（於中華人民共和國註冊成立的股份有限公司） 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 （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關於召開2024年第三季度業 績說明會的公告》，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，2024年10月28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、秦剛先生及王濤先生；本公司執行董 事為譚建鑫先生及梅春曉先生；以及本公司獨立非執行董事為郭英軍先生、陳奕斌先生及林濤博 士。 * 僅供識別 证券代码：600956 证券简称：新天绿能 公告编号：2024-06 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [3][5][8]. Core Views - The company is a leading clean energy enterprise in North China, driven by both wind power and natural gas, with a strong cash flow supporting steady asset growth [3][10]. - The company achieved revenue of CNY 20.282 billion and a net profit of CNY 2.207 billion in 2023, with wind and solar contributing approximately two-thirds of net profit and natural gas contributing about 26% [3][18]. - The report highlights the company's strong cash flow generation capabilities, with operating cash flow at CNY 4.852 billion, which is 1.77 times the net profit, indicating a robust cash creation ability [4][23]. Summary by Sections 1. Wind and Natural Gas Dual-Drive - The company has established a dual-drive business structure focusing on wind and natural gas, with significant growth in installed capacity [16][17]. - As of the end of 2023, the company had a wind power installed capacity of 6,293.75 MW and solar capacity of 126.12 MW, with a compound annual growth rate of 16.5% since 2010 [18][32]. 2. Wind Power: Superior Asset Quality - The company benefits from high-quality wind resources, with an average utilization hour of 2,419 hours in 2023, outperforming the national average [32][34]. - The report notes that the company's wind power and solar segments have a net profit compound annual growth rate of 17.8% from 2010 to 2023 [32][38]. 3. Natural Gas: LNG Supports Sales Growth - The company has diversified its natural gas operations, enhancing its sales structure and profitability through the Tangshan LNG project [3][10]. - In 2023, the company achieved a gas sales volume of 4.503 billion cubic meters, with revenue from natural gas sales reaching CNY 14.027 billion [18][30]. 4. Profit Forecast and Valuation - The report forecasts net profits of CNY 2.38 billion, CNY 3.07 billion, and CNY 3.41 billion for 2024, 2025, and 2026, respectively, with growth rates of 7.8%, 29.0%, and 11.1% [5][8]. - The intrinsic value of the company is estimated at approximately HKD 27.4 billion, indicating a potential upside of about 49% from the current market value [5][8]. 5. Cash Flow Generation - The company demonstrates strong cash flow generation, with a net cash creation ability of approximately CNY 4.75 billion in 2023, covering 77% of its capital expenditures [4][23]. - The report emphasizes that the high depreciation and amortization costs primarily from wind power operations do not reflect the true cash generation capacity of the company [4][25].

Financial Performance - The company reported a total power generation of 1,200 GWh for the first half of 2024, representing a 15% increase compared to the same period last year[6]. - The company's operating revenue for the first half of the year reached ¥12,137,162,312.65, representing a 20.80% increase compared to ¥10,047,361,793.42 in the same period last year[14]. - Net profit attributable to shareholders was ¥1,429,607,248.17, showing a slight decrease of 0.62% from ¥1,438,596,728.65 year-on-year[14]. - The net cash flow from operating activities increased by 14.63% to ¥2,096,087,747.38, compared to ¥1,828,546,420.15 in the previous year[14]. - Total assets at the end of the reporting period were ¥81,774,294,311.91, a 3.49% increase from ¥79,016,593,096.75 at the end of the previous year[15]. - The net assets attributable to shareholders decreased by 2.11% to ¥21,415,054,297.89 from ¥21,876,733,637.92 at the end of the previous year[15]. - Basic earnings per share remained stable at ¥0.34, unchanged from the same period last year[16]. - The weighted average return on net assets decreased by 0.48 percentage points to 6.57% from 7.05% year-on-year[16]. - The net profit for the reporting period was RMB 1.68 billion, a year-on-year decrease of 1.89%, with the wind and solar segments reporting a net profit of RMB 1.20 billion, down 9.98% due to a reduction in average utilization hours[53]. - The company reported a net cash increase of RMB 709 million in cash and cash equivalents, with a net current liability of RMB 6.77 billion as of June 30, 2024[57]. Operational Highlights - The installed capacity reached 2,500 MW, with an average utilization rate of 85%, indicating a strong operational performance[6]. - Future operational plans include the development of three new renewable energy projects, expected to contribute an additional 300 MW by 2026[6]. - The company is actively promoting the development of large-scale wind and solar energy bases, with over 45 million kW already connected to the grid and more than 50 million kW approved for construction[22]. - The offshore wind power development