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通告的內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示，概不對因本通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） 2024年度股東週年大會通告 茲通告，新天綠色能源股份有限公司（「本公司」）將於2025年6月27日（星期五）上午9時30分於中國河 北省石家莊市雲瑞國賓酒店五樓會議室舉行2024年度股東週年大會（「股東週年大會」），以審議及批 准下列事項： 作為特別決議案 1. 關於授權董事會行使發行股份的一般性授權的議案 關於本公司授予董事會一般授權，以配發、發行及處理不超過本公司已發行A股總股數20%及已 發行H股總股數20%的新增A股及H股，並授權董事會對本公司章程作出其認為適當之修訂，以 反映根據該授權而配發或發行股份後的新股本結構： 「動議： (B) 授權董事會對本公司章程作出有關必要修訂，以反映按本決議案(A)段(a ...

Core Insights - The article highlights the top and bottom AH share premium rates, indicating significant disparities among various companies in the market [1][2][3] Group 1: Top AH Share Premium Rates - Northeast Electric (00042) leads with a premium rate of 1020.33%, followed by Andeli Juice (02218) at 341.81% and Chenming Paper (01812) at 263.08% [1][2] - The top three companies with the highest deviation values are Andeli Juice (44.30%), Northeast Electric (39.74%), and Qingdao Bank (11.69%) [1][2] Group 2: Bottom AH Share Premium Rates - The companies with the lowest AH share premium rates include Ningde Times (03750) at -1.48%, China Merchants Bank (03968) at 6.19%, and BYD Company (01211) at 6.45% [1][2] - The bottom three companies with the lowest deviation values are Zhejiang Shibao (-77.86%), China Shipbuilding Defense (-38.64%), and Junshi Biosciences (-32.19%) [1][3] Group 3: Additional Insights on Premium and Deviation - The top ten AH stocks by premium rate also include Sinopec Oilfield Service (01033) at 261.90% and Fudan Zhangjiang (01349) at 239.41% [2] - The bottom ten AH stocks by premium rate feature WuXi AppTec (02359) at 9.53% and Chifeng Gold (06693) at 12.81% [2][3]

Summary of Conference Call Records Industry Overview - The conference call discusses the electricity market in China, particularly focusing on the implementation of the New Energy 136 Document and the acceleration of the spot market, which signifies a shift towards market-oriented electricity pricing [1][1]. Key Points and Arguments - The New Energy 136 Document, effective from June 1, marks a significant step in the marketization of the electricity sector, particularly for new energy sources, which now account for the second-largest share of electricity generation [1][1]. - Over ten provinces have begun long-cycle trial operations of the electricity spot market this year, enhancing the supply-demand relationship in electricity pricing [1][1]. - The introduction of the spot market has led to increased price volatility, with some pilot provinces like Shandong and Shanxi experiencing intraday price fluctuations exceeding 50% [2][2]. - As renewable energy capacity continues to grow, it is expected that more trading cycles will be dominated by renewable sources, which will lower overall price levels. However, traditional thermal power will still play a crucial role during periods of insufficient renewable output, maintaining higher prices during those times [3][3]. - The volatility in price curves is leading to a compression of trading cycles, pushing for weekly, multi-day, and even daily trading to become mainstream [4][4]. - The comprehensive electricity price for thermal power has risen during periods of declining coal prices, indicating a shift towards a model where thermal power is not just about generation but also about price regulation [4][4]. Recommendations - The report recommends focusing on national comprehensive power companies and northern thermal power companies with performance elasticity, such as: - Jintou Energy - Datang Power (H) - Huaneng International (H+A) - Huadian International (H+A) - Continued recommendations for Waneng Power, Sheneng Co., Huaneng Hydropower, and Guodian Power [4][4]. - For green energy, companies like Xintian Green Energy, Datang New Energy, and Longyuan Power (H) are highlighted. - In the hydropower sector, recommended companies include Yangtze Power, Chuan Investment Energy, Guotou Power, and Huaneng Hydropower [4][4]. Risks - The report outlines several risks associated with the marketization of electricity trading, including: - Price volatility risks due to market fluctuations - Risks from variations in wind and water resources - Significant increases in thermal coal prices - Delays in resource approval for new energy projects - Risks from macroeconomic downturns affecting electricity demand [4][4].

