Group 1: Macro Insights - The March PMI returned to expansion, indicating a recovery in supply and demand, influenced by seasonal factors and a positive outlook from the National People's Congress [5] - The rise in the raw material purchase price index suggests a potential shift in PPI from negative to positive, but this may pressure corporate profit margins if the increase outpaces factory prices [5] - The first quarter GDP growth is expected to be at least 4.8%-5%, indicating a strong start to the year despite geopolitical tensions [5] Group 2: Energy Sector - China Shenhua (601088.SH) reported a 2025 revenue of 294.9 billion yuan, a 13.2% decline, with a net profit of 52.8 billion yuan, down 5.3% [11] - Huaneng International (600011.SH) achieved a revenue of 229.29 billion yuan, a 6.62% decline, but net profit increased by 42.17% due to reduced fuel costs [13] - New Energy (600956.SH) is expected to see revenue growth driven by efficient wind power operations, with projected revenues of 223.01 billion yuan in 2026 [24] Group 3: Consumer Goods - Midea Group (000333.SZ) reported a revenue of 458.5 billion yuan in 2025, a 12.08% increase, with a net profit of 43.945 billion yuan, up 14.03% [16] - Anqi Yeast (600298.SH) achieved a revenue of 119.5 billion yuan in 2025, with a 10.1% increase in its main business, indicating strong sales growth [22] - East Peak Beverage (605499.SH) reported a revenue of 208.75 billion yuan, a 31.80% increase, with a net profit of 44.15 billion yuan, up 32.72% [30] Group 4: Textile and Apparel - The sportswear sector is expected to see steady growth in 2025, with Anta Sports reporting a revenue of 80.22 billion yuan, a 13.3% increase [8] - Shenzhou International (02313.HK) reported a revenue of 30.99 billion yuan, an 8% increase, but net profit declined by 7% [29] Group 5: Technology and AI - Longxin Technology (300682.SZ) reported a revenue of 4.517 billion yuan, a 0.84% increase, with net profit rising by 141.94% [18] - Baoxin Software (600845.SH) experienced a revenue decline of 19.59% to 10.972 billion yuan, but is expected to benefit from AI trends [28]

Investment Rating - The report maintains a "Buy" rating for the company [3][5]. Core Insights - The company experienced a decline in revenue due to a drop in natural gas sales, with total sales volume for 2025 at 5.255 billion cubic meters, down 10.71% year-on-year. However, there was a recovery in LNG sales in Q4 2025 [1][2]. - The company's wind power generation increased by 7.71% year-on-year to 15.210 billion kWh in 2025, while solar power generation surged by 68.14% to 360 million kWh [2]. - The average on-grid electricity price for 2025 was 0.41 yuan/kWh, a decrease of 4.52% compared to the previous year, but the company maintained a high utilization rate of wind power at 97.58% [2]. - Operating cash flow saw a significant increase of 96.11% year-on-year, reaching 7.297 billion yuan, primarily due to reduced cash payments for goods and services [2]. - The company plans to distribute a cash dividend of 0.20 yuan per share, resulting in a total cash dividend of 903 million yuan, with a dividend payout ratio of 49.42% [3]. Financial Summary - For 2025, the company reported total revenue of 19.831 billion yuan, a decrease of 7.21% year-on-year, and a net profit attributable to shareholders of 1.826 billion yuan, an increase of 9.21% year-on-year [1][9]. - The projected revenues for 2026-2028 are 22.301 billion yuan, 25.406 billion yuan, and 27.922 billion yuan, reflecting growth rates of 12.5%, 13.9%, and 9.9% respectively [3][9]. - The expected net profits for the same period are 2.108 billion yuan, 2.653 billion yuan, and 2.928 billion yuan, with corresponding EPS of 0.47 yuan, 0.59 yuan, and 0.65 yuan [3][9].

