港股光伏股普遍上涨，其中，凯盛新能涨超7%，福莱特玻璃涨超5%，山高新能源涨近4%，信义光能涨 3%，信义玻璃、协鑫新能源涨超1%。 | 代码 | 名称 | 最新价 | 涨跌幅 ▽ | | --- | --- | --- | --- | | 01108 | 凱盛新能 | 4.990 | 7.08% | | 06862 | 福菜特玻璃 | 10.760 | 5.28% | | 01250 | 山高新能源 | 2.260 | 3.67% | | 00968 | 信义光能 | 3.140 | 2.95% | | 01799 | 新特能源 | 6.780 | 1.95% | | 00868 | 信义玻璃 | 8.210 | 1.36% | | 00451 | 协鑫新能源 | 0.440 | 1.15% | | 00686 | 北京能源国际 | 1.510 | 0.67% | 消息上，自反内卷定调以来，光伏行业正在打出组合拳，控产能及拓场景来提升需求。当下，控产能已 经出现效果，价格已经企稳，剩下就看需求能否起量。 2025年，中国光伏产业迎来重大里程碑，累计装机规模突破1000GW，迈入太瓦时代。在7月25日召开 的 ...

本職權範圍以中文編寫。倘若其內容與英文版本有任何歧異，應以中文版本為準。 （於開曼群島註冊成立之有限公司） （股份代號：01250） 本公司董事（「董事」）會（「董事會」）已議決於董事會轄下成立一個提名委員會 （「委員會」）。 2. 目標 委員會的主要工作目標是定期檢討董事會的架構，並就任何擬作出的變動向董 事會提出建議。委員會向董事會負責。 3. 成員 （「本公司」） 提名委員會 職權範圍 1. 組織 1 3.1 委員會由不少於三名董事組成，由董事會委任及罷免，且至少包括一名不 同性別的董事。其間如有委員會委員（「委員」）不再擔任董事職務，彼將自 動失去委員資格，並由董事會委任新的委員，補足委員會人數。 3.2 委員會過半數成員須為獨立非執行董事。 3.3 委員會主席須由董事會委任，並且必須為董事會主席或獨立非執行董事。 4. 秘書 除委員會另外委任外，委員會秘書由本公司秘書擔任。 5. 權責 委員會權責如下： 2 5.1 至少每年檢討董事會的架構、人數、組成及成員多元化（包括性別、年齡、 文化及教育背景、技能、知識及經驗方面），協助董事會編製董事會技能 表，並就任何為配合本公司的公司策略而擬對董事會作出的 ...

獨立非執行董事 （於開曼群島註冊成立之有限公司） （股份代號：01250） 董事名單與其角色和職能 秦泗釗教授 黃偉德先生 楊祥良先生 趙公直先生 董事會設立四個委員會。各董事會成員在這些委員會中所擔任的職位載列如下： 山高新能源集團有限公司董事會（「董事會」）成員載列如下： 執行董事 李天章先生 （主席） 朱劍彪先生 王文波先生 劉志杰先生 廖劍蓉女士 李力先生 王萌先生 趙公直先生 （主席） 廖劍蓉女士 黃偉德先生 可持續發展委員會 朱劍彪先生 （主席） 劉志杰先生 黃偉德先生 伍穎恩女士 香港，二零二五年七月三十一日 2 審核委員會 黃偉德先生 （主席） 楊祥良先生 趙公直先生 1 提名委員會 李天章先生 （主席） 廖劍蓉女士 秦泗釗教授 黃偉德先生 楊祥良先生 薪酬委員會 ...

