股份代號: 01250 （於開曼群島註冊成立的有限公司） 能動四海 綠享五洲 年報 2024 Shandong Hi-Speed New Energy Group Limited 山高新能源集團有限公司 2024 年報 官方微信 企業使命 能動四海 綠享五洲 企業願景 成為一流的清潔能源 綜合服務商 企業價值觀 高速致遠 暢和篤行 企業精神 勇於擔當 敢為人先 管理理念 長期主義 目標導向 守正創新 協同共享 組織氛圍 團結友愛 開放包容 目 錄 | 公司架構 | 2 | | --- | --- | | 主席報告 | 3 | | 管理層討論與分析 | 8 | | 董事簡介 | 41 | | 企業管治報告 | 47 | | 董事會報告 | 71 | | 獨立核數師報告 | 92 | | 綜合損益表 | 97 | | 綜合全面收益表 | 98 | | 綜合財務狀況表 | 99 | | 綜合權益變動表 | 101 | | 綜合現金流量表 | 102 | | 財務報表附註 | 105 | | 五年財務摘要 | 203 | | 公司資料 | 204 | | 釋義 | 205 | 山高新能源集團有限公司 2024年年報 ...

首先，业务版图的结构性调整成为稳定营收基本盘的关键。 3月26日晚间，山高新能源发布了2024年业绩报告，翻阅过后，笔者认为"惊喜"二字最适合概括这份业 绩。 2024年，山高新能源实现收入44.23亿元人民币；净利润为4.63亿元人民币，同比增长约32%。 值得注意的是，在此之前格隆汇曾发布研报预测，公司2024财年预计实现收入约为44亿元人民币，净利 润约为4.1亿人民币。如此看来，山高新能源这份财报的收入、净利润均超出市场预期。 这也清晰地反映出，即便面临风电光伏限电、交易电价波动等不利因素，山高新能源仍然展现出强劲韧 性，营收实现稳健发展、利润保持快速增长，在行业中表现较为突出。 一、多维驱动下彰显韧性，业绩逆势增长 在笔者看来，营收、净利润之所以能够双双超预期，离不开公司业务结构优化、财务策略升级与运营效 率提升的三重合力。 聚焦到公司两大核心业务，当其光伏发电业务因电网消纳压力导致收入下滑2.3亿元时，其风电业务实 现跨越式发展，对冲了光伏发电业务下滑的影响，为稳定公司的营收做出积极贡献。2024年，山高新能 源风电业务实现收入11.87亿元，同比增长24.2%，在总营收中的占比达到了26.8%， ...

评级提升彰显稳健实力 绿色发展驱动可持续增长 2024年，集团凭借稳健的经营表现、优质的资产结构及持续优化的财务管理能力，在信用评级方面取得 重要突破，进一步巩固了行业领先地位。集团成功获得国内顶级评级机构联合资信授予的AAA级主体 长期信用评级，评级展望为"稳定"。在ESG表现方面，国际权威评级机构惠誉常青可持续评估有限公司 确认集团ESG主体评级为"2"级，并授予75分的主体评分。山高新能源本年度标普全球评分达41分， ESG评分42分，均较2023年提升了7分，反映了公司在ESG方面的卓越表现。集团在绿色能源开发、能 碳数据管理、企业治理优化等方面持续发力，全方位提升可持续发展能力，持续释放"山高价值"，有力 提振全球投资者信心与长期价值预期。 山高新能源集团公告2024年全年业绩：风光齐进布 局升级 评级跃升稳健前行 3月26日，山高新能源集团(股票代码：1250.HK，以下简称为"山高新能源")披露2024年全年业绩公告。 2024年，山高新能源紧随国家政策指引，依托深厚的技术积累、优质的新能源资产，乘山东高速生态圈 全面发展东风，在不断夯实光伏板块硬实力的同时、实现风电业务跨越式发展，集团新能源装 ...

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 部份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。 （於開曼群島註冊成立之有限公司） （股份代號：01250） 截至二零二四年十二月三十一日止年度之 年度業績公告 摘要 1 • 本集團本年度溢利約人民幣462.8百萬元（二零二三年：約人民幣350.3百萬 元），較去年同期增加約32%。 • 本集團本年度財務費用約人民幣1,147.3百萬元（二零二三年：約人民幣1,371.8 百萬元），財務費用減少主要由於(i)低成本融資置換高成本融資及提前償還 高成本境外借款減少財務費用；(ii)收購新電站帶來財務費用增加；(iii)發展清 潔能源業務新增融資增加財務費用的綜合影響所致。 • 本集團本年度除利息、稅項、折舊及攤銷前盈利約人民幣3,672.1百萬元（二零 二三年︰約人民幣3,652.4百萬元），較去年同期增加約1%。 • 本集團本年度末資產負債率於收到平安引戰事項第二筆增資和成立信託計 劃收到興業銀行募集資金並償還借款後進一步下降至約60%（二零二三年： ...

