Financial Performance - The audited consolidated net profit attributable to the parent company's shareholders for 2024 is RMB 1,672,367,020.97, with undistributed profits amounting to RMB 9,538,353,902.49[6] - The proposed cash dividend is RMB 0.21 per share (including tax), totaling RMB 883,195,545.33 (including tax), which represents 52.81% of the net profit for 2024[6] - The company's operating revenue for 2024 reached CNY 21,372,124,492.83, representing a 5.38% increase compared to CNY 20,281,788,883.53 in 2023[44] - The net profit attributable to shareholders for 2024 was CNY 1,672,367,020.97, a decrease of 24.24% from CNY 2,207,473,530.19 in 2023[44] - The net cash flow from operating activities decreased by 23.31% to CNY 3,720,788,835.78 in 2024 from CNY 4,851,683,579.95 in 2023[44] - The total assets of the company increased by 6.33% to CNY 84,016,482,012.66 at the end of 2024, up from CNY 79,016,593,096.75 at the end of 2023[44] - The basic earnings per share for 2024 was CNY 0.40, down 21.57% from CNY 0.51 in 2023[45] - The weighted average return on equity decreased to 7.82% in 2024, down from 10.70% in 2023, a decline of 2.88 percentage points[45] - The company reported a total profit of CNY 2,346,693,228.19 for 2024, compared to CNY 3,368,358,692.41 in 2023, indicating a significant decrease[47] - The total liabilities increased to CNY 56,903,738,159.25 in 2024 from CNY 52,275,823,528.51 in 2023[48] Operational Highlights - In 2024, the company achieved the highest single-year approved capacity of 6,100.18 MW, with a significant increase in various projects including offshore wind and gas power plants[17] - The company added 3,780.18 MW of wind power capacity, 1,920 MW of gas power capacity, and 400 MW/4 hours of independent energy storage projects[18] - The company completed the construction of 80.27 MW of new wind and solar installations, 108.74 km of new gas pipelines, and 4 new LNG storage tanks[18] - The group’s wind power installed capacity reached 6,587.35 MW, with a management capacity of 7,085.45 MW and an equity capacity of 6,179.16 MW as of December 31, 2024[24] - The group has a total of 1 LNG receiving station, 11 long-distance gas pipelines, and 33 urban gas projects, with a total gas transmission/sales volume of 5.888 billion cubic meters in 2024, of which sales volume was 5.158 billion cubic meters[24] Strategic Initiatives - The company plans to enhance its management capabilities and reduce comprehensive funding costs significantly by the end of the period[19] - In 2025, the company aims to focus on key projects to stimulate new momentum in the green electricity industry, particularly in regions with favorable wind resources[20] - The company intends to accelerate business integration to achieve breakthroughs in the gas market, improving market development efficiency and penetration rates[20] - The company will enhance internal governance to release new dividends, focusing on refined management and talent selection mechanisms[20] - The company is committed to strengthening its safety system and establishing new standards for safety governance[20] Market and Industry Trends - The company expects a 4.2% increase in total energy consumption in 2024, with a notable shift towards non-fossil energy sources[61] - The wind power installed capacity in China grew by 18.0% year-on-year, reaching approximately 520 GW by the end of 2024[62] - The company is actively seeking overseas investment opportunities in renewable energy projects, indicating a strategic focus on market expansion[24] - The company is strategically positioning itself to capitalize on the growing demand for clean energy solutions in response to global carbon neutrality goals[138] Governance and Compliance - The board of directors consists of 9 members, including 4 non-executive directors, 2 executive directors, and 3 independent non-executive directors, ensuring compliance with Hong Kong listing rules[165] - The company has established a modern corporate governance structure, adhering to the Corporate Governance Code and ensuring the independence of its non-executive directors[165] - The company signed a new "Avoiding Competition Agreement" with its controlling shareholder, Hebei Construction Investment, on October 30, 2024, to ensure no direct or indirect competition in core business areas such as wind power and natural gas sales[174] - The company has implemented measures to maintain independence from its controlling shareholder, ensuring no significant impact on its operations from related party transactions[172] Research and Development - The company has accumulated 72 authorized invention patents and 380 utility model patents as of December 31, 2024, along with 177 software copyrights[74] - Research and development expenses totaled RMB 377 million, representing 1.83% of total revenue, with capitalized R&D accounting for 3.45%[120] - The company is actively pursuing technological innovation and digital transformation, aiming to enhance operational efficiency and management capabilities through smart production platforms[101] Risks and Challenges - The company anticipates risks in wind power operations due to uncertain wind resources and potential electricity output limitations caused by lagging grid infrastructure[155] - The company faces risks related to natural gas pricing reforms, which may lead to reduced pipeline transportation and urban gas fees, impacting profitability[157] - The company is closely monitoring interest rate risks, seeking optimal loan rates and exploring financing options such as bond issuance and accounts receivable securitization to maintain a smooth funding chain[160] - The company faces foreign exchange risk due to LNG imports priced in USD while domestic sales are in RMB, leading to uncertainty in procurement costs[161] Executive Compensation - The company has implemented various strategies to manage executive compensation effectively, reflecting changes in performance and market conditions[188] - The total pre-tax salary paid to Ms. Fan in 2024 was RMB 748,328.47, down from RMB 1,149,242.04 in 2023, indicating a decrease of approximately 34.9%[195] - The performance-related bonus for Ms. Fan in 2024 was RMB 516,181.70, slightly down from RMB 527,689.46 in 2023, a decrease of about 2.9%[195] - The total number of shares held by Mr. Cao Xin, Mr. Mei Chunxiao, and Mr. Ban Zefeng at the beginning of the year was 50,000 H shares each[188]

