中信建投证券股份有限公司 关于金开新能源股份有限公司 经中国证券监督管理委员会《关于核准金开新能源股份有限公司非公开发行 股票的批复》（证监许可[2022]1910 号）核准，公司于 2022 年 10 月 17 日向特定 投资者发行人民币普通股 460,906,950 股，每股面值人民币 1.00 元，发行价格 5.85 元/股，募集资金总额为人民币 2,696,305,657.50 元，扣除保荐承销费用（含税）后 的金额 2,674,131,517.90 元于 2022 年 10 月 26 日存入发行人在国家开发银行天津 市分行的 12000100000000000111 银行账户中。上述募集资金经毕马威华振会计师 事务所（特殊普通合伙）核对审验，出具了毕马威华振验字第 2201575 号验资报 告。公司已对上述募集资金进行了专户存储，并与保荐机构、存放募集资金的银行 签署了募集资金三方监管协议。 二、募投项目结项及募集资金节余情况 （一）募投项目结项及募集资金节余基本情况 截至本意见出具日，募投项目结项及募集资金节余情况如下： 单位：万元 结项名称 结项时间 募集资金承 诺使用金额 募集资金实 际使用金 ...

Core Viewpoint - Jin Kai New Energy (600821) is a model of "central-local collaboration" mixed reform, focusing on diversified energy layout around clean electricity, low-carbon products, and digital collaboration [1][2] Group 1: Company Transformation and Growth - After completing its restructuring in 2020, the company divested its traditional retail assets and transitioned to investments, construction, and operation of renewable energy projects such as photovoltaics and wind power [1] - The company has achieved a significant turnaround, with an average annual grid-connected installed capacity growth rate of 29% and an average new grid-connected scale exceeding 0.8 GW since the restructuring [1] - As of Q3 2025, the company has a total asset scale of 40.6 billion yuan, with a compound annual growth rate of 25% since the restructuring [1] Group 2: Financial Performance - Excluding the historical performance impact from the first year of restructuring, the average return on equity from 2021 to 2024 is 10.15% [2] - The company has achieved cumulative operating revenue of 14.77 billion yuan and total profit of 4.13 billion yuan, with compound growth rates of 24% and 31% respectively over the past three years [2] - The company has returned a total of 1.11 billion yuan to shareholders through various methods, including share buybacks and cash dividends [2] Group 3: Future Outlook - Looking ahead to the 15th Five-Year Plan, the company aims to align with national carbon peak and carbon neutrality goals, supported by a modern corporate governance structure and market-oriented operational mechanisms [2] - The company plans to integrate resources across the industry to build a green energy ecosystem [2]

Group 1 - The core viewpoint of the article highlights the transformation of Jin Kai New Energy into a model of "central-local collaboration" in mixed ownership reform, focusing on clean power, low-carbon products, and digital synergy [2] - Since the completion of its restructuring in 2020, the company has divested its traditional retail assets and shifted towards investments, construction, and operation of renewable energy projects such as photovoltaics and wind power, which has led to significant financial recovery and growth [2] - During the 14th Five-Year Plan period, the company raised a total of 45.21 billion yuan through three rounds of targeted issuance and 30 billion yuan through seven phases of green medium-term notes [2] Group 2 - From 2021 to 2024, the company achieved an average return on equity of 10.15%, with total operating revenue reaching 14.77 billion yuan and total profit amounting to 4.13 billion yuan, reflecting compound annual growth rates of 24% and 31% respectively [3] - The company has prioritized shareholder returns through various methods, including share buybacks and cash dividends, with a total dividend payout of 1.11 billion yuan [3] - Looking ahead to the 15th Five-Year Plan, the company aims to align with national carbon neutrality goals and energy security strategies, while establishing a modern corporate governance structure and market-oriented operational mechanisms [3]