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） 提名委員會組成之變動 山高新能源集團有限公司（「本公司」）董事（「董事」）會（「董事會」）宣佈，執行董事廖 劍蓉女士及獨立非執行董事黃偉德先生各自已獲委任為董事會提名委員會（「提名委 員會」）成員，自二零二五年七月三十一日起生效。 董事會謹藉此機會熱烈歡迎廖劍蓉女士及黃偉德先生於提名委員會履新。 承董事會命 山高新能源集團有限公司 主席 李天章 香港，二零二五年七月三十一日 於本公告日期，董事會包括執行董事李天章先生、朱劍彪先生、王文波先生、劉志杰 先生、廖劍蓉女士、李力先生及王萌先生；及獨立非執行董事秦泗釗教授、黃偉德先 生、楊祥良先生及趙公直先生。 2 於上述變動後，提名委員會由兩名執行董事（即李天章先生及廖劍蓉女士）及三名獨 立非執行董事（即秦泗釗教授、黃偉德先生及楊祥良先生）組成。 上述變動乃因應香港聯合交易所有限公司證券上市規則（「上 ...

Core Insights - Shandong Hi-Speed Holdings Group Ltd. (SDHG) has seen its market capitalization exceed HK$100 billion, reflecting strong market endorsement as a leader in Electricity-Computing Integration and AI-ready infrastructure [1][9][21] - The company has strategically transitioned from financial investments to becoming a holding platform focused on emerging industries, particularly in renewable energy and computing power [4][9][20] Company Performance - SDHG's stock price surged over 200% in 2025, with total assets increasing from RMB 21.43 billion in 2021 to RMB 66.17 billion in 2024 [9][20] - Annual revenues are projected to grow from RMB 6.59 billion in 2025 to RMB 7.37 billion in 2027, with net profit attributable to parent company shareholders expected to rise from RMB 216 million in 2025 to RMB 555 million in 2027 [20][21] Strategic Investments - In 2022, SDHG acquired a 56.97% stake in Shandong Hi-Speed New Energy Group Ltd. and invested US$299 million in VNET Group Inc. in 2023, enhancing its position in clean energy and data center services [5][9] - The Ulanqab project in Inner Mongolia exemplifies SDHG's innovative Electricity-Computing Integration model, expected to generate approximately 860 million kWh of electricity annually [11][12] Alignment with National Policies - SDHG aligns its business strategies with national priorities in renewable energy and computing power, benefiting from government support for initiatives like "East Data, West Computing" [7][9] - The company has established partnerships with local governments and firms to innovate business models, enhancing its competitive edge in both domestic and international markets [10][15] Financing and Market Response - SDHG successfully issued US$900 million in perpetual bonds in May 2024, marking the largest issuance by a Chinese issuer since 2021, and VNET Group's $430 million convertible preferred notes offering in March 2025 [14][20] - The capital market has responded positively to SDHG's performance, with multiple brokerages issuing "Outperform" ratings in June 2025 [17][21]

Core Viewpoint - The recognition of Sangao New Energy as an "Outstanding Enterprise in ESG Innovation Practice" reflects its commitment to long-term ESG strategies and achievements in sustainable development [1][4]. Group 1: ESG Ratings and Achievements - Sangao New Energy has shown significant progress in ESG ratings, achieving a Fitch ESG rating of 75, a S&P Global CSA score of 41, and a Sustainalytics risk rating of 19.8 (low risk level) [3]. - The company has received A-level ratings from three local authorities, indicating robust ESG governance [3]. - The completion of ESG report verification and the adjustment of topic importance through a "financial-impact dual-dimension importance matrix" have laid a solid foundation for these positive evaluations [3]. Group 2: Business and ESG Integration - The integration of ESG principles into business operations has transformed Sangao New Energy into a core engine for sustainable development [5]. - The company operates 54 centralized photovoltaic power stations with a total installed capacity of 2,602 MW and 19 wind power stations with a capacity of 1,176 MW, contributing to significant carbon savings [6]. - Innovative projects like the "fishing-light complementary" model in Shandong and the integrated energy model in Inner Mongolia demonstrate the synergy between clean energy and local economic development [7][8]. Group 3: Financial Performance and Growth - In 2024, Sangao New Energy reported revenues of 4.423 billion RMB and a net profit of approximately 463 million RMB, reflecting a year-on-year growth of about 32% [8]. - The company's governance structure has been enhanced with the establishment of a sustainability committee, emphasizing the importance of ESG in decision-making [8]. Group 4: Market Opportunities and Strategic Positioning - The dual carbon policy is transforming green rights from implicit value to explicit assets, with market transactions of electricity increasing significantly from 1.1 trillion kWh in 2016 to 6.2 trillion kWh in 2024 [11]. - Sangao New Energy has capitalized on green electricity trading, achieving a total trading volume of 1.67 million kWh and generating over 310,000 RMB in premium income [12]. - The company has also successfully entered the green certificate trading market, completing its first transaction of 120,000 green certificates [13]. Group 5: AI and Energy Synergy - The growing demand for AI is creating new opportunities for energy consumption, with global data center electricity consumption expected to exceed 1,000 TWh by 2026 [15]. - Sangao New Energy is collaborating with tech giants to create a "green electricity + computing power" ecosystem, enhancing its position in the energy and AI sectors [15][16]. Group 6: Capital Market Dynamics - The global trend towards sustainable assets is reshaping the energy industry's value logic, with sustainable fund sizes reaching 3.16 trillion USD globally [17]. - Sangao New Energy has successfully issued green panda bonds totaling 2.4 billion RMB, improving its financing structure and reducing costs [17][18]. - The company's financial expenses decreased to 1.147 billion RMB in 2024, a reduction of 17%, while its debt ratio fell to 60.01% [18]. Conclusion - The award received by Sangao New Energy exemplifies its leadership in ESG practices and serves as a catalyst for investor communication and sustainable growth [20].

