智通财经APP讯，信义能源(03868)发布公告，于2025年7月30日，根据截至2024年12月31日止年度的末 期股息的以股代息计划发行7658.2万股代息股份。 ...

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 信義能源控股有限公司 呈交日期： 2025年7月30日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 | 是 | | | | 證券代號 (如上市) | 03868 | 說明 | | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | | 事件 | | 已發行股份（不包括 ...

Summary of Key Points Core Viewpoint - As of July 3, a total of 120 stocks reached their 52-week highs, indicating a strong market performance with notable leaders in the list [1]. Group 1: Top Performers - The top three stocks with the highest increase rates are: - 富誉控股 (Fuyou Holdings) at 90.76%, closing at 0.435 with a peak of 0.475 [1] - 信义能源 (Xinyi Energy) at 65.00%, closing at 1.200 with a peak of 1.980 [1] - 中国三三传媒 (China San San Media) at 42.86%, closing at 1.710 with a peak of 1.900 [1] Group 2: Additional Notable Stocks - Other notable stocks include: - ITE HOLDINGS at 34.21% increase, closing at 0.047 with a peak of 0.051 [1] - 星凯控股 (Xingkai Holdings) at 30.00%, closing at 0.480 with a peak of 0.650 [1] - 北京北辰实业股份 (Beijing Beichen Industrial) at 26.47%, closing at 0.940 with a peak of 1.290 [1] Group 3: Overall Market Trends - The overall trend shows a significant number of stocks achieving new highs, reflecting positive investor sentiment and market conditions [1].

Group 1 - The Hong Kong solar energy sector opened high, with Xinyi Energy (03868.HK) rising over 6% and Kaisa New Energy (01108.HK) increasing by more than 1% [1]

Investment Rating - The report assigns a "Buy" rating to the company with a target price of HKD 1.30 per share, indicating a potential upside of 23% from the current price of HKD 1.06 [6][12]. Core Insights - The company plans to list a solar power plant REIT, which will activate existing assets and alleviate cash flow pressure due to delayed subsidies. This move is expected to lower financial leverage and financing costs through equity financing [3][9]. - Recent electricity pricing policies are anticipated to stabilize the revenue from existing projects, while green electricity direct connection initiatives will promote local consumption of renewable energy [4][10]. - The company's financing costs are on a downward trend, with a significant shift from HKD loans to lower-interest RMB loans, expected to further decrease to 3% by 2025. The company has sufficient power station reserves for acquisition [5][11]. Financial Summary - For FY2023, the company reported revenues of RMB 2,281 million, with a projected increase to RMB 2,500 million in FY2025, reflecting a growth rate of 2.4% [7][18]. - The net profit attributable to shareholders is expected to recover from RMB 791 million in FY2024 to RMB 940 million in FY2025, marking an 18.9% increase [7][18]. - The basic earnings per share are projected to be 11.23 cents in FY2025, with a corresponding PE ratio of 8.6 at the current price [7][18].

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The REITs market is expected to continue to provide good investment opportunities due to the downward pressure on bond market interest rates and the expectation of increased market participation from social security and pension funds [3][5] - The market performance of various REITs sectors, including affordable housing, environmental protection, highways, industrial parks, warehousing logistics, energy, and consumer sectors, shows positive growth [3][36] Market Overview - As of the 23rd week of 2025, the CSI REITs (closing) index is at 881.85, up 10.7% year-on-year and 1.55% month-on-month; the CSI REITs total return index is at 1107.26, up 18.05% year-on-year and 1.58% month-on-month [3][14][18] - The trading volume of the REITs market reached 465 million shares, a year-on-year increase of 18.93%, with a transaction value of 2.093 billion yuan, up 29.28% year-on-year [3][25][29] Sector Performance - Weekly and monthly performance of various REITs sectors shows the following changes: - Affordable housing: +0.12% weekly, +4.05% monthly - Environmental protection: +0.84% weekly, +0.17% monthly - Highways: +2.72% weekly, +5.37% monthly - Industrial parks: +0.88% weekly, +1.92% monthly - Warehousing logistics: +0.85% weekly, +5.21% monthly - Energy: +2.24% weekly, +3.96% monthly - Consumer: +1.41% weekly, +7.67% monthly [3][36] Upcoming Developments - Xinyi Energy plans to issue public REITs based on solar power plants, aiming to enhance the quality and expansion of infrastructure REITs [4][12] - There are currently 16 REITs funds awaiting listing, indicating a sustained active issuance market [6][31]