Market Overview - On December 8, the Tianjin state-owned enterprise reform sector fell by 0.59% compared to the previous trading day, with Haitai Development leading the decline [1] - The Shanghai Composite Index closed at 3924.08, up 0.54%, while the Shenzhen Component Index closed at 13329.99, up 1.39% [1] Stock Performance - Key stocks in the Tianjin state-owned enterprise reform sector showed mixed performance, with notable movements including: - Taida Co., Ltd. (000652) closed at 4.59, up 1.10% with a trading volume of 373,900 shares and a turnover of 172 million yuan [1] - Haitai Development (600082) closed at 4.29, down 10.06% with a trading volume of 75,200 shares [2] - Other stocks like Jinhai New Energy (600821) and Tianjin Port (600717) also experienced slight declines [1][2] Capital Flow Analysis - The Tianjin state-owned enterprise reform sector saw a net outflow of 49.54 million yuan from institutional investors, while retail investors had a net inflow of 28.05 million yuan [2] - The capital flow for key stocks included: - Taida Co., Ltd. had a net inflow of 22.51 million yuan from institutional investors [3] - Tianjin Port (600717) experienced a net inflow of 5.21 million yuan from institutional investors but a net outflow of 13.35 million yuan from retail investors [3]

Core Viewpoint - The company has approved a guarantee for its subsidiary, Meizhou Yuezhi New Energy Technology Co., Ltd., amounting to a maximum of 321.30 million yuan, which does not constitute a related party guarantee [2][5]. Group 1: Guarantee Details - The guarantor, Jinkai New Energy Technology Co., Ltd., is a wholly-owned subsidiary of Jinkai New Energy Co., Ltd., and the guaranteed party, Meizhou Yuezhi, is a holding subsidiary of Jinkai Limited [2]. - The total amount of guarantees provided by the company and its subsidiaries is 1,498.39 million yuan, which accounts for 161.21% of the company's latest audited net assets [3][7]. - As of the announcement date, the balance of guarantees provided to Meizhou Yuezhi is 0 yuan, excluding the current guarantee [2]. Group 2: Necessity and Reasonableness of the Guarantee - The guarantee is deemed necessary for the daily operations of the company, as the guaranteed party is within the consolidated financial statements and has a good credit standing [6]. - The guarantee is within the approved limit set during the 2024 annual shareholders' meeting, and the associated risks are considered controllable [6]. Group 3: Approval and Regulatory Compliance - The guarantee was approved during the company's board meetings and the annual shareholders' meeting held in April 2025, with a total expected guarantee limit of up to 11.5 billion yuan for subsidiaries [5]. - The guarantee for Meizhou Yuezhi is part of the previously approved guarantee limit and has been duly authorized [5].

Core Viewpoint - The announcement details the provision of a guarantee by Jinkai New Energy Co., Ltd. for its subsidiary, Jinkai Limited, to support the financing lease of its controlled subsidiary, Meizhou Yuezhi New Energy Technology Co., Ltd. The guarantee amount is capped at 321.30 million yuan, and the company has no overdue guarantees as of the announcement date [2][4][6]. Summary by Sections Guarantee Overview - The company approved a total external guarantee limit of up to 11.5 billion yuan for the year 2025, with specific limits for subsidiaries based on their debt ratios [4]. - The guarantee provided in November 2025 for Meizhou Yuezhi is within the approved limit and has been duly authorized [4]. Necessity and Reasonableness of the Guarantee - The guarantee is deemed necessary for the daily operations of the company, as the guaranteed entity is a subsidiary with good credit and normal operations, posing no significant repayment risk [5]. - The guarantee is within the approved limits from the 2024 annual shareholders' meeting, and the associated risks are considered controllable [5]. Cumulative External Guarantee Amount and Overdue Guarantees - As of the announcement date, the total actual guarantee amount provided by the company and its subsidiaries is 1,498.39 million yuan, which represents 161.21% of the company's latest audited net assets [6]. - There are no overdue guarantees reported by the company [6].

