Core Viewpoint - The report from Xingzheng International maintains a "buy" rating for Datang New Energy (01798), indicating that the company is currently undervalued and that policy support for the green electricity industry is expected to drive valuation recovery [1] Group 1: Financial Performance - In the first half of 2025, Datang New Energy achieved operating revenue of 6.845 billion yuan, a year-on-year increase of 3.30% or 219 million yuan, while net profit attributable to shareholders was 1.688 billion yuan, a decrease of 4.37% or 77 million yuan [2] - The company reported operating cash flow of 3.122 billion yuan, a significant increase of 76.05% year-on-year, and a financing cost of 2.48%, down 36 basis points from the beginning of the year [2] - For Q2 2025, the company recorded operating revenue of 3.286 billion yuan, a year-on-year increase of 5.99% or 186 million yuan, with net profit attributable to shareholders at 667 million yuan, down 4.26% or 30 million yuan [2] Group 2: Capacity and Generation - As of the end of H1 2025, the company's installed capacity was 19.07 GW, with wind and solar capacities of 14.52 GW and 4.55 GW respectively, compared to 13.11 GW and 2.44 GW in the same period last year [3] - The company’s wind and solar utilization hours were 1138 hours and 542 hours, showing a decrease of 29 hours and 228 hours year-on-year, with total generation of 16.493 billion kWh and 2.383 billion kWh, representing increases of 8.16% and 26.97% respectively [3] Group 3: Revenue and Profitability - In H1 2025, the total net profit was 1.909 billion yuan, a decrease of 3.66% or 72 million yuan, with net profit per kWh at 0.101 yuan, down 0.015 yuan year-on-year [4] - For Q2, the company’s wind and solar generation was 7.572 billion kWh and 1.399 billion kWh, with revenue per kWh at 0.366 yuan, down 0.018 yuan year-on-year [4] - The accounts receivable and bills balance at the end of H1 2025 was 24.371 billion yuan, accounting for 20.93% of total assets and 62.79% of net assets, indicating a need to monitor cash flow recovery from national subsidies [4]

Core Viewpoint - The report from Xingsheng International maintains an "overweight" rating for Datang New Energy (01798), indicating that the company is currently undervalued and that policy support for the green electricity industry is expected to drive a recovery in company valuation [1] Financial Performance - For the first half of 2025, Datang New Energy reported operating revenue of 6.845 billion yuan, a year-on-year increase of 3.30% or 219 million yuan, and a net profit attributable to shareholders of 1.688 billion yuan, a year-on-year decrease of 4.37% or 77 million yuan [2] - The company achieved an operating cash flow of 3.122 billion yuan, a significant year-on-year increase of 76.05%, and reduced financing costs to 2.48%, down 36 basis points from the beginning of the year [2] - In Q2 alone, the company generated operating revenue of 3.286 billion yuan, a year-on-year increase of 5.99% or 186 million yuan, with a net profit of 667 million yuan, down 4.26% or 30 million yuan [2] Capacity and Generation - As of the end of H1 2025, the company's installed capacity reached 19.07 GW, with wind and solar capacities of 14.52 GW and 4.55 GW respectively, compared to 13.11 GW and 2.44 GW in the same period last year [3] - The utilization hours for wind and solar power were 1138 hours and 542 hours, showing a year-on-year decrease of 29 hours and 228 hours respectively, while the total power generation was 16.493 billion kWh and 2.383 billion kWh, reflecting increases of 8.16% and 26.97% [3] Revenue and Profitability - The total electricity sales revenue for the first half of the year was 6.778 billion yuan, a year-on-year increase of 3.04%, with wind and solar electricity sales revenues of 6.145 billion yuan and 634 million yuan, increasing by 2.09% and 13.18% respectively [3] - The operating profit for wind and solar was 4.691 billion yuan and 187 million yuan, showing year-on-year decreases of 5.59% and 29.01% [3] - The net profit for the first half of the year was 1.909 billion yuan, a year-on-year decrease of 3.66% or 72 million yuan, with a net profit per kWh of 0.101 yuan, down 0.015 yuan per kWh year-on-year [4] Accounts Receivable - As of the end of H1 2025, the company's accounts receivable and bills amounted to 24.371 billion yuan, accounting for 20.93% of total assets and 62.79% of net assets, indicating a need to monitor cash flow recovery from national subsidies [4]

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]

[Unaudited Interim Results](index=3&type=section&id=Unaudited%20Interim%20Results) This section presents the unaudited interim financial performance for the first half of 2025, showing key financial indicators and their year-over-year changes | Indicator | H1 2025 (RMB billion) | H1 2024 (RMB billion) | Change Rate | | :--- | :--- | :--- | :--- | | Operating Revenue | 6.845 | 6.626 | +3.30% | | Profit Before Tax | 2.358 | 2.326 | +1.37% | | Profit Attributable to Owners of the Parent | 1.688 | 1.765 | -4.37% | | Basic and Diluted Earnings Per Share (RMB) | 0.2046 | 0.2111 | -0.0065 | [Financial Highlights](index=4&type=section&id=Financial%20Highlights) This section provides a summary of the Group's financial performance and position for the first half of 2025, including income statement and balance sheet data Summary of Income Statement for the Six Months Ended June 30, 2025 (RMB thousand) | Indicator | 2025 | 2024 | | :--- | :--- | :--- | | Revenue | 6,844,711 | 6,626,095 | | Operating Profit | 3,078,817 | 3,123,565 | | Profit Before Tax | 2,358,408 | 2,326,498 | | Profit for the Period | 1,908,764 | 1,981,176 | | Attributable to Owners of the Parent | 1,688,318 | 1,765,451 | | Attributable to Non-controlling Interests | 220,446 | 215,725 | | Basic and Diluted Earnings Per Share (RMB/share) | 0.2046 | 0.2111 | Summary of Statement of Financial Position as of June 30, 2025 (RMB thousand) | Indicator | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Total Non-current Assets | 88,154,925 | 90,596,458 | | Total Current Assets | 28,276,941 | 24,948,074 | | Total Assets | 116,431,866 | 115,544,532 | | Total Current Liabilities | 24,737,401 | 32,065,608 | | Total Non-current Liabilities | 52,883,049 | 45,904,771 | | Total Liabilities | 77,620,450 | 77,970,379 | | Equity Attributable to Owners of the Parent | 34,197,709 | 33,216,309 | | Total Equity | 38,811,416 | 37,574,153 | [Management Discussion and Analysis](index=6&type=section&id=Management%20Discussion%20and%20Analysis) This section provides an overview of the Group's operational performance, financial condition, industry trends, and future outlook for the reporting period [Industry Overview](index=6&type=section&id=Industry%20Overview) In the first half of 2025, China's renewable energy sector saw significant growth in installed capacity and power generation, with policy shifts towards market-driven development and green power direct connection National Renewable Energy Newly Installed Capacity in H1 2025 | Energy Type | Newly Installed Capacity (MW) | Year-on-year Growth | | :--- | :--- | :--- | | Hydropower | 3,930 | - | | Wind Power | 51,390 | - | | Solar Power | 212,000 | - | | Biomass Power | 710 | - | | **Total** | **268,030** | **99.3%** | National Renewable Energy Total Installed Capacity as of June End 2025 | Energy Type | Total Installed Capacity (GW) | Year-on-year Growth | | :--- | :--- | :--- | | Hydropower | 440 | - | | Wind Power | 573 | - | | Solar Power | 1,100 | - | | Biomass Power | 47 | - | | **Total** | **2,159** | **30.6%** | National Renewable Energy Power Generation in H1 2025 | Indicator | Power Generation (GWh) | Year-on-year Growth | | :--- | :--- | :--- | | Renewable Energy Power Generation | 1,799.3 | 15.6% | | Total Wind and Solar Power Generation | 1,147.8 | 27.4% | - The National Development and Reform Commission and National Energy Administration issued "Document No. 136," emphasizing that new energy projects' on-grid electricity should primarily enter the power market, shifting new energy from **"guaranteed volume and price" to "market-driven"**[10](index=10&type=chunk) - "Document No. 394" explicitly canceled mandatory energy storage requirements for new energy projects, promoting storage from **"administrative allocation" to market-based competition**, and requiring user-side entities to directly participate in the spot market by the end of 2025[11](index=11&type=chunk) - "Document No. 650" systematically promotes green power direct connection, innovating the new energy **"source-load direct connection" model** to address grid investment and new energy curtailment pressures, unlocking greater potential for new energy development[13](index=13&type=chunk) [Business Review](index=9&type=section&id=Business%20Review) In the first half of 2025, the Group achieved steady progress in safety, operations, resource acquisition, cost control, and market value management, with significant growth in installed capacity and power generation Key Operating Indicators of the Group in H1 2025 | Indicator | June 30, 2025 | H1 2024/Dec 31, 2024 | Change Rate | | :--- | :--- | :--- | :--- | | Controlled Installed Capacity | 19,068.60 MW | 15,554.72 MW | +22.59% | | Power Generation | 18,875,826 MWh | 17,125,208 MWh | +10.22% | | Construction Project Quotas Acquired | 2,250.00 MW | - | - | | Total Assets | RMB 116.432 billion | RMB 115.545 billion | +0.77% | | Asset-Liability Ratio | 66.67% | 67.50% | -0.83 percentage points | [Continuously Strengthening the Foundation of Safe Production](index=9&type=section&id=Continuously%20Strengthening%20the%20Foundation%20of%20Safe%20Production) The Group prioritized safety and environmental protection in H1 2025, achieving no major safety accidents, increasing wind and solar power generation, and maintaining above-average wind power utilization hours - In the first half of 2025, the Group experienced **no general or above-level safety production accidents** and continued to carry out a series of "Safety Production Month" activities[15](index=15&type=chunk) Group's Wind and Solar Power Generation in H1 2025 | Generation Type | H1 2025 (MWh) | H1 2024 (MWh) | Increase | | :--- | :--- | :--- | :--- | | Wind Power | 16,492,913 | 15,248,508 | 8.16% | | Solar Power | 2,382,914 | 1,876,700 | 26.97% | | **Total** | **18,875,826** | **17,125,208** | **10.22%** | Group's Average Utilization Hours in H1 2025 (Hours) | Generation Type | H1 2025 | H1 2024 | Change | | :--- | :--- | :--- | :--- | | Total | 999 | 1,104 | -105 | | Wind Power | 1,138 | 1,167 | -29 | | Solar Power | 542 | 770 | -228 | - The Group's wind power average utilization hours were **1,138 hours**, a decrease of 29 hours year-on-year, but still **51 hours higher than the industry average**[20](index=20&type=chunk) - The Group's solar power average utilization hours were **542 hours**, a decrease of 228 hours year-on-year, but generally **on par with the industry average**[20](index=20&type=chunk) [Focusing on Growth to Promote High-Quality Development](index=17&type=section&id=Focusing%20on%20Growth%20to%20Promote%20High-Quality%20Development) The Group actively acquired new energy project resources, securing 2,250.00 MW of construction quotas, and increased controlled installed capacity by 22.59% to 19,068.60 MW by June 30, 2025, with significant solar capacity growth - In the first half of 2025, the Group cumulatively acquired construction quotas of **2,250.00 MW** in regions including Fujian, Xinjiang, Qinghai, and Gansu[25](index=25&type=chunk) Controlled Installed