2025 年 5 月 6 日 公司研究 经营稳健，新能源业务快速增长 ——中国能源建设（3996.HK）2024 年年报及 2025 年一季报点评 买入（维持） 当前价：0.98 港元 作者 执业证书编号：S0930523100001 021-52523879 wuyujie@ebscn.com 市场数据 | 总股本(亿股) | 416.91 | | --- | --- | | 总市值(港元)： | 859.45 | | 一年最低/最高(港元)： | 0.90/1.10 | | 近 3 月换手率： | 34.40% | 股价相对走势 -10% -2% 6% 14% 22% 10/22 01/23 04/23 07/23 中国能建 沪深300 | 收益表现 | | | | | --- | --- | --- | --- | | % | 1M | 3M | 1Y | | 相对 | -3.66 | -0.25 | -1.73 | | 绝对 | 1.38 | -0.90 | 1.35 | | 资料来源：Wind | | | | 要点 事件：公司发布 24 年年报及 25 年一季报, 24 年公司实现营业收入/归母净利 ...

（在中華人民共和國註冊成立的股份有限公司） CHINA ENERGY ENGINEERING CORPORATION LIMITED* 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分內容 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。 （股份代號：3996） 2025年第一季度報告 本公告乃由中國能源建設股份有限公司（「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作 出。本季度報告與上海證券交易所公告內容一致。 本公司及其附屬公司依照中國證券監督管理委員會及上海證券交易所的有關規定編製本 季度報告。 本季度報告載列之全部財務資料均未經審計並按照中國企業會計準則編製。 承董事會命 中國能源建設股份有限公司 董事長 宋海良 中國，北京 2025年4月29日 於本公告日期，本公司執行董事為宋海良先生及倪真先生；非執行董事為劉學詩先生及 司欣波先生；及獨立非執行董事為程念高先生、趙立新先生、魏偉峰博士及牛向春女士。 * 僅供 ...

Financial Performance - The company’s operating revenue for 2024 reached RMB 436,712,757 thousand, representing a year-on-year increase of 7.56% compared to RMB 406,031,848 thousand in 2023[42]. - Net profit attributable to shareholders for 2024 was RMB 8,396,167 thousand, up 5.13% from RMB 7,986,116 thousand in 2023[42]. - The net profit attributable to shareholders after deducting non-recurring gains and losses decreased by 8.89% to RMB 6,526,279 thousand from RMB 7,162,814 thousand in 2023[42]. - The net cash flow from operating activities increased by 16.25% to RMB 11,027,252 thousand compared to RMB 9,486,032 thousand in 2023[42]. - Total assets at the end of 2024 were RMB 869,004,776 thousand, a 10.96% increase from RMB 783,156,193 thousand at the end of 2023[42]. - The net assets attributable to shareholders at the end of 2024 were RMB 116,011,181 thousand, reflecting a 5.02% increase from RMB 110,464,737 thousand at the end of 2023[42]. - Basic earnings per share for 2024 were RMB 0.19, a 5.56% increase from RMB 0.18 in 2023[43]. - The weighted average return on net assets for 2024 was 7.74%, a decrease of 0.14 percentage points from 7.88% in 2023[43]. Dividend Distribution - The company plans to distribute a cash dividend of RMB 0.262 per share, totaling RMB 1.092 billion, with an additional interim dividend of RMB 521 million, leading to a total cash dividend of RMB 1.613 billion for the year[4]. - The board of directors has approved the profit distribution plan, which is subject to shareholder approval at the annual general meeting[4]. - The company plans to implement a mid-term dividend scheme for 2024 to enhance predictability and investor confidence[64]. Project and Contract Achievements - Total new contracts signed reached RMB 1.4 trillion, representing a year-on-year growth of 9.8%[21]. - The company reported a total of RMB 14,088.76 billion in new contracts signed for 2024, reflecting a year-on-year growth of 9.75%[53]. - The company signed new contracts worth RMB 1.27508 trillion in engineering construction business in 2024, reflecting a year-on-year growth of 6.4%[83]. - The new contracts for renewable and integrated smart energy projects amounted to RMB 555.35 billion in 2024, a year-on-year increase of 5.0%, accounting for 43.6% of the total[84]. - The traditional energy engineering construction business saw new contracts worth RMB 312.97 billion in 2024, a significant year-on-year increase of 57.6%[85]. Innovation and Technology Development - The company has established 4 academician expert stations, 14 postdoctoral research stations, and holds 11,310 