Short-term Outlook - In 2024, the company's performance is under pressure due to factors such as warm winter affecting gas supply, lower-than-expected wind resources, and asset impairment impacting earnings [1] - For 2025, the company has a net profit target of approximately 2.8 billion yuan under the stock incentive plan, with potential earnings growth driven by normalized wind utilization hours and improved asset impairment [1] Mid to Long-term Outlook - The company holds a significant first-mover advantage in the offshore wind sector, having secured 1 million kilowatts out of the 1.8 million kilowatts planned for Hebei Province [2] - The development of the marine economy and supportive policies across multiple provinces are expected to benefit the offshore wind sector, positioning it for high growth [2] - The tight electricity supply-demand balance in Hebei Province suggests optimistic long-term project profitability for offshore wind projects [2] - The company has a robust project reserve, including approximately 3 GW of gas units and 1 GW of offshore wind projects under construction, which supports long-term growth [2] Dividend and Valuation - The company is projected to have a dividend payout ratio of approximately 52.81% in 2024, with a potential dividend yield reaching nearly 9%, enhancing shareholder confidence [3] - Profit forecasts for 2025-2027 estimate net profits of 2.4 billion, 3.1 billion, and 3.5 billion yuan, reflecting year-on-year growth rates of 46.0%, 26.8%, and 13.3% respectively [3] - The company is assigned a target price of 6.2 HKD, representing an upside of approximately 48% from the current price, with a "strong buy" rating for its Hong Kong stock [3]

Investment Rating - The report assigns a "Strong Buy" rating for Xintian Green Energy (00956.HK) with a target price of HKD 6.2, representing a potential upside of approximately 48% from the current price of HKD 4.2 [2][11]. Core Views - The report emphasizes the company's first-mover advantage in the offshore wind sector in Hebei and its potential for growth amid the rising marine economy. It highlights the company's high dividend yield and the attractiveness of its stock in the Hong Kong market [5][6][10]. Financial Performance Summary - **2024A Financials**: Total revenue is projected at HKD 21,372 million, with a year-on-year growth of 5.38%. Net profit attributable to shareholders is expected to be HKD 1,661 million, reflecting a decline of 22.90% [1]. - **2025E Financials**: Revenue is forecasted to increase to HKD 25,564 million, a growth of 19.61%, with net profit rising to HKD 2,425 million, a growth of 46.01% [1]. - **2026E Financials**: Expected revenue of HKD 30,621 million, with a growth of 19.78%, and net profit of HKD 3,073 million, a growth of 26.76% [1]. - **2027E Financials**: Revenue projected at HKD 39,931 million, with a significant growth of 30.40%, and net profit of HKD 3,481 million, a growth of 13.26% [1]. Short-term Outlook - The company faced performance pressure in 2024 due to unfavorable weather conditions and asset impairments. However, the stock option incentive plan is expected to drive optimism for 2025, with a net profit target of approximately HKD 2.8 billion [7][47]. Long-term Growth Potential - The company holds a significant first-mover advantage in offshore wind projects in Hebei, having secured 1 million kW of the 1.8 million kW planned for the province. The marine economy's growth is anticipated to benefit the company significantly [8][59]. - The company has a robust project reserve, including approximately 3 GW of gas-fired power and 1 GW of offshore wind projects under construction, which supports long-term growth [9][10]. Dividend Yield - The report projects a dividend payout ratio of approximately 52.81% for 2024, with a potential dividend yield reaching nearly 9% under optimistic scenarios, making it attractive for investors [10][30].