Capacity as of June 30, 2025 (MW) | Generation Type | June 30, 2025 | June 30, 2024 | Year-on-year Change | Year-on-year Change Rate | | :--- | :--- | :--- | :--- | :--- | | Total | 19,068.60 | 15,554.72 | 3,513.88 | 22.59% | | Wind Power | 14,516.30 | 13,114.20 | 1,402.10 | 10.69% | | Solar Power | 4,552.30 | 2,440.52 | 2,111.78 | 86.53% | - The Group scientifically formulated its "15th Five-Year Plan" development strategy, continuously monitoring national guiding policies and provincial implementation rules for the new energy industry[34](index=34&type=chunk) [Multiple Measures to Enhance Management Efficiency](index=21&type=section&id=Multiple%20Measures%20to%20Enhance%20Management%20Efficiency) The Group optimized its debt structure by issuing perpetual bonds, reducing average financing costs to 2.48% and decreasing financial expenses by 12.71%, while also advancing technological innovation and market-oriented power marketing - The Group issued perpetual bonds of **RMB 3 billion** with a weighted coupon rate of **1.92%**, a new historical low for the company[35](index=35&type=chunk) - The company's average financing cost rate reached **2.48%**, a **36 basis point reduction** from 2.84% at the beginning of the year[35](index=35&type=chunk) - Finance costs were **RMB 722.49 million**, a year-on-year decrease of **RMB 105 million**, representing a **12.71% reduction**[35](index=35&type=chunk) - The Group determined the direction for technological innovation for the "15th Five-Year Plan" and explored establishing a technology innovation platform to continuously improve technology management[37](index=37&type=chunk) - The "volume-price synergy" management model was upgraded to coordinate medium-to-long-term, spot, and ancillary service markets, maximizing the temporal and spatial value of electricity[38](index=38&type=chunk) [Focusing on Market Value Management to Improve Listed Company Quality](index=23&type=section&id=Focusing%20on%20Market%20Value%20Management%20to%20Improve%20Listed%20Company%20Quality) The Group's share price increased by 17.31% in H1 2025, outperforming the Hang Seng Composite Utilities Index, while actively engaging investors, attracting new shareholders, and strengthening compliance management - As of June 30, 2025, the company's share price was **HKD 2.38**, an increase of **HKD 0.35** from the beginning of the year, representing a **17.31% growth** and outperforming the Hang Seng Composite Utilities Index[39](index=39&type=chunk) - In the first half of 2025, the Group held **40 investor conferences**, communicating with over 200 individuals, and successfully attracted China Great Wall Life Insurance Co., Ltd. as a shareholder[40](index=40&type=chunk) - The Group continuously strengthened management of related party transactions and inside information, organizing training for 108 compliance management personnel[41](index=41&type=chunk) [Strengthening Political Leadership and Comprehensively Enhancing Party Building](index=24&type=section&id=Strengthening%20Political%20Leadership%20and%20Comprehensively%20Enhancing%20Party%20Building) The Group prioritized political building, conducted "First Topic" studies, implemented 76 measures for comprehensive strict Party governance, and advanced anti-corruption efforts while coordinating Party, publicity, united front, and mass work - The Group prioritized the Party's political building, conducted **10 "First Topic" studies**, and formulated **76 specific implementation measures**[43](index=43&type=chunk) - The Group solidly advanced comprehensive strict Party governance, formulating implementation measures and responsibility lists for fulfilling the primary responsibility of comprehensive strict Party governance[43](index=43&type=chunk) [Financial Position and Operating Results](index=24&type=section&id=Financial%20Position%20and%20Operating%20Results) The Group's net profit and profit attributable to owners of the parent decreased in H1 2025 due to lower electricity prices and increased operating expenses, despite a 3.30% revenue growth, while financial expenses significantly declined [Overview](index=24&type=section&id=Overview) For the six months ended June 30, 2025, the Group's net profit was RMB 1.909 billion, a decrease of RMB 72.41 million, and profit attributable to owners of the parent was RMB 1.688 billion, a decrease of RMB 77.13 million Net Profit Overview in H1 2025 (RMB million) | Indicator | H1 2025 | H1 2024 | Change | | :--- | :--- | :--- | :--- | | Net Profit for the Period | 1,908.76 | 1,981.18 | -72.42 | | Profit Attributable to Owners of the Parent | 1,688.32 | 1,765.45 | -77.13 | [Revenue](index=25&type=section&id=Revenue) For the six months ended June 30, 2025, the Group's revenue increased by 3.30% to RMB 6.845 billion, primarily driven by higher electricity sales Revenue Composition in H1 2025 (RMB million) | Revenue Type | H1 2025 | H1 2024 | Increase | | :--- | :--- | :--- | :--- | | Total Revenue | 6,844.71 | 6,626.10 | 3.30% | | Electricity Sales Revenue | 6,778.39 | 6,578.67 | 3.04% | | Other Service Income | 66.32 | - | - | [Other Income, Gains and Losses, Net](index=25&type=section&id=Other%20Income%2C%20Gains%20and%20Losses%2C%20Net) For the six months ended June 30, 2025, the Group's other income, gains and losses, net, increased to RMB 256.46 million, mainly due to an 11.55% rise in government grants, including increased VAT refunds Other Income, Gains and Losses, Net in H1 2025 (RMB million) | Indicator | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Other Income, Gains and Losses, Net | 256.46 | 208.85 | | Government Grants | 226.68 | 203.20 | [Operating Expenses](index=26&type=section&id=Operating%20Expenses) For the six months ended June 30, 2025, the Group's operating expenses increased by 8.38% to RMB 4.022 