Investment Rating - The report maintains a "Buy" rating for the company, with a target price set at 4.93 HKD per share [5][14]. Core Insights - The company's overall performance has been pressured by a decline in gas sales volume, despite strong performance in the wind power sector. For H1 2025, the company reported a revenue of 10.904 billion HKD, a decrease of 10.16% year-on-year, and a net profit of 1.412 billion HKD, down 1.23% year-on-year [1]. - Wind power projects are progressing well, with a cumulative installed capacity of 6.8748 million kW as of H1 2025, and a wind power generation of 8.065 billion kWh, reflecting a year-on-year growth of 8.34% [2]. - The gas sales volume decreased significantly, with total sales of 2.814 billion cubic meters in H1 2025, down 17.07% year-on-year, primarily due to reduced heating demand and weak industrial demand [3]. - The company is focusing on its core business and has begun divesting from non-core solar power projects, which is expected to improve its fundamentals [4]. Summary by Sections Financial Performance - In H1 2025, the company achieved a total revenue of 10.904 billion HKD, a decrease of 10.16% year-on-year, and a net profit of 1.412 billion HKD, down 1.23% year-on-year. The Q2 2025 results showed a revenue of 3.993 billion HKD, a decline of 5.61%, and a net profit of 458 million HKD, down 23.43% [1]. Wind Power Development - As of H1 2025, the company has a cumulative controlling installed capacity of 6.8748 million kW and a cumulative commercial operating capacity of 6.4736 million kW. The wind power generation for H1 2025 was 8.065 billion kWh, with a year-on-year increase of 8.34% [2]. Gas Sales and LNG Projects - The total gas sales volume for H1 2025 was 2.814 billion cubic meters, a decrease of 17.07% year-on-year. The LNG sales volume was 498 million cubic meters, down 27.94% year-on-year. The company is progressing with its LNG project in Tangshan, which is expected to enhance gas sales volume upon completion [3]. Business Strategy and Future Outlook - The company is adjusting its business strategy to focus on core operations, divesting from solar projects. As of H1 2025, the company has approved a cumulative capacity of 2.88 million kW for gas turbine projects, which is expected to boost downstream demand [4]. The profit forecast for 2025-2027 has been adjusted to 2.202 billion HKD, 2.519 billion HKD, and 2.743 billion HKD, reflecting a year-on-year growth of 31.68%, 14.37%, and 8.89% respectively [4].

2025 中期報告 一、本公司董事會及董事、高級管理人員保證半年度報告內容的真實性、準確性、完整性，不存在 虛假記載、誤導性陳述或重大遺漏，並承擔個別和連帶的法律責任。 二、公司全體董事出席董事會會議。 三、本半年度報告未經審計。 無 六、前瞻性陳述的風險聲明 本報告中涉及的發展戰略、未來經營計劃等前瞻性陳述，不構成公司對投資者的實質性承諾。敬請廣大投資者 理解計劃、預測與承諾之間的差異，注意投資風險。 七、是否存在被控股股東及其他關聯方非經營性佔用資金情況 否 八、是否存在違反規定決策程序對外提供擔保的情況 否 九、是否存在半數以上董事無法保證公司所披露半年度報告的真實性、準確性和完整性 否 十、重大風險提示 公司已在本報告中詳細描述可能存在的相關風險及其對策，敬請廣大投資者查閱本報告「管理層討論與分析」等 有關章節內容中關於公司可能面臨風險的描述。 十一、其他 □適用 ✓不適用 2025年中期報告 1 重要提示 四、公司負責人譚建鑫、主管會計工作負責人劉濤及會計機構負責人（會計主管人員）白靜偉聲明： 保證半年度報告中財務報告的真實、準確、完整。 五、董事會決議通過的本報告期利潤分配預案或公積金轉增股本預案 ...