Group 1 - The core point of the article is that Jinkai New Energy has reported its actual guarantee balance and revenue composition, indicating a strong focus on renewable energy generation [1] - As of the announcement date, the actual guarantee balance provided by the company and its subsidiaries is approximately 14.984 billion yuan, with the company providing 350 million yuan to its subsidiaries, representing 161.21% and 3.77% of the company's latest audited net assets respectively [1] - The revenue composition for Jinkai New Energy for the year 2024 is heavily weighted towards renewable energy generation, accounting for 94.88%, while other businesses contribute 5.12% [1] Group 2 - The market capitalization of Jinkai New Energy is reported to be 10.6 billion yuan [2]

证券代码：600821 证券简称：金开新能 公告编号：2025-093 金开新能源股份有限公司 关于子公司 2025 年 11 月提供担保的公告 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： 特别风险提示：被担保人梅州粤智资产负债率超过 70%，请投资者注意相关风 险。 一、担保情况概述 公司分别于 2025 年 4 月 9 日、2025 年 6 月 4 日召开公司第十一届董事会第六次会 议、第十一届监事会第四次会议以及 2024 年年度股东大会，审议通过了《关于审议公 司 2025 年度对外担保的议案》。同意对公司、纳入合并报表范围内的控股子公司、参 股子公司新增对外担保预计额度不超过 115 亿元，其中对资产负债率高于 70%的控股子 公司担保额度不超过 90 亿元、参股子公司担保额度不超过 2.5 亿元，对资产负债率低 于 70%的控股子公司担保额度不超过 20 亿元、参股子公司担保额度不超过 2.5 亿元。具 体内容详见公司于 2025 年 4 月 10 日在上海证券交易所披露的《关于 2025 年 ...

Group 1 - Jianbang Co., Ltd. plans to repurchase shares using self-owned funds between 15 million and 30 million yuan, with a maximum price of 38 yuan per share [1] - Yatong Precision Engineering's investment in a private equity fund has been terminated due to failure to complete the agreed investment, leading to the fund's dissolution [1] - China Storage Co., Ltd. intends to invest 1.129 billion yuan in the Sanjiang Port project, with its wholly-owned subsidiary contributing 500 million yuan to establish a project company [2] Group 2 - Guangxin Co., Ltd. plans to inject assets worth 4.383 billion yuan into its wholly-owned subsidiary, increasing its registered capital from 10 million to 20 million yuan [3] - Jiangxin Home plans to use up to 3 billion yuan of idle self-owned funds for cash management in low-risk financial products [4] - Huangshan Tourism intends to lease part of the Huangshan scenic area for 1.27 billion yuan over a 10-year period [5] Group 3 - Jilin Expressway's general manager has resigned due to work adjustments [6] - Guoyao Modern's subsidiary has received a drug registration certificate for hydromorphone hydrochloride injection, suitable for pain management [8] - Hangya Technology plans to invest up to 70 million USD to establish subsidiaries in Singapore and Malaysia [10] Group 4 - ST Sailong's subsidiary has received approval for the listing of two chemical raw materials [11] - Shanghai Pharmaceuticals' tramadol hydrochloride injection has passed the consistency evaluation for generic drugs [12] - Yubang Electric has obtained a laboratory accreditation certificate from CNAS, indicating its testing capabilities [14] Group 5 - ST Lifang's stock will be subject to delisting risk warning starting December 1 due to administrative penalties [15] - Zhejiang Longsheng is investing 200 million yuan in a private equity partnership focused on high-potential enterprises [15] - Huayang Co., Ltd.'s subsidiary has obtained safety production permits, allowing it to commence production [16] Group 6 - Xujie Electric has won a bid for a State Grid project worth 1.518 billion yuan [17] - Pinggao Electric and its subsidiaries have collectively won a State Grid project worth approximately 773 million yuan [17] - ST Lanhua's subsidiary has entered the trial production phase for a juice beverage project with a total investment of up to 65 million yuan [18] Group 7 - Huakong Saige has terminated its stock issuance plan due to various considerations [19] - Yatong Co., Ltd. plans to invest 36 million yuan to establish a joint venture in renewable energy [20] - Warner Pharmaceuticals has received a drug registration certificate for a new inhalation solution for COPD patients [21] Group 8 - Demais has raised the upper limit for its share repurchase price to 45 yuan per share [22] - China West Electric's subsidiaries have collectively won a State Grid procurement project worth approximately 2.98 billion yuan [22] - Changan Automobile's joint venture has submitted a listing application to the Hong Kong Stock Exchange [23] Group 9 - Yinlun Co., Ltd. plans to invest approximately 133 million yuan to acquire a controlling stake in Shenzhen Deep Blue Electronics [24] - Zhongfu Information intends to increase its wholly-owned subsidiary's capital by 380 million yuan [24] - Financial Street's major shareholder has reduced its stake by 0.25% [25] Group 10 - Audiwei has formally submitted an application for H-share listing [26] - Zhongcai Technology's private placement application has been accepted by the Shenzhen Stock Exchange [27] - Haowei Group's subsidiary plans to invest 200 million yuan in a private equity fund focused on semiconductor investments [28] Group 11 - Jinkai New Energy is planning to transfer 51% of its subsidiary's equity to introduce strategic investors [31] - Huafeng Technology has reduced its fundraising target for a private placement to no more than 972 million yuan [32] - Mindray Medical's chairman plans to increase his stake in the company by 200 million yuan [33] Group 12 - Zhongman Petroleum's shareholders plan to reduce their holdings by up to 3% [35] - Innovation New Materials' shareholder intends to reduce their stake by up to 1% [37] - Guangdong Construction has signed a framework agreement to establish a quality testing base in Linzhi Economic Development Zone [39]