valid patents, showcasing its strong innovation capabilities[30]. - The company is actively pursuing major technological tasks in green hydrogen, ammonia, and new materials[24]. - The company implemented a "Technology Strong Enterprise, Innovation Development" strategy, completing 22 major technology projects, including a world-first 660MW compressed air energy storage system solution[57]. - In 2024, the company received 1,841 patent authorizations, with a 57% year-on-year increase in invention patents[57]. - Over 100 artificial intelligence application scenarios have been implemented, demonstrating the company's focus on digital transformation[23]. Sustainability and Environmental Commitment - Major projects in green hydrogen and ammonia fuel are accelerating construction, emphasizing the company's commitment to sustainable energy solutions[23]. - The company is focusing on ecological and environmental protection, with the central government allocating RMB 34 billion for air pollution prevention and RMB 26.7 billion for water pollution control in 2024[72]. - The company is committed to sustainable development and social responsibility, with detailed reports on environmental and social governance to be published[197]. International Expansion and Market Presence - The company is focused on international expansion, aiming to build a global efficient integrated organizational and control system[26]. - The company has established six overseas regional headquarters and 256 branches, covering over 140 countries and regions, enhancing its international presence[105]. - The company’s international contracts signed in 2024 increased by 14.5%, with significant contributions from markets like Saudi Arabia and the Philippines, each exceeding RMB 20 billion[55]. Risk Management and Compliance - The company emphasizes the importance of risk awareness regarding forward-looking statements and future plans[5]. - The company has established a risk control system to address key risks in debt, project performance, and international operations, achieving a stable safety and quality environment with no major accidents reported[65]. - The company has confirmed that there are no non-operational fund occupations by controlling shareholders or related parties[6]. - The company reported no violations in decision-making procedures for external guarantees[6]. Financial Strategy and Governance - The financial advisor for continuous supervision is Huatai United Securities Co., Ltd., indicating ongoing compliance and governance efforts[41]. - The company emphasizes value-oriented management and plans to implement comprehensive budget control and financial digital empowerment[26]. - The company is facing debt risk due to increased operating liabilities and rising interest-bearing debt, with a strategy to manage financial risks through strict control measures[192]. - The board approved an adjustment to the issuance of A-shares, raising the fundraising amount to no more than RMB 9 billion[200]. Future Outlook and Strategic Goals - The company plans to sign new contracts worth RMB 1.5 trillion and expects revenue of RMB 458.5 billion in 2025, with an investment plan of RMB 135.4 billion[191]. - The company anticipates that the domestic hydrogen energy industry will reach a market value of RMB 1 trillion by 2025, indicating substantial growth potential in this sector[182]. - The company aims to enhance its core capabilities by focusing on technological innovation, integrated energy solutions, and comprehensive infrastructure development, aligning with national strategies for energy security and high-quality development[189].