新天绿能:2024年报净利润16.72亿 同比下降24.24% 一、主要会计数据和财务指标 数据四舍五入，查看更多财务数据>> 二、前10名无限售条件股东持股情况 | 报告期指标 | 2024年年报 | 2023年年报 | 本年比上年增减(%) | 2022年年报 | | --- | --- | --- | --- | --- | | 基本每股收益（元） | 0.4000 | 0.5100 | -21.57 | 0.5300 | | 每股净资产（元） | 0 | 4.98 | -100 | 4.64 | | 每股公积金(元) | 0 | 1.58 | -100 | 1.57 | | 每股未分配利润(元) | | 2.14 | -100 | 1.87 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 213.72 | 202.82 | 5.37 | 185.61 | | 净利润(亿元) | 16.72 | 22.07 | -24.24 | 22.93 | | 净资产收益率(%) | 7.82 | 10.70 | -26.92 | 11.97 | | 名称 | 持有数量( ...

Investment Rating - The report initiates coverage with a "Buy" rating for Xintian Green Energy [3][5]. Core Views - Xintian Green Energy is positioned as a leading clean energy company in North China, focusing on wind and natural gas sectors, with a strong operational base in Hebei and plans for national expansion [1][13]. - The company has demonstrated stable revenue growth, with a compound annual growth rate (CAGR) of 17.47% from 2020 to 2023, and expects continued growth driven by LNG production and expanded wind power capacity [16][20]. - The financial outlook is positive, with projected revenues of CNY 226.89 billion, CNY 253.96 billion, and CNY 273.19 billion for 2024-2026, alongside net profits of CNY 23.35 billion, CNY 29.56 billion, and CNY 34.10 billion for the same period [3][4]. Summary by Sections 1. Business Overview - Xintian Green Energy was established in February 2010 and has been listed on both the Hong Kong and Shanghai stock exchanges. The company is controlled by the Hebei State-owned Assets Supervision and Administration Commission [1][13]. - The company has a diversified energy portfolio, with a focus on wind and natural gas, which helps mitigate earnings volatility [1][13]. 2. Wind Power and Natural Gas Expansion - The company has a robust wind power capacity, with a total installed capacity of 6,293.75 MW as of the end of 2023, and plans to expand further in both onshore and offshore wind projects [2][19]. - The natural gas segment is also expanding, with a comprehensive supply chain and increasing sales volume, supported by the optimization of pricing mechanisms [2][3]. 3. Financial Performance - Revenue for 2024 is expected to reach CNY 226.89 billion, with a year-on-year growth rate of 11.9%. Net profit is projected at CNY 23.35 billion, reflecting a growth of 5.8% [3][4]. - The company has maintained a stable operating cash flow, with cash flow from operating activities reaching CNY 4.85 billion in 2023, and a five-year CAGR of 6.78% [24][27]. 4. Market Position and Competitive Advantage - Xintian Green Energy benefits from favorable policies in Hebei, where renewable energy consumption is prioritized, and has a high utilization rate of wind resources, averaging over 2,400 hours annually [30][35]. - The company’s competitive edge is reinforced by its strong operational efficiency and the ability to maintain stable electricity prices despite market pressures [30][35]. 5. Future Growth Potential - The report highlights significant growth potential in both wind and natural gas sectors, with ongoing projects and favorable market conditions expected to drive future earnings [2][3]. - The company is strategically positioned to capitalize on the increasing demand for clean energy in China, supported by government policies and market trends [1][2].

