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。 及 (2)申請清洗豁免 （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； 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 之通函 譚建鑫 執行董事及總裁 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 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price set at 4.93 HKD per share [5][14]. Core Insights - The company's overall performance has been pressured by a decline in gas sales volume, despite strong performance in the wind power sector. For H1 2025, the company reported a revenue of 10.904 billion HKD, a decrease of 10.16% year-on-year, and a net profit of 1.412 billion HKD, down 1.23% year-on-year [1]. - Wind power projects are progressing well, with a cumulative installed capacity of 6.8748 million kW as of H1 2025, and a wind power generation of 8.065 billion kWh, reflecting a year-on-year growth of 8.34% [2]. - The gas sales volume decreased significantly, with total sales of 2.814 billion cubic meters in H1 2025, down 17.07% year-on-year, primarily due to reduced heating demand and weak industrial demand [3]. - The company is focusing on its core business and has begun divesting from non-core solar power projects, which is expected to improve its fundamentals [4]. Summary by Sections Financial Performance - In H1 2025, the company achieved a total revenue of 10.904 billion HKD, a decrease of 10.16% year-on-year, and a net profit of 1.412 billion HKD, down 1.23% year-on-year. The Q2 2025 results showed a revenue of 3.993 billion HKD, a decline of 5.61%, and a net profit of 458 million HKD, down 23.43% [1]. Wind Power Development - As of H1 2025, the company has a cumulative controlling installed capacity of 6.8748 million kW and a cumulative commercial operating capacity of 6.4736 million kW. The wind power generation for H1 2025 was 8.065 billion kWh, with a year-on-year increase of 8.34% [2]. Gas Sales and LNG Projects - The total gas sales volume for H1 2025 was 2.814 billion cubic meters, a decrease of 17.07% year-on-year. The LNG sales volume was 498 million cubic meters, down 27.94% year-on-year. The company is progressing with its LNG project in Tangshan, which is expected to enhance gas sales volume upon completion [3]. Business Strategy and Future Outlook - The company is adjusting its business strategy to focus on core operations, divesting from solar projects. As of H1 2025, the company has approved a cumulative capacity of 2.88 million kW for gas turbine projects, which is expected to boost downstream demand [4]. The profit forecast for 2025-2027 has been adjusted to 2.202 billion HKD, 2.519 billion HKD, and 2.743 billion HKD, reflecting a year-on-year growth of 31.68%, 14.37%, and 8.89% respectively [4].

2025 中期報告 一、本公司董事會及董事、高級管理人員保證半年度報告內容的真實性、準確性、完整性，不存在 虛假記載、誤導性陳述或重大遺漏，並承擔個別和連帶的法律責任。 二、公司全體董事出席董事會會議。 三、本半年度報告未經審計。 無 六、前瞻性陳述的風險聲明 本報告中涉及的發展戰略、未來經營計劃等前瞻性陳述，不構成公司對投資者的實質性承諾。敬請廣大投資者 理解計劃、預測與承諾之間的差異，注意投資風險。 七、是否存在被控股股東及其他關聯方非經營性佔用資金情況 否 八、是否存在違反規定決策程序對外提供擔保的情況 否 九、是否存在半數以上董事無法保證公司所披露半年度報告的真實性、準確性和完整性 否 十、重大風險提示 公司已在本報告中詳細描述可能存在的相關風險及其對策，敬請廣大投資者查閱本報告「管理層討論與分析」等 有關章節內容中關於公司可能面臨風險的描述。 十一、其他 □適用 ✓不適用 2025年中期報告 1 重要提示 四、公司負責人譚建鑫、主管會計工作負責人劉濤及會計機構負責人（會計主管人員）白靜偉聲明： 保證半年度報告中財務報告的真實、準確、完整。 五、董事會決議通過的本報告期利潤分配預案或公積金轉增股本預案 ...

