Summary of the Conference Call Company and Industry Overview - The conference call pertains to a company involved in the energy sector, focusing on renewable energy, particularly wind and gas power generation, as well as energy storage solutions. Key Points and Arguments 1. **2024 Performance Highlights**: The company reported the highest annual growth in approved capacity, with a total of 6.1 million kilowatts added, including 3.78 million kilowatts from wind power, a year-on-year increase of 62.19% [3][4][8]. 2. **Gas Power Generation**: The company has seen a 15.13% increase in gas sales volume due to the contribution from the Caofeidian LNG project, with gas segment revenue reaching 15.318 billion yuan, accounting for 72% of total revenue [8][9]. 3. **Renewable Energy Challenges**: The average utilization hours for wind power plants decreased by 193 hours to 2,226 hours, influenced by lower average wind speeds, resulting in a 1.3% decrease in power generation [6][8]. 4. **Financial Performance**: Net profit attributable to shareholders was 1.672 billion yuan, a decline of 24.24%, with earnings per share dropping by 21.57% [8][9]. 5. **Debt and Financial Management**: The company aims to optimize its capital structure, maintaining a competitive dividend payout ratio of 30-40%, with a planned cash dividend of 2.1 yuan per ten shares for 2025 [9][12]. Additional Important Content 1. **Strategic Outlook for 2025**: The company plans to focus on value creation, enhancing its energy investment layout, and expanding its renewable energy projects, including offshore wind and energy storage [10][11][12]. 2. **ESG Initiatives**: The company is committed to strengthening its ESG governance framework to promote sustainable development [9][10]. 3. **Market Adaptation**: The company is adapting to changes in the energy market, including the transition to market-based pricing for electricity and gas, and is exploring new business models in hydrogen and energy storage [17][22][24]. 4. **Investment in Technology**: The company is investing in technology for energy storage solutions, including pumped storage and compressed air storage, with a target return on investment of over 10% [24][25][26]. 5. **Future Project Development**: The company is focused on accelerating the construction of approved projects and enhancing the efficiency of existing operations to meet future energy demands [29][30][31]. This summary encapsulates the key insights from the conference call, highlighting the company's performance, strategic direction, and market challenges in the energy sector.

環境、社會及管治報告 Environmental, Social and Governance Report 2024 WE OUTPUT CLEAN ENERGY ONLY 我們只輸出清潔能源 關於本報告 本報告是新天綠色能源股份有限公司積極履行經濟、社會和環境責任，實現全面協調可持續發展的真實反映。報告 中所涉及的經營計劃、發展戰略等前瞻性描述不構成公司對投資者的實質承諾。 『 』 報告範圍 報告組織範圍：本報告覆蓋新天綠色能源股份有限公司總部及轄內機構。 報告時間範圍：2024年1月1日至2024年12月31日。部份內容超出上述時間範圍。 報告發佈週期:本報告為年度報告,發佈時間與公司當年年報發佈時間一致。 | 报告编制依据 本報告依據香港聯合交易所有限公司(「香港聯交所」) 發佈的《上市規則》附錄C2《環境、社會及管治報告指引》 要求, 參照全球可持續發展標準委員會 (GSSB) GRI標準要求, 和聯合國2030年可持續發展目標 (UNSDGs) 進 行編製。 同 報告數據說明 報告中的財務數據均來自2024年度財務報告，其他數據來源於公司內部管理體系與統計，部份數據涉及歷史數據。 本報告中所涉及貨 ...

