Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company's Q2 performance was negatively impacted by poor wind conditions in Fujian province, leading to a decline in earnings. The report anticipates future approvals for offshore wind projects in Fujian [6][7] - The company is expected to benefit from favorable policies for existing wind power projects, which will help secure return rates [7] - The group has committed to injecting 1.2GW of offshore wind and 1.2GW of pumped storage capacity, which are expected to enhance profitability [7] Financial Summary - For 2023, the company is projected to achieve revenue of 1,732 million RMB, with a year-on-year decline of 3.30%. The revenue is expected to grow to 1,880 million RMB in 2025, reflecting a growth rate of 7.96% [6][8] - The net profit attributable to shareholders is forecasted to be 678 million RMB in 2023, decreasing by 6.94% year-on-year, and is expected to rise to 740 million RMB in 2025, with a growth rate of 13.69% [6][8] - The earnings per share (EPS) is projected to be 0.36 RMB in 2023, increasing to 0.39 RMB in 2025 [6][8] Market Performance - As of September 4, 2025, the closing price of the company's stock is 5.25 RMB, with a yearly high of 6.60 RMB and a low of 4.19 RMB [4] - The total market capitalization is approximately 9,990.73 million RMB [4]

Core Viewpoint - The company plans to hold a half-year performance briefing on September 12, 2025, to discuss its operational results and financial status for the first half of 2025, allowing investors to engage and ask questions [3][4][5]. Group 1: Meeting Details - The meeting is scheduled for September 12, 2025, from 9:30 AM to 11:30 AM [5]. - It will take place at the Shanghai Stock Exchange Roadshow Center and will be conducted via video and online interaction [5][6]. - Investors can submit questions from September 5 to September 11, 2025, through the Roadshow Center website or via the company's email [6]. Group 2: Participants - Key participants include the company's Party Secretary, Chairman, and General Manager Guo Zheng, along with the Chief Financial Officer Liu Shangying, Board Secretary Chen Hairong, and independent directors Wen Buming and Xu Ping [5]. Group 3: Investor Participation - Investors can join the performance briefing online on the scheduled date and time [6]. - The company will address commonly asked questions during the briefing [4][6]. Group 4: Contact Information - The contact department for inquiries is the company's Securities Legal Affairs Department, with a provided phone number for further assistance [7].

Group 1 - The company, Zhongmin Energy (600163), announced plans to hold a 2025 semi-annual performance briefing on September 12, 2025 [1]

Core Viewpoint - Zhongmin Energy Co., Ltd. is holding its first extraordinary general meeting of shareholders in 2025 to discuss several key resolutions, including amendments to the company's articles of association and the establishment of a new offshore wind power project [2][4]. Group 1: Meeting Details - The meeting is scheduled for September 19, 2025, at 14:30, located at the International Building, Fuzhou [4][5]. - Shareholders must register to attend, with the record date set for September 15, 2025 [2][3]. - Voting will be conducted through a combination of on-site and online methods, with specific time slots for online voting [5][3]. Group 2: Proposed Resolutions - Resolution 1 involves amending the company's articles of association to eliminate the supervisory board and transfer its responsibilities to the audit committee [6][7]. - Resolution 2 proposes revisions to the company's shareholder meeting rules to align with recent regulatory changes [7][8]. - Resolution 3 focuses on updating the board meeting rules, also reflecting the removal of the supervisory board [8][9]. - Resolution 4 aims to revise the independent director work system in accordance with new legal requirements [9][10]. - Resolution 5 seeks to amend the related party transaction decision-making system to enhance operational standards [10][11]. - Resolution 6 proposes the investment in the Changle B District offshore wind farm project, with an estimated total investment of 1.177 billion yuan and a projected annual power generation of approximately 456.542 GWh [11][12]. Group 3: Project Economic Viability - The offshore wind farm project has a total installed capacity of 114 MW and is expected to yield a capital internal rate of return of 5.03% [12]. - The project aligns with the company's strategic direction and is anticipated to enhance its market competitiveness in the offshore wind sector [12].

