证券代码：600956 证券简称：新天绿能 公告编号：2025-023 新天绿色能源股份有限公司 第五届监事会第十四次临时会议决议公告 本公司监事会及全体监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"）第五届监事会第十四次临时 会议于 2025 年 4 月 29 日通过通讯方式召开。会议通知于 2025 年 4 月 27 日以电 子邮件方式送达全体监事。本次会议应到监事 3 名，实到监事 3 名。会议由监事 会主席高军女士召集并主持。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 年第一季度报告的议案》 表决结果：3 票同意、0 票反对、0 票弃权。 监事会认为：董事会编制和审议公司 2025 年第一季度报告的程序符合法律、 行政法规及中国证监会的规定，报告内容真实、准确、完整地反映了上市公司的 实际情况，不存在任何虚假记载、误导性陈述或者重大遗漏。 特此公告。 新天绿色能源股份有限公司监事会 ...

Financial Performance - Operating revenue for Q1 2025 was RMB 6,910,854,202.78, a decrease of 12.60% compared to RMB 7,906,827,273.59 in the same period last year[8] - Net profit attributable to shareholders increased by 14.71% to RMB 954,491,421.38 from RMB 832,099,109.39 year-on-year[8] - Basic and diluted earnings per share rose by 15.00% to RMB 0.23 from RMB 0.20 in the same period last year[8] - Total revenue for Q1 2025 was CNY 6,910,854,202.78, a decrease of 12.6% compared to CNY 7,906,827,273.59 in Q1 2024[29] - Net profit for Q1 2025 reached CNY 1,130,798,886.99, an increase of 12.2% from CNY 1,007,461,018.33 in Q1 2024[31] - The company reported a total comprehensive income of CNY 1,130,798,886.99 for Q1 2025, compared to CNY 1,007,461,018.33 in Q1 2024[33] Cash Flow and Liquidity - Net cash flow from operating activities surged by 131.45% to RMB 2,246,627,833.40, compared to RMB 970,684,493.67 in the previous year[8] - The company reported a significant increase in cash and cash equivalents, rising to RMB 4,677,704,301.72 from RMB 3,056,262,802.26, which is an increase of about 53.03%[22] - Cash inflow from operating activities totaled CNY 7,043,542,859.83 in Q1 2025, slightly up from CNY 7,036,674,799.74 in Q1 2024, indicating stable operational performance[38] - The net cash flow from investing activities was negative at CNY -1,589,562,903.71 in Q1 2025, worsening from CNY -1,031,124,289.73 in Q1 2024, indicating increased investment expenditures[39] - The net increase in cash and cash equivalents for Q1 2025 was CNY 1,627,846,590.30, a significant rise from CNY 75,817,497.12 in Q1 2024, indicating strong cash generation capabilities[39] Assets and Liabilities - Total assets at the end of the reporting period were RMB 86,183,887,415.37, reflecting a 2.58% increase from RMB 84,016,482,012.66 at the end of the previous year[10] - Total liabilities as of March 31, 2025, amounted to CNY 57,541,795,533.03, an increase from CNY 56,903,738,159.25 as of December 31, 2024[26] - Current liabilities totaled RMB 22,411,131,711.47, slightly down from RMB 22,599,081,203.26, showing a decrease of about 0.83%[25] - Total equity as of March 31, 2025, was CNY 28,642,091,882.34, compared to CNY 27,112,743,853.41 as of December 31, 2024[27] Shareholder Information - The company had a total of 43,628 shareholders as of March 31, 2025, with 42,490 being A-share shareholders and 1,138 H-share shareholders[16] - The company has not disclosed any significant changes in shareholder relationships or actions related to share lending during the reporting period[20] Operational Efficiency - The decrease in operating revenue was primarily due to a reduction in natural gas sales volume compared to the same period last year[15] - Total operating costs for Q1 2025 were CNY 5,769,876,847.11, down 16.1% from CNY 6,873,449,583.92 in Q1 2024[29] - Research and development expenses for Q1 2025 were CNY 51,005,868.08, down from CNY 70,901,010.67 in Q1 2024, indicating a focus on cost management[29] - The cash outflow for purchasing goods and services decreased to CNY 4,207,827,028.50 in Q1 2025 from CNY 5,199,750,045.05 in Q1 2024, reflecting improved cost management[38] Future Outlook and Strategic Initiatives - The company provided a future outlook with a revenue guidance of 1.5 billion for Q2 2025, representing a 20% increase compared to Q2 2024[54] - The company is investing 200 million in R&D for new technologies aimed at improving energy efficiency[54] - The company announced a strategic acquisition of a competitor for 500 million, expected to enhance its market position[54] - The company plans to implement new strategies to reduce operational costs by 15% over the next year[54]

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].