Market Overview - The Hong Kong stock market indices collectively declined, with the Hang Seng Index stopping a three-day rise, closing down 0.48% at 23,792.54 points, with a total turnover of HKD 235.62 billion [1] - The Hang Seng China Enterprises Index fell 0.63% to 8,629.75 points, and the Hang Seng Tech Index also dropped 0.63% to 5,286.52 points [1] - For the week, the Hang Seng Index rose 2.16%, the China Enterprises Index increased by 2.34%, and the Tech Index gained 2.25% [1] Blue Chip Performance - Kuaishou-W (01024) continued its upward trend, rising 8.44% to HKD 59.1, contributing 22.8 points to the Hang Seng Index [2] - The annualized revenue run rate for Kuaishou's AI product exceeded USD 100 million as of March, with monthly payments surpassing RMB 100 million in April and May [2] - Other blue-chip stocks included CSPC Pharmaceutical Group (01093) up 12.72%, Hansoh Pharmaceutical (03692) up 2.84%, while SMIC (00981) fell 4.85% and Trip.com Group (09961) dropped 3.31% [2] Sector Highlights - Large tech stocks generally declined, with Xiaomi down over 2% and Alibaba down over 1%, while Kuaishou rose over 8% [3] - Precious metals saw gains, with China Silver Group rising 26% and silver prices reaching a 13-year high, driven by industrial demand [3] - The innovative drug sector saw gains, with CSPC Pharmaceutical up 12.72% and other biotech firms also performing well, indicating a positive outlook for the sector [4] Stablecoin Sector - The stablecoin sector experienced a pullback after Circle's successful NYSE listing, with China Everbright Holdings (00165) dropping 17.2% [5] - The Hong Kong government announced the implementation of the Stablecoin Regulation on August 1, 2025, which aims to reshape the regulatory framework for stablecoins [6] Automotive Sector - Automotive stocks declined, with XPeng Motors (09868) down 1.77% and Great Wall Motors (02333) down 1.76% [6] - Concerns over a price war in the automotive industry were raised, with profit margins for the sector declining [6] Notable Stocks - WanGuo Gold Group (03939) reached a new high, rising 11.73% to HKD 30, supported by positive mining contracts [7] - Xinyi Energy (03868) increased by 7.07% as it submitted listing materials for a solar power infrastructure REIT in China [8] - Juzhibio (02367) faced pressure, down 3.04%, amid ongoing controversies regarding its product composition [9]