Renewable Energy Projects and Capacity - The company's total installed capacity for photovoltaic power generation projects is 50 MW or above, with operations in multiple provinces including Hebei, Henan, and Shandong[7] - The company's wind power projects are located in Henan, Shandong, and Inner Mongolia, with specific sites such as Qixian Huangdong and Binzhou Luxa[7] - The company's total capacity of power generation projects under construction and approved for construction reached 1.9 GW by the end of the reporting period[12] - The company secured over 350 MW of wind power indicators from the second batch of centralized onshore wind power projects in Shandong Province during the "14th Five-Year Plan" period[12] - The company obtained 400 MW of centralized wind power projects in Guangxi and 175 MW of distributed wind power projects in Shandong[12] - The company successfully acquired a 387.5 MW centralized onshore wind power project in Heze, Shandong Province, marking a significant breakthrough in independent development[12] - The company has reported and locked potential key projects with a total scale of approximately 3.4 GW in the centralized photovoltaic power generation business[12] - The company is expanding its photovoltaic market in North China and implementing a diversified regional development strategy[12] - The company is advancing 22 key distributed photovoltaic power generation projects, covering provinces in Northeast, North, Central, and Southwest China, with the first six highway service area projects already connected to the grid[13] - The company has reported and locked potential key wind power projects with a total scale of approximately 3.7 GW, with some key projects already implemented after the reporting period[13] - The company's operation and maintenance service scale increased by approximately 460 MW during the reporting period, with a cumulative scale exceeding 2.4 GW, and operational efficiency improved by over 60% through digital transformation[13] - The company completed green power transactions for two parity projects, with an annual green power transaction volume of nearly 70 million kWh, generating green power revenue of approximately RMB 1.3 million[14] - The company operates 54 centralized photovoltaic power stations with a total grid-connected capacity of 2,562 MW, up from 2,362 MW in 2023[20] - The total electricity generation from centralized photovoltaic power stations reached 1,496,021 MWh, a slight increase from 1,493,448 MWh in the previous year[21] - The majority of the company's centralized photovoltaic power stations are located in China's central and eastern regions, classified under Class II and III photovoltaic resource zones by the National Development and Reform Commission[22] - The total grid-connected capacity of photovoltaic power stations in China reached 2,556 MW as of June 30, 2024, compared to 2,356 MW in the same period last year, representing an increase of 8.5%[23] - The total electricity generation from photovoltaic power stations in China was approximately 1,493,371 MWh as of June 30, 2024, a slight increase from 1,491,473 MWh in the previous year[23] - The weighted average utilization rate of centralized photovoltaic power stations decreased to 87.69% in 2024 from 92.80% in 2023, a decline of 5.11 percentage points[24] - The distributed photovoltaic power generation business generated revenue of approximately HKD 356.3 million in 2024, down from HKD 394.0 million in 2023, with a total installed capacity of 860 MW, up from 800 MW in the previous year[25] - The wind power business saw significant growth, with revenue increasing to HKD 729.0 million in 2024 from HKD 654.9 million in 2023, and the total grid-connected capacity of wind power stations reaching 1,176 MW, up from 790 MW in the previous year[27] - The total electricity generation from wind power stations was approximately 1,530,719 MWh in 2024, compared to 1,151,334 MWh in 2023, representing a 33% increase[28] - The weighted average utilization rate of wind power stations decreased to 94.75% in 2024 from 96.95% in 2023, a decline of 2.20 percentage points[31] - The company established Shandong High-speed Luzhong New Energy Co., Ltd. to jointly build a 100 MW/200 MWh independent energy storage project in Xintai City, Shandong Province, marking the start of its first large-scale independent energy storage project[36] - The company is actively promoting a pumped-storage power generation project in Lianzhou City, Guangdong Province, with an expected total scale of 2.4 GW[36] - The company successfully conducted its first green electricity transaction and is preparing to establish a carbon trading platform, integrating it with green electricity, green certificates, and power generation management[37] - The company signed a framework agreement with Beijing Century Interconnect Broadband Data Center Co., Ltd. and the Ulanqab Municipal Government in Inner Mongolia to explore the extensive application of new energy and support the city's energy structure transformation and sustainable development goals[37] - The company aims to enhance its core competitiveness by entering the energy storage industry, implementing the "power + computing power" model, accelerating power marketization, and building a green certificate and carbon asset management platform[39] Clean Heating Services - The company's clean heating business operates in several provinces including Liaoning, Ningxia, and Shaanxi, with multiple projects in each