| A | 股代码：601868 | A | 股简称：中国能建 | 公告编号：临 2025-046 | | --- | --- | --- | --- | --- | | H | 股代码:03996 | H | 股简称:中国能源建设 | | 中国能源建设股份有限公司 第三届董事会第五十次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性 承担法律责任。 中国能源建设股份有限公司（以下简称公司）第三届董事会第 五十次会议于 2025 年 8 月 14 日以书面形式发出会议通知，于 2025 年 8 月 28 日以现场结合视频方式召开。会议应到董事 7 名，参与表 决董事 7 名。本次会议由公司副董事长倪真主持，董事会秘书、监 事和部分高级管理人员列席了本次会议。会议召开符合有关法律法 规和《中国能源建设股份有限公司章程》的有关规定。 经过有效表决，会议形成以下决议： 二、审议通过《关于中国能源建设集团财务有限公司2025年上 1 半年风险持续评估报告的议案》 同意《中国能源建设集团财务有限公司2025年上半年风险持续 评估报告》。 ...

Financial Performance - The company's operating revenue for the first half of 2025 reached RMB 212.09 billion, representing a year-on-year increase of 9.18% compared to RMB 194.26 billion in the same period last year [23]. - The total profit for the first half of 2025 was RMB 6.56 billion, up 5.49% from RMB 6.22 billion in the previous year [23]. - The net profit attributable to shareholders was RMB 2.80 billion, a slight increase of 0.72% from RMB 2.78 billion year-on-year [23]. - The company's total assets increased by 8.02% to RMB 938.74 billion from RMB 869.00 billion at the end of the previous year [23]. - The company's operating costs rose to RMB 188.15 billion, reflecting a 10.31% increase from RMB 170.57 billion year-on-year [68]. - The company's total liabilities amounted to RMB 729.61 billion, with a debt-to-asset ratio of 77.72%, an increase of 1.41 percentage points from the beginning of the year [74]. Revenue Growth and Projections - The company reported a significant increase in revenue, achieving a total of 100 billion RMB, representing a year-over-year growth of 15% [15]. - The company has provided a positive outlook for the next fiscal year, projecting a revenue increase of 10% to 110 billion RMB [15]. - The company's strategic emerging industries revenue grew by 14.6% year-on-year, accounting for 37.3% of total revenue in the first half of 2025 [56]. Investments and Acquisitions - A strategic acquisition of a local competitor was completed for 2 billion RMB, enhancing the company's capabilities in renewable energy [15]. - The company has initiated a new technology research program with an investment of 500 million RMB aimed at improving energy efficiency [15]. - The company completed external investments totaling RMB 41.2 billion during the reporting period, with RMB 15.3 billion allocated to new energy and integrated smart energy businesses [83]. Market Expansion and Strategy - The company is expanding its market presence in Southeast Asia, targeting a 25% market share by 2025 [15]. - The company plans to raise up to RMB 9 billion through a specific issuance of A-shares, with funds allocated to multiple renewable energy projects, including a 300 MW compressed air energy storage project in Hubei [100]. - The company is enhancing its overseas market development capabilities, particularly in the energy and power sectors, to mitigate international operational risks [94]. Sustainability and Environmental Goals - The company aims to achieve a 30% reduction in carbon emissions by 2025 as part of its sustainability strategy [15]. - The company is focusing on integrating renewable energy technologies to enhance the cost-effectiveness of green hydrogen production, aiming to penetrate various industrial applications [34]. Corporate Governance and Compliance - The board of directors and management have guaranteed the authenticity, accuracy, and completeness of the financial report for the first half of 2025 [3]. - The report complies with all disclosure requirements for semi-annual performance and reports as mandated by regulatory authorities [8]. - The company has complied with all provisions of the Corporate Governance Code during the reporting period [167]. Shareholder and Stock Information - The company reported a basic earnings per share of RMB 0.063, unchanged from the previous year [25]. - The company has a total of 115,916 employees as of June 30, 2025, including 34,730 management personnel and 54,164 professional technical staff [97]. - The company plans to increase stock holdings by its controlling shareholder, China Energy Construction Group, by April 14, 2025 [175]. Risk Management - The company has detailed the risks it faces in the "Management Discussion and Analysis" section of the report [6]. - The company emphasizes the importance of risk awareness regarding forward-looking statements and future plans mentioned in the report [5]. - The company is actively managing investment risks related to PPP projects, with extended recovery periods due to local government financial capabilities and ongoing adjustments in the real estate market [93]. Employee Development and Training - The company is implementing a series of training programs, covering over 600,000 participants, to improve employee skills and capabilities [97]. - The company is advancing a salary distribution system reform to enhance competitiveness and fairness, focusing on performance management and support for technological innovation [110]. Bond Issuance and Financial Strategy - The company issued a corporate bond with a total amount of 20 billion RMB and an interest rate of 2.33%, maturing on March 10, 2035 [185]. - The company plans to issue a new type of corporate bond with a total amount of 2.27 billion, maturing in 2024 [186]. - The bond issuance is part of a broader strategy to enhance liquidity and support future growth initiatives [186]. Community and Social Responsibility - The company has received the highest rating of "good" for four consecutive years in the evaluation of its targeted poverty alleviation efforts by the Central Rural Work Leading Group [127]. - The company plans to implement a comprehensive targeted assistance plan for 2025, focusing on rural revitalization and poverty alleviation initiatives [127].