Financial Performance - The company's revenue recorded a growth of 7.0% for the fiscal year ending December 31, 2024, despite challenges such as grid consumption restrictions and increased market-based electricity trading[10]. - For the fiscal year ending December 31, 2024, the company's revenue increased by 7.0% to RMB 2,440.4 million, compared to RMB 2,280.8 million in 2023[21]. - Revenue from electricity sales rose by 13.8% to RMB 1,464.2 million, while revenue from price adjustments decreased by 2.1% to RMB 964.8 million[24]. - The profit attributable to equity holders decreased by 12% to RMB 790.9 million, with basic earnings per share dropping by 15.9% to RMB 9.55[21]. - The overall revenue increase is attributed to contributions from both the 2023 and 2024 solar power generation portfolios, despite challenges from grid consumption limits[24]. Solar Power Projects - The total revenue generated from solar power projects owned and operated by the company reached RMB 3,125 million, accounting for 12.8% of the total revenue from the solar power business[10]. - The total approved capacity of large-scale solar power projects owned and operated by the company reached 4,510.5 MW, with 1,734 MW under feed-in tariff policies and 2,776.5 MW under grid parity policies[14]. - The company acquired seven large-scale solar power projects in China with a total approved capacity of 860 MW, including six projects under grid parity policies and one under feed-in tariff policies[14]. - The company anticipates that the full performance of the newly acquired solar power projects will be reflected in the fiscal year 2025 results[10]. - A joint project in Malaysia for a solar power plant with an approved capacity of 100 MW is expected to commence construction in the second half of 2025[19]. Market and Regulatory Environment - The newly installed capacity of solar power in China reached 277.17 GW, a growth of approximately 28% compared to 216.88 GW as of December 31, 2023, marking a historical high[11]. - The National Energy Administration's 2024 directives aim to enhance the percentage of clean energy and improve market mechanisms for sustainable development in the energy sector[15]. - The newly adopted Energy Law emphasizes the development of wind and solar energy, marking a significant step in legal construction for high-quality energy development[16]. - The company is closely monitoring the implementation of the market-oriented pricing reform for renewable energy, effective from June 1, 2025[18]. Financial Management - The company strategically increased long-term domestic bank loans in 2024, reducing short-term loans from 58.0% to 34.7% of total bank loans by December 31, 2024[19]. - The total assets increased by 12.5% to RMB 21,668.5 million as of December 31, 2024, while net assets increased by 3.1% to RMB 12,504.5 million[38]. - The group incurred capital expenditures of RMB 2,268.6 million in 2024, primarily for the acquisition and enhancement of solar power projects[41]. - The net cash generated from financing activities was RMB 1,104.9 million, up from RMB 658.5 million in 2023, primarily due to new bank borrowings of RMB 7,532.3 million[40]. Corporate Governance - The company has adopted the corporate governance code as per the Hong Kong Stock Exchange Listing Rules for the year ending December 31, 2024[64]. - The board consists of four executive directors and three independent non-executive directors, ensuring compliance with the requirement for independent directors[68]. - The board has confirmed compliance with applicable principles and provisions of the corporate governance code for the year ending December 31, 2024[65]. - The company has a strong emphasis on ethical and responsible values, which are continuously reinforced by the board[66]. - The audit committee conducted three meetings to review annual and interim financial performance, compliance procedures, and internal controls, with full attendance from all members[77]. Employee and Management Structure - The total employee cost for the year was RMB 65.8 million, with 414 full-time employees as of December 31, 2024[48]. - The company has a clear organizational structure and written policies to reduce errors and misuse risks[94]. - The company continues to focus on recruiting new employees to support business development as needed[48]. - The management team has extensive experience in the solar energy sector, with key personnel having backgrounds in project management, operational oversight, and marketing strategies[61]. Environmental Compliance - The company has maintained compliance with all applicable environmental laws and regulations, with no known significant non-compliance issues[109]. - The company’s operations are strictly compliant with environmental regulations, including the Environmental Protection Law of China[109]. - The company plans to continue using various methods to reduce negative environmental impacts, such as using rainwater for cleaning solar panels[108]. Shareholder Engagement - The company has established a shareholder communication policy to enhance relationships and communication with shareholders and investors[100]. - The board of directors has reviewed the effectiveness of the shareholder communication policy, with satisfactory results[100]. - The company has set up multiple communication channels, including a website and annual general meetings, to facilitate shareholder engagement[101]. Stock Options and Director Remuneration - The total number of stock options granted for the year ending December 31, 2024, is 3,500,000[134]. - The stock option plan allows the company to grant options to qualified participants, aiming to enhance performance efficiency and retain contributors beneficial to the group's long-term development[141]. - The remuneration for all other directors is set at HKD 250,000 for the year ending December 31, 2024[129]. - Three directors waived a total of HKD 750,000 in director fees for the year ending December 31, 2024[129]. Related Party Transactions - The group has entered into a continuous connected transaction with Xinyi Solar for the operation and management of solar power plants, which is considered a related party transaction under the listing rules[179]. - The group has confirmed compliance with the disclosure requirements of Chapter 14A of the listing rules regarding related party transactions[176]. - The group has engaged auditors to report on the continuous connected transactions, confirming no issues that would affect the transactions[178].