billion, primarily due to a 6.39% increase in depreciation of property, plant, and equipment from higher installed capacity Operating Expenses and Depreciation & Amortization in H1 2025 (RMB million) | Indicator | H1 2025 | H1 2024 | Increase | | :--- | :--- | :--- | :--- | | Operating Expenses | 4,022.36 | 3,711.38 | 8.38% | | Depreciation and Amortization Expenses | 2,906.13 | 2,731.48 | 6.39% | [Operating Profit](index=26&type=section&id=Operating%20Profit) For the six months ended June 30, 2025, the Group's operating profit decreased by 1.43% to RMB 3.079 billion, primarily due to the increase in operating expenses Operating Profit in H1 2025 (RMB million) | Indicator | H1 2025 | H1 2024 | Decrease | | :--- | :--- | :--- | :--- | | Operating Profit | 3,078.82 | 3,123.56 | 1.43% | [Finance Income](index=26&type=section&id=Finance%20Income) For the six months ended June 30, 2025, the Group's finance income decreased by 71.51% to RMB 2.15 million, mainly due to a reduction in average cash and bank balances Finance Income in H1 2025 (RMB million) | Indicator | H1 2025 | H1 2024 | Decrease | | :--- | :--- | :--- | :--- | | Finance Income | 2.15 | 7.54 | 71.51% | [Finance Costs](index=27&type=section&id=Finance%20Costs) For the six months ended June 30, 2025, the Group's finance costs decreased by 12.71% to RMB 722.49 million, primarily due to lower financing costs during the period Finance Costs in H1 2025 (RMB million) | Indicator | H1 2025 | H1 2024 | Decrease | | :--- | :--- | :--- | :--- | | Finance Costs | 722.49 | 827.73 | 12.71% | [Share of Profits of Associates and Joint Ventures](index=27&type=section&id=Share%20of%20Profits%20of%20Associates%20and%20Joint%20Ventures) For the six months ended June 30, 2025, the Group's share of profits from associates and joint ventures was RMB -0.07 million, a significant decrease from RMB 23.12 million in the prior year Share of Profits of Associates and Joint Ventures in H1 2025 (RMB million) | Indicator | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Share of Profits of Associates and Joint Ventures | -0.07 | 23.12 | [Income Tax Expense](index=27&type=section&id=Income%20Tax%20Expense) For the six months ended June 30, 2025, the Group's income tax expense increased by 30.21% to RMB 449.64 million, mainly due to profit fluctuations in subsidiaries and the impact of income tax preferential policies Income Tax Expense in H1 2025 (RMB million) | Indicator | H1 2025 | H1 2024 | Increase | | :--- | :--- | :--- | :--- | | Income Tax Expense | 449.64 | 345.32 | 30.21% | [Profit for the Period](index=27&type=section&id=Profit%20for%20the%20Period) For the six months ended June 30, 2025, the Group's profit for the period was RMB 1.909 billion, a decrease of RMB 72.42 million, with the net profit margin declining to 27.89% due to lower electricity prices and increased operating expenses Profit for the Period and Net Profit Margin in H1 2025 (RMB million) | Indicator | H1 2025 | H1 2024 | Change | | :--- | :--- | :--- | :--- | | Profit for the Period | 1,908.76 | 1,981.18 | -72.42 | | Net Profit Margin | 27.89% | 29.90% | -2.01 percentage points | [Profit Attributable to Owners of the Parent](index=28&type=section&id=Profit%20Attributable%20to%20Owners%20of%20the%20Parent) For the six months ended June 30, 2025, the profit attributable to owners of the parent was RMB 1.688 billion, a decrease of RMB 77.13 million Profit Attributable to Owners of the Parent in H1 2025 (RMB million) | Indicator | H1 2025 | H1 2024 | Change | | :--- | :--- | :--- | :--- | | Profit Attributable to Owners of the Parent | 1,688.32 | 1,765.45 | -77.13 | [Profit Attributable to Non-controlling Interests](index=28&type=section&id=Profit%20Attributable%20to%20Non-controlling%20Interests) For the six months ended June 30, 2025, the profit attributable to non-controlling interests was RMB 220.45 million, an increase of 2.19% Profit Attributable to Non-controlling Interests in H1 2025 (RMB million) | Indicator | H1 2025 | H1 2024 | Increase | | :--- | :--- | :--- | :--- | | Profit Attributable to Non-controlling Interests | 220.45 | 215.73 | 2.19% | [Liquidity and Capital Resources](index=28&type=section&id=Liquidity%20and%20Capital%20Resources) As of June 30, 2025, the Group maintained ample liquidity with RMB 56.982 billion in unutilized bank facilities and RMB 13 billion in registered but unissued corporate bonds, while total borrowings increased by 1.22% to RMB 69.091 billion - As of June 30, 2025, the Group had committed unutilized bank facilities of no less than **RMB 56.982 billion**[58](index=58&type=chunk) - As of June 30, 2025, the Group had registered but unissued corporate bond quotas of **RMB 13 billion**[58](index=58&type=chunk) Borrowing Composition as of June 30, 2025 (RMB million) | Borrowing Type | June 30, 2025 | December 31, 2024 | Increase | | :--- | :--- | :--- | :--- | | Total Borrowings | 69,090.69 | 68,259.92 | 1.22% | | Short-term Borrowings | 16,459.69 | - | - | | Long-term Borrowings | 52,631.00 | - | - | [Capital Expenditures](index=29&type=section&id=Capital%20Expenditures) For the six months ended June 30, 2025, the Group's capital expenditures decreased by 37.43% to RMB 2.554 billion, primarily for the acquisition of property, plant, and equipment, right-of-use assets, and intangible assets Capital Expenditures in H1 2025 (RMB million) | Indicator | H1 2025 | H1 2024 | Decrease | | :--- | :--- | :--- | :--- | | Capital Expenditures | 2,553.57 | 4,081.24 | 37.43% | [Net Debt to Capital Ratio](index=29&type=section&id=Net%20Debt%20to%20Capital%20Ratio) As of June 30, 2025, the Group's net debt to capital ratio was 63.31%, a decrease of 0.53 percentage points from 63.83% at December 31, 2024, mainly due to retained earnings Net Debt to Capital Ratio | Indicator | June 30, 2025 | December 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Net Debt to Capital Ratio | 63.31% | 63.83% | -0.53 percentage points | [Significant Investments](index=29&type=section&id=Significant%20Investments) For the six months ended June 30, 2025, the Group had no significant investments[62](index=62&type=chunk) [Significant Acquisitions and Disposals](index=29&type=section&id=Significant%20Acquisitions%20and%20Disposals) For the six months ended June 30, 2025, the Group had no significant acquisitions or disposals[63](index=63&type=chunk) [Pledge of Assets](index=30&type=section&id=Pledge%20of%20Assets) As of June 30, 2025, certain Group loans were secured by property, plant and equipment, electricity tariff receivables, and concession assets, with a total net book value of RMB 11.862 billion Total Net Book Value of Pledged Assets as of June 30, 2025 (RMB million) | Type of Pledged Assets | June 30, 2025 | | :--- | :--- | | Property, Plant and Equipment | 1,326.57 (Bank Borrowings) + 2,466.28 (Other Borrowings) | | Electricity Tariff Receivables | 6,535.98 (Bank Borrowings) + 1,533.37 (Other Borrowings) | | **Total** | **11,862.20** | [Contingent Liabilities](index=30&type=section&id=Contingent%20Liabilities) As of June 30, 2025, the Group had no significant contingent liabilities[66](index=66&type=chunk) [Risk Factors and Risk Management](index=30&type=section&id=Risk%20Factors%20and%20Risk%20Management) The Group faces multiple risks including policy, curtailment, competition, climate, and interest rate fluctuations, which it addresses through policy monitoring, grid coordination, resource expansion, geographical diversification, and diversified financing - Policy Risk: Ongoing power market reforms expose new energy enterprises to risks of **declining electricity prices and reduced returns**[67](index=67&type=chunk) - Curtailment Risk: Mismatches between new electricity demand and rapid growth in new energy generation may lead to **inability to fully absorb full-load generation** from power projects[68](index=68&type=chunk) - Competition Risk: The increasing number of investors developing new energy projects in China intensifies competition, requiring the company to strategically plan, **consolidate resource reserves, and enhance core competitiveness**[69](index=69&type=chunk) - Climate Risk: Wind power generation is affected by fluctuations in wind resources, which the company mitigates by having **power generation projects across 27 provinces** and regions nationwide[70](index=70&type=chunk) - Interest Rate Risk: Fluctuations in bank loan interest rates impact project costs and finance expenses, which the company addresses by **diversifying funding sources and using appropriate financing tenors** to smooth out the impact[71](index=71&type=chunk) [Business Outlook for H2 2025](index=32&type=section&id=Business%20Outlook%20for%20H2%202025) In the second half of 2025, the Group plans to strengthen operational management, achieve annual targets, accelerate quality project development, enhance market value management, deepen reforms, and leverage Party building for overall guidance - The Group will comprehensively strengthen operational management, including deepening benchmark management, enhancing curtailment management, power marketing, and cost control, to **fully achieve all annual targets**[73](index=73&type=chunk) - The Group will vigorously promote the development of high-quality projects, enhance resource acquisition capabilities, accelerate the completion of the "14th Five-Year Plan," and **scientifically formulate the "15th Five-Year Plan"**[74](index=74&type=chunk) - The Group will focus on strengthening market value management, formulating capital operation action plans, deepening investor relations management, and **improving the governance level of the listed company**[75](index=75&type=chunk) - The Group will adhere to deepening reforms, promoting the implementation of a modern enterprise system with Chinese characteristics, and **improving risk prevention and control mechanisms**[76](index=76&type=chunk) - The Group will maintain a high political stance, leverage the guiding and safeguarding role of Party building, and **deepen comprehensive strict Party governance**[77](index=77&type=chunk) [Human Resources](index=34&type=section&id=Human%20Resources) As of June 30, 2025, the Group employed 4,064 staff, with the 30-39 age group being the largest, and implemented a performance-based compensation system, achieving 100% training coverage while adhering to labor laws Employee Age Distribution as of June 30, 2025 | Age Group | Number of Employees (persons) | Percentage | | :--- | :--- | :--- | | 50 years and above | 527 | 12.96% | | 40 to 49 years | 562 | 13.83% | | 30 to 39 years | 1,683 | 41.41% | | 30 years or below | 1,292 | 31.79% | | **Total** | **4,064** | **100%** | - The Group implements a compensation system primarily based on **position-based salaries** and has established a comprehensive performance appraisal system for all employees to stimulate their potential and work enthusiasm[80](index=80&type=chunk)[81](index=81&type=chunk) - As of June 30, 2025, the Group's **overall employee training rate reached 100%**, with both male and female employees receiving an average of **55 hours of training per person**[82](index=82&type=chunk) - The Group strictly complies with the "Labor Law of the People's Republic of China" and the "Labor Contract Law," legally paying social insurance and housing provident funds for its employees[83](index=83&type=chunk) [Other Information](index=36&type=section&id=Other%20Information) This section covers the company's share capital, interim dividend proposal, withholding tax arrangements for overseas shareholders, stable major shareholder interests, absence of