Financial Performance - The company reported a total cash dividend distribution of RMB 1.092 billion, with a cash dividend of RMB 0.262 per 10 shares[7]. - The total share capital of the company is 41,691,163,636 shares[7]. - Operating revenue increased by 7.6% year-on-year, reflecting strong business performance[19]. - Total profit rose by 8.0% compared to the previous year, indicating improved profitability[19]. - The company's operating revenue for 2024 reached RMB 436.71 billion, representing a 7.56% increase compared to RMB 406.03 billion in 2023[36]. - Net profit attributable to shareholders for 2024 was RMB 8.40 billion, up 5.13% from RMB 7.99 billion in 2023[36]. - The net profit after deducting non-recurring gains and losses decreased by 8.89% to RMB 6.53 billion in 2024 from RMB 7.16 billion in 2023[36]. - The net cash flow from operating activities increased by 16.25% to RMB 11.03 billion in 2024, compared to RMB 9.49 billion in 2023[36]. - Total assets increased by 10.96% to RMB 869.00 billion at the end of 2024, compared to RMB 783.16 billion at the end of 2023[36]. - The total profit for 2024 reached RMB 15.128 billion, reflecting a year-on-year growth of 7.97%[46]. Strategic Initiatives - The company has implemented the "1466" strategy, focusing on becoming a world-class integrated energy solution provider and enhancing core competitiveness[16]. - The company is committed to the "dual carbon" strategy, aligning with national energy planning and promoting sustainable development[18]. - The company is focused on high-quality development through the "Four New" strategy, which includes new energy, new infrastructure, new industries, and new materials[16]. - The company aims to lead in energy integration solutions and infrastructure investment, focusing on high-quality development and energy revolution[28]. - The strategic vision includes deep integration of eight networks, enhancing core competitiveness and organizational capabilities[28]. - The company is committed to expanding its international business and enhancing its global presence through strategic initiatives[22]. Project Development - Significant projects completed include the Zhangzhou "Hualong One" nuclear power plant and the Xinjiang Dashixia hydropower station, contributing to national energy security[18]. - The company actively participated in the "Belt and Road" initiative, with major projects like the SK hydropower station in Pakistan and solar power projects in Uzbekistan being put into operation[18]. - The company has accelerated the construction of major projects such as the world's first 300 MW compressed air energy storage power station[19]. - The company is constructing a 300 MW compressed air energy storage demonstration project, which is expected to achieve full commercial operation by January 2025[51]. - The company signed major renewable energy projects including the Guangdong Shantou offshore wind power demonstration project and the 400 MW wind power project in the Philippines[53]. Innovation and Technology - Over 100 artificial intelligence application scenarios have been implemented, showcasing the company's commitment to innovation[19]. - The company is enhancing its technological capabilities and product development to support market expansion and competitiveness[16]. - The company obtained 1,841 patent authorizations in 2024, with a 57% year-on-year increase in invention patent authorizations[49]. - The company has established a comprehensive energy integration model, including seven integrated business models across various sectors[93]. - The company is committed to digital transformation through software and information services, supporting its technological development[90]. Risk Management - The company has outlined potential risks in its management discussion and analysis section, urging investors to be aware of investment risks[10]. - The company has established a multi-level risk prevention mechanism, embedding risk control responsibilities into the entire strategic decision-making chain[183]. - The company is addressing investment risks related to PPP projects and the real estate market by tightening pre-investment review standards and accelerating investment recovery processes[173]. - The company is facing increased debt risk due to rising operational liabilities and a growing total amount of interest-bearing debt, necessitating strict management of financial resources[172]. Governance and Compliance - The board of directors has ensured the accuracy and completeness of the annual report, taking legal responsibility for any misstatements[6]. - The audit report issued by Tianjian Accounting Firm confirmed the financial statements with a standard unqualified opinion[6]. - The company has implemented a project lifecycle risk assessment mechanism to enhance risk management[183]. - The company’s internal governance structure includes the shareholders' meeting, board of directors, specialized committees, supervisory board, and senior management, ensuring effective operation[184]. - The audit committee was restructured to include three independent non-executive directors, complying with Hong Kong Listing Rules[190]. Market Position and Competition - The company has maintained a leading position in traditional energy construction, completing over 90% of domestic thermal power design business and over 30% market share in hydropower engineering[62]. - The company is facing intense market competition in the energy infrastructure sector, prompting a need for improved resource allocation and innovative business development models[175]. - The company ranked 192nd in the global brand value 500 list, reflecting a significant improvement in its international brand presence[48]. Environmental and Social Responsibility - The company has engaged in rural revitalization efforts, including timely participation in major disaster relief operations, receiving widespread acclaim[18]. - The company is actively expanding its ecological and environmental protection business, with central government funding for air pollution control set at RMB 34 billion in 2024[64]. - The company is focused on the integration of energy and transportation, participating in highway, railway, and airport investment and construction[165]. - The company is committed to promoting energy security through a new strategy that emphasizes "four revolutions and one cooperation" in energy[169].