Investment Rating - The report maintains a "Positive" investment rating for the utility industry [1] Core Insights - The first mechanism electricity price bidding results for renewable energy in Shandong have been released, indicating a significant market-oriented shift in policy [3][17] - Wind power mechanism electricity price is set at 319 CNY/MWh, which is a 20% premium over the 2024 average spot trading price, while solar power is at 225 CNY/MWh, a 33% premium [3][24] - The report emphasizes the importance of management and operational capabilities for renewable energy operators in a market-driven environment [4][30] Summary by Sections Electricity Sector - The Shandong province has become the first to implement a market-oriented mechanism for renewable energy pricing, with significant participation from over 3000 projects [18][21] - The mechanism electricity volume for wind power is 59.67 billion kWh, while for solar power it is only 12.48 billion kWh, reflecting a stronger policy support for wind energy [3][23] - The report suggests that the future of solar power installations in Shandong may see reduced investment enthusiasm due to current pricing pressures and non-technical cost reductions [4][29] Grid Sector - New pricing mechanisms for nearby consumption of green electricity have been established, which will protect grid interests and promote cost reductions for users [6][35] - The system operation costs will be charged based on the electricity delivered, allowing for potential savings in electricity costs for high-load enterprises [7][37] - The report highlights that the new pricing structure will benefit wind power and energy storage development, making them key components in the green electricity landscape [8][42] Renewable Energy Assets - The report discusses the acceleration of Real World Assets (RWA) in the distributed solar sector, with significant investments from companies like JinkoSolar and GCL-Poly [10][44] - The RWA framework is expected to enhance liquidity and value reassessment of quality distributed solar assets, benefiting original equity holders [11][47] - The collaboration between LinYuan Energy and Ant Group aims to digitize energy assets, further supporting the RWA initiative [12][48] Green Methanol - A major project for green methanol production has been announced by Goldwind, with a total investment of approximately 18.92 billion CNY, aiming to produce 600,000 tons of green methanol annually [13][49] - The report anticipates a surge in demand for green methanol as multiple projects are set to commence production in the coming years [13][49] - Key suppliers and equipment manufacturers in the green methanol sector are expected to see performance improvements as the market expands [13][49]

Core Viewpoint - New Tian Green Energy (00956) reported a decline in revenue and net profit for the first half of 2025, while cash flow from operating activities showed significant growth [2] Financial Performance - The company achieved operating revenue of 10.904 billion yuan, a year-on-year decrease of 10.16% [2] - The net profit attributable to shareholders was 1.412 billion yuan, down 1.23% year-on-year [2] - Operating cash flow net amount was 3.082 billion yuan, an increase of 47.03% year-on-year [2] - Basic earnings per share were 0.34 yuan, with an average return on equity of 6.26% [2][10] Valuation Metrics - As of September 14, the company's price-to-earnings ratio (TTM) was approximately 10.29 times, price-to-book ratio (TTM) was about 0.76 times, and price-to-sales ratio (TTM) was around 0.85 times [2] Asset Changes - Fixed assets decreased by 1.12% compared to the end of the previous period, with their proportion of total assets declining by 3.5 percentage points [15] - Cash and cash equivalents increased by 55.16%, raising their proportion of total assets by 1.73 percentage points [15] - Accounts receivable increased by 10.08%, contributing to a 0.41 percentage point rise in their proportion of total assets [15] Liability Changes - Current non-current liabilities due within one year decreased by 18.34%, with their proportion of total assets declining by 2.3 percentage points [18] - Other current liabilities increased by 144.08%, raising their proportion of total assets by 0.94 percentage points [18] - Long-term borrowings increased by 3.7%, with their proportion of total assets decreasing by 0.52 percentage points [18] Liquidity Ratios - The company's current ratio was 0.75, and the quick ratio was 0.66 [21]