plan in Hebei aims to achieve a cumulative installed capacity of 5 million kW by 2027, supported by government initiatives[23]. - The company is focusing on pumped storage and new energy storage as critical supports for the new power system, with policies enhancing profitability for independent storage projects[24]. - The company is advancing distributed wind power projects, targeting the construction of wind power in 10,000 administrative villages across rural areas[25]. - The company operates as a leading renewable and clean energy developer in North China, leveraging rich local resources and extensive project management experience[29]. - The company's renewable energy business primarily involves the construction and operation of wind farms and photovoltaic power stations, as well as electricity sales to downstream grid customers[30]. Market Expansion and Strategy - The company plans to expand its market presence by entering two new provinces, aiming for a 20% increase in market share by the end of 2025[6]. - Future guidance indicates a focus on sustainable energy solutions and potential mergers and acquisitions to strengthen market position[1]. - The company is actively pursuing technological innovation and digital transformation to enhance operational efficiency and reduce costs[37]. - The company is committed to optimizing resource combinations and expanding market reach in response to increased competition from upstream suppliers in the natural gas sector[83]. Financial Management and Governance - The financial report for the first half of 2024 is unaudited, ensuring transparency in financial disclosures[3]. - The company maintains a strong governance structure, with all board members present during the meeting[3]. - The company has outlined potential risks in its management discussion, emphasizing the importance of investor awareness[3]. - The company has established a robust internal control system to safeguard assets and protect shareholder interests, which has been effectively operating in financial, operational, compliance, and risk management areas[119]. - The audit committee reviewed the company's financial reporting procedures and internal controls, affirming that the accounting policies used are appropriate and sufficient disclosures have been made[123]. Risks and Challenges - The company faces risks related to wind resource uncertainty, with potential wind speed decreases in 2024 compared to 2023[78]. - The company anticipates that power output limitations may worsen in areas with concentrated wind and solar resources due to lagging grid construction[79]. - The company is closely monitoring interest rate changes, as they significantly impact capital costs for wind and natural gas project investments[85]. - The company faces exchange rate fluctuation risks due to LNG imports being settled in USD while domestic sales are generally settled in RMB, leading to uncertainty in procurement costs[86]. Environmental and Social Responsibility - The company strictly adheres to national and local environmental protection laws and regulations, implementing a comprehensive management approach for environmental protection across all business segments[128]. - The company has established emergency response plans for environmental incidents and has signed agreements for the collection, transportation, and disposal of hazardous waste[126]. - The company is actively involved in rural revitalization efforts, providing assistance to impoverished villages and monitoring poverty risks through a "monthly visit, quarterly monitoring" system[130]. - The company has implemented measures to reduce carbon emissions by strictly following standardized operating procedures to prevent equipment leaks and failures[129]. Shareholder and Incentive Plans - The company has proposed a three-year dividend return plan for shareholders from 2024 to 2026[115]. - The company has received approval for its 2023 A-share restricted stock incentive plan from the Hebei Provincial Government[94]. - The total number of restricted shares granted represents approximately 0.44% of the company's total share capital of 4,187.0931 million shares[99]. - The incentive plan aims to align the interests of shareholders, the company, and management to promote long-term development[97]. - The performance assessment for the first unlock period requires a revenue growth rate of no less than 25.44% in 2024 compared to 2022, and earnings per share must be at least RMB 0.60[105]. Debt and Financing - The company's total borrowings as of June 30, 2024, were RMB 40.98 billion, an increase of RMB 3.07 billion from the end of 2023[60]. - The asset-liability ratio increased to 67.67% as of June 30, 2024, up from 66.16% at the end of 2023, primarily due to increased external financing[62]. - The company has received a total bank credit line of RMB 113.82 billion, with RMB 38.19 billion utilized[57]. - The company has not reported any changes or termination of fundraising projects during the reporting period[163].