2025 年 3 月 17 日 公司研究 能源工程订单内外开花，算力中心建设蓬勃发展 ——中国能源建设（3996.HK）经营近况点评 要点 布局战新产业，积极构建全国一体化算力网络。公司凭借在绿电领域的技术优势 和全产业链一体化建设的优势，积极参与全国一体化算力网络系统的构建，已在 甘肃庆阳、宁夏中卫、安徽芜湖、广东韶关、山西大同、北京经开区等多个枢纽 节点投资或布局了数据中心项目。目前在建的甘肃庆阳大数据产业园示范项目， 一期工程已于 2024 年 9 月点亮投运，一次性通过中国质量认证中心（CQC）数 据中心场地基础设施认证，获颁国标最高等级——增强级（GB50174-2017A 级） 证书。公司旗下中能建（北京）智慧算力科技有限公司与城地香江签署了《附条 件生效的股份认购协议》，致力于打造算力中心"国家队"。 盈利预测、估值与评级：中国能源建设在电力建设及运营投资领域有竞争优势， 新签订单快速增长，算力中心建设蓬勃发展，我们看好公司在电力及算力等领域 的发展。公司在 2024 年前三季度归母净利润同比增长 17.3%，经营表现优异， 我们上调公司 24 年归母净利润预测至 86 亿元（上调约 3%），考 ...

2025 年 3 月 17 日 公司研究 能源工程订单内外开花，算力中心建设蓬勃发展 ——中国能源建设（3996.HK）经营近况点评 要点 事件：当地时间 3 月 11 日，公司中电工程西北院与 Masdar 在阿布扎比签约阿 塞拜疆 Bilasuvar（比利亚苏瓦尔）445MW、Banka（班卡）315MW 光伏电站 EPC 项目。 点评： 国内外需求旺盛，公司能源订单内外开花。3 月 11 日，中国能建签约阿塞拜疆 两大光伏项目 EPC 合同，这是公司在阿塞拜疆市场首次以 EPC 总承包模式承建 的大型光伏电站项目，Bilasuvar 项目也是阿塞拜疆在建最大光伏项目。阿塞拜 疆 23 年可再生能源发电量占比为 20.3%，计划到 2030 年提高至 30%；此外， 基于对能源安全保障和经济转型的考量，目前众多油气资源大国开始加力推进新 能源建设，海外能源工程需求旺盛，公司未来有望凭借强大的能源工程建设能力 持续获得海外能源订单。国内能源市场方面，2 月 9 日国家发改委与能源局联合 印发《关于深化新能源上网电价市场化改革促进新能源高质量发展的通知》(以 下简称"136 号文")，电价政策新老划断下掀起抢 ...

Financial Performance - Operating revenue for the third quarter reached RMB 100,876,962, an increase of 8.24% compared to the same period last year[5] - Net profit attributable to shareholders was RMB 822,396, representing a significant increase of 97.81% year-on-year[5] - Basic earnings per share for the quarter was RMB 0.02, reflecting a 100% increase compared to the previous year[5] - Total revenue for the first three quarters of 2024 reached RMB 295,138,721, an increase of 3.0% compared to RMB 285,312,963 in the same period of 2023[29] - Operating profit for the first three quarters of 2024 was RMB 8,350,743, up 5.1% from RMB 7,948,181 in the first three quarters of 2023[30] - Net profit attributable to shareholders for the first three quarters of 2024 was RMB 3,604,277, representing a 17.3% increase from RMB 3,073,299 in the same period of 2023[31] Assets and Liabilities - Total assets at the end of the reporting period amounted to RMB 858,126,846, up 9.57% from the end of the previous year[6] - The company's total assets reached RMB 858,126,846 as of September 30, 2024, compared to RMB 783,156,193 at the end of 2023, indicating a growth of 9.6%[28] - Total liabilities increased to RMB 665,521,804 as of September 30, 2024, compared to RMB 594,903,314 at the end of 2023, reflecting a growth of 11.8%[27] - The company's current assets totaled RMB 475,825,658,000 as of September 30, 2024, compared to RMB 426,069,970,000 at the end of 2023, indicating an increase of about 11.7%[24] - The company's accounts receivable rose significantly to RMB 96,462,254,000, up from RMB 78,218,261,000, representing an increase of around 23.3%[24] Cash Flow - The net cash flow from operating activities was reported as not applicable, with a cumulative figure of RMB -12,518,358 for the year-to-date[5] - In the first three quarters of 2024, cash inflow from operating activities reached RMB 277,850,057 thousand, an increase from RMB 251,855,890 thousand in the same period of 2023, representing a growth of approximately 10.3%[32] - The net cash outflow from