region[7] - The company achieved a clean heating area of 34,548,000 square meters, a year-on-year increase of 3.3%, and served 202,667 households, a year-on-year increase of 3.1%[14] - The company and its joint ventures held and/or managed 12 operational clean energy projects as of June 30, 2024, with a total clean heating area of 34.55 million square meters, a 3.3% increase year-over-year, and 202,667 users, a 3.1% increase year-over-year[34] - The company's clean heating service revenue for the reporting period was HK$373.6 million, a 2.3% decrease compared to HK$382.4 million in the same period last year, primarily due to the depreciation of the RMB against the HKD and the increase in heating area[34] - The clean heating area in East and Central China increased by 27.3% to 2.732 million square meters, and the number of users increased by 27.9% to 20,393 households[35] Corporate Governance and Leadership - The company's corporate structure includes a 43.45% stake held by Shandong Hi-Speed Holdings Group Limited[7] - The company's board of directors underwent changes, with Mr. Wang Xiaodong resigning as Chairman and Mr. Li Tianzhang being appointed as the new Chairman effective August 2, 2024[4] - The company's audit committee is chaired by Mr. Wong Wai Tak, with members including Mr. Yeung Cheung Leung and Mr. Zhao Gongzhi[5] - Wang Xiaodong resigned as Executive Director, Chairman of the Board, and Chairman of the Nomination Committee, effective August 2, 2024, with Li Tianzhang appointed to these positions on the same date[69] - Li Tianzhang was appointed as an executive director, chairman of the board, and member and chairman of the executive and nomination committees, effective August 2, 2024[93] - The audit committee reviewed the unaudited interim results for the six months ended June 30, 2024, and confirmed compliance with applicable accounting standards and disclosure requirements[94] Financial Performance and Metrics - The company aims to reduce energy consumption per unit of GDP by approximately 2.5% and CO2 emissions by 3.9% in 2024[10] - The company targets a non-fossil energy consumption ratio of 18.9% in 2024, with a goal of reaching 20% by 2025[10] - The company plans to achieve energy savings of 50 million tons of standard coal and reduce CO2 emissions by 130 million tons through energy-saving and carbon reduction transformations in key sectors by 2025[10] - The company saved over RMB 161 million (approximately HKD 174 million) in financial expenses through cost control and financial optimization measures[14] - The company successfully raised RMB 2 billion (approximately HKD 2.167 billion) in equity financing, effectively reducing the asset-liability ratio and enhancing financial stability[14] - The company completed the construction of its treasury system and successfully launched the financial sharing system, optimizing internal structure to improve resource utilization efficiency[15] - The company's total electricity generation reached approximately 3.376 million MWh, a 14.56% increase compared to the same period in 2023[17] - The total operating electricity generation, including joint ventures and associates, was approximately 3.436 million MWh, a 3.12% increase year-over-year[17] - Revenue from electricity sales and entrusted operation services decreased by 5% to HKD 2,205.5 million compared to HKD 2,326.3 million in the same period last year[18] - Revenue from centralized photovoltaic power generation accounted for 42% of total revenue, amounting to HKD 1,097.3 million, down from HKD 1,204.0 million (43% of total revenue) in the previous year[19] - Revenue for the six months ended June 30, 2024, was HK$2,606.0 million, a decrease of 6% compared to HK$2,769.4 million in the same period last year[40][42] - Gross profit decreased by 11% to HK$1,326.7 million, with gross margin declining by 2.9 percentage points to 50.9%[40][45] - Net profit for the period increased by 13% to HK$399.9 million, while profit attributable to equity holders decreased by 17% to HK$299.0 million[40] - Total assets as of June 30, 2024, were HK$54,230.8 million, a slight decrease of 1% compared to December 31, 2023[40][41] - Equity increased by 10% to HK$21,135.4 million, driven by strategic investments and trust plan funding[41] - Electricity sales revenue decreased by 3.1% to HK$2,182.6 million, but increased by 1.2% in RMB terms to RMB 2,014.1 million[42] - Gross profit from electricity sales accounted for 95% of the total gross profit, up from 93% in the same period last year[44] - Other income and net gains increased to HK$181.9 million, including a significant rise in exchange gains to HK$52.8 million[46] - Administrative expenses rose to HK$256.3 million, primarily due to increased bank fees from larger financing replacement activities[46] - Other operating expenses net amount was approximately HKD 15.8 million, including a loss of HKD 8.8 million from the sale of property, plant, and equipment[47] - Financial expenses decreased by HKD 61.9 million to HKD 719.3 million, primarily due to the replacement of high-cost financing with low-cost financing and early repayment of high-cost overseas loans[47] - Property, plant, and equipment decreased mainly due to the development of clean energy projects, depreciation provisions, and the impact of RMB depreciation against HKD[48] - Investment properties include an office in Hong Kong and four parking spaces, all leased to independent third parties[49] - Goodwill arose from the acquisition of