Investment Rating - The report maintains a "Buy" rating for the company [3][5]. Core Insights - The company experienced a decline in revenue by 7.21% year-on-year, totaling 19.83 billion yuan in 2025, while the net profit attributable to shareholders increased by 9.21% to 1.83 billion yuan [1][3]. - The overall gas sales volume decreased by 10.71% year-on-year, with a total of 5.255 billion cubic meters sold in 2025, primarily due to warmer weather affecting demand [1]. - The company's wind power generation increased by 7.71% year-on-year, reaching 15.21 billion kWh, while solar power generation surged by 68.14% to 360 million kWh [2]. - The average on-grid electricity price (excluding tax) for 2025 was 0.41 yuan/kWh, a decrease of 4.52% compared to the previous year [2]. - The company achieved a significant increase in cash flow from operating activities, with a net cash flow of 7.297 billion yuan, up 96.11% year-on-year, supporting further capital expenditures in the renewable energy sector [2]. Financial Summary - The projected revenues for 2026-2028 are 22.30 billion yuan, 25.41 billion yuan, and 27.92 billion yuan, reflecting year-on-year growth rates of 12.5%, 13.9%, and 9.9% respectively [3][9]. - The net profit attributable to shareholders for the same period is expected to be 2.11 billion yuan, 2.65 billion yuan, and 2.93 billion yuan, with corresponding EPS of 0.47 yuan, 0.59 yuan, and 0.65 yuan [3][9]. - The company plans to distribute a cash dividend of 0.20 yuan per share, resulting in a total cash dividend distribution of 903 million yuan, with a dividend payout ratio of 49.42% [3].

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Insights - The company's performance in the renewable energy sector is recovering, with a significant increase in wind power generation and profitability, despite challenges in the natural gas business [2][5]. - In 2025, the company achieved a net profit of 1.826 billion yuan, a year-on-year increase of 9.21%, driven by the recovery in the renewable energy sector [2][5]. - The company plans to distribute a cash dividend of 0.2 yuan per share, maintaining a stable dividend policy with a payout ratio of 49.42% [8]. Summary by Relevant Sections Financial Performance - In 2025, the company reported total revenue of 19.831 billion yuan, a decrease of 7.21% year-on-year, while the net profit attributable to shareholders was 1.826 billion yuan, an increase of 9.21% [5]. - The renewable energy segment saw a net profit of 1.612 billion yuan, up 11.95% year-on-year, supported by an increase in wind power generation and improved wind conditions [2][5]. Renewable Energy Segment - The company added 1.2705 million kilowatts of wind power capacity in 2025, bringing the total to 7.778 million kilowatts, a year-on-year increase of 18.07% [8]. - Wind power generation reached 14.85 billion kilowatt-hours, a year-on-year increase of 6.78%, while solar power generation increased by 68.14% [8]. Natural Gas Business - The natural gas segment faced challenges, with total sales volume decreasing by 10.71% to 5.255 billion cubic meters due to weakened market demand [8]. - The net profit from the natural gas business was 358 million yuan, down 25.01% year-on-year, reflecting the adverse industry conditions [2][5]. Strategic Adjustments - The company is divesting its solar power business to focus on its core wind power operations, with plans to gradually sell or transfer existing solar projects [8]. - As of the end of 2025, the company had 1.2981 million kilowatts of wind power capacity under construction, which is expected to enhance future growth [8].