operating activities for the first three quarters of 2024 was RMB -12,518,358 thousand, an improvement compared to RMB -14,747,034 thousand in 2023[33] - Cash inflow from investment activities totaled RMB 17,526,815 thousand in 2024, up from RMB 15,254,205 thousand in 2023, marking an increase of about 14.9%[33] - Cash flow from financing activities generated a net inflow of RMB 5,129,190,000 in the first three quarters of 2024, compared to a net outflow of RMB 2,441,909,000 in the same period of 2023[42] Shareholder Information - The total equity attributable to shareholders increased by 2.62% to RMB 113,363,950 compared to the previous year[6] - The company has a total of 356,285 ordinary shareholders at the end of the reporting period[10] - As of September 30, 2024, China Energy Construction Group holds a total of 18,710,456,522 shares in the company, including 18,131,572,522 A-shares and 578,884,000 H-shares[12] - The controlling shareholder, China Energy Construction Group, has increased its stake by acquiring 23,888,500 shares for a total of RMB 50,000,109[20] Research and Development - Research and development expenses increased by 19.3% year-on-year, with 1,325 patents granted during the same period[16] - The company has successfully developed Asia's largest and internationally leading direct air capture device for carbon dioxide[16] - The new energy storage projects in Hubei and Gansu have been selected as national pilot demonstration projects for new energy storage[16] - Research and development expenses for the first three quarters of 2024 were RMB 8,255,419, up 19.3% from RMB 6,919,773 in the same period of 2023[29] Strategic Initiatives - The company is advancing its green low-carbon transformation, focusing on collaborative efforts across government, international, industry, technology, and project sectors[17] - The digital transformation is accelerating, with the launch of the Gansu Qinyang "East Data West Computing" integrated smart zero-carbon big data industrial park project[18] - The company signed significant contracts in the "Belt and Road" countries, with new contract signings increasing by 32.17% year-on-year[15] - The company is committed to innovation-driven transformation, establishing itself as a source of original technology and modern industrial chains[16] - The company is actively pursuing a strategy of integrated development across various sectors, focusing on energy and urban infrastructure projects[19] - The company has successfully signed several integration demonstration projects, including smart ecological cities in Shandong and Zhejiang[19]

中国能建 投資運營 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-------|------------------|-------|-------|-------|-------|-------|-------|-------|----------|-------|---------------------------------------------|-------|---------------------------------------------------------------------------------------------------------------------------------| | | | | | | | | | | | | ENERGY CHINA | | 9 | | | | | | | | | | | 工程建設 | | 創 新 \| 綠 色 \| 數 智 \| 融 合 工業製造 9 | | | | | 勘測設計及諮詢 9 | ...