证 券 研 究 报 告 | --- | --- | |-----------------------------|--------------------------------------------------------------------------------------| | 即时点评 | 天然气售气量强劲增长，积极扩充风资源储备 | | 新天绿色能源（ 0956 HK ） | 2024-08-29 星期四 | | | 事件： | | | 截至 2024 年 6 月 30 日止六个月， 公司营业收入为人民币 121.37 亿元， | | | 较去年同期增长 20.8% ；归属于上市公司股东的净利润为人民币 14.30 | | | 亿元，较去年同期下降 0.62% ；及基本每股收益为人民币 0.34 元。 | | 相关报告 | 点评观点： | | | ➢ 上半年天然气业务盈利表现良好： | | | 上半年，公司实现净利润 16.82 亿元，同比下降 1.89% ；其中天然气 | | | 业务实现净利润 4.49 亿元，同比增长 44.98% ；新能源业务实现净利 | | | 润 11.64 亿元 ...

Financial Performance - The operating revenue for the six months ended June 30, 2024, was RMB 12.137 billion, an increase of 20.8% compared to the same period last year[2]. - The net profit attributable to shareholders for the same period was RMB 1.430 billion, a decrease of 0.62% year-on-year[2]. - The basic earnings per share for the reporting period was RMB 0.34[2]. - The company's total operating revenue for the first half of 2024 was RMB 12.14 billion, representing a year-on-year increase of 20.8%, primarily due to increased natural gas sales volume[37]. - Net profit for the reporting period was RMB 1.68 billion, a decrease of 1.89% year-on-year, with the wind and solar segments contributing RMB 1.20 billion, down 9.98% due to reduced average utilization hours[38]. - The company reported a total comprehensive income of CNY 1,681,623,523.52 for the six months ended June 30, 2024, down 1.9% from CNY 1,714,046,776.07 in the same period last year[102]. - The company reported a profit of RMB 544.73 million from the natural gas segment and RMB 1.43 billion from the wind and solar segment for the six months ended June 30, 2024[183]. Revenue Sources - Revenue from the natural gas segment for the six months ended June 30, 2024, was RMB 8.88 billion, while the wind and solar segment generated RMB 3.26 billion, contributing to total revenue of RMB 12.14 billion[183]. - The total revenue for the six months ended June 30, 2024, was RMB 39,980,952.05, a significant increase from RMB 28,114,134.85 for the same period in 2023, representing an increase of approximately 42.5%[110]. - Natural gas sales revenue for the six months ending June 30, 2023, was approximately $6.52 billion, while wind and solar power revenue was about $3.39 billion[158]. Operational Highlights - The company is actively promoting the development of large-scale wind and solar energy bases, with over 45 million kW already connected to the grid and more than 50 million kW approved for construction[4]. - The offshore wind energy development plan in Hebei aims to achieve a cumulative installed capacity of 5 million kW by 2027[5]. - The company added 64.5 MW of new wind power capacity, bringing the total controlled capacity to 6,358.25 MW and the total managed capacity to 6,618.85 MW[25]. - The total gas sales volume reached 3.393 billion cubic meters, an increase of 42.27% year-on-year, with retail gas sales up 16.10% to 1.059 billion cubic meters[27]. Cost and Expenses - The operating cost for the same period was RMB 9.45 billion, up 30.06% year-on-year, mainly driven by higher natural gas purchase volumes[37]. - Management expenses increased by 12.37% year-on-year to RMB 2.99 billion, attributed to higher repair costs, intangible asset amortization, and employee compensation[49]. - R&D expenses decreased by 12.25% year-on-year to RMB 1.61 billion, primarily due to reduced depreciation and amortization costs[50]. - Total management expenses for the six months ended June 30, 2024, amounted to approximately $299.12 million, an increase of 12.4% compared to $266.19 million for the same period in 2023[167]. Debt and Financing - The company has a total of RMB 40.98 billion in short-term and long-term borrowings, an increase of RMB 3.07 billion compared to the end of 2023[45]. - The debt-to-asset ratio as of June 30, 2024, was 67.67%, up 1.51 percentage points from 66.16% at the end of 2023[46]. - The company's interest-bearing debt decreased from RMB 41.01 billion at the beginning of the reporting period to RMB 37.69 billion at the end, representing a