Summary of Xintian Green Energy Conference Call Company Overview - **Company**: Xintian Green Energy - **Core Business**: Focuses on renewable energy (primarily wind power) and natural gas, with a total installed capacity of approximately 6 million kilowatts, growing at a compound annual growth rate (CAGR) of about 5% since 2020 [4][6] Key Points and Arguments Business Performance - **Recent Performance**: The company's economic situation has been weak over the past two years, but significant changes in fundamentals are noted [3] - **Revenue Structure**: Natural gas sales contribute a high proportion of revenue, but core profits mainly come from renewable energy, especially wind power [3][7] Natural Gas Business - **Revenue Contribution**: Natural gas business is a channel-type operation with low gross margins, primarily stabilizing cash flow [7] - **Profit Decline in 2024**: The decline in profits is attributed to a warm winter and low initial load rates from the Tangshan LNG project [8][25] - **Impact of Pricing Mechanism**: The pricing mechanism for industrial users allows for stable gross margins, unlike residential users [24] Wind Power Business - **Profitability Factors**: Wind power profitability is affected by utilization hours and curtailment rates, with market pricing pressures also impacting profitability [13] - **Future Outlook**: Optimism for future growth due to improved wind resource conditions and low base effects, despite past challenges [14] Strategic Focus - **Expansion Strategy**: The company adopts a conservative expansion strategy, focusing on asset quality rather than rapid growth [6] - **Divestment Plans**: Plans to divest solar assets to concentrate on wind power, which is seen as more advantageous [5][21] Incentives and Management - **Incentive Mechanism**: A share incentive mechanism aligns management and shareholder interests, with a target of over 20% revenue growth in 2025 [12] - **Dividend Policy**: The dividend payout ratio has exceeded 50%, indicating a commitment to returning value to shareholders [11] Green Certificate Market - **Market Dynamics**: The green certificate market is expected to see significant demand growth due to regulatory changes and increased consumption requirements from various industries [19][20] - **Price Trends**: Green certificate prices have risen significantly, indicating a positive outlook for future revenue streams [20] Regional Demand and Future Projects - **Natural Gas Demand in Hebei**: Anticipated significant growth in natural gas demand in Hebei province, driven by new gas-fired power generation capacity [27] - **Tangshan LNG Project**: The second phase of the Tangshan LNG project is expected to alleviate operational pressures and support long-term growth [26] Additional Important Insights - **Cash Flow Management**: Despite the typically poor cash flow from renewable projects, the natural gas business helps mitigate overall cash flow pressure [11] - **Market Positioning**: The company is well-positioned in the North China region, with substantial offshore wind power reserves and approved capacity [22] - **Investment Value**: The company is considered to have high investment value due to its stable fundamentals, attractive dividend yield, and relatively low valuation [28]

Group 1 - The core point of the news is that Great Wall Life Insurance Co., Ltd. has increased its stake in Xintian Green Energy, triggering a shareholding notification due to surpassing the 5% threshold [1][2] - Before the transaction, Great Wall Life held 209.4 million shares of Xintian Green Energy, representing 4.9790% of the total share capital [1][2] - After purchasing an additional 1 million shares on September 23, Great Wall Life's total holdings increased to 210.4 million shares, which is 5.0027% of the total share capital of Xintian Green Energy [1][2]

Core Viewpoint - The announcement details a change in shareholding by Great Wall Life Insurance Co., Ltd., which has increased its stake in Xintian Green Energy Co., Ltd. to 5.0027% without triggering a mandatory takeover bid [2][3]. Group 1: Shareholding Change - Great Wall Life Insurance has acquired an additional 1,000,000 H-shares of Xintian Green Energy, bringing its total holdings to 210,400,000 H-shares [4]. - The funding for this acquisition came from Great Wall Life's own funds, including traditional accounts and dividend accounts for insurance liability reserves [4]. Group 2: Regulatory Compliance - The shareholding change does not result in a change of the controlling shareholder or actual controller of the company [3][5]. - Great Wall Life has complied with relevant regulations by preparing a simplified report on the equity change, which is available on the Shanghai Stock Exchange website [5].

Core Viewpoint - New天绿色能源 (00956) announced that its shareholder, Great Wall Life Insurance, increased its stake in the company by acquiring 1 million H-shares through the Hong Kong secondary market on September 23, 2025, bringing its total holdings to 210.4 million H-shares, which represents 5.0027% of the company's total issued shares [1] Summary by Relevant Categories - **Shareholder Activity** - Great Wall Life Insurance increased its holdings in New天绿色能源 by purchasing 1 million H-shares [1] - Following the acquisition, Great Wall Life Insurance now holds a total of 210.4 million H-shares [1] - **Ownership Structure** - The total shares held by Great Wall Life Insurance account for 5.0027% of New天绿色能源's total issued shares [1] - **Funding Source** - The funds used for the share acquisition were sourced from Great Wall Life Insurance's own funds, traditional accounts, and dividend account insurance liability reserves [1]