Core Viewpoint - The company, Zhongmin Energy, is set to hold a half-year performance briefing on September 12, 2025, to discuss its operational results and financial status for the first half of 2025, addressing investor concerns through an interactive video format [1][2]. Group 1: Meeting Details - The performance briefing will take place on September 12, 2025, from 9:30 AM to 11:30 AM [2][3]. - The meeting will be held at the Shanghai Stock Exchange Roadshow Center and will utilize video and online interaction for communication [2][3]. - Participants will include the company's Chairman and General Manager, Guo Zheng, along with other key executives and independent directors [2]. Group 2: Investor Participation - Investors can participate in the briefing by logging into the Shanghai Stock Exchange Roadshow Center on the scheduled date [3]. - Questions can be submitted by investors from September 5 to September 11, 2025, through the Roadshow Center's website or via the company's email [3]. - The company will address commonly raised questions during the performance briefing [3]. Group 3: Contact Information - The contact department for inquiries is the company's Securities Legal Affairs Department [3]. - The contact phone number is 0591-87868796, and the email for questions is zmzqb@zmny600163.com [3]. Group 4: Additional Information - After the briefing, investors can view the meeting's proceedings and key content on the Shanghai Stock Exchange Roadshow Center [3].

证券代码：600163 证券简称：中闽能源 公告编号：2025－031 中闽能源股份有限公司 关于召开 2025 年半年度业绩说明会的公告 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。 重要内容提示： ●会议召开时间：2025 年 9 月 12 日(星期五)上午 9:30-11:30 ●会议召开地点：上证路演中心 https://roadshow.sseinfo.com/ ●会议召开方式：上证路演中心视频和网络互动 ●投资者可于 2025 年 9 月 5 日(星期五)至 9 月 11 日(星期四)16:00 前登录 上 证 路 演 中 心 网 站 首 页 点 击 " 提 问 预 征 集 " 栏 目 或 通 过 公 司 邮 箱 (zmzqb@zmny600163.com)进行提问。公司将在 2025 年半年度业绩说明会上就投 资者普遍关注的问题进行回答。 中闽能源股份有限公司（以下简称"公司"）于 2025 年 8 月 28 日在上海证 券交易所网站（www.sse.com.cn）披露《中闽能源股份有限公司 2025 年半年度 ...

中闽能源股份有限公司 ZHONGMIN ENERGY CO.,LTD. 2025 年第一次临时股东大会 会 议 资 料 2025 年 9 月 19 日 中闽能源 2025 年第一次临时股东大会会议资料 目 录 | 2025 | 年第一次临时股东大会会议须知 | | 2 | | --- | --- | --- | --- | | 2025 | 年第一次临时股东大会会议议程 | | 4 | | 议案 | 1：关于修订《公司章程》的议案 | | 6 | | 议案 | 2：关于修订公司《股东会议事规则》的议案 | | 7 | | 议案 | 3：关于修订公司《董事会议事规则》的议案 | | 8 | | 议案 | 4：关于修订公司《独立董事工作制度》的议案 | | 9 | | 议案 | 5：关于修订公司《关联交易决策制度》的议案 | | 10 | | 议案 | 6：关于投资建设长乐 B 区（调整）海上风电场项目的议案 | | 11 | 1 中闽能源 2025 年第一次临时股东大会会议资料 2025 年第一次临时股东大会会议须知 为维护股东的合法权益，确保本次股东大会的正常秩序及顺利召开，根据《中 华人民共和国公司法》、《 ...

Core Viewpoint - 中闽能源's stock price has shown fluctuations with a recent increase of 2.13%, but it has experienced a year-to-date decline of 12.27% [1] Group 1: Stock Performance - As of September 4, 中闽能源's stock price is 5.27 CNY per share, with a market capitalization of 10.03 billion CNY [1] - The stock has seen a trading volume of 82.22 million CNY and a turnover rate of 0.83% [1] - Year-to-date, the stock has decreased by 12.27%, with a 0.00% change over the last five trading days, a 0.75% decline over the last 20 days, and a 1.80% increase over the last 60 days [1] Group 2: Financial Performance - For the first half of 2025, 中闽能源 reported a revenue of 794 million CNY, a year-on-year decrease of 2.95%, and a net profit attributable to shareholders of 314 million CNY, down 8.07% year-on-year [2] - Cumulatively, 中闽能源 has distributed 644 million CNY in dividends since its A-share listing, with 481 million CNY distributed over the last three years [3] Group 3: Shareholder Information - As of June 30, 2025, 中闽能源 has 41,000 shareholders, a decrease of 1.66% from the previous period, with an average of 46,464 shares held per shareholder, an increase of 1.69% [2] - The top ten circulating shareholders include 工银红利优享混合A, which increased its holdings by 7.13 million shares to 33.01 million shares, while 银华心佳两年持有期混合 reduced its holdings by 5.15 million shares to 8.07 million shares [3]