Investment Rating - The investment rating for the company is maintained, with a 2025 PE of 8.1 times [6][9]. Core Viewpoints - The company reported better-than-expected performance, with a 7% year-on-year revenue increase to 2.44 billion RMB in 2024, driven by the contribution from newly acquired photovoltaic power stations [2][6]. - Despite the revenue growth, net profit decreased by 12% year-on-year to 790 million RMB due to power restrictions and declining electricity prices [2][6]. - The company plans to distribute a final dividend of 2.7 HKD cents per share, resulting in a payout ratio of 49% and a dividend yield of approximately 5.1% [2][6]. Summary by Sections Financial Performance - In 2024, the company's revenue increased to 2.44 billion RMB, primarily due to the contribution from 636.5 MW and 860 MW photovoltaic power stations acquired in 2023 and 2024, respectively [2][6]. - The gross margin decreased from 67.9% to 65.6%, and the net margin fell from 39.5% to 32.4% [2][6]. - The company’s net profit for 2024 was 790 million RMB, reflecting a 12% decline compared to the previous year [2][6]. Project Portfolio - The company mainly holds grid-parity projects, which are less affected by subsidies. By the end of 2024, it operated 46 large solar power stations with a total installed capacity of 4,510.5 MW, of which 2,776.5 MW (61.6%) are grid-parity projects [3][6]. - The company has a project reserve of 1.2 GW from its parent company, with 890 MW being grid-parity projects, indicating potential for future acquisitions [3][6]. Financial Management - The company has improved its financial management, with the proportion of RMB-denominated loans increasing to 80% and financial costs decreasing to 3.5% in 2024, down from 6.1% in 2023 [4][6]. - The management's efforts in loan restructuring and dividend distribution have been noted as impressive [4][6]. Market Outlook - The outlook for 2025 suggests potential improvements in the impact of power restrictions and electricity price declines, particularly in regions with high electricity demand such as Anhui and Hubei [5][6]. - The company is also expanding into overseas markets, with plans to commence construction on a 100 MW photovoltaic power station in Malaysia within the year [5][6].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company is expected to achieve a total revenue of 2,440 million RMB in 2024, representing a year-on-year growth of 7.0%, primarily driven by new photovoltaic project acquisitions [5][6] - The net profit attributable to shareholders is projected to be 791 million RMB in 2024, reflecting a decline of 12.1% year-on-year due to increased withholding tax from subsidiary dividends [5][6] - The company has a strong cash flow position, with operating cash flow expected to grow by 42% year-on-year to 960 million RMB in 2024 [5][6] - The company plans to distribute a total dividend of 5 HKD per share for 2024, a decrease of 17% compared to the previous year [5][6] Financial Performance Summary - **Revenue Forecast**: - 2024: 2,440 million RMB (7.0% growth) - 2025E: 2,533 million RMB (3.8% growth) - 2026E: 2,569 million RMB (1.4% growth) - 2027E: 2,699 million RMB (5.1% growth) [4] - **Net Profit Forecast**: - 2024: 791 million RMB (-12.1% growth) - 2025E: 861 million RMB (8.9% growth) - 2026E: 903 million RMB (4.8% growth) - 2027E: 984 million RMB (9.0% growth) [4] - **Return on Equity (ROE)**: - 2024: 6.3% - 2025E: 6.6% - 2026E: 6.7% - 2027E: 6.8% [4] - **Earnings Per Share (EPS)**: - 2024: 0.10 RMB - 2025E: 0.10 RMB - 2026E: 0.11 RMB - 2027E: 0.12 RMB [4] - **Dividend Yield**: - 2024: 5.0% - 2025E: 5.5% - 2026E: 5.9% - 2027E: 6.5% [4] Operational Highlights - The company added 860 MW of new installed capacity in 2024, bringing the total installed capacity to 4,510.5 MW, with 62% of this being grid-parity projects [5][9] - The total electricity sales volume is expected to increase by 13.8% year-on-year to 4.35 billion kWh in 2024 [12] - The company has a stable subsidy recovery situation, with 4.8 billion RMB in subsidies expected to be recovered in 2024, which is consistent with the previous year [12]