Summary of Zhongmin Energy Conference Call Company Overview - **Company**: Zhongmin Energy - **Industry**: Energy, specifically focusing on wind and biomass power generation Key Financial Metrics - **Revenue**: 1.08 billion CNY for the first three quarters of 2025, a decrease of 1.4% year-on-year [2][3] - **Total Profit**: 476 million CNY, down 5.74% year-on-year [2][3] - **Subsidy Recovery**: 1.25 billion CNY recovered by September 2025, significantly higher than 240 million CNY in 2024 [2][7] Core Insights and Arguments - **Operational Performance**: Despite a decline in revenue and profit, the company maintained stable operations with a power generation increase of 1.25% year-on-year [3] - **Impact of Subsidies**: The increase in subsidy recovery is attributed to the inclusion of the Haidian Phase II project in the subsidy directory and the first-time recovery from the Putian Pinghai Bay offshore wind project [2][7] - **Tax Policy Changes**: The cancellation of the 50% VAT refund policy for onshore wind power from November 2025 is expected to impact profits by approximately 5 million CNY for the quarter and over 30 million CNY for the year [2][10] Project-Specific Insights - **Fujin Thermal Power Project**: This project has been operating at a loss since its launch in April 2022, leading to a cumulative impairment loss of over 63 million CNY [4][5] - **Future Asset Impairment**: The book value of fixed and intangible assets for the Fujin project is expected to be around 130 million CNY by the end of 2025, with future impairment decisions dependent on year-end evaluations [5][7] - **Direct Supply Project**: A 900,000 kW direct supply project is expected to be approved by the end of 2025, with pricing anticipated to be slightly below the provincial benchmark price of 393.2 CNY per kWh [3][12] Market Dynamics - **Market Transaction Progress**: The marketization process in Fujian is slow, with only 10 days of pilot trading in 2025. Future pricing will depend on competitive bidding results [3][16] - **Wind Power Generation Trends**: October data on wind conditions is pending, but historically, Q3 is the weakest quarter for wind generation [9] Strategic Planning - **Future Planning**: The company is working on the "15th Five-Year Plan" in collaboration with the provincial government, but specific details are not yet available [11] - **Management Evaluation**: New performance evaluation measures for executives are being developed for the 2025-2027 period, linking assessments to company performance and development metrics [20] Additional Considerations - **Resource Allocation Challenges**: The company faces challenges in resource allocation due to complex factors, including inter-company distribution and central enterprise resource acquisition [21] - **Project Delays**: Several projects are delayed due to military approvals and geographical challenges, impacting overall development progress [21]

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The company achieved a total on-grid electricity generation of 1.865 billion kWh in the first three quarters of 2025, representing a year-on-year increase of 1.32%. In the third quarter alone, the on-grid electricity generation was 499 million kWh, up 7.30% year-on-year. This stable growth in electricity generation contributed to a revenue of 286 million yuan in the third quarter, a 3.17% increase year-on-year. However, the operating costs rose by 7.82% to 180 million yuan, which limited the company's operational performance, leading to a decrease in gross profit by 4.24 million yuan year-on-year. The net profit attributable to the parent company in the third quarter was 13.55 million yuan, down 79.78% year-on-year [2][6][13]. Summary by Sections Financial Performance - In the first three quarters of 2025, the company reported total revenue of 286 million yuan in Q3, with a year-on-year growth of 3.17%. The operating costs for the same period were 180 million yuan, reflecting a 7.82% increase year-on-year, which constrained the company's main business performance. The gross profit decreased by approximately 3.84% year-on-year, and the net profit attributable to the parent company was 13.55 million yuan, a significant decline of 79.78% year-on-year [2][6][13]. Operational Highlights - The company’s wind power generation in Fujian reached 444 million kWh in Q3, a year-on-year increase of 4.74%. However, the electricity generation in Heilongjiang decreased by 2.19% to 32.98 million kWh. The biomass power generation was 16.83 million kWh, while the photovoltaic generation in Xinjiang dropped by 28.64% to 5.52 million kWh due to adverse regional conditions [13]. Future Growth Potential - The company has significant growth potential through both internal development and external acquisitions. Upcoming asset injections from the group, including projects like Yongtai Pumped Storage, are expected to enhance earnings per share. The company is also actively pursuing new projects, including offshore wind and solar initiatives, which will contribute to sustained growth during the 14th Five-Year Plan period [13]. Earnings Forecast - The earnings per share (EPS) for 2025-2027 are projected to be 0.28 yuan, 0.49 yuan, and 0.69 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 19.28x, 10.74x, and 7.70x. The investment recommendation remains "Buy" based on these forecasts [13].

