智通财经APP讯，大唐新能源(01798)发布公告，2025年10月集团按合并报表口径完成发电量233.46万兆 瓦时，较2024年同比下降14.39%。其中，完成风电发电量197.87万兆瓦时，较2024年同比下降19.32%; 光伏发电量35.6万兆瓦时，较2024年同比增加29.59%。 截至2025年10月31日，集团2025年累计完成发电量2822.53万兆瓦时，较2024年同比增加8.94%。其中， 完成风电发电量2381.92万兆瓦时，较2024年同比增加4.53%;光伏发电量440.6万兆瓦时，较2024年同比 增加41.11%。 ...

截至2025年10月31日，集团2025年累计完成发电量2822.53万兆瓦时，较2024年同比增加8.94%。其中， 完成风电发电量2381.92万兆瓦时，较2024年同比增加4.53%;光伏发电量440.6万兆瓦时，较2024年同比 增加41.11%。 大唐新能源(01798)发布公告，2025年10月集团按合并报表口径完成发电量233.46万兆瓦时，较2024年同 比下降14.39%。其中，完成风电发电量197.87万兆瓦时，较2024年同比下降19.32%;光伏发电量35.6万兆 瓦时，较2024年同比增加29.59%。 ...

截至2025年10月31日，集团2025年累计完成发电量28,225,250兆瓦时，较2024年同比增加8.94%。其 中，完成风电发电量23,819,226兆瓦时，较2024年同比增加4.53%；光伏发电量4,406,024兆瓦时，较 2024年同比增加41.11%。 格隆汇11月25日丨大唐新能源(01798.HK)公告，2025年10月公司及其附属公司(统称"集团")按合并报表 口径完成发电量2,334,647兆瓦时，较2024年同比下降14.39%。其中，完成风电发电量1,978,668兆瓦 时，较2024年同比下降19.32%；光伏发电量355,979兆瓦时，较2024年同比增加29.59%。 ...

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。 公 告 2025年10月 發電量 本 公 告 乃 由 中 國 大 唐 集 團 新 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13.09(2)條及香港法例第571章《證 券 及 期 貨 條 例》第XIVA部 項 下 內 幕 消 息 條 文 而 作 出。 本 公 司 董 事 會（「董事會」）宣 佈，根 據 本 公 司 初 步 統 計，2025年10月本公 司 及 其 附 屬 公 司（統 稱「本集團」）按 合 併 報 表 口 徑 完 成 發 電 量2,334,647兆 瓦 時，較2024年同比 下 降14.39%。其 中，完 成 風 電 發 電 量1,978,668兆 瓦 時， 較2024年同比 下 降19.32%；光 伏 發 電 量355,979兆 瓦 時，較2024年同比增加 29.59 ...

Group 1 - A new company, 大唐（元谋）能源科技有限公司, has been established with a registered capital of 95.2 million yuan [1] - The company's business scope includes power generation technology services, wind power generation technology services, and solar power generation technology services [1] - The shareholders of the company are 大唐新能源 and 大唐新能源（香港）有限公司, indicating a collaboration between these entities [1]

天眼查App显示，近日，大唐（元谋）能源科技有限公司成立，法定代表人为席丙俊，注册资本9520万 人民币，经营范围包括发电技术服务、风力发电技术服务、太阳能发电技术服务等。股东信息显示，该 公司由大唐新能源（01798.HK）、大唐新能源（香港）有限公司共同持股。 ...

Core Viewpoint - The report from Xingsheng International maintains an "overweight" rating for Datang Renewable (01798), noting a slight increase in revenue for the first three quarters, but a year-on-year decline in net profit primarily due to falling electricity prices and credit impairment provisions. The company's wind and solar power generation has significantly increased, especially wind power, which grew over 70% year-on-year, while cash flow has improved substantially due to accelerated national subsidy payments [1]. Performance Summary - As of the end of Q3 2025, Datang Renewable achieved operating revenue of 9.409 billion yuan, a year-on-year increase of 3.56% (or 323 million yuan), and a net profit attributable to shareholders of 1.653 billion yuan, a year-on-year decrease of 11.59% (or 217 million yuan). In Q3 alone, the company reported operating revenue of 2.564 billion yuan, a year-on-year increase of 4.25% (or 105 million yuan), but a net profit of -35 million yuan, compared to 105 million yuan in the same period last year [2]. - The decline in performance is attributed to falling electricity prices and credit impairment provisions, with the company recording a credit impairment provision of 102 million yuan in the first three quarters, compared to a reversal of 38 million yuan in the same period last year. The average revenue per kilowatt-hour in Q3 decreased by 0.04 yuan compared to the previous year, with a more significant decline than in the first half of the year [2]. Cash Flow Analysis - The acceleration of national subsidy payments has led to a significant improvement in cash flow. As of the end of Q3, the company's accounts receivable and notes receivable balance was 21.6 billion yuan, a decrease of approximately 2.8 billion yuan from the end of the first half. The operating cash flow for the first three quarters was 7.890 billion yuan, a year-on-year increase of 54.35%, while capital expenditures were 4.293 billion yuan, a year-on-year decrease of 50.91%. The ratio of accounts receivable to total market value is approximately 130% based on the closing price on November 12 [3]. Investment Recommendation - The report maintains an "overweight" rating, indicating that while short-term performance may be pressured by fluctuations in green electricity prices, the company is expected to maintain a competitive advantage as a leading wind power enterprise. The cash flow flexibility from national subsidy payments is also viewed positively. The forecast for net profit attributable to shareholders for 2025-2027 is 1.694 billion, 1.751 billion, and 1.911 billion yuan, reflecting year-on-year changes of -9.7%, +2.7%, and +7.2%, respectively. The corresponding PE valuations based on the closing price on November 18, 2025, are projected to be 7.3x, 7.1x, and 6.6x [4].