中国能建上半年营收2,120.9亿元人民币，净利润28.0亿元人民币。 ...

Core Viewpoint - The successful trial operation and commissioning of the 2×1000 MW expansion project at the Guoneng Shenhua Jiangxi Jiujiang Power Plant marks a significant achievement in enhancing energy capacity and promoting green, low-carbon transformation in Jiangxi Province [1][2]. Group 1: Project Details - The project, located in Yanshawan Industrial Park, Jiujiang City, Jiangxi Province, is a key initiative under Jiangxi's "14th Five-Year" energy planning [2]. - The expansion includes the construction of two ultra-supercritical reheat coal-fired generating units, along with advanced environmental facilities for desulfurization, denitrification, and dust removal, meeting ultra-low emission standards [2]. Group 2: Performance Metrics - During the trial operation, the unit achieved an average load factor of 105%, with all key performance indicators, including automatic input rate and protection input rate, at 100% [2]. - Emission metrics for carbon dioxide, nitrogen oxides, and dust were all below national ultra-low emission standards, demonstrating the project's commitment to green and efficient operation [2]. Group 3: Future Impact - Upon completion, the total installed capacity of the Guoneng Shenhua Jiujiang Power Plant will reach 4 million kW, with an expected annual electricity generation exceeding 20 billion kWh [2]. - This capacity is anticipated to meet the growing electricity demand in Jiangxi Province and Jiujiang region, alleviating pressure on the power grid and supporting sustainable regional economic development [2].

Core Viewpoint - The China Energy Engineering Group Northwest Electric Power Design Institute Co., Ltd. has successfully constructed the world's largest integrated solar thermal and photovoltaic project in Hami, Xinjiang, showcasing China's innovation in solar thermal technology and providing a replicable model for global renewable energy grid construction [1][21]. Group 1: Project Overview - The Hami "Solar (Thermal) Storage" project has a total installed capacity of 1500 megawatts, consisting of 150 megawatts of solar thermal and 1350 megawatts of photovoltaic power, with a total investment of 6.193 billion yuan [5][6]. - The project utilizes a deep coupling model of solar thermal and photovoltaic technologies, enabling night-time power generation through an 8-hour thermal storage system [6][8]. Group 2: Technological Innovations - The project has achieved a significant increase in domestic production, with the localization rate of technology rising from 50% to 99%, ensuring that all key components and systems are developed and produced by domestic enterprises [6][21]. - The project has developed a protective armor for mirrors, reducing the breakage rate by 90%, and has implemented a high-precision foundation plan to ensure equipment stability against extreme weather conditions [9][11]. Group 3: Environmental and Economic Impact - The project is expected to generate 2.9 billion kilowatt-hours of green electricity annually, saving approximately 868,000 tons of standard coal and reducing carbon dioxide emissions by 2.25 million tons [17][19]. - The construction of the project has created over 600 jobs locally, with an additional 200 positions expected after the project becomes operational, stimulating local economic activity [19][21]. Group 4: Future Prospects - The Hami project serves as a model for China's energy transition, enhancing the grid's capacity to integrate high proportions of renewable energy and contributing to the country's dual carbon goals [21][23]. - The project is part of a broader initiative to establish a "green wall" across China, aiming to produce 15 trillion kilowatt-hours of clean electricity annually by 2030, equivalent to replacing 450 million tons of standard coal [23].

Core Viewpoint - The Hefei No. 6 New Bridge Campus, constructed by China Energy Construction Anhui Electric Power Construction Company, represents a significant advancement in modern educational infrastructure, integrating smart technology and green building practices to enhance the educational experience for students [1][3][10]. Group 1: Project Overview - The campus covers an area of 229.28 acres and is designed to accommodate 5,250 students, filling a gap in high-quality educational resources in the Hefei New Bridge Science and Technology Innovation Demonstration Zone [3][8]. - The campus features advanced facilities such as AI-assisted teaching systems, smart classrooms, and a variety of sports and arts facilities, showcasing a blend of functionality and aesthetic appeal [5][12]. Group 2: Technological Integration - The project employs innovative construction technologies, including various construction robots, drone inspections, and smart management systems, to enhance efficiency and safety during the building process [11][12]. - A comprehensive cloud-based management platform integrates BIM, IoT, and AI technologies, allowing for real-time monitoring and management of construction processes [11][12]. Group 3: Sustainability and Design - The construction emphasizes green building practices, optimizing resource allocation and minimizing material and energy waste [11][12]. - The design incorporates natural elements and promotes a harmonious environment, with features like air-conditioned dormitories and smart dining systems that enhance student life [7][8]. Group 4: Recognition and Impact - The project has received over 30 national and provincial awards and is recognized as a model for intelligent construction and technology demonstration [14]. - The successful completion of the campus marks a milestone in Hefei's educational development and reflects the company's commitment to quality and innovation in urban development [14][16].