Investment Rating - Industry Investment Rating: Overweight [1] Core Views - Recent developments in offshore wind projects are accelerating, with multiple large-scale projects being awarded contracts, indicating a robust investment environment in the wind energy sector [4][22][23][24]. - The hydrogen industry is experiencing positive growth, with reduced financing difficulties and government support for new technology research, suggesting a strong upward trend in the sector [5][36][43]. - The electric vehicle sector is seeing higher-than-expected production in September, with recommendations to focus on solid-state battery technologies [5]. - The solar energy sector is facing a slowdown in upstream price increases, with terminal demand remaining weak, indicating a cautious outlook for the solar industry [7][14][15][16][21]. Summary by Sections Wind Power - Multiple offshore wind projects are progressing rapidly, with significant capacities being awarded, such as the 506MW project by Guodian Power and the 510MW project by Sheneng [22][23][24]. - Investment opportunities are highlighted in companies with low valuations and those benefiting from offshore wind developments [25]. Hydrogen Energy - The establishment of the world's largest green hydrogen project by Sinopec in Saudi Arabia marks a significant milestone for the hydrogen sector [40]. - The hydrogen industry is supported by national policies and financing, with a focus on hydrogen production, storage, and application [36][43]. Energy Storage - The independent energy storage market is gaining momentum, with new policies in Hebei province promoting project construction [26]. - Companies in the energy storage sector are expected to see improved profitability as market conditions stabilize [35]. Electric Vehicles - The electric vehicle market is projected to perform steadily, with a focus on solid-state battery technology as a key investment area [5][8]. Solar Energy - The solar industry is currently facing challenges with weak terminal demand and price stability, suggesting a cautious investment approach [7][14][15][16][21].

Investment Rating - The report maintains an "Overweight" rating for the utility sector [1]. Core Insights - The weighted average price of electricity in Jiangsu for September 2025 was 319.48 RMB/MWh, which is lower than market expectations. The total electricity traded was 8.111 billion kWh, with various sources contributing different amounts and prices [4]. - The report highlights a continued increase in electricity demand, with a 3.7% year-on-year growth in total electricity consumption for the first half of 2025 [15]. - The report suggests investment opportunities in green energy, photovoltaic assets, charging station assets, thermal power, hydropower, and nuclear power, emphasizing the potential for value reassessment in these areas [4]. Summary by Sections 1. Market Review - The SW utility index decreased by 0.67% from August 25 to August 29, 2025, underperforming compared to the ChiNext index [9]. - The top five gainers included Zhaoxin Co. (+33.6%) and Tianlun Gas (+13.2%), while the top five losers included ST Shengda (-9.5%) and Jiawei New Energy (-7.9%) [13]. 2. Electricity Sector Tracking 2.1. Electricity Consumption - Total electricity consumption in H1 2025 reached 4.84 trillion kWh, reflecting a 3.7% year-on-year increase [15]. - The growth rates for different sectors were: primary industry (+8.7%), secondary industry (+2.4%), tertiary industry (+7.1%), and urban-rural residential consumption (+4.1%) [15]. 2.2. Power Generation - Total power generation in H1 2025 was 4.54 trillion kWh, with a year-on-year increase of 0.8%. However, thermal and hydropower generation saw declines of 3.1% and 2.9%, respectively [23]. 2.3. Electricity Prices - The average electricity purchase price in August 2025 was 388 RMB/MWh, down 2% year-on-year but up 1.3% month-on-month [41]. 2.4. Thermal Power - The price of thermal coal at Qinhuangdao port was 690 RMB/ton as of August 29, 2025, a decrease of 17.76% year-on-year [46]. - The cumulative installed capacity of thermal power reached 1.47 billion kW, with an increase of 4.7% year-on-year [49]. 2.5. Hydropower - The water level at the Three Gorges Reservoir was 162.19 meters, which is normal compared to previous years. Inflow and outflow rates increased by 35.48% and 47.46% year-on-year, respectively [55]. 2.6. Nuclear Power - In 2024, 11 new nuclear units were approved, indicating a positive trend in the development of nuclear power [67]. 2.7. Green Energy - New installations of wind and solar power in H1 2025 increased by 99% and 107% year-on-year, respectively [4]. 3. Investment Recommendations - The report recommends focusing on companies like Changjiang Electric for high dividend yield assets, and suggests monitoring companies involved in green energy and charging stations for potential value reassessment [4].