significant litigation, corporate governance compliance, and audit committee review - As of June 30, 2025, the company's total share capital was **7,273,701,000 shares**, with a par value of **RMB 1.00 per share**[85](index=85&type=chunk) - The Board of Directors proposed to distribute a 2025 interim dividend of **RMB 0.03 cash dividend per share** (pre-tax) to shareholders[86](index=86&type=chunk) - The company will **withhold and pay enterprise income tax at a rate of 10%** when distributing interim dividends to overseas H-share non-resident enterprise shareholders[88](index=88&type=chunk) Major Shareholders' Interests in Shares as of June 30, 2025 | Shareholder Name | Share Class | Capacity | Number of Shares/Relevant Shares Held (Long Position) | Percentage of Relevant Share Class | Percentage of Total Share Capital | | :--- | :--- | :--- | :--- | :--- | :--- | | Datang Group | Domestic Shares | Beneficial Owner and Interests of Controlled Corporations | 4,772,629,900 | 100% | 65.61% | | China Hydropower and Water Resources Material Group Co., Ltd. | Domestic Shares | Beneficial Owner | 599,374,505 | 12.56% | 8.24% | | Baoshan Iron & Steel Co., Ltd. | H-shares | Interests of Controlled Corporations | 164,648,000 | 6.58% | 2.26% | | Bao-Trans Enterprises Limited | H-shares | Beneficial Owner | 164,648,000 | 6.58% | 2.26% | | Shanghai Ningquan Asset Management Co., Ltd. | H-shares | Investment Manager | 251,979,000 | 10.07% | 3.46% | | China Great Wall Life Insurance Co., Ltd. | H-shares | Beneficial Owner | 361,000,000 | 14.43% | 4.96% | - On April 30, 2025, Mr. Bai Li was appointed as a non-executive director of the company[101](index=101&type=chunk) - For the six months ended June 30, 2025, neither the company nor any of its subsidiaries repurchased, sold, or redeemed any listed securities[98](index=98&type=chunk) - The company issued several notes and bonds during the reporting period, with proceeds used to repay interest-bearing debts or replace funds used to repay corporate bonds[103](index=103&type=chunk) - As of June 30, 2025, the company was not involved in any significant litigation or arbitration[105](index=105&type=chunk) - The company has strictly complied with the Corporate Governance Code in Appendix C1 of the Listing Rules, with the exception of a deviation from Code Provision C.1.7 (no liability insurance purchased for directors)[107](index=107&type=chunk) - The Audit Committee has reviewed the company's unaudited interim condensed consolidated financial statements and the 2025 interim report for the six months ended June 30, 2025[110](index=110&type=chunk) [Interim Condensed Consolidated Statement of Profit or Loss](index=45&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss) This statement shows that for the six months ended June 30, 2025, the company reported RMB 6.845 billion in revenue, RMB 3.079 billion in operating profit, RMB 1.909 billion in profit for the period, and RMB 1.688 billion in profit attributable to owners of the parent Key Data from Interim Condensed Consolidated Statement of Profit or Loss (RMB thousand) | Indicator | 2025 | 2024 | | :--- | :--- | :--- | | Revenue | 6,844,711 | 6,626,095 | | Operating Profit | 3,078,817 | 3,123,565 | | Profit Before Tax | 2,358,408 | 2,326,498 | | Profit for the Period | 1,908,764 | 1,981,176 | | Attributable to Owners of the Parent | 1,688,318 | 1,765,451 | | Attributable to Non-controlling Interests | 220,446 | 215,725 | | Basic and Diluted Earnings Per Share Attributable to Ordinary Equity Holders of the Parent (RMB) | 0.2046 | 0.2111 | [Interim Condensed Consolidated Statement of Comprehensive Income](index=47&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) This statement indicates that for the six months ended June 30, 2025, the profit for the period was RMB 1.909 billion, with other comprehensive expenses, net, of RMB 0.328 million, resulting in a total comprehensive income of RMB 1.908 billion Key Data from Interim Condensed Consolidated Statement of Comprehensive Income (RMB thousand) | Indicator | 2025 | 2024 | | :--- | :--- | :--- | | Profit for the Period | 1,908,764 | 1,981,176 | | Other Comprehensive (Expense)/Income | (328) | 110 | | Total Comprehensive Income for the Period | 1,908,436 | 1,981,286 | | Attributable to Owners of the Parent | 1,688,020 | 1,765,546 | | Attributable to Non-controlling Interests | 220,416 | 215,740 | [Interim Condensed Consolidated Statement of Financial Position](index=48&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the Group's total assets were RMB 116.432 billion, total liabilities were RMB 77.620 billion, and total equity was RMB 38.811 billion, with a slight decrease in non-current assets and an increase in current assets Key Data from Interim Condensed Consolidated Statement of Financial Position (RMB thousand) | Indicator | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Total Non-current Assets | 88,154,925 | 90,596,458 | | Total Current Assets | 28,276,941 | 24,948,074 | | Total Assets | 116,431,866 | 115,544,532 | | Total Current Liabilities | 24,737,401 | 32,065,608 | | Total Non-current Liabilities | 52,883,049 | 45,904,771 | | Total Liabilities | 77,620,450 | 77,970,379 | | Equity Attributable to Owners of the Parent | 34,197,709 | 33,216,309 | | Total Equity | 38,811,416 | 37,574,153 | [Interim Condensed Consolidated Statement of Changes in Equity](index=50&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) For the six months ended June 30, 2025, the Group's total equity increased from RMB 37.574 billion to RMB 38.811 billion, primarily due to comprehensive income, issuance and repayment of perpetual notes, and dividend declarations Overview of Changes in Equity in H1 2025 (RMB thousand) | Equity Item | January 1, 2025 (Audited) | Total Comprehensive Income for the