Core Viewpoint - The company focuses on clean energy, particularly natural gas sales and wind power generation, with significant installed capacity and a diverse project portfolio across multiple regions in China [1][2]. Group 1: Wind Power - As of the end of 2024, the company has a controlling installed capacity of 6.5874 million kW and an equity capacity of 6.1792 million kW, indicating substantial scale [1]. - The company benefits from favorable market conditions in Hebei, with a projected wind power generation volume share of 71.43% in 2024, and a stable average on-grid electricity price of 0.43 yuan/kWh in Q1 2025 [1][2]. - The company is expanding its offshore wind power projects, with 964,400 kW under construction and 4,309,900 kW of approved but unstarted projects, including significant projects in Qinhuangdao [2]. Group 2: Natural Gas - The natural gas segment faces short-term pressure, with total gas transmission/sales expected to reach 5.888 billion cubic meters in 2024, a year-on-year increase of 15.13%, but with a notable decline in Q4 [2][3]. - The LNG terminal project is progressing well, with the first phase completed and the second phase expected to enhance capacity significantly, aiming for a total unloading capacity of 10 million tons/year [3]. - The natural gas segment's revenue is projected at 15.004 billion yuan in 2024, with a gross profit of 528 million yuan, reflecting a significant decline in profitability [2][3]. Group 3: Financial Projections - The company forecasts revenues of 22.407 billion yuan, 24.034 billion yuan, and 26.960 billion yuan for 2025-2027, with year-on-year growth rates of 4.84%, 7.26%, and 12.17% respectively [3]. - Expected net profits for the same period are 2.549 billion yuan, 2.516 billion yuan, and 2.990 billion yuan, with significant growth in 2025 followed by a slight decline in 2026 [3]. - The company’s target market values for the natural gas and wind power segments are estimated at 7.030 billion HKD and 15.946 billion HKD, respectively, leading to a combined target price of 5.46 HKD per share [3].

Investment Rating - The report assigns a "Buy" rating for the company with a target price of 5.46 HKD per share, based on a comprehensive valuation of its business segments [5][74]. Core Views - The company operates as a clean energy platform in Hebei, focusing on natural gas sales and wind power generation, with significant installed capacity and a diverse project portfolio across multiple provinces [12][21]. - The company's performance is expected to recover in 2025, with a projected net profit of 25.49 billion HKD, reflecting a substantial increase of 52.40% compared to the previous year [73]. Summary by Sections 1. Company Overview - The company is a leading clean energy developer in North China, established in 2010, focusing on integrating natural gas and renewable energy assets [12][18]. 2. Wind Power - The company has a significant installed wind power capacity of 6.5874 million kW, with a focus on projects in Hebei and surrounding regions [21][48]. - The average on-grid electricity price for Q1 2025 is 0.43 CNY per kWh, maintaining stability compared to the previous year [50]. - The company is actively developing offshore wind projects, with a total of 2 million kW capacity under approval [55]. 3. Natural Gas - The total gas transmission and sales volume for 2024 is projected to be 5.888 billion cubic meters, showing a year-on-year increase of 15.13% [59]. - The LNG terminal project is expected to enhance revenue, with the first phase already operational and the second phase progressing well [63][64]. - The company completed LNG sales of approximately 1.123 billion cubic meters in 2024, indicating significant growth potential [64]. 4. Profit Forecast and Valuation - The company is expected to achieve revenues of 22.407 billion, 24.034 billion, and 26.960 billion HKD from 2025 to 2027, with corresponding net profits of 2.549 billion, 2.516 billion, and 2.990 billion HKD [73]. - The target market values for the natural gas and wind power segments are estimated at 7.030 billion HKD and 15.946 billion HKD, respectively, leading to a combined market value of 22.976 billion HKD [74].

Investment Rating - The report assigns a "Buy" rating for the company with a target price of 5.46 HKD per share, based on a comprehensive valuation of its natural gas and wind power segments [5][74]. Core Insights - The company operates as a clean energy platform in Hebei, focusing on natural gas sales and wind power generation, with significant installed capacity and a diverse project portfolio across multiple provinces [12][21]. - The company's wind power segment is expected to benefit from favorable market conditions and a strong project pipeline, particularly in offshore wind projects [2][52]. - The natural gas segment faces short-term challenges but has potential for growth with the upcoming commissioning of the second phase of the LNG terminal [3][63]. Summary by Sections 1. Company Overview - The company is a leading clean energy developer in North China, established in 2010, focusing on integrating natural gas and renewable energy assets [12][18]. 2. Wind Power - The company has a substantial wind power capacity of 6.5874 million kW, with a focus on projects in Hebei and a strong market position due to favorable trading policies [2][21]. - The average on-grid electricity price for Q1 2025 is 0.43 CNY/kWh, maintaining stability compared to the previous year, with a market transaction volume ratio of 44.71% [50][48]. - The company has a robust project pipeline, including 430.99 million kW of approved but unconstructed projects, with a significant focus on offshore wind development [52][55]. 3. Natural Gas - The total gas transmission and sales volume for 2024 is projected at 5.888 billion cubic meters, reflecting a 15.13% year-on-year increase, although Q4 2024 shows a decline of 24.43% [3][59]. - The LNG terminal project is progressing, with the first phase operational and the second phase expected to enhance capacity significantly, targeting a total unloading capacity of 10 million tons per year [63][64]. - The natural gas segment's revenue for 2024 is estimated at 15.004 billion CNY, with a gross profit margin of 3.52%, indicating pressure on profitability [3][59]. 4. Profit Forecast and Valuation - The company is expected to achieve revenues of 22.407 billion CNY, 24.034 billion CNY, and 26.960 billion CNY for 2025-2027, with corresponding net profits of 2.549 billion CNY, 2.516 billion CNY, and 2.990 billion CNY [73][74]. - The target market values for the natural gas and wind power segments are estimated at 7.030 billion HKD and 15.946 billion HKD, respectively, leading to a combined market value of 22.976 billion HKD [74][76].