year-on-year change of -8.09%[83]. - The total amount of interest-bearing debt due within 6 months was RMB 1.62 billion, accounting for 4.29% of total interest-bearing debt[84]. Market and Strategic Initiatives - The company aims to expand its market presence by developing untapped provinces and enhancing its competitive advantages in North China[20]. - The company plans to explore gas power plant projects and expand its market share through partnerships and acquisitions in the natural gas sector[21]. - The company plans to continue expanding its renewable energy portfolio and exploring new market opportunities in the upcoming quarters[116]. - The company aims to accelerate the approval process for key renewable energy projects, including offshore wind power projects in Tangshan, to ensure early completion and market entry[72]. Environmental and Social Governance (ESG) - The company has a strong focus on ESG issues, having started reporting on these topics since 2014 and implementing a comprehensive risk management system[21]. - The company is committed to sustainable development, emphasizing environmental protection and rural revitalization initiatives[21]. Cash Flow and Liquidity - The company achieved a cash flow from operating activities of RMB 2.10 billion, an increase of 14.63% year-on-year[48]. - The company reported cash outflows from operating activities totaling RMB 163,128,746.04 for the six months ended June 30, 2024, compared to RMB 1,129,386,279.19 in the same period of 2023[111]. - The total cash and cash equivalents amounted to RMB 4.120 billion as of June 30, 2024, an increase from RMB 3.420 billion as of December 31, 2023[123]. Risks and Challenges - The wind power generation decreased to 7.444 billion kWh, a year-on-year decline of 3.57%[24]. - The natural gas business faces risks related to pipeline transportation fees and urban gas charges, necessitating the need to seize opportunities from clean energy policies[64]. - The renewable energy sector is facing challenges such as the risk of inter-annual fluctuations in wind resources and potential power restrictions due to lagging grid construction[59][60].

Financial Performance - The company reported a net profit margin of 12% for the first half of 2024, compared to 10% in the same period last year[11]. - The company's operating revenue for the first half of 2024 was CNY 12,137,162,312.65, representing a 20.80% increase compared to CNY 10,047,361,793.42 in the same period last year[18]. - The net profit attributable to shareholders of the listed company was CNY 1,429,607,248.17, a slight decrease of 0.62% from CNY 1,438,596,728.65 in the previous year[18]. - The net cash flow from operating activities increased by 14.63% to CNY 2,096,087,747.38, compared to CNY 1,828,546,420.15 in the same period last year[18]. - The company's revenue for the first half of 2024 was RMB 12.14 billion, representing a year-on-year increase of 20.8% due to higher natural gas sales volume[38]. - The net profit for the period was RMB 1.68 billion, a decrease of 1.89% compared to the previous year[39]. - The company reported a total revenue of 3.11 billion yuan from the auction of assets related to the bankruptcy of Hebei Yuanhua Glass Co., Ltd.[105]. - The total comprehensive income attributable to the parent company for the first half of 2024 was ¥1,429,607,248.17, slightly down from ¥1,438,596,728.65 in the same period of 2023, reflecting a decrease of about 0.6%[190]. Market Expansion and Strategy - The company plans to expand its market presence by entering three new provinces in China by the end of 2024, aiming for a 20% increase in market share[11]. - The company is focused on expanding its market presence and enhancing its green energy initiatives in line with national policies during the "14th Five-Year Plan" period[24]. - The company aims to maximize its interests through active participation in market-based electricity trading as the scale of market transactions expands[28]. - The company is actively pursuing internationalization strategies to enhance operational levels