Core Viewpoint - China Energy Construction Group Finance Co., Ltd. is focusing on digital transformation to enhance operational service capabilities and risk prevention levels, supporting the development of new energy, new infrastructure, new industries, and new materials [1] Group 1: Digital Financial Service - The company has established a 24/7 global online financial system for account management, fund settlement, credit processing, and bill services, creating a comprehensive digital service chain that meets customer needs [2] - This digital service chain enhances collaboration with internal and external entities, providing a one-stop digital solution for business operations [2] Group 2: Data-Driven Financial Innovation - The company integrates vast financial data by breaking down barriers between internal business systems and external industry data, creating a shared platform for data resources [3] - The introduction of the "Financial Small Intelligence" robot automates data extraction, generates daily reports, and monitors risks in real-time, supporting management decision-making [3] Group 3: Disaster Recovery System - The company has developed a disaster recovery system based on a "cloud computing + distributed" architecture, ensuring real-time data synchronization and application-level disaster recovery across regions [4] - This new layout optimizes computing power and storage resources, establishing a robust foundation for the secure operation of information systems [4] - The company aims to align with national strategic deployments, focusing on technological finance and AI initiatives to enhance financial services and support high-quality development [4]

2024 年年度股东大会 会议资料 2025 年 6 月 20 日 北京 关于公司 2024 年年度报告的议案 各位股东： 根据上市公司年报披露工作要求，中国能源建设股份有限 公司（以下简称公司）编制了 2024 年年度报告，并已经公司第 三届董事会第四十四次会议审议通过，详见 2025 年 3 月 29 日 在上海证券交易所网站（http://www.sse.com.cn/）发布的公告。 现提请股东大会审议。 中国能源建设股份有限公司 股东大会会议资料 目 录 议案一、关于公司 2024 年年度报告的议案 ························· 1 议案二、关于公司 2024 年度董事会工作报告的议案············· 2 议案三、关于公司 2024 年度独立董事述职报告的议案········ 18 议案四、关于公司 2024 年度监事会工作报告的议案··········· 19 议案五、关于公司董事 2023 年薪酬兑现标准的议案··········· 23 议案六、关于公司董事 2025 年度薪酬方案的议案·············· 26 议案七、关于公司监事 2023 年薪酬兑现 ...

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。 一、 股东大会有关情况 （一）股东大会的类型和届次： 2024年年度股东大会 A 股代码：601868 A 股简称：中国能建 编号：2025-033 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 关于2024年年度股东大会增加临时提案的公告 （二）股东大会召开日期：2025 年 6 月 20 日 （三）股权登记日 公司已于2025 年 5 月 23 日公告了《中国能源建设股份有限 公司关于召开 2024 年年度股东大会的通知》（公告编号：临 2025-030），单独持有公司44.86%股份的股东中国能源建设集团 有限公司，在2025 年 6 月 4 日提出临时提案并书面提交股东大 会召集人。股东大会召集人按照《上市公司股东会规则》有关规 定，现予以公告。 （三）临时提案的具体内容 本次临时提案为《关于更换独立非执行董事的议案》，上述 议案已经公司第三届董事会第四十六次会议审议通过，具体内容 详见公司于 2025 年 5 月 31 日在上海证券交易所 ...

Summary of China Energy Engineering Corporation Conference Call Company Overview - **Company**: China Energy Engineering Corporation (中国能建) - **Industry**: Construction and Energy Key Points Financial Performance - New contracts, revenue, and profit reached historical highs, with nearly double-digit growth, leading among state-owned construction enterprises [2][3] - Domestic power business contract signing increased by approximately 4 percentage points year-on-year [3] Market Strategy - Optimized market layout with a focus on regional strategic alignment, resulting in the formation of a core market worth over 100 billion and multiple markets worth 50 billion [4] - New contract value expected to reach 1.4 trillion yuan in 2024, with over 300 billion yuan in Q1 2025 [4] Renewable Energy and Smart Energy - Contracts in renewable and integrated smart energy sectors accounted for nearly 40% of total contracts, showing significant year-on-year growth [6] - By the end of 2024, the company secured 70 GW of renewable energy development indicators, with a controlled installed capacity exceeding 15 GW [6] Research and Development - R&D expenditure for 2024 is close to 15 billion yuan, with an intensity of 3.35% [7] - Nearly 2,000 patents granted, with several projects recognized as national demonstration projects [7] Data Center Business - The company is strategically positioned in five key regions for data center development as part of the East Data West Computing initiative [8] - The first phase of the data center in Gansu Qinyang has been leased, with plans to start construction in Beijing and Shanxi [8] - Total investment in data centers is projected at approximately 17 billion yuan, excluding renewable energy and computing investments [10] Cost Management - Long-term electricity price agreements with clean energy sources are expected to significantly reduce operational costs for data centers [9] Storage and New Energy Projects - The company is actively developing various forms of energy storage, including pumped storage and compressed air storage [13][15] - Plans to establish 100 compressed air storage projects, with ongoing developments in Gansu and Hubei [15] Market Challenges and Adaptations - The company is adapting to regulatory changes, including the 136 document, which necessitates more cautious investment strategies [21] - Despite cash flow pressures due to increased asset-liability ratios, the company is implementing measures to stabilize financial conditions [21] Shareholder Engagement and Market Management - The company is committed to improving shareholder value through increased dividend payouts and potential share buybacks [22] - A planned directed issuance of 9 billion yuan is underway, with expectations for completion within the year [23][24] Future Outlook - The company is optimistic about future growth, particularly in the renewable energy and data center sectors, and aims to share development benefits with shareholders [22] Additional Insights - The company is focusing on technological innovation and has established a hydrogen energy company to enhance its market position [19] - The integration of energy and data center operations is expected to improve capital returns [11]