Core Viewpoint - The energy sector is undergoing a significant transformation driven by the rapid development of AI and the increasing demand for energy, marking a pivotal moment in history for energy consumption and production [3][4]. Group 1: Company Overview - The company, Shango New Energy, is transitioning from a traditional energy supplier to a comprehensive energy solution provider, focusing on the intersection of green energy and computing power [4][7]. - As of December 2024, Shango New Energy operates 54 centralized photovoltaic power stations with a total installed capacity of 2,602 MW, 920 MW of distributed photovoltaic power stations, and 19 wind power stations with a capacity of 1,176 MW [8]. - The company has achieved significant growth in its wind power business, with revenue reaching 1.187 billion yuan in 2024, a year-on-year increase of 24.2%, contributing to 26.8% of total revenue [8][10]. Group 2: Industry Trends - The global energy landscape is shifting towards renewable sources, with the National Energy Administration aiming for non-fossil energy to account for 60% of power generation by 2025 [11]. - The digital energy market is rapidly expanding, with the market size growing from 654.42 billion yuan in 2015 to 1,105.15 billion yuan in 2022, indicating a burgeoning trillion-level market [14][16]. - The integration of energy and transportation is becoming a key trend, with expectations of significant investment growth in this sector, potentially exceeding one trillion yuan [24][27]. Group 3: Strategic Collaborations - Shango New Energy has formed strategic partnerships with major tech companies like Century Internet and Huawei to enhance its capabilities in green energy supply and computing power infrastructure [18][19]. - The collaboration with Century Internet aims to create a comprehensive energy ecosystem that integrates green energy production and computing power consumption [18]. - The partnership with Huawei focuses on developing smart energy solutions, leveraging Shango's renewable assets to provide customized green energy for data centers [19]. Group 4: Financial Performance - In 2024, Shango New Energy reported a revenue of 4.423 billion yuan and a net profit of 463 million yuan, reflecting a year-on-year growth of approximately 32% [29][30]. - The company's asset-liability ratio was maintained at 60%, with cash and equivalents exceeding 3.6 billion yuan, indicating strong financial health [29].