Investment Rating - The report initiates coverage with a "Buy" rating for Xintian Green Energy [3] Core Views - Xintian Green Energy is positioned as a leading clean energy company in North China, focusing on wind and natural gas sectors, with a strong operational base in Hebei and plans for national expansion [1][13] - The company has demonstrated stable profitability from its existing business, with expectations for growth driven by LNG production and increased wind power capacity [1][21] Summary by Sections 1. Business Overview - Xintian Green Energy was established in February 2010 and is controlled by the Hebei State-owned Assets Supervision and Administration Commission, with listings on both the Hong Kong and Shanghai stock exchanges [1][14] - The company has a total installed capacity of 6,293.75 MW in wind power and 126.12 MW in solar power as of the end of 2023, with a focus on leveraging its strong wind resources [13][19] 2. Financial Performance - Revenue has grown from 12.51 billion yuan in 2020 to 20.28 billion yuan in 2023, with a compound annual growth rate (CAGR) of 17.47% [16] - For the first half of 2024, revenue reached 12.14 billion yuan, reflecting a year-on-year growth of 20.8% [16] 3. Wind Power and Natural Gas Expansion - The company is actively developing large-scale wind power projects in arid and desert areas, with a focus on both onshore and offshore wind projects [2] - The natural gas segment is expanding rapidly, with a comprehensive supply chain and a significant increase in LNG sales volume expected from ongoing projects [2][3] 4. Profitability and Growth Forecast - The report forecasts revenues of 22.69 billion yuan, 25.40 billion yuan, and 27.32 billion yuan for 2024, 2025, and 2026, respectively, with corresponding net profits of 2.33 billion yuan, 2.96 billion yuan, and 3.41 billion yuan [3][4] - The earnings per share (EPS) are projected to be 0.56 yuan, 0.70 yuan, and 0.81 yuan for the same years, indicating a favorable valuation compared to peers [3][4] 5. Cash Flow and Capital Expenditure - Operating cash flow has remained stable, with 4.85 billion yuan reported in 2023, and capital expenditures have decreased significantly as the company focuses on high-return projects [24][27] - The company has maintained a consistent dividend payout, with a dividend payout ratio increasing from 32.37% in 2021 to 40.77% in 2023 [27] 6. Market Position and Competitive Advantage - Xintian Green Energy benefits from a high proportion of green electricity consumption in Hebei, with favorable policies supporting renewable energy [30] - The company’s wind power utilization hours have consistently exceeded 2,400 hours, outperforming the national average, which underscores its operational efficiency [35]

证券研究报告 | 行业周报 | 公用事业 公用事业 报告日期：2025 年 03 月 16 日 绿电直供凸显环境属性，清洁能源迎来专项资金 ——环保与公用事业行业周报 投资要点 ❑ 行情回顾 本周，公用事业板块指数上涨 2.19%，涨跌幅在 31 个申万一级行业中排名第 11，跑赢沪深 300 指数 0.61%；本周，环保板块指数上涨 2.53%，涨跌幅在 32 个 申万一级行业中排名第 9，跑赢沪深 300 指数 0.94%。截至 2025 年 3 月 7 日，公 用事业（申万）PE（TTM）为 16.87 倍，PB（LF）为 1.48 倍；环保（申万）PE （TTM）为 21.60 倍，PB（LF）为 1.48 倍。 ❑ 行业重要动态 ❑ 核心观点与投资建议 ❑ 公用事业行业，本周重点关注个股组合：佛燃能源+东方电子+中国核电。 A.绿电运营板块。去年以来政策推动典型高耗能行业参与绿证绿电交易，绿电环 境价值有望进一步兑现；此外新能源全面入市有望带动电价下行，叠加电网发债 持续推进下绿电企业国补欠补问题有望改善。考虑到当前绿电估值已处价值洼地， 尤其是港股绿电普遍处于破净状态，后续可进一步关注新能源大基地 ...