中国能建：中标中新建电力兵准园区6×66万千瓦煤电项目（EPC） 中标金额约为145.86亿元 智通财经5月28日电，中国能建(601868.SH)公告称，公司所属子公司中国电力工程顾问集团西北电力设 计院有限公司（联合体牵头人）与中国能源建设集团湖南省电力设计院有限公司组成联合体，中标中新 建电力兵准园区6×66万千瓦煤电项目（EPC），中标金额约为145.86亿元人民币。项目建设内容包括6 台66万千瓦超超临界燃煤发电机组，以及同步建设脱硫、脱硝、除尘等环保设施等。总工期约为36.5个 月。目前相关方尚未正式签署合同，项目仍存在不确定性。 ...

Group 1 - The company, China Energy Construction Group Anhui Electric Power Design Institute Co., Ltd., has obtained a patent for a new type of single-circuit tension steel pipe pole designed to reduce the width of line corridors from approximately 10 meters to around 1 meter, addressing safety distance issues and facilitating corridor planning [1] - The patented design includes a vertical arrangement of wires and a simplified structure that minimizes the load impact on the structure, thereby reducing engineering investment costs [1] - The company has a significant history, having been established in 1990, with a registered capital of 400 million RMB and involvement in 3,504 bidding projects [2] Group 2 - The company has a total of 573 patent records and has made investments in 22 enterprises, indicating a strong focus on innovation and expansion [2] - The patent's social and economic effects are highlighted, as it reduces the need for house demolition and minimizes the impact of nearby live operations [1]

Core Points - The company has prepared the 2024 annual report, which has been approved by the board and is submitted for shareholder review [1] - The 2024 board work report emphasizes the board's role in strategy formulation, decision-making, and risk prevention, highlighting governance improvements and future work plans [2] - The company aims to enhance its governance structure and operational efficiency while focusing on strategic development and risk management [4][6] Group 1: Annual Reports and Proposals - The 2024 annual report has been compiled and approved, awaiting shareholder meeting review [1] - The board's work report outlines strategic governance improvements and future objectives for 2025 [2] - The independent directors' report for 2024 has been approved and is also submitted for shareholder review [29] Group 2: Governance and Risk Management - The board emphasizes the integration of party leadership and corporate governance, enhancing the governance framework [4] - The company has implemented a comprehensive risk management system, focusing on major risk assessments and preventive measures [15] - The board has conducted extensive evaluations of significant risks, ensuring effective monitoring and control [15] Group 3: Financial Performance and Strategic Initiatives - The company reported a 9.75% increase in new contracts and a 7.56% rise in revenue year-on-year [10] - The board is committed to advancing strategic initiatives, including significant energy projects and technological innovations [10][11] - The company has allocated 139.82 billion yuan for R&D, achieving notable advancements in technology and innovation [10] Group 4: Shareholder Engagement and Market Value - The company has introduced a mid-term dividend plan, increasing the cash dividend ratio by 30% compared to the previous year [23] - The board has actively engaged with investors, conducting multiple roadshows and enhancing communication channels [26] - The company has received various accolades for its governance and market performance, reflecting its commitment to quality and transparency [27] Group 5: Future Work Plans - The board plans to enhance the governance structure and improve the efficiency of subsidiary boards [28] - The company aims to strengthen its market value management and investor relations strategies [28] - Future initiatives will focus on optimizing governance systems and ensuring compliance with regulatory requirements [28]