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Insights - The company's performance in the renewable energy sector is recovering, driven by an increase in installed capacity and improved wind conditions, with a projected 6.78% year-on-year growth in wind power generation in 2025 [2][6]. - The natural gas business is under pressure due to a significant decline in gas sales volume, resulting in a 25.01% year-on-year decrease in net profit for this segment [2][6]. - Despite challenges in the natural gas sector, the overall net profit for the company is expected to reach 18.26 billion yuan in 2025, reflecting a year-on-year increase of 9.21% [2][6]. Summary by Sections Revenue and Profitability - In 2025, the company achieved operating revenue of 19.831 billion yuan, a decrease of 7.21% year-on-year, while the net profit attributable to shareholders was 18.26 billion yuan, an increase of 9.21% year-on-year [6]. Renewable Energy Performance - The company added 1.2705 million kilowatts of wind power capacity in 2025, bringing the total to 7.778 million kilowatts, a year-on-year increase of 18.07%. Wind power generation reached 14.85 billion kilowatt-hours, up 6.78% year-on-year [2][9]. - The photovoltaic segment also saw growth, with installed capacity reaching 424,800 kilowatts, a 15.06% increase, and generation increasing by 68.14% year-on-year to 360 million kilowatt-hours [9]. Natural Gas Business - The total gas sales volume decreased by 10.71% year-on-year to 5.255 billion cubic meters, with net profit from this segment falling to 358 million yuan, down 25.01% year-on-year [2][9]. Strategic Adjustments - The company is shifting its focus away from photovoltaic investments and plans to gradually divest its existing photovoltaic projects, while enhancing its wind power capacity with 1.2981 million kilowatts under construction [9]. Dividend Policy - The company plans to distribute a cash dividend of 0.2 yuan per share for 2025, maintaining a dividend payout ratio of 49.42%, which corresponds to a dividend yield of 5.11% based on the stock price as of March 25, 2026 [9].

Investment Rating - The report maintains a "Buy" rating for the public utility sector, indicating an expected investment return exceeding 15% over the next 6-12 months [5]. Core Insights - The public utility sector saw a 1.56% increase this week, ranking second among 31 sectors, while the Shanghai and Shenzhen 300 index fell by 1.41% [22]. - The report highlights significant growth in installed wind power capacity, with a year-on-year increase of 22.8% as of February [3]. - The report notes a rapid increase in domestic and imported thermal coal prices, with domestic prices rising by 25 CNY/ton and imported prices increasing by 10-20 CNY/ton [10][11]. - The report emphasizes the importance of nuclear power profitability amid declining long-term contract prices in several provinces [4]. Summary by Sections Market Overview - The public utility sector's performance this week was strong, with notable increases in thermal power (4.78%), wind power (4.33%), and solar power (1.61%) [22]. - The report indicates that the average clearing price for electricity in Shanxi decreased, while it increased in Guangdong [11]. Key Events - The National Energy Administration reported a total installed power generation capacity of 3.95 billion kW as of February, a 15.9% year-on-year increase [3]. - China National Power Investment Group plans to invest 200 billion CNY in 2026, a 17% increase from the previous year [3]. - Several power operators released their 2025 annual reports, showing varied revenue and profit trends [3]. Company Recommendations - The report suggests focusing on companies like China General Nuclear Power, China Nuclear Power, and those involved in data center power supply, such as Gansu Energy and Longyuan Power [4]. - It also recommends long-term investments in companies with stable demand, such as Yangtze Power and State Power Investment Corporation [4].