Core Viewpoint - The company New Times Green Energy (00956) has received a report indicating that its shareholder, Great Wall Life Insurance, has increased its stake in the company by acquiring 1 million H-shares through the Hong Kong secondary market [1] Group 1 - Great Wall Life Insurance's acquisition occurred on September 23, 2025, and after this transaction, it holds a total of 210.4 million H-shares, representing 5.0027% of the company's total issued shares [1] - The funds used for this acquisition came from Great Wall Life Insurance's own funds, traditional accounts, and dividend account insurance liability reserves [1]

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。 本公告乃由新天綠色能源股份有限公司（「本公司」）根據《香港聯合交易所有限公司證券上市規則》第 13.10B條作出。 茲載列本公司於上海證券交易所網站刊發之《新天綠色能源股份有限公司關於股東持股比例達到5% 的權益變動提示性公告》及《新天綠色能源股份有限公司 式權益變動報告 》，僅供參閱。 承董事會命 新天綠色能源股份有限公司 CHINA SUNTIEN GREEN ENERGY CORPORATION LIMITED* 新天綠色能源股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：00956） 海外監管公告 譚建鑫 執行董事及總裁 中國河北省石家莊市，2025年9月24日 於本公告日期，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。 * 僅供識 ...

新天绿色能源股份有限公司 关于股东持股比例达到 5%的权益变动提示性公告 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。 证券代码：600956 证券简称：新天绿能 公告编号：2025-054 | 名称 | 长城人寿保险股份有限公司 | | --- | --- | | 统一社会信用代码 | 91110102634984232A | | 公司类型 | 其他股份有限公司（非上市） | | 法定代表人 | 白力 | | 注册资本 | 621,934.9482万元人民币 | | 注册地址 | 北京市西城区平安里西大街31号3层301 | 长城人寿基本情况如下： | 经营范围 | | | --- | --- | | | 人寿保险、健康保险、意外伤害保险等各类人身保险业务； 上述业务的再保险业务；国家法律、法规允许的保险资金运 | | | 用业务；经中国保监会批准的其他业务。（市场主体依法自 | | | 主选择经营项目，开展经营活动；依法须经批准的项目，经 | | | 相关部门批准后依批准的内容开展经营活动；不得从事国家 | | | 和本 ...

新天绿色能源股份有限公司 简式权益变动报告书 上市公司名称：新天绿色能源股份有限公司 股票上市地点：上海证券交易所 / 香港联合交易所 股票简称：新天绿能/新天绿色能源 股票代码：600956.SH / 00956.HK 信息披露义务人名称：长城人寿保险股份有限公司 信息披露义务人住所：北京市西城区平安里西大街 31 号 3 层 301 通讯地址：北京市西城区新街口北大街 3 号 4 层 401A、5 层 501-509、6 层 601-610 股份变动性质：股份增加、持股比例增加 简式权益变动报告书签署日期：二〇二五年九月二十三日 1 信息披露义务人声明 一、信息披露义务人依据《中华人民共和国公司法》《中华人民共和国证券 法》《上市公司收购管理办法》《公开发行证券的公司信息披露内容与格式准则 第 15 号—权益变动报告书》及其他相关的法律、法规编写本报告书。 二、信息披露义务人签署本报告书已获得必要的授权和批准，其履行亦不违 反信息披露义务人章程或内部规则中的任何条款，或与之相冲突。 五、信息披露义务人承诺本报告书不存在虚假记载、误导性陈述或重大遗漏， 并对其真实性、准确性、完整性承担个别和连带的法律责任。 ...

格隆汇9月24日丨新天绿能(600956.SH)公布，公司于2025年9月24日收到公司股东长城人寿发来的《简 式权益变动报告书》，长城人寿于2025年9月23日通过港股二级市场集中竞价交易方式增持公司H股100 万股。上述增持后，长城人寿合计持有公司H股210400,000股，占公司已发行股份总数的5.0027%，增 持公司股份的资金来源为长城人寿自有资金账户资金和传统账户、分红账户保险责任准备金。 ...

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。 本公告僅供參考，並不構成收購、購買或認購本公司證券之邀請或要約。 CHINA SUNTIEN GREEN ENERGY CORPORATION LIMITED* 新天綠色能源股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：00956） 延遲寄發有關 (1)關連交易－根據一般授權建議認購新H股； 及 (2)申請清洗豁免 之通函 茲提述新天綠色能源股份有限公司（「本公司」）日期為2025年8月27日有關（其中包括）股份認購事項及 清洗豁免的公告（「該公告」）。除另有指明外，本公告所用詞彙與該公告所界定者具有相同涵義。 誠如該公告所披露，一份載有（其中包括）(i)股份認購事項之進一步詳情，(ii)清洗豁免之進一步詳 情，(iii)收購守則獨立董事委員會就股份認購事項及清洗豁免發出之意見函件，(iv)上市規則獨立董 事委員會就股份認購事項發出之意見函件，(v)獨立財務顧問就股份認購事項及清 ...