2025 中期報告 一、本公司董事會及董事、高級管理人員保證半年度報告內容的真實性、準確性、完整性，不存在 虛假記載、誤導性陳述或重大遺漏，並承擔個別和連帶的法律責任。 二、公司全體董事出席董事會會議。 三、本半年度報告未經審計。 無 六、前瞻性陳述的風險聲明 本報告中涉及的發展戰略、未來經營計劃等前瞻性陳述，不構成公司對投資者的實質性承諾。敬請廣大投資者 理解計劃、預測與承諾之間的差異，注意投資風險。 七、是否存在被控股股東及其他關聯方非經營性佔用資金情況 否 八、是否存在違反規定決策程序對外提供擔保的情況 否 九、是否存在半數以上董事無法保證公司所披露半年度報告的真實性、準確性和完整性 否 | 釋義 | 3 | | --- | --- | | 公司簡介和主要財務指標 | 6 | | 管理層討論與分析 | 12 | | 公司治理、環境和社會 | 44 | | 重要事項 | 60 | | 股份變動及股東情況 | 81 | | 債券相關情況 | 90 | | 財務報告 | 96 | | | 載有公司負責人、主管會計工作負責人、會計機構負責人（會計主管人員）簽名並蓋章 | | --- | --- | | | 的財 ...

Investment Rating - The report maintains a positive outlook on the power and gas sectors, recommending various companies within these industries for investment [5][14]. Core Insights - The report highlights the competitive results of the electricity pricing mechanism in Shandong, indicating that wind power is favored over solar power, with wind power pricing at 0.319 CNY/kWh and solar at 0.225 CNY/kWh [9][10]. - A new pricing mechanism for nearby consumption of renewable energy has been established, clarifying economic responsibilities and allowing renewable projects to pay for supply reliability [12][13]. - Global gas prices are showing mixed trends, with European and Asian prices rising while U.S. prices are declining, reflecting varying supply and demand dynamics [15][20]. Summary by Sections 1. Electricity: Shandong Pricing Mechanism and New Renewable Energy Policies - Shandong's first competitive pricing results show wind power projects with a total capacity of 3.5911 GW and a mechanism electricity price of 0.319 CNY/kWh, while solar projects have a capacity of 1.265 GW and a price of 0.225 CNY/kWh [9][11]. - The new pricing mechanism for nearby consumption aims to enhance the utilization of renewable energy and reduce the pressure on the power system [12][13]. 2. Gas: Global Price Variations - As of September 12, U.S. Henry Hub spot prices are at $2.94/mmBtu, down 3.61% week-on-week, while European TTF prices are at €32.00/MWh, up 1.27% [15][16]. - The report notes that U.S. gas production remains high despite a slight decline, while European prices are influenced by supply constraints and increased heating demand due to cooler temperatures [15][20]. 3. Weekly Market Review - The gas sector outperformed the Shanghai and Shenzhen 300 index, while the public utilities, power, and environmental sectors underperformed [36]. 4. Company and Industry Dynamics - Recent announcements include the implementation of market-oriented pricing reforms for renewable energy in Jiangxi province, effective from October 2025 [40]. - The report also discusses various company announcements, including operational updates and financial instruments [43]. 5. Key Company Valuation Tables - The report provides valuation metrics for key companies in the public utility sector, highlighting buy and hold recommendations for several firms based on their earnings and price-to-earnings ratios [45][46].

Major Events - Alibaba-W (09988) announced the pricing of $3.2 billion zero-coupon convertible preferred notes, with an initial conversion price of $193.15 per American depositary share [1] - Peijia Medical-B (09996) reported the first human clinical trial implantation of the Sutra Hemi-valve transcatheter mitral valve repair system [1] - Corning Jereh Pharmaceutical-B (09966) received acceptance from the National Medical Products Administration for the new drug application of KN026 (Anni monoclonal antibody injection) [1] - Nissin Foods (01475) invested 30.68 million yuan to acquire two plots of land in Zhuhai for the construction of new production facilities [1] - Nocoda Technology (00519) signed a cooperation agreement for low-altitude economic intelligent drones [1] Financial Data - Country Garden Holdings (00754) reported total contract sales of approximately 9.902 billion yuan for the first eight months, a year-on-year decrease of 15.56% [1] - China General Nuclear Power Corporation (01811) completed a power generation of 1,543.7 GWh in August, a year-on-year decrease of 5.7% [1] - Xinte Energy (00956) achieved a cumulative power generation of 9.8787 million MWh in the first eight months, a year-on-year increase of 10.55% [1] - Oceanwide Holdings (03377) reported a cumulative contracted sales amount of approximately 16.44 billion yuan for the first eight months, a year-on-year decrease of 25.88% [1]