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong performance relative to the market [2][17]. Core Insights - The company reported a revenue of 19.83 billion HKD in 2025, a decrease of 7.21% year-on-year, while the net profit attributable to shareholders increased by 9.21% to 1.83 billion HKD, which was below expectations. The decline in profitability was primarily due to lower natural gas sales and a decrease in feed-in tariffs [8]. - The company achieved a total electricity generation of 15.21 billion kWh in 2025, with a year-on-year increase of 7.71%. The average utilization hours for wind power projects increased by 10 hours to 2,236 hours [8]. - The average feed-in tariff for 2025 decreased by 0.02 HKD/kWh to 0.41 HKD/kWh, impacting revenue despite increased generation [8]. - The company plans to distribute a cash dividend of 0.20 RMB per share, resulting in a dividend payout ratio of 49.42% and a dividend yield of 5.5% based on the closing price on March 26 [8]. - The forecast for net profit attributable to shareholders for 2026 and 2027 has been adjusted to 2.38 billion HKD and 2.73 billion HKD, respectively, with a new estimate for 2028 at 2.91 billion HKD [8]. Financial Data and Profit Forecast - Revenue projections for the company are as follows: - 2024: 19.83 billion HKD - 2025: 20.72 billion HKD - 2026: 23.34 billion HKD - 2027: 25.66 billion HKD - 2028: 29.15 billion HKD [5][9] - Net profit attributable to shareholders is projected to be: - 2024: 1.83 billion HKD - 2025: 2.38 billion HKD - 2026: 2.73 billion HKD - 2027: 2.91 billion HKD [5][9] - The company’s price-to-earnings (PE) ratios for 2026-2028 are projected to be 6.9, 6.0, and 5.6, respectively [8].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][18] Core Insights - The company reported a revenue of 19.83 billion RMB in 2025, a decrease of 7.21% year-on-year, while the net profit attributable to shareholders increased by 9.21% to 1.83 billion RMB, which was below expectations [8] - The increase in electricity generation effectively offset the impact of declining electricity prices, with total electricity generation reaching 15.21 billion kWh, a year-on-year increase of 7.71% [8] - The company’s average on-grid electricity price decreased by 0.02 RMB/kWh to 0.41 RMB/kWh in 2025, leading to a mixed performance in the renewable energy sector [8] - The company plans to distribute a cash dividend of 0.20 RMB per share, maintaining a high dividend payout ratio of 49.42%, resulting in a dividend yield of 5.5% based on the closing price [8] - The forecast for net profit attributable to shareholders for 2026 and 2027 has been adjusted downwards to 2.38 billion RMB and 2.73 billion RMB, respectively, with a new estimate for 2028 at 2.91 billion RMB [8] Financial Data and Profit Forecast - Revenue projections for the company are as follows: - 2024: 19.83 billion RMB - 2025: 20.72 billion RMB - 2026: 23.34 billion RMB - 2027: 25.66 billion RMB [5] - Net profit attributable to shareholders is projected to be: - 2024: 1.83 billion RMB - 2025: 2.38 billion RMB - 2026: 2.73 billion RMB - 2027: 2.91 billion RMB [5] - The company’s earnings per share (EPS) is expected to grow from 0.40 RMB in 2025 to 0.65 RMB in 2028 [5]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚賴該等內 容而引致的任何損失承擔任何責任。 （於中華人民共和國註冊成立的股份有限公司） （股份代號：00956） 截至2025年12月31日止年度的業績公告 財務資料摘要 截至2025年12月31日止年度： 業績摘要 新天綠色能源股份有限公司（「公司」或「本公司」）董事會（「董事會」）欣然公佈按照中國企業會計準則編 製的本公司及其附屬公司（合稱「本集團」）截至2025年12月31日止年度（「報告期」）之經審計業績。本 公告符合《香港聯合交易所有限公司證券上市規則》（「香港上市規則」）有關需附載於年度業績初步公 告的資料的相關規定。 截至2025年12月31日，本集團合併資產人民幣934.91億元。截至2025年12月31日止年度，本集團合 併營業收入人民幣198.31億元，同比降低7.21%，歸屬於母公司股東的淨利潤人民幣18.26億元，同比 提高9.21%。每股盈利為人民幣0.43元。董事會建議向所有股東派發末期現金股息每股人民幣0.20元 （ ...

EF001 EF001 | 有關代預扣所得稅之更多補充 | 股東類型 | 稅率 | （如適用） | | --- | --- | --- | --- | | 非居民企業 | | | | | （非中國內地登記地址） | | 10% | | | 非個人居民 | | | | | （非中國內地登記地址） | | 10% | | | 發行人所發行上市權證/可轉換債券的相關信息 | | | | | 發行人所發行上市權證/可轉換債券 | 不適用 | | | | 其他信息 | | | | | 其他信息 | 不適用 | | | | 發行人董事 | | | | | 本公司非執行董事為曹欣博士、李連平博士、秦剛先生、張旭蕾博士、盧榮先生及趙士毅先生；本公司執行董事為譚建鑫先生；以 | | | | | 及本公司獨立非執行董事為周文港博士、楊晶磊博士、陳奕斌先生及劉斌先生。 | | | | 第 2 頁 共 2 頁 v 1.1.1 免責聲明 | 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因 公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任 ...