.29% [2]. - The company experienced significant declines in various segments of gas sales, including wholesale and retail [2]. Wind Power Operations - The company's wind power segment showed positive growth, with a total generation of 8.065 billion kWh in the first half of 2025, an increase of 8.34% year-on-year [3]. - The average utilization hours for wind farms increased by 23 hours year-on-year to 1,235 hours, exceeding the national average [3]. - The company added 287.45 MW of new wind power capacity in the first half of 2025, bringing total controllable capacity to 6,874.80 MW [3]. Cost Management and Shareholder Returns - The company has effectively reduced costs, with sales, management, and financial expenses decreasing by 37.68%, 4.05%, and 12.23% respectively in the first half of 2025 [4]. - The board has proposed a cash dividend of 883 million yuan for the 2024 fiscal year, representing 52.81% of the net profit attributable to shareholders [4]. Future Outlook - The company is projected to achieve revenues of 23.977 billion yuan, 27.268 billion yuan, and 30.024 billion yuan for 2025, 2026, and 2027 respectively, with growth rates of 12.2%, 13.7%, and 10.1% [4]. - Net profit attributable to shareholders is expected to reach 2.330 billion yuan, 2.698 billion yuan, and 3.084 billion yuan for the same years [4].

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） 海外監管公告 本公告乃由新天綠色能源股份有限公司（「本公司」）根據《香港聯合交易所有限公司證券上市規則》第 13.10B條作出。 茲載列本公司於上海證券交易所網站刊發之《新天綠色能源股份有限公司第六屆董事會第 次臨時 會議決議公告》，僅供參閱。 承董事會命 新天綠色能源股份有限公司 譚建鑫 執行董事及總裁 中國河北省石家莊市，2025年8月27日 於本公告日期，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。 * 僅供識別 证券代码：600956 证券简称：新天绿能 公告编号： ...

重要内容提示： 新天绿色能源股份有限公司（以下简称"公司"）拟申请向特定对象发 行 H 股股票（以下简称"本次发行"或"本次交易"），河北建设投资集团有 限责任公司（以下简称"河北建投"）自行或其指定下属全资子公司（以下简称 "认购方"）拟以现金方式一次性全额认购公司本次发行的 H 股股票。 本次交易构成关联交易，但不构成重大资产重组。 证券代码：600956 证券简称：新天绿能 公告编号：2025-051 新天绿色能源股份有限公司 关于向特定对象发行 H 股股票暨关联交易的公告 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。 截至本次关联交易为止，除已经股东会审议通过的关联交易外，公司过 去 12 个月内与河北建投及其直接或者间接控制的公司发生的关联交易已达到公 司最近一期经审计净资产的 5%。本次发行相关议案已经公司第六届董事会第二 次临时会议审议通过，尚需提交股东会审议。 一、关联交易概述 2025 年 8 月 27 日，公司第六届董事会第二次临时会议审议通过了本次发行 相关的议案。本次向特定对象发行 H 股股票数量为 ...

Investment Rating - The report maintains a "Buy" rating for the company [2][17]. Core Insights - The company reported a revenue of 10.904 billion RMB for the first half of 2025, a year-on-year decrease of 10.16%, and a net profit attributable to shareholders of 1.412 billion RMB, down 1.23% year-on-year, slightly below expectations [7]. - The renewable energy segment showed growth with a power generation of 8.250 billion kWh, up 9.55% year-on-year, despite a decrease in national average wind power utilization hours [7]. - The natural gas segment faced challenges with sales volume dropping to 2.578 billion m³, a decline of 14.56% year-on-year, primarily due to warmer winter weather and weak commercial demand [7]. - The company is expanding its LNG project and has plans to launch new products in the second half of 2025, which may enhance profitability in the long term [7]. - Cash flow improved significantly, with operating cash flow increasing by 47.03% to 3.082 billion RMB, supporting a stable dividend payout [7]. Financial Data and Earnings Forecast - Revenue projections for 2023 to 2027 are as follows: 20.282 billion RMB (2023), 21.372 billion RMB (2024), 20.994 billion RMB (2025E), 24.447 billion RMB (2026E), and 27.329 billion RMB (2027E) [6][8]. - Net profit forecasts for the same period are: 2.207 billion RMB (2023), 1.672 billion RMB (2024), 2.767 billion RMB (2025E), 3.022 billion RMB (2026E), and 3.460 billion RMB (2027E) [6][8]. - The company’s price-to-earnings (PE) ratios for 2025 to 2027 are projected at 5.9, 5.4, and 4.7 respectively, indicating potential value [7].