Financial Performance - The audited net profit attributable to the parent company's shareholders for 2024 is RMB 1,672,367,020.97, with undistributed profits amounting to RMB 9,538,353,902.49[2]. - The proposed cash dividend distribution is RMB 0.21 per share (including tax), totaling RMB 883,195,545.33 (including tax), which accounts for 52.81% of the net profit attributable to the parent company[2]. - The company's operating revenue for 2024 reached ¥21.37 billion, representing a 5.38% increase compared to ¥20.28 billion in 2023[43]. - Net profit attributable to shareholders decreased by 24.24% to ¥1.67 billion in 2024 from ¥2.21 billion in 2023[43]. - The net cash flow from operating activities fell by 23.31% to ¥3.72 billion in 2024, down from ¥4.85 billion in 2023[43]. - Basic and diluted earnings per share decreased by 21.57% to ¥0.40 in 2024, compared to ¥0.51 in 2023[43]. - The total assets of the company increased by 6.33% to ¥84.02 billion at the end of 2024, up from ¥79.02 billion at the end of 2023[43]. - The weighted average return on equity decreased by 2.88 percentage points to 7.82% in 2024 from 10.70% in 2023[43]. - The net profit margin for 2024 was impacted by a decline in wind farm utilization hours and a decrease in average on-grid electricity prices[43]. - The company reported a total profit of ¥2.35 billion in 2024, down from ¥3.37 billion in 2023[45]. Operational Highlights - In 2024, the company achieved the highest annual approved capacity of 6,100.18 MW, with a significant increase in various projects including 3,780.18 MW in wind power and 1,920 MW in gas power plants[13]. - The company added 80.27 MW of new wind and solar installations and 108.74 kilometers of new gas pipelines during the reporting period[14]. - The company achieved a total wind power installed capacity of 6,587.35 MW and a management capacity of 7,085.45 MW as of December 31, 2024[26]. - In 2024, the total natural gas sales volume reached 5.158 billion cubic meters, with a total gas transmission/sales volume of 5.888 billion cubic meters[26]. - The company plans to enhance operational efficiency and management quality while actively promoting project production processes to ensure high-quality operations[22]. - The company is focusing on integrating gas power plants with renewable energy, emphasizing hydrogen energy and energy storage projects to enhance operational efficiency[19]. Risk Management and Compliance - The company confirms that there are no non-operating fund occupations by controlling shareholders or related parties[2]. - The company has not violated any regulatory decision-making procedures for providing guarantees[2]. - The board of directors and senior management guarantee the authenticity, accuracy, and completeness of the annual report[3]. - The company received a standard unqualified audit report from Ernst & Young Hua Ming[3]. - There are no risks indicated regarding the inability of the majority of directors to ensure the authenticity and completeness of the annual report[4]. - The company has detailed descriptions of potential risks and corresponding countermeasures in the "Management Discussion and Analysis" section of the report[2]. - The company is actively pursuing compliance governance and financial management improvements to support sustainable growth[19]. Strategic Initiatives - The company is committed to optimizing power trading to convert power advantages into pricing advantages[19]. - The company is implementing a three-year management enhancement action plan to improve operational management capabilities[19]. - The company aims to develop a large-scale integrated offshore wind power and green energy system, leveraging opportunities in renewable hydrogen production and utilization[20]. - The company is transitioning from a regional distributor to a national trader in the natural gas sector, with new pipeline connections facilitating resource supply[13]. - The company is actively seeking suitable overseas investment projects while expanding its renewable energy projects nationwide[26]. - The company is pursuing a diversified energy strategy, integrating hydrogen and energy storage into its business model to mitigate risks associated with single business lines[109]. Market and Industry Trends - The overall economic growth in China for 2024 was 5.0%, with GDP reaching RMB 1,349,084 billion, indicating a stable economic environment for the company[58]. - The implementation of the Energy Law on January 1, 2025, is expected to provide strong legal support for the development of renewable energy, guiding the company's future strategic layout[58]. - The company is actively adapting to the competitive landscape in the renewable energy market, with increasing resource development competition[149]. - The natural gas sector is expected to maintain stable growth, supported by ongoing improvements in the natural gas supply and storage system[149]. Corporate Governance - The board of directors consists of 9 members, including 4 non-executive directors, 2 executive directors, and 3 independent non-executive directors, ensuring compliance with Hong Kong listing rules[178]. - The company has adopted the Corporate Governance Code and has confirmed compliance with all relevant provisions, except for the attendance of the chairman at the annual general meeting[176]. - The company has established a nomination committee to propose new directors, who must be elected at the shareholders' meeting[183]. - The company has received annual confirmations of independence from its independent non-executive directors, affirming their lack of business and financial interests in the company[186]. - The company has implemented a new "Avoidance of Competition Agreement" with its controlling shareholder, effective from October 30, 2024, to focus resources on core business areas[192]. Future Outlook - The company aims for non-fossil energy generation to account for approximately 39% of total generation by the end of 2025, as part of national energy policies promoting green transformation[147]. - The company plans to expand its regional market development for natural gas projects, increasing market penetration among industrial, public utility, and residential users[152]. - The company will continue to enhance the development of renewable energy, focusing on wind power and exploring hydrogen and energy storage industries[150]. - The company anticipates potential risks in wind power operations due to fluctuations in wind resources and electricity output limitations caused by lagging grid infrastructure[161][162].

（於中華人民共和國註冊成立的股份有限公司） （股份代號：00956） 董事會召開日期 新天綠色能源股份有限公司（「本公司」）的董事會（「董事會」）特此通知，將於2025年4月29日（星期二） 在中華人民共和國（「中國」）河北省石家莊市舉行董事會會議，藉以（其中包括）考慮和批准本公司及其 附屬公司截至2025年3月31日止叁個月之季度業績及其發佈。 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 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4月15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、王濤先生及張旭蕾女士； 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郭英軍先生、陳奕斌先生及林濤博 士。 * 僅供識別 承董事會命 ...