and capitalize on external growth opportunities[86]. Research and Development - The company has allocated RMB 200 million for research and development in renewable energy technologies for the fiscal year 2024[11]. - New product development includes the introduction of advanced solar panels expected to increase efficiency by 10%, with a projected launch in Q4 2024[11]. - The company is actively pursuing technology innovation and digital transformation to enhance operational efficiency and management capabilities[31]. Financial Position and Liquidity - The company has maintained a strong cash position with RMB 500 million in cash reserves as of June 30, 2024, ensuring liquidity for upcoming projects[11]. - The company's total borrowings as of June 30, 2024, amounted to RMB 40.98 billion, an increase of RMB 3.07 billion from the end of 2023[43]. - The asset-liability ratio increased to 67.67%, up from 66.16% at the end of 2023, mainly due to increased external financing[43]. - The company's cash and cash equivalents increased by RMB 709 million during the reporting period, with a net cash flow from operating activities of RMB 2.10 billion[41]. Natural Gas Operations - The company’s total natural gas sales volume reached 3.393 billion cubic meters, an increase of 42.27% year-on-year, with retail sales volume rising by 16.10% to 1.059 billion cubic meters[35]. - The natural gas segment achieved a net profit of RMB 449 million, a significant increase of 44.84% year-on-year, attributed to higher gross margins and sales volume[39]. - The company operates LNG receiving stations, providing essential services such as unloading, storage, and gasification, which are crucial for the natural gas supply chain[29]. - The company has established a comprehensive natural gas production, supply, storage, and sales system, enhancing resource diversification and pipeline construction[31]. Risk Management - The company has identified potential risks related to regulatory changes in the energy sector, which could impact future operations[11]. - The company will strengthen safety system construction and implement a comprehensive risk management framework[64]. - The company plans to closely monitor national monetary policy and broaden financing channels to ensure a stable capital chain[63]. Corporate Governance and Management - The company has established a modern corporate governance structure, adhering to the Corporate Governance Code and relevant regulations[81]. - The company appointed a new president, while several senior management personnel, including the chief accountant, left their positions[67][68]. - The company has implemented a performance evaluation system for incentive stock, with a release ratio of 100% for excellent performance and 70% for qualified performance[76]. - The company held 8 board meetings and 2 audit committee meetings during the reporting period, ensuring active participation from all directors[83]. Environmental and Social Responsibility - The company has established an ecological environment protection leadership group to oversee environmental protection efforts, ensuring compliance with national and local regulations[95]. - The company has implemented measures to reduce carbon emissions through standardized equipment operation and maintenance processes[96]. - The company is actively involved in rural revitalization efforts, including agricultural development and poverty alleviation initiatives in Le Guo Village[97]. Shareholder Information - The top shareholder, Hebei Construction Investment Group Co., Ltd., holds 2,058,841,253 shares, representing 48.95% of the total shares[145]. - The company has 18,600,000 restricted shares under the 2023 A-share incentive plan, all of which are still under lock-up[143]. - The company plans to unlock 182,685,253 restricted shares held by Hebei Construction Investment Group on January 6, 2025, after a 36-month lock-up period[150]. - The total number of shares increased from 4,187,093,073 to 4,205,693,073 shares due to the granting of 18.6 million restricted A shares[142].