Investment Rating - The report maintains an "Outperform" rating for the public utility and environmental protection sectors [5][7]. Core Views - The report highlights that coal and electricity prices are declining simultaneously, which is expected to maintain reasonable profitability for thermal power companies. Recommendations include major thermal power enterprises such as Huadian International and Shanghai Electric, which has relatively stable regional electricity prices [22]. - Continuous government policies supporting renewable energy development are anticipated to lead to gradually stable profitability in renewable energy generation. Recommended companies include leading national renewable energy firms Longyuan Power and Three Gorges Energy, as well as regional offshore wind power companies [22]. - The report suggests that the growth in installed capacity and electricity generation will offset the downward pressure on electricity prices, with nuclear power companies expected to maintain stable profitability. Recommended companies include China National Nuclear Power and China General Nuclear Power [22]. - The report emphasizes the defensive attributes of hydropower stocks in a global interest rate decline environment, recommending Longjiang Power, which combines stability and growth [22]. - The report identifies investment opportunities in the environmental sector, particularly in water and waste incineration industries, which are entering a mature phase with improved free cash flow [23]. Summary by Sections Market Review - The Shanghai Composite Index fell by 3.77%, with the public utility index down 4.33% and the environmental index down 6.02%. The relative performance of public utilities and environmental sectors ranked 10th and 23rd among 31 first-level industry classifications [15][25]. Important Events - The Ministry of Finance has allocated the first batch of ecological and environmental protection funds for 2026, totaling 40 billion yuan for integrated protection and restoration projects, 153 billion yuan for ecological restoration of abandoned mines, and 136 billion yuan for marine ecological protection projects [16]. Investment Strategy - The report recommends various companies across different sectors, including: - Thermal Power: Huadian International and Shanghai Electric - Renewable Energy: Longyuan Power, Three Gorges Energy, and regional offshore wind companies - Nuclear Power: China National Nuclear Power and China General Nuclear Power - Hydropower: Longjiang Power - Environmental: Guangda Environment and Zhongshan Public Utilities, focusing on mature sectors with improved cash flow [3][22][23]. Key Company Earnings Forecasts - The report provides earnings forecasts and investment ratings for several companies, all rated as "Outperform," including Huadian International, Longyuan Power, and Guangda Environment, among others [7][8].