Core Viewpoint - The article highlights the transformation and growth of Shandong High New Energy (山高新能源) after the introduction of Shandong High Holdings as a controlling shareholder, emphasizing its commitment to clean energy and sustainable development [1][3]. Group 1: Company Transformation and Market Performance - After the introduction of a state-owned enterprise as a major shareholder, Shandong High New Energy has successfully completed a transformation, showcasing a strong fundamental and long-term development potential [3]. - The company's stock price has seen significant growth, rising from a low of HKD 0.042 in September 2022 to a high of HKD 0.085 in March 2023, nearly doubling in value [4]. - On May 12, the company announced a share consolidation plan, proposing a "50-for-1" share consolidation to align with market standards and reduce trading costs for investors, which is expected to enhance its capital market image [4]. Group 2: ESG and Sustainable Development - Shandong High New Energy is a leading player in the clean energy sector, operating 53 centralized solar power stations, over 200 distributed solar power stations, and 13 wind power stations, providing clean heating for approximately 230,000 households [8]. - The company has consistently disclosed ESG reports for seven years, demonstrating its commitment to sustainable operations and stakeholder communication [8]. - In 2022, the company’s renewable energy projects generated approximately 6.08 million megawatt-hours of electricity, saving over 1.8 million tons of standard coal and reducing carbon dioxide emissions by over 5 million tons [8]. Group 3: Recent Performance and Industry Outlook - In the first quarter of the year, Shandong High New Energy achieved a record high in electricity generation, with a total output of approximately 1.337 billion kWh, a year-on-year increase of 27.9% [12]. - The company’s centralized solar power stations generated 684 million kWh, up 14.7% year-on-year, while wind power stations saw a significant increase of 56.5% in generation [12]. - The national push for green energy transition and the inclusion of the company in major indices like the Hang Seng Composite Index are expected to enhance stock liquidity and benefit from the recovery in the photovoltaic sector [14].

Group 1 - Zhengrong Real Estate (06158.HK) has appointed joint liquidators by its controlling shareholder, and trading of its shares will resume from 9 AM on Wednesday, with business operations continuing as usual [1] - XPeng Motors (09868.HK) plans to hold a board meeting on May 21 to approve its first-quarter results [1] - Xiehe New Energy (00182.HK) reported a total equity generation of 3,330.69 GWh in the first four months, a year-on-year decrease of 2.24%, with April's generation at 809.84 GWh, down 6.48% year-on-year [1] Group 2 - Touyun Biotechnology (01332.HK) plans to sell 70% of its stake in Weidao International for 13 million yuan [1] - Gilead Sciences (01672.HK) will present early research findings on its obesity candidate drug ASC47 at the 32nd European Congress on Obesity (ECO 2025) through oral and poster presentations [1] - Yuanda Pharmaceutical (00512.HK) has successfully reached clinical endpoints in its Phase II clinical study of the global innovative product STC3141 for the treatment of sepsis in China [1] Group 3 - Shanggao New Energy (01250.HK) reported a cumulative operational generation of approximately 1.0196 million MWh in the first two months, representing a year-on-year increase of about 13.1% [1]