Group 1 - The stock price of China Energy Engineering Corporation (601868) closed at 2.57 yuan on August 25, 2025, with an increase of 1.98% and a turnover rate of 2.07% [1] - The company reported a total operating revenue of 100.37 billion yuan for Q1 2025, representing a year-on-year growth of 3.05%, and a net profit attributable to shareholders of 1.61 billion yuan, up 8.83% year-on-year [1] - The company has a current ratio of 1.034, a quick ratio of 0.862, and a debt-to-asset ratio of 76.98% [1] Group 2 - China Energy Engineering Corporation has made investments in 44 companies and participated in 5,000 bidding projects [2] - The company holds 37 trademark registrations and 88 patent registrations, along with 5 administrative licenses [2]

Core Viewpoint - Wuhan Zhongneng Construction Investment New Energy Co., Ltd. has been recently established with a registered capital of 3 million RMB, focusing on power generation and renewable energy services [1][2]. Company Information - The company is registered in Wuhan, Hubei Province, and its legal representative is Zeng Liang [1][2]. - The business scope includes power generation, transmission, distribution, and related technical services for wind and solar energy [1][2]. - The company is wholly owned by China Energy Construction Group Co., Ltd. [2]. Registration Details - The company was officially registered on July 17, 2025, and is currently in a state of operation [2]. - The registered address is located in the Gezhouba High-end Equipment Industrial Park, Xingu Town, Dongxihu District, Wuhan [2]. - The company operates under the international industry classification of solar power generation [2].

Core Viewpoint - China Energy Engineering Corporation (China Energy) is actively expanding its market presence in various sectors, including water conservancy, hydropower, and renewable energy, through strategic collaborations and maintaining a strong financial position [1] Group 1: Company Overview - As of August 22, China Energy's stock closed at 2.52 yuan, up by 0.02 yuan from the previous trading day, with a trading volume of 3.46 million hands and a transaction amount of 866 million yuan, maintaining a total market capitalization of 105 billion yuan [1] - The company operates in multiple sectors, including power engineering, infrastructure, and environmental protection, showcasing its comprehensive service capabilities from planning and consulting to investment and operation [1] Group 2: Recent Developments - Recent discussions between China Energy's Gezhouba Group and the Xinjiang Production and Construction Corps Water Resources Bureau focused on deepening cooperation in water conservancy, hydropower, and renewable energy, indicating ongoing efforts in regional market expansion [1] Group 3: Financial Insights - On August 22, the net inflow of main funds was 21.66 million yuan, with a cumulative net inflow of 5.64 million yuan over the past five trading days, reflecting active market trading around the current stock price near short-term moving averages [1]

Core Viewpoint - The successful operation of the Guoneng Shenwan Chizhou Power Plant Phase II expansion project marks a significant advancement in green energy production and contributes to regional energy security and development [1][3]. Group 1: Project Overview - The project is located in Guichi District, Chizhou City, Anhui Province, and is a major supportive power project during the "14th Five-Year Plan" period, featuring two 660 MW ultra-supercritical secondary reheating coal-fired generating units [3]. - The project employs innovative thermal cycle design and flue gas collaborative treatment technology, achieving full-load denitrification and efficient desulfurization, thus establishing a "high-efficiency power generation + deep purification" green energy production system [3]. Group 2: Environmental Standards - Emissions of sulfur dioxide, nitrogen oxides, and particulate matter are significantly lower than national ultra-low emission standards, showcasing the project's commitment to environmental sustainability [3]. Group 3: Management and Innovation - Anhui Electric Power Construction Company II has enhanced lean management and strengthened overall process control during construction, utilizing smart construction systems to explore new paths for energy project construction and ecological protection [3]. - The project team has driven innovation to tackle technical challenges, with a patented tool for boiler steel structure anchor bolt installation adjustments [3]. Group 4: Quality Management - The project achieved remarkable engineering quality management results, with a 100% inspection rate for boiler heating surface welds and a 99.95% first-pass acceptance rate for non-destructive testing [3]. - The project also recorded zero leakage during hydraulic testing and a 100% success rate for turbine commissioning and system trial operation [3]. Group 5: Economic Impact - Upon full operation, the project is expected to generate an annual electricity output of 7.2 billion kWh, alleviating electricity pressure in the eastern region of the Wanjiang Economic Belt and providing stable energy support for emerging industries such as semiconductors and high-end equipment manufacturing in Chizhou and surrounding cities [3]. - The project will further enhance the cross-regional power allocation capacity in the Yangtze River Delta, injecting new momentum into regional energy security and green development [3].