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。 本公司董事會（「董事會」）謹此宣佈，臨時股東大會已於2025年3月12日（星期三）上午9時30分於 中華人民共和國（「中國」）河北省石家莊市雲瑞國賓酒店五樓會議室舉行。所提呈之決議案已獲 正式通過。 於臨時股東大會當日，本公司共有4,205,693,073股股份，其中包括2,366,688,677股A股 及1,839,004,396股H股。出席臨時股東大會的本公司股東（「股東」）及其授權代表共持有 2,404,893,296股股份，佔本公司有表決權股份總數的57.181854%。 於董事作出一切合理查詢後所深知、盡悉及確信，河北建設投資集團有限責任公司、曹欣博 士、李連平博士、譚建鑫先生及彼等各自的聯繫人（合共持有本公司2,059,291,253股股份）須就 臨時股東大會上提呈的決議案迴避投票，而其所持有之股份數目不計入該決議案的有效表決票 股份總數。因此，合共持有本公司2,146,401,820股股份 ...

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。 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） 譚建鑫 執行董事及總裁 中國河北省石家莊市，2025年3月12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、王濤先生及張旭蕾女士； 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郭英軍先生、陳奕斌先生及林濤博 士。 （股份代號：00956） * 僅供識別 董事會召開日期 新天綠色能源股份有限公司（「本公司」）的董事會（「董事會」）特此通知，將於2025年3月25日（星期二） 上午9時30分在中華人民共和國（「中國」）河北省石家莊市舉行董事會會議，藉以（其中包括）考慮和批 准本公司及其附屬公司截至2024年12月31日止年度的業績以及考慮派發年度股息（如有）。 承董事會命 新天綠色能源股份有限公司 ...

证券代码：600956 证券简称：新天绿能 公告编号：2025-009 新天绿色能源股份有限公司 2025 年第一次临时股东大会决议公告 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： (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | | 523 | | --- | --- | --- | | 其中：A 股股东人数 | | 522 | | 境外上市外资股股东人数（H 股） | | 1 | | 2、出席会议的股东所持有表决权的股份总数（股） | 2,404,893,296 | | | 其中：A 股股东持有股份总数 | 2,073,638,382 | | | 境外上市外资股股东持有股份总数（H 股） | | 331,254,914 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | | 份总数的比例（%） | | 57.181854 | | 其中：A | 股股东持股占股份总数的比例（%） | 49.305509 | | --- | - ...

北京市嘉源律师事务所 关于新天绿色能源股份有限公司 2025 年第一次临时股东大会 的法律意见书 西城区复兴门内大街 158 号远洋大厦 4 楼 中国 · 北京 EUME STF A YUAN LAW OFFICES 北京 BEIJING · 上海 SHANGHAI · 深圳 SHENZHEN · 香港 HONGKONG · 广州 GUANGZHOU · 西安 XI`AN 致:新天绿色能源股份有限公司 北京市嘉源律师事务所 关于新天绿色能源股份有限公司 2025 年第一次临时股东大会的法律意见书 嘉源(2025)-04-129 北京市嘉源律师事务所(以下简称"本所")接受新天绿色能源股份有限公 司(以下简称"公司")的委托,根据《中华人民共和国公司法》(以下简称"《公 司法》")《上市公司股东大会规则》(以下简称"《股东大会规则》")等现 行有效的法律、行政法规、部门规章、规范性文件(以下简称"法律法规")以 及《新天绿色能源股份有限公司章程》(以下简称"《公司章程》")的有关规 定,指派本所律师对公司 2025年第一次临时股东大会(以下简称"本次股东大 会")进行见证,并依法出具本法律意见书。 为出具本法律 ...

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。 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 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《北京市嘉源律師事務所關於新天綠色能源股份有限公司 2025年第一次臨時股東大會的法律意見書》，僅供參閱。 承董事會命 新天綠色能源股份有限公司 譚建鑫 執行董事及总裁 中國河北省石家莊市，2025年3月12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、王濤先生及張旭蕾女士； 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郭英軍先生、陳奕斌先生及林濤博 士。 * 僅供識別 北京市嘉源律师事务所 关于新天绿色能源股份有限公 ...