Market Development and Project Indicators - In 2024, the company achieved a historic breakthrough in market development, securing over 4 GW of new energy project indicators, a year-on-year increase of more than 300%[10] - The company obtained over 550 MW of wind power project indicators in Shandong Province, contributing to a total of nearly 1 GW in two years, matching the current installed capacity of wind power[11] - The company successfully acquired 1 GW of wind power in Xinjiang, 400 MW in Guangxi, and 50 MW in Gansu, marking significant project indicators in key clean energy provinces[12] - The group held a cumulative installed capacity of approximately 1,176 MW in wind power projects as of December 31, 2024[16] - The total installed capacity of the company's approved and under-construction power generation projects exceeds 5.5 GW, with 20 projects of 100 MW or more[38] - The company successfully secured a 387.5 MW onshore wind power project in Heze City, Shandong Province, marking its first large-scale wind power project in the region[39] - The company has achieved a cumulative service scale of over 2.4 GW in daily project operation and maintenance, enhancing its brand value and obtaining various operational qualifications[45] - The company emphasizes the importance of distributed energy integration projects, collaborating with strategic clients to explore innovative models combining energy and water resource management[41] Financial Performance - The company reported a revenue of approximately RMB 4,423 million and a gross margin of 45.7% for the year ending December 31, 2024[14] - The net profit for the period was approximately RMB 462.8 million, representing a year-on-year growth of about 32%[14] - The group recorded operating revenue of approximately RMB 4,423.1 million, a decrease of about 1.4% compared to RMB 4,486.9 million in the same period last year[27] - Gross profit was approximately RMB 2,021.4 million, down about 7.3% from RMB 2,179.7 million year-on-year[27] - Revenue from electricity sales and entrusted operation services reached RMB 3,720.6 million, relatively flat compared to RMB 3,780.7 million in the previous year[57] - Revenue from centralized photovoltaic power generation projects was approximately RMB 1,939.9 million, accounting for about 43.9% of the group's total revenue, despite a slight decrease from RMB 2,138.4 million (47.7% of total revenue) in the previous year[58] - The overall gross profit margin decreased from 48.6% in the previous year to 45.7%, a decline of approximately 2.9 percentage points[91] - The gross profit from electricity sales was approximately RMB 1,948.1 million, accounting for 96.4% of the total gross profit, an increase from 95.0% in the previous year[91] Operational Efficiency and Capacity - The total operational power generation for the company and its joint ventures was approximately 6.52 million MWh, an increase of about 4.6% compared to the previous year[14] - The average utilization hours of wind power stations operated by the group reached 2,474 hours during the period[16] - The weighted average utilization hours for the centralized photovoltaic power stations was 1,140 hours during the reporting period[15] - The total operational power generation capacity held and/or managed by the group at the end of the year was approximately 6.52 million MWh, representing a growth of about 4.6% compared to 6.23 million MWh in the previous year[55] - The group maintained 53 centralized photovoltaic power stations in China, with a total grid-connected capacity of approximately 2,596 MW, and one station in Australia with a capacity of 6 MW[60] Strategic Development and Future Plans - The company aims to strengthen its dual-core development strategy focusing on project development and grid connection[18] - The group plans to enhance its differentiated market competitive advantages by leveraging resources from Shandong Expressway Group and other strategic partners[20] - The group anticipates significant market opportunities with the expected addition of 200 million kW of new wind and solar capacity by 2025[18] - The group aims to enhance energy security and optimize energy structure in alignment with national policies, focusing on project incubation and expansion as core drivers of development[36] - The company is developing a 3-5 year strategic plan for international business expansion, focusing on energy integration and collaboration with overseas partners[78] Sustainability and ESG Performance - The company’s ESG rating was confirmed at 75 points, reflecting good performance in sustainability practices[13] - The group received multiple awards for its ESG performance, including the "Annual Investment Value Award" and "Best ESG Rookie Award" in 2024, reflecting strong recognition of its profitability and stable investment returns[53] - The group has integrated ESG considerations into its business strategy and management, promoting innovation in operations[53] - The company has made commitments to sustainable development, which are detailed in its Environmental, Social, and Governance report[150] Governance and Management - The company has appointed new executive directors, enhancing its leadership team with extensive experience in investment and corporate management[151][152] - The board consists of twelve directors, with one female director, and aims to increase female representation in the future[199] - The company has implemented internal training for senior management on compliance with listing rules and internal controls to mitigate future non-compliance risks[173] - The board has confirmed adherence to the corporate governance code throughout the year, ensuring transparency and accountability in operations[172] - The company emphasizes high levels of corporate governance to achieve sustainable development and enhance corporate performance[171] Financial Management and Capital Structure - The group achieved RMB 2 billion in equity financing, effectively reducing the debt-to-asset ratio and enhancing financial stability[51] - The total interest-bearing bank loans and other borrowings, including corporate bonds, decreased by approximately RMB 2,202.8 million to about RMB 25,687.5 million as of December 31, 2024, reflecting repayments and redemptions during the year[113] - The group's debt-to-asset ratio improved to approximately 60% from 65% in 2023, indicating a stronger financial position[116] - The company raised a total of RMB 5 billion through a strategic investment agreement, enhancing its capital reserves for future developments[126] Challenges and Risks - The group faced challenges in the short term due to economic slowdown and increased competition, impacting its business and financial performance[55] - The stable development of the clean energy business relies on government support measures, including tax incentives and subsidies, which may be subject to revision[141] - The company faces project performance risks and electricity restriction risks, which could impact overall growth and profitability[142] - The company is exposed to foreign exchange risks due to its operations primarily in China, with most transactions denominated in RMB[139]