（文章来源：证券日报） 证券日报网讯 9月11日晚间，新天绿能发布2025年8月份主要经营数据公告称，根据公司初步统计， 2025年8月份，公司及子公司按合并报表口径完成发电量784，808.19兆瓦时，同比增加23.53%。截至 2025年8月31日，累计完成发电量9，878，670.05兆瓦时，同比增加10.55%。 ...

Company News - New天绿色能源 (00956.HK) reported a power generation of 9.8787 million MWh in the first eight months, an increase of 10.55% year-on-year; August's power generation was 784.8 thousand MWh, up 23.53% year-on-year [2] -远洋集团 (03377.HK) recorded a contract sales amount of 16.44 billion yuan in the first eight months, a decrease of 25.9% year-on-year; August's contract sales were approximately 1.7 billion yuan, down 17.5% year-on-year [2] - 合生创展集团 (00754.HK) reported a contract sales amount of approximately 9.902 billion yuan in the first eight months, a decrease of 15.6% year-on-year; August's contract sales were about 334 million yuan, down 38.4% year-on-year [2] - 越秀交通基建 (01052.HK) reported a cumulative toll revenue of approximately 603 million yuan for the Guangzhou North Second Ring Expressway in the first seven months, a decrease of 0.7% year-on-year [2] - 华油能源 (01251.HK) entered into a financing lease agreement with Zhongguancun Science and Technology Leasing [2] - 日清食品 (01475.HK) plans to invest 30.68 million yuan to acquire land in Zhuhai for new production facilities [2] - 鲁大师 (03601.HK) subscribed to a structured deposit product from China Merchants Bank, involving 50 million yuan [2] - 越秀地产 (00123.HK) plans to obtain a term loan financing of 200 million HKD [2] - 康宁杰瑞制药-B (09966.HK) had its new drug application for KN026 (Anituzumab injection) accepted by the National Medical Products Administration [2] Buyback Activities - 腾讯控股 (00700.HK) repurchased 874,000 shares at a cost of 550 million HKD, with repurchase prices ranging from 624 to 633 HKD [2] - 汇丰控股 (00005.HK) spent approximately 108 million HKD to repurchase about 1.041 million shares, with repurchase prices between 102.8 and 104.3 HKD [2] - 恒生银行 (00011.HK) repurchased 210,000 shares at a cost of approximately 24.882 million HKD, with repurchase prices from 117.9 to 119.2 HKD [2] - 百胜中国 (09987.HK) repurchased about 57,900 shares at a cost of approximately 20.2 million HKD, with repurchase prices between 347 and 351.8 HKD [2] - 石四药集团 (02005.HK) repurchased 6 million shares at a cost of approximately 18.143 million HKD, with repurchase prices ranging from 2.98 to 3.04 HKD [2] - 美高梅中国 (02282.HK) repurchased 1 million shares at a cost of 16.2463 million HKD, with repurchase prices between 16.04 and 16.45 HKD [3] Power Generation Data - 中广核新能源 (01811.HK) reported a power generation of approximately 12,850.5 GWh in the first eight months, a decrease of 1.6% year-on-year; August's power generation was 1,543.7 GWh, down 5.7% year-on-year [4]

Group 1 - The company, Xin Tian Green Energy (00956), announced that it achieved a power generation of 784,800 MWh in August 2025, representing a year-on-year increase of 23.53% [1] - As of August 31, 2025, the cumulative power generation reached 9,878,700 MWh, which is a year-on-year increase of 10.55% [1]