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 ...

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].

Summary of Xintian Green Energy Conference Call Company Overview - **Company**: Xintian Green Energy - **Year**: 2024 Key Points Industry and Company Performance - 2024 marked the highest approved capacity and growth for Xintian Green Energy, with a total of 6.1 million kW approved, including 3.78 million kW for wind power, a 62.19% increase year-on-year [3] - The company achieved a revenue of 21.372 billion yuan, a 5.38% increase, but net profit decreased by 24% to 1.672 billion yuan [3][5] - The renewable energy segment accounted for 28% of revenue, down 3.2%, while the natural gas segment made up 72%, up 9.2% [3] Financial Highlights - Average wind power utilization hours were 2,226, 99 hours above the national average, but down 193 hours year-on-year [3] - Average electricity price decreased by 0.01 yuan/kWh [3] - Natural gas sales volume reached 5.888 billion cubic meters, a 15.13% increase, with LNG sales up 146.27% [3][4] Strategic Initiatives - The company plans to increase installed capacity, focusing on quality and efficiency, and accelerate offshore wind power development [3][6] - Xintian Green Energy aims to leverage its natural gas supply chain advantages and expand market share, particularly in Hebei province [3][8] - The Hai Feng project has been approved for 1 million kW, with 30% expected to be operational by the end of 2025 [3][10] Challenges and Risks - The natural gas business saw a profit decrease of 700 million yuan, attributed to rising depreciation and financial costs [3][14] - The company anticipates stable gross profit margins in 2025, contingent on winter weather and economic recovery [3][14] Future Outlook - Capital expenditure for 2025 is projected at approximately 17 billion yuan, with actual spending potentially lower at around 10 billion yuan [3][15][16] - The company maintains a high dividend payout ratio, increasing to 50% in 2024 [3][15] - Xintian Green Energy aims for a profit target of over 2.7 billion yuan in 2025, focusing on accelerating wind power project construction [3][23] ESG Achievements - In 2024, the company received multiple ESG awards and achieved the first green hydrogen certification in China for its hydrogen production project [3][7] Regulatory Impact - The release of Document No. 136 by the National Development and Reform Commission is expected to stabilize electricity prices and enhance the sustainability of the renewable energy sector [3][9] Capital Projects and Infrastructure - The Tangshan Xintian Green Energy terminal completed phase one and is expected to achieve profitability in 2025 with a target throughput of 1.55 million tons [3][17] - The Caofeidian terminal's second phase is projected to be operational by mid-2025 [3][19] Renewable Energy Subsidies - As of the end of 2024, the company has a cumulative subsidy receivable of approximately 6.5 billion yuan, with a high compliance rate for subsidy projects [3][26] Market Conditions - The company expects a challenging first quarter in 2025, with pressure on natural gas revenues but improved wind power generation [3][27]

Investment Rating - The report maintains an "Accumulate" rating for the company [1][8]. Core Views - The company's 4Q24 performance met expectations, with stable dividend amounts. The report anticipates growth potential for 2025 [3][8]. - The company reported a revenue of 21.372 billion RMB for 2024, a year-on-year increase of 5.4%. However, the net profit attributable to shareholders was 1.9 billion RMB, a decrease of 24.2% year-on-year [8]. - The average net electricity price for 2024 was 0.43 RMB per kWh, showing a slight decrease of 0.01 RMB per kWh compared to the previous year [8]. Financial Summary - Revenue and profit figures for the company from 2021 to 2027 are as follows: - Revenue: 15,985 million RMB (2021), 18,561 million RMB (2022), 20,282 million RMB (2023), 21,372 million RMB (2024), with estimates of 26,662 million RMB (2025E), 29,684 million RMB (2026E), and 30,341 million RMB (2027E) [7]. - Net Profit: 2,712 million RMB (2021), 2,819 million RMB (2022), 2,734 million RMB (2023), 1,900 million RMB (2024), with estimates of 3,150 million RMB (2025E), 3,429 million RMB (2026E), and 3,656 million RMB (2027E) [7]. - The company’s PE ratio for 2024 is 8.96, with projections of 5.41 (2025E), 4.97 (2026E), and 4.66 (2027E) [7]. Operational Insights - The company’s wind power capacity reached 6.6 GW by the end of 2024, a year-on-year increase of 4.7%. In February 2025, the electricity generation was 1.42 billion kWh, a year-on-year increase of 35.2% [8]. - The report suggests that the company’s performance in 2025 is expected to improve due to the resolution of weather-related disruptions and the ramp-up of LNG terminal capacity [8].