subsidiaries since 2016[49] - Contract assets increased to HKD 886.0 million, mainly due to the recognition of renewable energy subsidies from the Chinese central government for photovoltaic and wind power projects[53] - Trade receivables and bills increased to HKD 9,410.0 million, with HKD 8,236.8 million from electricity sales of photovoltaic and wind power projects[54] - Prepayments, deposits, other receivables, and financial assets at fair value increased by HKD 336.2 million to HKD 4,693.6 million, driven by the development and construction of clean energy projects[55] - Cash and cash equivalents decreased by HKD 225.0 million to HKD 4,667.4 million, influenced by strategic investor funding, debt repayments, and cash outflows for clean energy projects[56] - Trade payables and bills payable decreased to HKD 1,091.1 million as of June 30, 2024, from HKD 1,485.8 million as of December 31, 2023, primarily due to payments for clean energy project development[57] - Other payables and accrued expenses increased by HKD 46.9 million to HKD 1,408.9 million as of June 30, 2024, driven by payments to contractors and suppliers for construction and equipment[58] - Interest-bearing bank borrowings and other borrowings, including corporate bonds, decreased by HKD 1,897.8 million to HKD 28,767.7 million as of June 30, 2024, with a reduction in current liabilities by HKD 2,770.7 million[59] - Capital expenditures for the period totaled HKD 255.7 million, a significant decrease from HKD 1,064.6 million in the same period last year, with HKD 147.7 million allocated to photovoltaic and wind power projects[59] - Cash and cash equivalents stood at HKD 4,667.4 million as of June 30, 2024, down from HKD 4,892.4 million as of December 31, 2023, reflecting funding needs for clean energy projects[60] - The company's debt-to-asset ratio improved to 61% as of June 30, 2024, down from 65% as of December 31, 2023, following strategic investments and trust fund establishment[61] - Long-term borrowings accounted for 79% of total borrowings as of June 30, 2024, up from 71% as of December 31, 2023, indicating a shift towards more stable financing[61] - The company's liquidity ratio was 2.14 as of June 30, 2024, indicating strong financial reserves for business development[61] - No significant contingent liabilities were reported as of June 30, 2024, consistent with the previous reporting period[62] - All outstanding amounts under the syndicated term loan agreements were fully repaid by June 30, 2024, and the agreements were terminated[64] - The company completed the repurchase of 30% equity in Heat Power Company for a total consideration of RMB 49,982,500, with subsequent reductions in the consideration for other repurchase agreements, resulting in a final registered capital reduction from RMB 960,000,000 to RMB 672,000,000[65] - The company secured a RMB 5,000,000,000 cash investment from Ping An, with RMB 3,441,580,300 allocated to increase registered capital and RMB 1,558,419,700 to capital reserves, leading to Ping An holding approximately 44.46% equity in Tianjin Fuhuan[66] - The company acquired 100% equity in Nanyang Qingdian for RMB 200,000,000, along with assuming up to RMB 600,000,000 in debt, totaling RMB 800,000,000, to gain control of a 100 MW wind power and smart energy storage project in Henan Province[67] - The company invested RMB 670,000,000 in a trust plan, with the trust plan being recorded as a non-wholly owned subsidiary of the group[67] - The company employed 2,051 full-time employees as of June 30, 2024, with total employee costs of approximately HKD 210.4 million for the first six months of 2024[68] - The company did not recommend an interim dividend for the six months ended June 30, 2024[69] - Revenue for the six months ended June 30, 2024, was HKD 2,606,014 thousand, a decrease of 5.9% compared to HKD 2,769,414 thousand in the same period in 2023[95] - Gross profit for the period was HKD 1,326,736 thousand, down 10.9% from HKD 1,489,031 thousand in 2023[95] - Net profit attributable to equity holders of the company was HKD 298,981 thousand, a decrease of 16.8% from HKD 359,530 thousand in 2023[95] - Total comprehensive loss for the period was HKD 142,000 thousand, significantly improved from HKD 661,098 thousand in 2023[96] - Non-current assets as of June 30, 2024, totaled HKD 35,133,239 thousand, a decrease of 3% from HKD 36,206,371 thousand at the end of 2023[97] - Current assets as of June 30, 2024, were HKD 19,097,547 thousand, an increase of 3.2% from HKD 18,499,401 thousand at the end of 2023[97] - Total equity as of June 30, 2024, was HKD 21,135,401 thousand, up 9.6% from HKD 19,291,012 thousand at the end of 2023[98] - Net current assets as of June 30, 2024, were HKD 10,168,103 thousand, a significant increase of 57% from HKD 6,477,822 thousand at the end of 2023[98] - Total equity as of June 30, 2024, was HKD 21,135,401,000, compared to HKD 14,428,659,000 on June 30, 2023, reflecting significant growth[100] - Net profit for the period ending June 30, 2024, was HKD 298,981,000, a decrease from HKD 359,530,000 in the same period in 2023[99][100] - Exchange rate differences for overseas operations resulted in a loss of HKD 505,238,000 in 2024, compared to a loss of HKD 937,741,000 in 2023[99][100] - Cash flow from operating activities for 2024 was HKD 661,250,000, down from HKD 759,207,000 in 2023[101] - Investment activities used a net cash flow of HKD 795,565,000 in 2024, a significant improvement from HKD 1,657,597,000 in 2023[