Group 1 - The company held its 23rd temporary meeting of the 9th Board of Directors on October 31, 2025, to discuss the election of the 10th Board of Directors [2][10] - The meeting approved the nomination of six non-independent directors and three independent directors for the 10th Board, with terms starting from the date of approval by the shareholders' meeting [6][30] - The voting results for the nominations were unanimous, with 9 votes in favor and no votes against or abstentions [4][8] Group 2 - The company plans to hold the 2025 second temporary shareholders' meeting on November 18, 2025, at 14:30, combining on-site and online voting methods [10][12] - The network voting system will be provided by the Shanghai Stock Exchange, with specific voting times outlined for both trading and internet platforms [13][14] - Shareholders must register to attend the meeting, with detailed registration procedures provided for both corporate and individual shareholders [22][23]

Core Points - The company announced the composition of its tenth board of directors, which will consist of 9 members, including 6 non-independent directors and 3 independent directors [1] - The board's nomination committee reviewed the qualifications of the candidates for the tenth board, and the resolutions for the election of the new board were approved during the 23rd temporary meeting of the ninth board held on October 31, 2025 [1] - The company has nominated Guo Zheng, Zhang Jun, Wu Ming, Tang Hui, Huang Huimei, and Zhuang Xuyang as candidates for non-independent directors, and Liu Lijun, Lin Lianqing, and Xu Ping as candidates for independent directors [1]

独立董事提名人声明与承诺 提名人中闽能源股份有限公司董事会,现提名许萍为中闽能源股 份有限公司第十届董事会独立董事候选人,并已充分了解被提名人职 业、学历、职称、详细的工作经历、全部兼职、有无重大失信等不良 记录等情况。被提名人已同意出任中闽能源股份有限公司第十届董事 会独立董事候选人(参见该独立董事候选人声明)。提名人认为,被提 名人具备独立董事任职资格,与中闽能源股份有限公司之间不存在任 何影响其独立性的关系,具体声明并承诺如下: 一、被提名人具备上市公司运作的基本知识,熟悉相关法律、行 政法规、规章及其他规范性文件,具有 5年以上法律、经济、会计、 财务、管理或者其他履行独立董事职责所必需的工作经验。 被提名人已经参加培训并取得证券交易所认可的相关培训证明材 料。 (八)中国证监会《证券基金经营机构董事、监事、高级管理人 员及从业人员监督管理办法》等的相关规定(如适用); (九)《银行业金融机构董事(理事)和高级管理人员任职资格管 理办法》《保险公司董事、监事和高级管理人员任职资格管理规定》《保 险机构独立董事管理办法》等的相关规定（如适用）; 二、被提名人任职资格符合下列法律、行政法规和部门规章的要 ...

独立董事候选人声明与承诺 本人许萍,已充分了解并同意由提名人中闽能源股份有限公司董 事会提名为中闽能源股份有限公司第十届董事会独立董事候选人。本 人公开声明,本人具备独立董事任职资格,保证不存在任何影响本人 担任中闽能源股份有限公司独立董事独立性的关系,具体声明如下: 一、本人具备上市公司运作的基本知识,熟悉相关法律、行政法 规、部门规章及其他规范性文件,具有 5年以上法律、经济、会计、 财务、管理或者其他履行独立董事职责所必需的工作经验。 被提名人已经参加培训并取得证券交易所认可的相关培训证明材 粒。 二、本人任职资格符合下列法律、行政法规和部门规章以及公司 规章的要求: (一)《中华人民共和国公司法》等关于董事任职资格的规定; (二)《中华人民共和国公务员法》关于公务员兼任职务的规定(如 适用); (三)中国证监会《上市公司独立董事管理办法》、上海证券交易 所自律监管规则以及公司章程有关独立董事任职资格和条件的相关规 定; (四)中共中央纪委、中共中央组织部《关于规范中管干部辞去 公职或者退(离)休后担任上市公司、基金管理公司独立董事、独立 监事的通知》的规定(如适用): (五)中共中央组织部《关于进一步 ...