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company's performance has been impacted by declining wind speeds and impairment losses, but the growth in installed capacity remains relatively certain [4] - The company reported a revenue of 21.37 billion RMB for 2024, a year-on-year increase of 5.38%, but the net profit attributable to shareholders decreased by 24.24% to 1.67 billion RMB [6] - The company expects to see a recovery in wind resources, which could lead to improved performance in the coming years [6] Financial Summary - The company's total market capitalization is approximately 16.23 billion HKD, with a circulating market capitalization of about 7.10 billion HKD [2] - The company's debt-to-asset ratio stands at 67.57% [2] - Revenue projections for 2025 are estimated at 24.66 billion RMB, with a year-on-year growth rate of 15.4% [5] - The projected net profit for 2025 is 2.25 billion RMB, reflecting a growth rate of 34.3% compared to 2024 [5] - The company plans to distribute a cash dividend of 0.21 RMB per share, which represents 52.81% of the net profit for the year [6] - The average utilization hours for wind power in 2024 are expected to be 2,226 hours, the lowest since 2017 [6] - The company has a projected PE ratio of 6.6 for 2025, indicating potential value for investors [5]

Financial Performance - The operating revenue for the year ended December 31, 2024, was RMB 21.372 billion, an increase of 5.38% compared to 2023[4]. - The pre-tax profit for the same period was RMB 2.347 billion, a decrease of 30.33% year-on-year[4]. - The net profit attributable to shareholders was RMB 1.672 billion, down 24.24% from 2023[4]. - The earnings per share (EPS) was RMB 0.40, reflecting a decline of 21.57% compared to the previous year[4]. - The revenue from the wind and photovoltaic sector was RMB 6.044 billion, a year-on-year decrease of 3.20%, accounting for 28.28% of the group's total revenue[1]. - The revenue from the natural gas sector was RMB 15.318 billion, a year-on-year increase of 9.20%, making up 71.67% of the group's total revenue[2]. - The company reported a total profit of RMB 2.347 billion for the year, a decrease of 30.33% year-on-year, and a net profit of RMB 1.900 billion, down 30.50%[21]. - The total comprehensive income for 2024 was RMB 1,900,360,755.72, a decrease of 30.5% from RMB 2,728,690,063.51 in 2023[159]. - The net profit attributable to the parent company's shareholders for 2024 is RMB 1,672,367,020.97, a decrease from RMB 2,207,473,530.19 in 2023, representing a decline of approximately 24.2%[158]. Assets and Liabilities - The total assets of the group amounted to RMB 84.016 billion as of December 31, 2024[5]. - Total liabilities as of December 31, 2024, are RMB 56,903,738,159.25, up from RMB 52,275,823,528.51 in 2023, indicating an increase of about 8.0%[156]. - The company's cash and cash equivalents decreased to RMB 3,056,262,802.26 from RMB 3,420,053,078.91 in 2023, a decline of approximately 10.7%[155]. - The company's total liabilities exceeded total assets by approximately RMB 8.177 billion, indicating potential liquidity concerns[179]. - The company's interest-bearing debt decreased from RMB 41.01 billion to RMB 34.60 billion, representing a year-on-year decline of 15.63%[128]. Operational Highlights - The group added 559.6 MW of new wind power capacity during the year, bringing the total managed capacity to 7,085.45 MW[11]. - The average utilization hours of the group's wind farms were 2,226 hours, a decrease of 193 hours from the previous year[12]. - The group achieved a total wind power generation of 13.908 billion kWh, a decrease of 1.23% year-on-year[12]. - The company completed the construction of 12 units at the Hebei Fengning pumped storage power station project, with a total designed capacity of 3,600 megawatts[17]. - The company has accumulated effective approved wind power project capacity of 19,681.25 MW across 26 provinces[13]. Natural Gas Business - The total natural gas sales volume for the reporting period was 5.888 billion cubic meters, an increase of 15.13% year-on-year, with wholesale gas volume at 2.012 billion cubic meters (up 2.54%) and retail gas volume at 1.938 billion cubic meters (down 3.09%)[14]. - The net profit from the natural gas business was RMB 478 million, a decrease of 49.50% year-on-year, primarily due to a decline in the unit gross profit of natural gas[22]. - The company achieved a total operating pipeline of 9,850.31 kilometers, including 1,546.81 kilometers of long-distance pipelines and 8,303.5 kilometers of urban gas pipelines, with 108.74 kilometers of new pipelines added in 2024[15]. Research and Development - The total R&D expenditure amounted to RMB 390.05 million, accounting for 1.83% of the operating revenue[79]. - The company has accumulated 72 authorized invention patents and 380 utility model patents as of December 31, 2024[20]. - Research and development expenses for 2024 are RMB 376,608,371.90, slightly up from RMB 371,586,463.46 in 2023, indicating a focus on innovation[158]. Market Strategy and Future Plans - The company plans to gradually divest its existing photovoltaic business to focus resources on wind power generation and natural gas-related industries[17]. - The company is actively pursuing technological innovation and digital transformation to improve operational efficiency and management capabilities[58]. - The company aims to leverage the "two-part" electricity pricing policy for gas power plants in Hebei Province, expediting the construction and operation of approved gas turbine projects while enhancing gas supply network planning[105]. - The company is actively expanding its hydrogen energy industry chain, aiming to integrate wind power resources into hydrogen production and utilization, with a focus on developing green hydrogen projects[106]. - The company plans to enhance its overseas business layout by securing high-quality upstream gas sources and expanding international LNG trade, utilizing flexible financing policies[107]. Financial Management - Capital expenditures for the period were RMB 6.382 billion, an increase of 3.82% from RMB 6.147 billion in the previous year[7]. - The debt-to-asset ratio was 67.73%, an increase of 1.57 percentage points from 66.16% at the end of 2023[9]. - The company is focused on maintaining low-cost financing through various channels, including bond issuance and policy loans, to support project investments[119]. - The company has granted 18.6 million A-shares at a price of RMB 4.10 per share to 225 eligible participants under its 2023 A-share restricted stock incentive plan[124]. - The company raised a total of RMB 4,545,055,183.47 through non-public A-share issuance, with RMB 119,266,226.71 utilized by the end of the reporting period[126].