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 部份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。 1 （於開曼群島註冊成立之有限公司） （股份代號：01250） 截至二零二四年六月三十日止六個月 中期業績公告 | --- | --- | |-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

山高新能源集團有限公司 SHANDONG HI-SPEED NEW ENERGY GROUP LIMITED (於開曼群島註冊成立的有限公司) 股份代號: 01250 第五洲 23 | --- | --- | --- | --- | --- | --- | --- | --- | |-------------------------------------|-------|-------|-------|-------|-------|-------|-------| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 企業使命 能動四海 綠享五洲 | | | | | | | | | | | | | | | | | | 企業願景 | | | | | | | | | 成為一流的清潔能源綜合服務商 | | | | | | | | | | | | | | | | | | 企業價值觀 | | | | | | | | | 高速致遠 暢和篤行 | | | | | | | | | | | | ...

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 部份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。 1 （於開曼群島註冊成立之有限公司） （股份代號：01250） 截至二零二三年十二月三十一日止年度之 年度業績公告 | --- | --- | |-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | | | 摘要 | | | • | 本集團本年 ...

山高新能源集團有限公司 SHANDONG HI-SPEED NEW ENERGY GROUP LIMITED (於開曼群島註冊成立的有限公司) 股份代號: 01250 能動四海 綠享五洲 20 中期報告 目錄 目錄 企業使命 能動四海 綠享五洲 山高新能源集團有限公司 2023 中期報告 01 企業願景 成為一流的清潔能源綜合服務商 企業價值觀 高速致遠 暢和篤行 企業精神 勇於擔當 敢為人先 管理理念 長期主義 目標導向 守正創新 協同共享 組織氛圍 團結友愛 開放包容 目錄 目錄 | --- | --- | --- | --- | |----------------------|-------|-------|-------| | | | | | | | | | | | 公司資料 | 2 | | | | 公司架構 | 4 | | | | 主席報告 | 5 | | | | 管理層討論與分析 | 8 | | | | 簡明綜合損益表 | 32 | | | | 簡明綜合全面收益表 | 33 | | | | 簡明綜合財務狀況表 | 34 | | | | 簡明綜合權益變動表 | 36 | | | | 簡明綜合現金流量 ...

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 部份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。 1 （於開曼群島註冊成立之有限公司） （股份代號：01250） 截至二零二三年六月三十日止六個月 中期業績公告 | --- | --- | |-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | | | 摘要 | | | ...