Core Viewpoint - China Energy Construction (中国能建) has received approval for its first refinancing since its A-share listing, aiming to raise up to 9 billion yuan through a private placement of shares to fund four major projects in the renewable energy sector [1][5]. Group 1: Financing and Projects - The company plans to issue no more than 8.338 billion shares, raising a total of up to 9 billion yuan for projects including the Hami "solar (thermal) storage" integrated green power demonstration project [1][3]. - The fundraising plan has undergone several revisions since its initial announcement in October 2022, with the maximum fundraising amount adjusted from 15 billion yuan to 9 billion yuan [3][4]. - The four projects earmarked for funding include the Hami project, a thermal and photovoltaic integration project in Zhejiang, a compressed air energy storage project in Hubei, and a wind power project in Uzbekistan [3][5]. Group 2: Business Performance - In 2024, the company's new energy and integrated smart energy business achieved a new contract amount of 559.739 billion yuan, accounting for 39.73% of the total new contracts, with a compound annual growth rate of 42.27% over the past three years [7]. - The revenue from the new energy and integrated smart energy business reached 139.762 billion yuan in 2024, representing a year-on-year growth of 13.92% and constituting 32% of the company's total revenue [7]. - For the first quarter of 2025, the company reported a revenue of 100.371 billion yuan, a year-on-year increase of 3.05%, and a net profit of 1.612 billion yuan, up 8.83% [8]. Group 3: Market Position and Growth - China Energy Construction is recognized as a global leader in energy construction, consistently ranking among the top in various international engineering and contracting lists [6][7]. - The company has established over 200 overseas branches in more than 90 countries and regions, demonstrating its extensive global reach [6]. - The company has been proactive in seizing opportunities in the renewable energy market, particularly in wind, solar, and hydrogen sectors [7].

Investment Rating - The report maintains a "Buy" rating for China Energy Construction (3996.HK) [1] Core Views - The company has demonstrated stable operations with rapid growth in its new energy business, achieving a revenue of 436.71 billion CNY and a net profit of 8.4 billion CNY in 2024, reflecting a year-on-year increase of 7.6% and 5.1% respectively [4][5] - The new energy and integrated smart energy sectors have shown significant revenue growth, contributing to the overall revenue increase and optimization of the business structure [5] - The company has improved its cash flow management, with a net operating cash inflow of 11.03 billion CNY in 2024, an increase of 15.4 billion CNY compared to the previous year [8] Financial Performance Summary - In 2024, the company achieved operating revenue of 436.71 billion CNY, a year-on-year increase of 7.6%, and a net profit of 8.4 billion CNY, up 5.1% [4] - For Q1 2025, the company reported operating revenue of 100.37 billion CNY, a 3.0% increase year-on-year, and a net profit of 1.61 billion CNY, which is an 8.8% increase [4] - The gross margin for 2024 was 12.4%, slightly down from the previous year, while the net margin was 2.7% [6] Business Segments and Regional Performance - The new energy and integrated smart energy sectors generated revenue of 139.76 billion CNY in 2024, a 13.9% increase year-on-year [5] - The company’s engineering construction, investment operation, industrial manufacturing, and surveying design and consulting segments reported revenues of 366.82 billion CNY, 36.13 billion CNY, 32.22 billion CNY, and 20.83 billion CNY respectively in 2024 [5] - Domestic and overseas revenues for 2024 were 380.57 billion CNY and 56.14 billion CNY, reflecting increases of 8.8% and 0.03% respectively [5] Contract and Order Growth - The company signed new contracts worth 1,408.88 billion CNY in 2024, a 9.8% increase year-on-year, with significant contributions from engineering construction and surveying design [7] - In Q1 2025, new contracts amounted to 388.9 billion CNY, a 5.8% increase year-on-year, with notable growth in the new energy sector [7] Profitability and Valuation - The report projects a decrease in net profit forecasts for 2025 and 2026 to 9.1 billion CNY and 9.6 billion CNY respectively, reflecting adjustments due to market conditions [8] - The estimated P/E ratio for 2025 is 4.2, indicating a favorable valuation compared to historical performance [9]

Core Viewpoint - The construction of the Chongzuo power plant, a significant energy project in Guangxi, has successfully overcome various challenges, including extreme weather and complex geological conditions, to enhance energy infrastructure in the border region with Vietnam [2][4][6]. Group 1: Project Overview - The Chongzuo power plant consists of two 660 MW ultra-supercritical coal-fired units, marking it as a key energy source in the region [1][4]. - The first unit of the power plant completed a 168-hour trial run and officially commenced commercial operations on April 24 [2]. Group 2: Construction Challenges and Innovations - The project faced adverse conditions such as high temperatures, heavy rainfall, and tight deadlines, prompting the construction team to innovate and adapt [4][6]. - Innovations included changing the backfill material from soil-stone mix to graded sand-stone, designing specialized lifting tools for boiler components, and developing a collision avoidance system for cranes [4][5]. - The project team implemented factory processing for water pipes and steel structures, reducing costs by over 70,000 yuan and shortening production time [5]. Group 3: Quality Management and Aesthetics - A robust quality management system was established, including acceptance protocols and training, which led to the project being recognized as a "model project" multiple times [5]. - Attention to detail in construction, such as the arrangement of instrument pipes and the use of stainless steel for corrosion protection, reflects a commitment to both functionality and aesthetic quality [5]. Group 4: Response to Extreme Weather - The project team demonstrated resilience during extreme weather events, including a significant flood that raised water levels by 14 meters, by implementing emergency measures to protect critical infrastructure [6]. - Continuous 24-hour operations and strategic planning allowed the team to recover lost time and meet project milestones ahead of schedule [6].