Period | Issuance of Perpetual Notes and Bonds | Repayment of Perpetual Notes and Bonds | Declaration of 2024 Final Dividend | Other Changes | June 30, 2025 (Unaudited) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Equity Attributable to Owners of the Parent | 33,216,309 | 1,688,020 | 3,000,000 | (3,000,000) | (436,422) | (269,200) | 34,197,709 | | Non-controlling Interests | 4,357,844 | 220,416 | - | - | - | 35,437 | 4,613,707 | | **Total Equity** | **37,574,153** | **1,908,436** | **3,000,000** | **(3,000,000)** | **(436,422)** | **(234,751)** | **38,811,416** | [Interim Condensed Consolidated Statement of Cash Flows](index=53&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) For the six months ended June 30, 2025, the Group generated RMB 3.122 billion from operating activities, used RMB 2.558 billion in investing activities, and used RMB 374.27 million in financing activities, resulting in cash and cash equivalents of RMB 2.134 billion at period-end Key Data from Interim Condensed Consolidated Statement of Cash Flows (RMB thousand) | Cash Flow Type | 2025 | 2024 | | :--- | :--- | :--- | | Net Cash Generated from Operating Activities | 3,122,033 | 1,773,329 | | Net Cash Used in Investing Activities | (2,557,603) | (4,099,544) | | Net Cash (Used in)/Generated from Financing Activities | (374,271) | 1,708,652 | | Net Increase/(Decrease) in Cash and Cash Equivalents | 190,159 | (617,563) | | Cash and Cash Equivalents at End of Period | 2,134,331 | 2,438,366 | [Notes to the Interim Condensed Consolidated Financial Information](index=55&type=section&id=Notes%20to%20the%20Interim%20Condensed%20Consolidated%20Financial%20Information) This section provides supplementary information to the interim condensed consolidated financial statements, detailing accounting policies, financial instrument fair values, segment information, revenue and expense breakdowns, dividend policy, asset and liability composition, borrowings, related party transactions, and post-reporting period events - This interim condensed consolidated financial information has been prepared in accordance with **International Accounting Standard 34 "Interim Financial Reporting"** and on a **going concern basis**[131](index=131&type=chunk)[135](index=135&type=chunk) - The Group's wind power generation business revenue fluctuates throughout the year due to **more favorable wind speeds in spring and winter**[139](index=139&type=chunk) - As of June 30, 2025, the Group had committed unutilized bank facilities of no less than **RMB 56.982 billion**[136](index=136&type=chunk) - The Group's accounts receivable and bills receivable primarily consist of electricity tariff income due from regional or provincial power grid companies, with **electricity price subsidies fully recoverable**[187](index=187&type=chunk) - The Group has several significant related party transactions with Datang Group and its fellow subsidiaries, including **procurement of engineering services, material and equipment procurement, borrowings, and deposits**[204](index=204&type=chunk)[205](index=205&type=chunk)[207](index=207&type=chunk)[208](index=208&type=chunk)[209](index=209&type=chunk)[210](index=210&type=chunk)[211](index=211&type=chunk)[212](index=212&type=chunk) - The perpetual notes and bonds issued by the company have no fixed maturity date and are classified as equity, with subsequent interest payments treated as **distributions to equity holders**[214](index=214&type=chunk) - Subsequent to the reporting period, the company completed the issuance and redemption of multiple tranches of **medium-term notes and ultra-short-term financing bonds**, totaling several billion RMB[217](index=217&type=chunk)[219](index=219&type=chunk) [Definitions](index=109&type=section&id=Definitions) This chapter provides definitions for key terms and abbreviations used throughout the report, including "Average Utilization Hours," "Controlled Installed Capacity," "Controlled Power Generation," "Datang Group," "H-shares," and "RMB," to enhance reader comprehension - This chapter provides definitions for key terms such as **"Average Utilization Hours," "Controlled Installed Capacity," "Controlled Power Generation," "Datang Group," "H-shares," and "RMB"**[222](index=222&type=chunk)[223](index=223&type=chunk)[225](index=225&type=chunk) [Company Information](index=113&type=section&id=Company%20Information) This chapter provides essential company details, including legal name, registered office, principal place of business, legal representative, board of directors, board committees, auditors, legal advisors, principal bankers, H-share registrar, stock code, and investor contact information - The company's legal name is China Datang Corporation Renewable Power Co., Limited, and its **H-share stock code is 01798**[228](index=228&type=chunk)[235](index=235&type=chunk) - The Board of Directors includes executive, non-executive, and independent non-executive directors, and has an **Audit Committee, Nomination Committee, Remuneration and Appraisal Committee, and Strategy Committee**[230](index=230&type=chunk)[231](index=231&type=chunk) - The auditors are **Dahua Certified Public Accountants (Special General Partnership)** and **Dahua Mashiyun Certified Public Accountants Limited**[231](index=231&type=chunk)

机构：国元国际 研究员：杨义琼 近期，新能源发电及生物质发电企业陆续公告收到可再生能源补贴情况，大部分企业前8 月累计收到的 补贴金额均大幅超过2024 年全年补贴金额，特别是8月收到较大补贴金额，预计包括了纳入第一批补贴 合规目录清单的项目。国补发放金额超预期，释放出存量补贴回款提速的积极信号。 大唐新能源截至6 月底补贴欠款余额约235 亿元，上半年回收1.6 亿，同比持平；7 月回收8.42 亿元，同 比增加7 亿多。基于公司补贴欠款余额规模较大，且之前没有进入第一批合规目录清单的项目，现在也 可以去相关政府部门申诉，公司正积极与相关主管部门沟通，预计后续也有部分项目有望进入第二批补 贴目录。而且之前已经计提应收账款减值拨备的金额，有部分冲回的可能性。因此，补贴回款提速，一 方面直接改善资产负债表和现金流，同时因为拨备冲回也可能增加当期收益。 近期，新能源发电及生物质发电企业陆续公告收到可再生能源补贴情况，大部分企业前8 月累计收到的 补贴金额均大幅超过2024 年全年补贴金额，特别是8 月收到较大补贴金额，预计包括了纳入第一批补贴 合规目录清单的项目。国补发放金额超预期，释放出存量补贴回款提速的积极信 ...