Investment Rating - The report maintains an "Overweight" rating for the electricity sector [1]. Core Viewpoints - In April, the national electricity consumption increased by 4.7%, with a cumulative growth of 3.1% from January to April [8][14]. - The electricity demand from the first and third industries shows resilience, while the second industry experiences weakness [14]. - The supply side saw a 0.9% year-on-year increase in electricity generation in April, with significant growth in renewable energy sources [30][33]. Summary by Sections Demand Side - From January to April, the total electricity consumption reached 31,566 billion kWh, with April alone accounting for 7,721 billion kWh [8]. - The first industry saw a 10.0% increase in electricity consumption, the second industry grew by 2.3%, and the third industry increased by 6.0% [14][13]. - In April, the first, second, and third industries' electricity consumption growth rates were 13.8%, 3.0%, and 9.0%, respectively, while residential electricity consumption grew by 7.0% [14]. Supply Side - In April, the total electricity generation was 7,111 billion kWh, marking a 0.9% year-on-year increase [30]. - The growth rates for different energy sources in April were as follows: wind power increased by 12.7%, solar power by 16.7%, nuclear power by 12.4%, while hydropower decreased by 6.5% and thermal power fell by 2.3% [33]. Investment Recommendations - The report suggests increasing allocation to the electricity sector due to favorable fundamentals and market catalysts as summer approaches [53]. - For thermal power, the report highlights the potential for improved profitability due to falling coal prices, recommending companies like Huadian International and Huaneng International [55]. - In the green energy sector, the report recommends focusing on wind power operators and undervalued green energy stocks, such as Xintian Green Energy and Longyuan Power [55]. - For hydropower and nuclear power, the report suggests monitoring companies like China National Nuclear Power and China General Nuclear Power [55].

Core Insights - The top three companies with the highest short positions are WuXi AppTec (02359), Vanke Enterprises (02202), and Ganfeng Lithium (01772) with short ratios of 16.40%, 14.71%, and 13.17% respectively [1][2] - The company with the largest increase in short positions is Vanke Enterprises (02202), which saw an increase of 1.37% from the previous report [1][2] - Ganfeng Lithium (01772) experienced the largest decrease in short positions, with a reduction of 0.88% [1][3] Short Position Summary - **Top 3 Companies by Short Ratio** - WuXi AppTec (02359): 6,349.45 million shares, 16.40% [2] - Vanke Enterprises (02202): 325 million shares, 14.71% [2] - Ganfeng Lithium (01772): 5,313.62 million shares, 13.17% [2] - **Companies with Largest Increase in Short Positions** - Vanke Enterprises (02202): Increased from 13.34% to 14.71% [2] - COSCO Shipping Holdings (01919): Increased from 12.27% to 13.14% [2] - Yao Cai Securities (01428): Increased from 1.28% to 2.09% [2] - **Companies with Largest Decrease in Short Positions** - Ganfeng Lithium (01772): Decreased from 14.05% to 13.17% [3] - Horizon Robotics-W (09660): Decreased from 1.87% to 1.02% [3] - Hisense Home Appliances (00921): Decreased from 10.94% to 10.14% [3]