Investment Rating - The report maintains a "Positive" investment rating for the utility industry [1] Core Insights - The first mechanism electricity price bidding results for renewable energy in Shandong have been released, indicating a significant market-oriented shift in policy [3][17] - Wind power mechanism electricity price is set at 319 CNY/MWh, which is a 20% premium over the 2024 average spot trading price, while solar power is at 225 CNY/MWh, a 33% premium [3][24] - The report emphasizes the importance of management and operational capabilities for renewable energy operators in a market-driven environment [4][30] Summary by Sections Electricity Sector - The Shandong province has become the first to implement a market-oriented mechanism for renewable energy pricing, with significant participation from over 3000 projects [18][21] - The mechanism electricity volume for wind power is 59.67 billion kWh, while for solar power it is only 12.48 billion kWh, reflecting a stronger policy support for wind energy [3][23] - The report suggests that the future of solar power installations in Shandong may see reduced investment enthusiasm due to current pricing pressures and non-technical cost reductions [4][29] Grid Sector - New pricing mechanisms for nearby consumption of green electricity have been established, which will protect grid interests and promote cost reductions for users [6][35] - The system operation costs will be charged based on the electricity delivered, allowing for potential savings in electricity costs for high-load enterprises [7][37] - The report highlights that the new pricing structure will benefit wind power and energy storage development, making them key components in the green electricity landscape [8][42] Renewable Energy Assets - The report discusses the acceleration of Real World Assets (RWA) in the distributed solar sector, with significant investments from companies like JinkoSolar and GCL-Poly [10][44] - The RWA framework is expected to enhance liquidity and value reassessment of quality distributed solar assets, benefiting original equity holders [11][47] - The collaboration between LinYuan Energy and Ant Group aims to digitize energy assets, further supporting the RWA initiative [12][48] Green Methanol - A major project for green methanol production has been announced by Goldwind, with a total investment of approximately 18.92 billion CNY, aiming to produce 600,000 tons of green methanol annually [13][49] - The report anticipates a surge in demand for green methanol as multiple projects are set to commence production in the coming years [13][49] - Key suppliers and equipment manufacturers in the green methanol sector are expected to see performance improvements as the market expands [13][49]

Core Viewpoint - New Tian Green Energy (00956) reported a decline in revenue and net profit for the first half of 2025, while cash flow from operating activities showed significant growth [2] Financial Performance - The company achieved operating revenue of 10.904 billion yuan, a year-on-year decrease of 10.16% [2] - The net profit attributable to shareholders was 1.412 billion yuan, down 1.23% year-on-year [2] - Operating cash flow net amount was 3.082 billion yuan, an increase of 47.03% year-on-year [2] - Basic earnings per share were 0.34 yuan, with an average return on equity of 6.26% [2][10] Valuation Metrics - As of September 14, the company's price-to-earnings ratio (TTM) was approximately 10.29 times, price-to-book ratio (TTM) was about 0.76 times, and price-to-sales ratio (TTM) was around 0.85 times [2] Asset Changes - Fixed assets decreased by 1.12% compared to the end of the previous period, with their proportion of total assets declining by 3.5 percentage points [15] - Cash and cash equivalents increased by 55.16%, raising their proportion of total assets by 1.73 percentage points [15] - Accounts receivable increased by 10.08%, contributing to a 0.41 percentage point rise in their proportion of total assets [15] Liability Changes - Current non-current liabilities due within one year decreased by 18.34%, with their proportion of total assets declining by 2.3 percentage points [18] - Other current liabilities increased by 144.08%, raising their proportion of total assets by 0.94 percentage points [18] - Long-term borrowings increased by 3.7%, with their proportion of total assets decreasing by 0.52 percentage points [18] Liquidity Ratios - The company's current ratio was 0.75, and the quick ratio was 0.66 [21]

2025 中期報告 一、本公司董事會及董事、高級管理人員保證半年度報告內容的真實性、準確性、完整性，不存在 虛假記載、誤導性陳述或重大遺漏，並承擔個別和連帶的法律責任。 二、公司全體董事出席董事會會議。 三、本半年度報告未經審計。 無 六、前瞻性陳述的風險聲明 本報告中涉及的發展戰略、未來經營計劃等前瞻性陳述，不構成公司對投資者的實質性承諾。敬請廣大投資者 理解計劃、預測與承諾之間的差異，注意投資風險。 七、是否存在被控股股東及其他關聯方非經營性佔用資金情況 否 八、是否存在違反規定決策程序對外提供擔保的情況 否 九、是否存在半數以上董事無法保證公司所披露半年度報告的真實性、準確性和完整性 否 | 釋義 | 3 | | --- | --- | | 公司簡介和主要財務指標 | 6 | | 管理層討論與分析 | 12 | | 公司治理、環境和社會 | 44 | | 重要事項 | 60 | | 股份變動及股東情況 | 81 | | 債券相關情況 | 90 | | 財務報告 | 96 | | | 載有公司負責人、主管會計工作負責人、會計機構負責人（會計主管人員）簽名並蓋章 | | --- | --- | | | 的財 ...