New Consumption - In August 2025, the GMV of the beauty category on Douyin exceeded 20 billion yuan, with a year-on-year growth of 19.56% and a month-on-month growth of 21.46% [2][7] - Domestic brands performed well, with Han Shu leading the market with a GMV exceeding 700 million yuan, and the Han Shu Hongman Waist Ring Six Peptide Set being the only product to exceed 100 million yuan in sales [7][8] - The trend in Douyin beauty consumption is shifting from "trial consumption" to "stable repurchase," indicating a more rational consumer behavior focusing on product practicality [8] Robotics Industry - The human-shaped robot market is expected to grow significantly, with the market size projected to reach approximately 27.6 billion yuan in 2024 and 750 billion yuan by 2029 [9][10] - Key components for human-shaped robots include actuators, sensors, and transmission systems, with the planetary roller screw expected to account for 19% of the total cost by 2030 [9][10] - Domestic companies are gradually breaking into the high-end bearing market, which is currently dominated by eight global enterprises, with a current localization rate of less than 20% [10][11] Food and Beverage Industry - National beer companies showed stable revenue and profit performance in the first half of 2025, with cost reductions contributing to gross profit growth [15][16] - The dairy sector is expected to see a reversal in fundamentals as raw milk prices stabilize and beef prices rise, which could enhance profitability for dairy companies [16] - The snack food sector is experiencing a divergence in performance, with emerging channels like bulk snacks and membership supermarkets maintaining high momentum, while traditional channels face challenges [17] Logistics Industry - Zhonggu Logistics reported a revenue of 5.338 billion yuan in the first half of 2025, a decrease of 6.99% year-on-year, but net profit increased by 41.59% to 1.072 billion yuan [19][20] - The company is optimizing its capacity deployment in response to domestic demand recovery and external trade needs, which supports profit growth [20][21] - The company plans to distribute 9.03 billion yuan in dividends, reflecting its strong profit attributes [21] Public Utilities and Environmental Protection - Datang New Energy achieved a revenue of 6.845 billion yuan in the first half of 2025, with a year-on-year growth of 3.26%, while net profit decreased by 4.37% [22][23] - The company’s capital expenditure significantly decreased, indicating a focus on optimizing financial structure [26][27] - The wind power sector is expected to outperform solar power in terms of output and operational cycles, with a favorable market environment anticipated for wind power operators [27]

香港联交所最新资料显示，9月8日，BAO-TRANS ENTERPRISES LIMITED减持大唐新能源 (01798)1629.2万股，每股作价2.5903港元，总金额约为4220.12万港元。减持后最新持股数目约为1.15亿 股，最新持股比例为4.61%。 ...

Investment Rating - The report assigns a "Buy" rating to the company, with a target price raised to HKD 3.20 per share, indicating a potential upside of 22% from the current price of HKD 2.62 [5][11]. Core Insights - The company achieved a revenue of RMB 6.845 billion in the first half of 2025, reflecting a year-on-year growth of 3.30%. However, the net profit attributable to shareholders decreased by 4.37% to RMB 1.688 billion [8][9]. - The company plans to increase its dividend payout ratio to approximately 33% during the 14th Five-Year Plan period, indicating a commitment to shareholder returns [8][9]. - The company aims to add 3 GW of new installed capacity in 2025, with a target of reaching a total installed capacity of 21 GW by the end of the 14th Five-Year Plan, with wind power accounting for over 80% of this capacity [3][9]. - The acceleration of subsidy payments is expected to improve cash flow, with the company recovering RMB 8.42 billion in subsidies in July 2025, significantly higher than the previous year [4][10]. Summary by Sections Financial Performance - In the first half of 2025, the company reported a pre-tax profit of RMB 2.358 billion, a 1.37% increase year-on-year, while the basic earnings per share were RMB 0.2046, with an interim dividend of RMB 0.03 per share [8][9]. - The company anticipates a stable increase in the dividend payout ratio, with a minimum of 30% of net profit being distributed as dividends from 2025 to 2027 [9]. Installed Capacity and Growth Targets - The company maintains its target of obtaining and commissioning 3 million kilowatts of new capacity in 2025, with a long-term goal of achieving 21 million kilowatts by the end of the 14th Five-Year Plan [3][9]. Cash Flow and Subsidy Recovery - The company has a substantial subsidy receivable balance of approximately RMB 23.5 billion as of June 2025, with expectations for accelerated recovery of these funds, which will enhance its cash flow and financial position [4][10]. Valuation and Market Position - The report highlights an expected improvement in industry cash flow due to faster subsidy disbursements, which is likely to enhance industry valuations. The target price corresponds to a price-to-earnings ratio of 10.4 times for 2025 and 9.4 times for 2026 [5][11].

大唐新能源(01798)发布公告，该公司将于2025年11月28日派发中期股息每股0.03元。 ...

智通财经APP讯，大唐新能源(01798)发布公告，该公司将于2025年11月28日派发中期股息每股0.03元。 ...