Investment Rating - The report maintains a "Recommendation" rating for the insurance industry, suggesting that the industry index is expected to rise more than 5% over the next 3-6 months compared to the benchmark index [22]. Core Insights - The insurance index fell by 4.77% this week, underperforming the broader market by 1.89 percentage points. Major insurance stocks also experienced declines, with notable drops from companies like AIA (-15.93%) and Taiping (-16.17%) [1]. - The insurance sector is seeing significant growth in the electric vehicle (EV) insurance market, with 31.05 million EVs insured in 2024, generating premium income of 140.9 billion yuan. This represents 15.4% of the total auto insurance premiums [4]. - The report highlights that the profitability of the auto insurance segment is crucial for the overall profitability of property insurance companies, with EV insurance becoming a competitive focus as penetration rates increase [5]. Summary by Sections Market Performance - The insurance index decreased by 4.77% this week, with major companies like Ping An and China Life also showing declines [1]. - The 10-year government bond yield is at 1.66%, down 6 basis points from the previous week [1]. Regulatory Developments - The China Banking and Insurance Regulatory Commission announced adjustments to the regulatory ratios for equity assets, increasing the upper limit for equity asset allocation and relaxing requirements for tax-deferred pension ratios [2]. - By the end of 2024, the first batch of pilot commercial pension accounts reached approximately 1.955 million, a nearly 230% increase from the end of 2023 [2]. Electric Vehicle Insurance Insights - The average premium for EV insurance in 2024 is approximately 4,538 yuan, which is a concern for potential customers due to high costs. Despite this, the segment is experiencing underwriting losses primarily due to high claims and repair costs [4]. - The report suggests that collaboration between insurers and automakers to enhance data models could improve pricing accuracy for EV insurance [4]. Investment Recommendations - The report notes that the recent market downturn due to tariff conflicts has led to a valuation correction in the insurance sector, presenting potential long-term investment opportunities [5]. - Current price-to-earnings (PE) and price-to-book (PB) ratios for major insurers are provided, with Ping An at a PE of 6.53 and a PB of 0.91, indicating a strong buy recommendation [10].

证券代码：600956 证券简称：新天绿能 公告编号：2025-019 特此公告。 关于使用部分闲置募集资金进行现金管理到期赎回的公告 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。 新天绿色能源股份有限公司 新天绿色能源股份有限公司（以下简称"公司"或"本公司"）为提高募集资金使用效率，在确保不影响募 集资金投资项目实施及募集资金安全的前提下，经公司2024年4月25日召开的第五届董事会第二十四次 临时会议和第五届监事会第十一次临时会议审议，自董事会审议通过之日起12个月内，公司使用最高不 超过人民币4亿元（包含本数）的暂时闲置募集资金进行现金管理，上述投资额度在有效期内可循环滚 动使用，以12个月内任一时点的理财产品余额计算。董事会授权公司管理层在批准额度内行使决策权， 授权自公司董事会审议通过之日起12个月内有效。公司监事会对本事项发表了意见，保荐机构对本事项 出具了明确的核查意见。具体内容详见上海证券交易所网站（www.sse.com.cn）披露的《新天绿色能源 股份有限公司关于使用部分闲置募集资金进行现金管理的公告 ...

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關於更換持續督導保薦代表 人的公告》，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，2025年4月1日 * 僅供識別 证券代码：600956 证券简称：新天绿能 公告编号：2025-021 新天绿色能源股份有限公司 关于更换持续督导保荐代表人的公告 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。 ...

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關於2021年非公開發行A股 股票部分募投項目募集資金專戶完成銷戶的公告》，僅供參閱。 承董事會命 執行董事及總裁 中國河北省石家莊市，2025年4月1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、王濤先生及張旭蕾女士； 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郭英軍先生、陳奕斌先生及林濤博 士。 证券代码：600956 证券简称：新天绿能 公告编号：2025-020 新天绿色能源股份有限 ...

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。 （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關於使用部分閒置募集資金 進行現金管理到期贖回的公告》，僅供參閱。 承董事會命 新天綠色能源股份有限公司 譚建鑫 CHINA SUNTIEN GREEN ENERGY CORPORATION LIMITED* 新天綠色能源股份有限公司 新天绿色能源股份有限公司 关于使用部分闲置募集资金进行现金管理到期赎回 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。 新天绿色能源股份有限公司（以下简称"公司"或"本公司"）为提高募集资金 使用效率，在确保不影响募集资金 ...

Investment Rating - The report maintains a "Buy" rating for the company [4][17]. Core Views - The company's performance in 2024 was impacted by unfavorable wind conditions, leading to a decline in net profit and earnings per share [7]. - Despite the short-term challenges in the renewable energy sector, the long-term growth potential remains strong due to increased installed capacity [7]. - The company has a high dividend payout ratio, enhancing its investment appeal despite a decline in earnings [7]. Financial Data and Profit Forecast - Revenue projections for the company are as follows: - 2023: 20,282 million RMB - 2024: 21,372 million RMB (5% growth) - 2025E: 25,958 million RMB (22% growth) - 2026E: 28,108 million RMB (8% growth) - 2027E: 31,040 million RMB (10% growth) [3][8] - Net profit forecasts indicate a decline in 2024 to 1,672 million RMB, followed by a recovery to 2,803 million RMB in 2025 and 3,498 million RMB in 2027 [3][8]. - Earnings per share are projected to be 0.40 RMB in 2024, increasing to 0.67 RMB in 2025 and 0.83 RMB in 2027 [3][8]. - The company's return on equity is expected to improve from 7.71% in 2024 to 22.1% in 2027 [3]. Market Data - As of March 27, 2025, the company's closing price was 3.66 HKD, with a market capitalization of 153.93 billion HKD [4]. - The stock has a price-to-earnings ratio of 6.0 for 2025, decreasing to 4.8 by 2027 [3][4]. - The dividend per share for 2024 is set at 0.21 RMB, resulting in a dividend yield of 6.1% [7].