Investment Rating - The report maintains a positive outlook on the power and gas sectors, recommending various companies within these industries for investment [5][14]. Core Insights - The report highlights the competitive results of the electricity pricing mechanism in Shandong, indicating that wind power is favored over solar power, with wind power pricing at 0.319 CNY/kWh and solar at 0.225 CNY/kWh [9][10]. - A new pricing mechanism for nearby consumption of renewable energy has been established, clarifying economic responsibilities and allowing renewable projects to pay for supply reliability [12][13]. - Global gas prices are showing mixed trends, with European and Asian prices rising while U.S. prices are declining, reflecting varying supply and demand dynamics [15][20]. Summary by Sections 1. Electricity: Shandong Pricing Mechanism and New Renewable Energy Policies - Shandong's first competitive pricing results show wind power projects with a total capacity of 3.5911 GW and a mechanism electricity price of 0.319 CNY/kWh, while solar projects have a capacity of 1.265 GW and a price of 0.225 CNY/kWh [9][11]. - The new pricing mechanism for nearby consumption aims to enhance the utilization of renewable energy and reduce the pressure on the power system [12][13]. 2. Gas: Global Price Variations - As of September 12, U.S. Henry Hub spot prices are at $2.94/mmBtu, down 3.61% week-on-week, while European TTF prices are at €32.00/MWh, up 1.27% [15][16]. - The report notes that U.S. gas production remains high despite a slight decline, while European prices are influenced by supply constraints and increased heating demand due to cooler temperatures [15][20]. 3. Weekly Market Review - The gas sector outperformed the Shanghai and Shenzhen 300 index, while the public utilities, power, and environmental sectors underperformed [36]. 4. Company and Industry Dynamics - Recent announcements include the implementation of market-oriented pricing reforms for renewable energy in Jiangxi province, effective from October 2025 [40]. - The report also discusses various company announcements, including operational updates and financial instruments [43]. 5. Key Company Valuation Tables - The report provides valuation metrics for key companies in the public utility sector, highlighting buy and hold recommendations for several firms based on their earnings and price-to-earnings ratios [45][46].

Investment Rating - The report maintains an "Overweight" rating for the electricity sector [2] Core Views - The new pricing policy for nearby consumption of renewable energy is expected to balance cost sharing and catalyze the development of green electricity direct connection projects. The policy will be implemented on October 1, 2025, requiring that renewable energy self-consumption accounts for at least 60% of total available generation and 30% of total consumption [5][10] - The recent surge in storage policies indicates a growing recognition of the value of regulatory power sources, with a target of adding over 100 million kilowatts of new storage capacity by 2027, leading to direct investments of approximately 250 billion yuan [5][10] - The implementation of AI in the energy sector is anticipated to create investment opportunities, with a focus on establishing a collaborative mechanism between computing power and electricity by 2030 [5][10] Summary by Sections Industry Views - The new policy for nearby consumption of renewable energy is expected to promote green electricity direct connection and address cost-sharing issues [5][10] - Storage policies are being introduced to enhance the value of regulatory power sources, with significant investment expected in new storage capacity [5][10] - The integration of AI in the energy sector is set to improve operational efficiency and create new investment avenues [5][10] Market Review - The Shanghai Composite Index closed at 3,870.60 points, up 1.52%, while the CSI 300 Index closed at 4,522.00 points, up 1.38%. The CITIC Power and Utilities Index closed at 3,077.52 points, up 0.90%, underperforming the CSI 300 Index by 0.49 percentage points [55][56] Key Company Recommendations - Recommended stocks include New天绿色能源 (H), 龙源电力, 中闽能源, and 吉电股份 in the green electricity sector, and 华能国际, 华电国际, and 宝新能源 in the thermal power sector [6][7]

（文章来源：证券日报） 证券日报网讯 9月11日晚间，新天绿能发布2025年8月份主要经营数据公告称，根据公司初步统计， 2025年8月份，公司及子公司按合并报表口径完成发电量784，808.19兆瓦时，同比增加23.53%。截至 2025年8月31日，累计完成发电量9，878，670.05兆瓦时，同比增加10.55%。 ...

Group 1 - The company, Xin Tian Green Energy (00956), announced that it achieved a power generation of 784,800 MWh in August 2025, representing a year-on-year increase of 23.53% [1] - As of August 31, 2025, the cumulative power generation reached 9,878,700 MWh, which is a year-on-year increase of 10.55% [1]