Financial Performance - The company reported a revenue of 10 billion RMB for the first half of 2024, representing a year-on-year increase of 15%[14]. - The company's operating revenue for the first half of 2024 reached CNY 194,261,759 thousand, representing a year-on-year increase of 1.11% compared to CNY 192,120,219 thousand in the same period last year[23]. - Net profit attributable to shareholders of the listed company was CNY 2,781,881 thousand, up 4.67% from CNY 2,657,791 thousand in the previous year[23]. - The company reported a decrease of 0.89% in net profit after deducting non-recurring gains and losses, totaling CNY 2,327,618 thousand compared to CNY 2,348,498 thousand in the previous year[23]. - The company aims to achieve a carbon neutrality target by 2030, aligning with national energy policies[14]. Dividend and Shareholder Information - The company plans to distribute a cash dividend of RMB 0.125 per share, totaling RMB 521 million, based on a total share capital of 41,691,163,636 shares, pending shareholder approval[7]. - The printed version of the half-year report will only be sent to shareholders who request it, and it is available on the Hong Kong Stock Exchange's website and the company's website[2]. - The company has not faced any situations where more than half of the directors cannot ensure the authenticity of the half-year report[9]. Risk Management and Compliance - The company emphasizes the importance of risk awareness regarding future plans and development strategies, advising investors to understand the differences between plans, forecasts, and commitments[8]. - The company has confirmed that there are no non-operational fund occupations by controlling shareholders or related parties[9]. - The report indicates that the company has not violated any decision-making procedures regarding external guarantees[9]. - The company has detailed the risks it faces in the "Management Discussion and Analysis" section of the report[9]. Strategic Initiatives and Market Expansion - The company plans to expand its market presence in Southeast Asia, targeting a 10% market share by 2025[14]. - New product development includes the launch of a solar energy solution projected to generate an additional 2 billion RMB in revenue[14]. - The company is investing 1 billion RMB in R&D for green technologies over the next three years[14]. - The company is actively pursuing new industries such as energy storage and hydrogen energy, aiming to transform and create new economic growth points[43]. Environmental and Sustainability Efforts - The company is committed to energy conservation and emission reduction in its industrial manufacturing operations[42]. - The company has implemented automatic monitoring systems for key pollutants at its major facilities, ensuring compliance with environmental regulations[109]. - The company has established a zero-carbon smart service area project, generating nearly 20 million kilowatt-hours of electricity and reducing CO2 emissions by approximately 16,000 tons[119]. - The company has successfully connected the first million-kilowatt-level photovoltaic base project in Guizhou, generating approximately 1.3 billion kilowatt-hours of clean electricity annually, reducing CO2 emissions by 1.01 million tons[119]. Governance and Management Changes - The company appointed Ni Zhen as the new General Manager on July 26, 2024, with a term lasting until the end of the current board's tenure[89]. - The company has restructured its board committees, appointing new members to enhance governance and strategic oversight[90]. - The company emphasizes performance-based salary systems to incentivize core positions and frontline employees[92]. Debt and Financing Activities - The company plans to raise up to RMB 14.85 billion through a private placement of A-shares to support its "30·60" strategic goals, focusing on new energy and infrastructure projects[85]. - The company issued bonds totaling RMB 10.00 billion for production expenditures, including debt repayment and working capital[188]. - The total amount raised from the bond issuance is 1 billion RMB, specifically for rural revitalization projects[199]. - The company has not encountered any overdue bonds during the reporting period[185]. Operational Performance - The company achieved a 10.49% year-on-year increase in overall labor productivity, with a reduction in non-working staff ratio by 1 percentage point[56]. - The company has implemented a new digital transformation strategy to improve service delivery and customer engagement[14]. - The company operates over 70 water plants across more than ten provinces, with a water treatment design capacity of 4.5 million tons per day and an actual treatment volume of 1.6 million tons per day[45]. Related Party Transactions - The company has established six ongoing related party transaction framework agreements with its controlling shareholder, China Energy Construction Group[134]. - The company has pledged to minimize related party transactions with Nanling Minbao and ensure fair pricing in unavoidable transactions[131]. - The company has disclosed all related party transactions in accordance with the Hong Kong Listing Rules and Shanghai Stock Exchange Listing Rules[134].

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分內容 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。 CHINA ENERGY ENGINEERING CORPORATION LIMITED* （在中華人民共和國註冊成立的股份有限公司） （股份代號：3996） 2024年第一季度報告 本公告乃由中國能源建設股份有限公司（「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作 出。本季度報告與上海證券交易所公告內容一致。 本公司及其附屬公司依照中國證券監督管理委員會及上海證券交易所的有關規定編製本 季度報告。 本季度報告載列之全部財務資料均未經審計並按照中國企業會計準則編製。 承董事會命 中國能源建設股份有限公司 董事長 宋海良 中國，北京 2024年4月29日 於本公告日期，本公司執行董事為宋海良先生及馬明偉先生；非執行董事為李樹雷先 生、劉學詩先生及司欣波先生；及獨立非執行董事為趙立新先生、程念高先生及魏偉峰 博士。 * ...