Investment Rating - The report assigns a rating of "Buy" to the company with a target price of HKD 5.00 [1][10]. Core Views - The company possesses excellent wind power asset resources, and the profitability of its existing and newly commissioned wind power units is expected to exceed expectations due to favorable policies in the main installation areas [3][10]. - The market perceives that the company's wind power assets lack unique competitive advantages, but the report argues that the company's wind power projects have significant advantages in utilization hours and stable on-grid electricity prices [11][10]. Summary by Sections Financial Summary - The company’s revenue is projected to grow from RMB 219 billion in 2024 to RMB 304 billion in 2026, with a compound annual growth rate (CAGR) of 7.8% to 13.5% [13]. - The expected earnings per share (EPS) for 2024, 2025, and 2026 are RMB 0.48, RMB 0.66, and RMB 0.72 respectively [13][49]. Wind Power Asset Quality - The company’s wind power assets are primarily located in Hebei Province, with a total operational capacity of 636,000 kW, accounting for 98.1% of its total operational capacity [51]. - The average utilization hours for the company’s wind power projects from 2019 to 2023 were 2,459 hours, significantly higher than the provincial and national averages [59][11]. Cash Flow and Dividend Policy - The company has maintained a strong cash flow, with a projected dividend per share (DPS) of RMB 0.26 for 2025, corresponding to a dividend yield of 7.9% based on the current stock price [49][42]. - The company has consistently increased its dividend payout ratio, reaching 40.8% in 2023 [42][48]. Natural Gas Business - The company’s natural gas sales are expected to grow significantly, with projected sales volumes of 51.6 billion cubic meters in 2024, increasing to 74.5 billion cubic meters by 2026 [13]. - The natural gas segment has shown robust growth, contributing to the overall revenue increase [27]. Market Position and Strategy - The company is positioned as a key player in the clean energy sector in Hebei, focusing on wind and natural gas operations while planning to divest its solar assets [25][21]. - The company benefits from the support of the Hebei provincial government and has a strong market presence in the region [23][21].