新天绿色能源（956 HK） | 2024 年 7 月 30 日 香港股市 | 新能源 | 风电及天然气 新天绿色能源（956 HK） 上半年风电发电量下跌，但天然气销量胜预期 1H24 风电发电量同比下跌 3.6% 因为风资源受压，1H24 风电发电量同比下跌 3.6%至 7,444GWh。按季度，第二季发电量 同比下跌 7.96%，第一季同比上升 0.4%。我们预计 FY24-26 风电发电量分别同比上升 5.6%、15.2%、20.6%至 14,867GWh、17,128GWh、20,656GWh。 1H24 天然气销量同比增长 46.5% 由于需求多于预期，1H24 公司天然气销量同比增长 46.5%至 30.2 亿立方米，其中批发及 零售量分别同比上升 10.6%及 16.1%至 12.3 亿立方米及 10.6 亿立方米。基于去年 6 月唐 山 LNG 项目一期投运后日渐顺利，LNG 气量同比增长 27,186.0%至 6.9 亿立方米。按季 度，第二季天然气销量同比上升 62.6%，增幅高于第一季的 39.4%。我们预计公司 FY24- 26 天然气销量分别同比增长 34.3%、18.2%、10. ...

各位嘉宾大家好今天欢迎来到新疆绿色能源的投资交流会那么首先我来介绍一下公司参会的嘉宾首先第一位是公司副总裁董事会秘书班泽峰第二位是公司资本运营与投资者关系部主任张芳芳非常欢迎大家今天一起来进行交流那么首先由我代表公司为各位投资者介绍一下公司2024年一季度的整体经营业绩情况 首先呢2024年公司一季度实现了控股发电量41.17亿千瓦时同比增长了0.27%那么其中风电的发电量是40.78亿千瓦时同比增长0.36% 第一季度公司新能源板块的平均电价为四毛三较上年同期的四毛四下降了一分钱公司的上网电量为40.22亿千瓦时其中市场化交易电量是14.35亿千瓦时占当期上网电量的35.67%较上年同期增加了3.59个百分点 那么对于TNT我来说截至到2024年的3月31日公司共完成了总的出售气量是22.3亿立方米同比增加了33.86%其中代出气量是2.43亿立方米同比增加130%售气量是19.87亿方同比增加39.35% 那么售期量其中包括了批发售期量为9.66亿方同比增加10.58%零售期量是6.38亿方增加20.12%LNG售期量是3.63亿方那么因为这个LNG项目的投产跟去年同比增加了可以说是有显著的增加 那么针对 ...

Summary of the Conference Call Company Overview - The conference call was held for Xinjiang Green Energy, featuring key executives including Vice President and Board Secretary Ban Zefeng and Director of Capital Operations and Investor Relations Zhang Fangfang [1] Key Points - The company provided an overview of its operational performance for the first quarter of 2024, indicating a focus on transparency and engagement with investors [1] Additional Important Content - The presence of senior management suggests a commitment to investor relations and a proactive approach to addressing stakeholder concerns [1]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 4.52, indicating a potential upside of 23% from the current price of HKD 3.66 [7][13]. Core Insights - The company reported a revenue of RMB 79.07 billion for Q1 2024, a year-on-year increase of 20.55%, while the net profit attributable to shareholders was RMB 8.32 billion, a slight decline of 0.89% year-on-year [4][10]. - The total gas sales volume increased by 33.86% in Q1 2024, with expectations for continued improvement in profitability due to lower upstream contract costs and advantages from LNG spot imports [5][11]. - Wind resource conditions were poor in Q1 2024, negatively impacting power generation and the profitability of renewable energy segments [6][12]. Financial Summary - The company’s total assets amounted to RMB 79,726 million, with a net asset value of RMB 26,829 million [2]. - The projected revenue growth rates for the upcoming years are 25% for 2024, 18% for 2025, and 12% for 2026 [8][16]. - The net profit attributable to shareholders is expected to grow from RMB 2,648 million in 2024 to RMB 3,407 million by 2026, reflecting a compound annual growth rate [8][16]. Shareholder Information - The major shareholder is Hebei Construction Investment Group Co., Ltd., holding 49.17% of the shares [3].