独立董事候选人声明与承诺 本人林联青,已充分了解并同意由提名人中闽能源股份有限公司 董事会提名为中闽能源股份有限公司第十届董事会独立董事候选人。 本人公开声明,本人具备独立董事任职资格,保证不存在任何影响本 人担任中国能源股份有限公司独立董事独立性的关系,具体声明如下: 一、本人具备上市公司运作的基本知识,熟悉相关法律、行政法 规、部门规章及其他规范性文件,具有 5年以上法律、经济、会计、 财务、管理或者其他履行独立董事职责所必需的工作经验。 被提名人已经参加培训并取得证券交易所认可的相关培训证明材 粒。 二、本人任职资格符合下列法律、行政法规和部门规章以及公司 规章的要求: (一)《中华人民共和国公司法》等关于董事任职资格的规定; (二)《中华人民共和国公务员法》关于公务员兼任职务的规定(如 适用); (三)中国证监会《上市公司独立董事管理办法》、上海证券交易 所自律监管规则以及公司章程有关独立董事任职资格和条件的相关规 定; (十)其他法律法规、部门规章、规范性文件和上海证券交易所 规定的情形。 三、本人具备独立性,不属于下列情形; (一)在上市公司或者其附属企业任职的人员及其配偶、父母、 子女、主要社会 ...

证券代码：600163 证券简称：中闽能源 公告编号：2025－036 中闽能源股份有限公司 关于董事会换届选举的公告 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。 中闽能源股份有限公司（以下简称"公司"）第九届董事会任期即将届满。 依据《中华人民共和国公司法》（以下简称《公司法》）《上海证券交易所股票 上市规则》等法律法规、规范性文件以及《公司章程》的相关规定，公司按程序 进行董事会换届选举工作。现将本次董事会换届选举情况说明如下： 一、董事会换届选举情况 公司第十届董事会将由9名董事组成，其中非独立董事6名，独立董事3名。 公司董事会提名委员会对第十届董事会董事候选人的任职资格进行了审查，公司 于2025年10月31日召开第九届董事会第二十三次临时会议，审议通过了《关于董 事会换届选举第十届董事会非独立董事候选人的议案》和《关于董事会换届选举 第十届董事会独立董事候选人的议案》，同意提名郭政先生、张骏先生、吴明先 生、唐晖先生、黄慧湄女士、庄旭阳先生为公司第十届董事会非独立董事候选人， 同意提名刘丽军女士、林联青先生、许 ...

独立董事提名人声明与承诺 提名人中闽能源股份有限公司董事会,现提名刘丽军为中闽能源 股份有限公司第十届董事会独立董事候选人,并已充分了解被提名人 职业、学历、职称、详细的工作经历、全部兼职、有无重大失信等不 良记录等情况。被提名人已同意出任中闽能源股份有限公司第十届董 事会独立董事候选人(参见该独立董事候选人声明)。提名人认为, 被提名人具备独立董事任职资格,与中闽能源股份有限公司之间不存 在任何影响其独立性的关系,具体声明并承诺如下: 一、被提名人具备上市公司运作的基本知识,熟悉相关法律、行 政法规、规章及其他规范性文件,具有5年以上法律、经济、会计、 财务、管理或者其他履行独立董事职责所必需的工作经验。 被提名人尚未取得上海证券交易所认可的相关培训证明材料。被 提名人已承诺在本次提名后,参加上海证券交易所举办的最近一期独 立董事培训并取得相关培训证明材料。 (九)《银行业金融机构董事(理事)和高级管理人员任职资格 管理办法》《保险公司董事、监事和高级管理人员任职资格管理规定》 《保险机构独立董事管理办法》等的相关规定（如适用）; (十)其他法律法规、部门规章、规范性文件和上海证券交易所 规定的情形。 二、 ...

提名人中闽能源股份有限公司董事会,现提名林联青为中闽能源 股份有限公司第十届董事会独立董事候选人,并已充分了解被提名人 职业、学历、职称、详细的工作经历、全部兼职、有无重大失信等不 良记录等情况。被提名人已同意出任中闽能源股份有限公司第十届董 事会独立董事候选人(参见该独立董事候选人声明)。提名人认为,被 提名人具备独立董事任职资格,与中闽能源股份有限公司之间不存在 任何影响其独立性的关系,具体声明并承诺如下: 独立董事提名人声明与承诺 一、被提名人具备上市公司运作的基本知识,熟悉相关法律、行 政法规、规章及其他规范性文件,具有5年以上法律、经济、会计、 财务、管理或者其他履行独立董事职责所必需的工作经验。 (五)中共中央组织部《关于进一步规范党政领导干部在企业兼 职(任职)问题的意见》的相关规定(如适用); (六)中共中央纪委、教育部、监察部《关于加强高等学校反腐 倡廉建设的意见》的相关规定(如适用); (七)中国人民银行《股份制商业银行独立董事和外部监事制度 指引》等的相关规定(如适用); (八)中国证监会《证券基金经营机构董事、监事、高级管理人 员及从业人员监督管理办法》等的相关规定(如适用); 被提名 ...