Core Viewpoint - The report from Xingsheng International maintains a "Buy" rating for Datang New Energy (01798), noting a slight increase in revenue for the first three quarters, but a decline in net profit primarily due to falling electricity prices and credit impairment provisions [1][3]. Performance Summary - As of the end of Q3 2025, Datang New Energy achieved a revenue of 9.409 billion yuan, a year-on-year increase of 3.56% (or 323 million yuan), while the net profit attributable to shareholders was 1.653 billion yuan, a year-on-year decrease of 11.59% (or 217 million yuan) [1]. - In Q3 alone, the company reported a revenue of 2.564 billion yuan, a year-on-year increase of 4.25% (or 105 million yuan), but a net loss of 35 million yuan compared to a profit of 105 million yuan in the same period last year [1][2]. Revenue and Cash Flow Analysis - The company's wind and solar power generation increased by 7.40% and 42.22% year-on-year, respectively, with Q3 figures showing a 5.13% and 71.70% increase [2]. - The average revenue per kilowatt-hour in Q3 decreased by 0.04 yuan compared to the previous year, with a more significant decline than in the first half of the year [2]. - The company accelerated its cash flow due to faster national subsidy payments, with accounts receivable and notes receivable totaling 21.6 billion yuan, a decrease of approximately 2.8 billion yuan from the end of the first half [2]. - Operating cash flow for the first three quarters was 7.890 billion yuan, a year-on-year increase of 54.35%, while capital expenditures were 4.293 billion yuan, a decrease of 50.91% [2]. Investment Recommendation - The report maintains a "Buy" rating, acknowledging short-term performance pressures due to fluctuations in green electricity prices, but remains optimistic about the company's competitive advantages as a leading wind power enterprise and the cash flow flexibility from national subsidy payments [3]. - The forecast for net profit attributable to shareholders for 2025-2027 is 1.694 billion, 1.751 billion, and 1.911 billion yuan, reflecting year-on-year changes of -9.7%, +2.7%, and +7.2%, respectively [3].

Group 1 - The core point of the article is that Datang New Energy (01798.HK) has successfully completed the public issuance of its 2025 corporate bonds (second phase) on November 18, 2025, raising a total of RMB 1.5 billion with a maturity of 3 years and an interest rate of 1.88% [1] - The funds raised from the bond issuance will be used for productive expenditures, including repaying interest-bearing debts, supplementing working capital, and project investments, in compliance with legal regulations [1] - As of November 18, 2025, Datang New Energy's stock closed at HKD 2.36, down 2.48%, with a trading volume of 9.764 million shares and a transaction value of HKD 23.0687 million [1] Group 2 - Datang New Energy has a market capitalization of HKD 60.53 billion, ranking 13th in the electricity industry [2] - Key performance indicators include a Return on Equity (ROE) of 6.85%, which is significantly higher than the industry average of 0.1%, and a net profit margin of 27.89%, above the industry average of 25.47% [2] - The company's debt ratio stands at 66.67%, which is higher than the industry average of 61.72%, indicating a relatively high level of leverage [2]

Core Viewpoint - Datang New Energy (01798) has successfully completed the public issuance of its 2025 corporate bonds (second phase) on November 18, 2025, raising a total of RMB 1.5 billion with a maturity of 3 years and an interest rate of 1.88% [1] Group 1 - The final issuance scale of the corporate bonds is RMB 1.5 billion [1] - The bonds have a face value of RMB 100 and will commence interest accrual from November 18, 2025 [1] - The raised funds, after deducting issuance costs, are intended for productive expenditures, including debt repayment, working capital supplementation, project investment, and operations in compliance with legal regulations [1]