第 1 頁 共 10 頁 v 1.1.1 本月底法定/註冊股本總額： RMB 4,205,693,073 截至月份: 2025年8月31日 狀態: 新提交 | 2. 股份分類 | 普通股 | | 股份類別 A | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 600956 | 說明 | | A 股已在上海證券交易所主板上市。 | | | | | | | | | 法定/註冊股份數目 | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 2,366,688,677 | RMB | | 1 RMB | | 2,366,688,677 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 2,366,688,677 | RMB | | 1 RMB | | 2,366,688,677 | | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | | 是 | ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The natural gas business is under short-term pressure, while wind power installation growth is promising [4] - The company reported a 10.16% year-on-year decline in revenue for H1 2025, with total revenue of 10.904 billion yuan and a net profit of 1.412 billion yuan, reflecting a 1.23% decrease [5] - The controlling shareholder has agreed to subscribe for 307 million new H shares at a price of 4.93 HKD per share, a 16.55% premium over the closing price on August 27, 2025, with proceeds primarily allocated for wind power and gas power projects [5] Summary by Sections Wind Power - In H1 2025, the company added 287.45 MW of wind power capacity, with a total of 6,874.80 MW of installed capacity and 1,401.95 MW under construction [7] - The average utilization hours for wind farms increased by 23 hours year-on-year to 1,235 hours, with a wind power generation of 8.065 billion kWh, an 8.34% increase [7] - The average on-grid electricity price decreased by 0.02 yuan/kWh to 0.42 yuan/kWh, influenced by an increase in market-based trading volume [7] Natural Gas - The natural gas segment faced challenges with a 14.56% year-on-year decline in sales volume, totaling 2.578 billion cubic meters in H1 2025 [9] - Revenue from the natural gas business fell by 15.63% to 7.488 billion yuan, with net profit down 28.51% to 321 million yuan [9] - The decline in sales volume was attributed to warmer winter temperatures and weak industrial demand [9] Financial Forecast and Valuation - The company is projected to achieve net profits of 2.403 billion yuan, 2.645 billion yuan, and 2.887 billion yuan for 2025, 2026, and 2027, respectively, with growth rates of 43.7%, 10.0%, and 9.2% [9] - The current stock price corresponds to a P/E ratio of 6.7 for 2025, indicating significant investment value [9]

Group 1 - The company reported a revenue of 10.904 billion yuan for the first half of 2025, a year-on-year decrease of 10.16% [1] - The net profit attributable to shareholders was 1.412 billion yuan, down 1.23% year-on-year, with basic earnings per share at 0.34 yuan [1] - The performance slightly fell short of expectations [1] Group 2 - The company achieved a power generation of 8.250 billion kWh and grid-connected power of 8.060 billion kWh, representing year-on-year increases of 9.55% and 9.58% respectively [2] - The average utilization hours of the company's wind farms were 1,235 hours, an increase of 23 hours year-on-year, exceeding the national average by 148 hours [2] - The wind and solar segments generated revenues of 3.411 billion yuan, a year-on-year growth of 4.75%, with net profits of 1.247 billion yuan, up 7.42% [2] Group 3 - The company's natural gas sales volume was 2.578 billion cubic meters, a decline of 14.56% year-on-year, attributed to warmer winter weather and weak commercial demand [3] - The natural gas business revenue was 7.488 billion yuan, down 15.63% year-on-year, with net profit at 321 million yuan, a decrease of 28.48% [3] - The company is expanding its business channels and plans to launch four window period products in the second half of 2025 [3] Group 4 - The company's capital expenditure totaled 3.016 billion yuan, a year-on-year increase of 19.18%, with 2.4 billion yuan allocated to renewable energy and 600 million yuan to natural gas [4] - Operating cash flow improved by 47.03% year-on-year to 3.082 billion yuan, supporting stable dividend payouts [4] - The company has a clear dividend return plan, with a minimum payout ratio of 40% during its mature development phase, resulting in a high dividend yield of 6.7% at current stock prices [4]

Core Viewpoint - Hebei Construction Investment Group has increased its stake in Xintian Green Energy, acquiring 307 million shares at a price of HKD 4.93 per share, totaling approximately HKD 1.514 billion, resulting in a new holding of 16.69% [1] Summary by Category - **Share Acquisition** - Hebei Construction Investment Group purchased 307 million shares of Xintian Green Energy [1] - The acquisition price was HKD 4.93 per share [1] - The total investment amounted to approximately HKD 1.514 billion [1] - **Ownership Structure** - Following the acquisition, Hebei Construction Investment Group's total shareholding in Xintian Green Energy reached 307 million shares [1] - The new ownership percentage stands at 16.69% [1]

Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025, primarily due to reduced natural gas sales volume and asset impairment [1][2]. Financial Performance - In H1 2025, total operating revenue was 10.904 billion yuan, a year-on-year decrease of 10.16% [1]. - Net profit attributable to shareholders was 1.412 billion yuan, down 1.23% year-on-year, with basic earnings per share remaining flat at 0.34 yuan [1]. - In Q2 2025, operating revenue was 3.993 billion yuan, a decrease of 5.61% year-on-year, while net profit dropped by 23.43% to 458 million yuan [1]. Gas Sales Volume - In Q2 2025, the company completed gas transmission/sales volume of 9.67 billion cubic meters, a year-on-year decline of 16.86% [1]. - The sales volume included 8.93 billion cubic meters, down 13.29% year-on-year, with wholesale and retail sales also experiencing declines [1]. - For H1 2025, cumulative gas transmission/sales volume was 28.1 billion cubic meters, a decrease of 17.07% year-on-year [1]. Wind Power Performance - The company reported an asset impairment of 30.5 million yuan in H1 2025, impacting overall performance [2]. - Wind power generation increased, with controlled wind farms achieving 80.6 million kilowatt-hours, a year-on-year increase of 8.34% [2]. - The average on-grid electricity price (excluding tax) was 0.42 yuan per kilowatt-hour, down 4.49% year-on-year, indicating limited decline [2]. Cost Management and Shareholder Returns - Significant reductions in sales, management, and financial expenses were noted, with decreases of 37.68%, 4.05%, and 12.23% respectively [3]. - The company plans to distribute cash dividends totaling 883 million yuan for the 2024 fiscal year, representing 52.81% of net profit attributable to shareholders [3]. - The company aims to maintain a stable dividend policy in line with its three-year shareholder return plan [3]. Future Outlook - The company is optimistic about the growth in installed capacity and improvement in utilization hours, projecting revenues of 23.977 billion yuan, 27.268 billion yuan, and 30.024 billion yuan for 2025-2027 [3]. - Expected net profits for the same period are 2.33 billion yuan, 2.698 billion yuan, and 3.084 billion yuan, with corresponding EPS of 0.55, 0.64, and 0.73 [3].

Core Viewpoint - New Tianjin Green Energy (00956) has entered into a share subscription agreement with Hebei Construction Investment, agreeing to issue 307 million new H-shares at a subscription price of HKD 4.93 per share, totaling HKD 15.14 billion in cash, representing a premium of approximately 16.55% over the closing price on the agreement date [1] Group 1 - The board believes that the issuance of H-shares to Hebei Construction Investment is fair and reasonable, aligning with the overall interests of the company and its shareholders [1] - The proceeds from the share subscription will amount to HKD 15.14 billion, with a net amount of approximately HKD 15 billion after deducting issuance costs [1] - Approximately 80% of the net proceeds will be used for the construction of wind power projects and gas-fired power plants, while about 20% will be allocated for working capital and other general purposes [1]

Core Viewpoint - New Tian Green Energy has entered into a conditional share subscription agreement with Hebei Construction Investment, agreeing to issue 307 million new H-shares at a subscription price of HKD 4.93 per share, raising a total of HKD 1.51 billion, which will help alleviate financial pressure and improve the company's capital structure [1] Group 1: Share Subscription Details - The subscription price of HKD 4.93 represents a premium of approximately 16.55% over the closing price of HKD 4.23 on the last trading day [1] - The new H-shares will account for approximately 7.30% of the existing issued share capital as of the announcement date and about 6.80% after the completion of the subscription [1] Group 2: Financial Impact - As of December 31, 2024, the company's debt-to-asset ratio is at a relatively high level of 67.73% [1] - The issuance of H-shares will effectively supplement capital, reduce the debt-to-asset ratio, optimize the capital structure, and enhance financial stability [1] - This capital raise is aimed at supporting the company's healthy, sustainable, and robust development [1]

证券代码：600956 证券简称：新天绿能 公告编号：2025-050 新天绿色能源股份有限公司 第六届董事会第二次临时会议决议公告 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。 （一）发行股票的种类和面值 本次向特定对象发行的股票种类为境外上市外资股（H 股），每股面值人民 币 1 元。 新天绿色能源股份有限公司（以下简称"公司"或"本公司"）第六届董事会 第二次临时会议于 2025 年 8 月 27 日以通讯方式召开。会议通知于 2025 年 8 月 20 日以电子邮件等方式送达全体董事。本次会议应到董事 11 名，实到董事 11 名。会议由董事长曹欣先生召集并主持。本次会议的召开符合《公司法》和《公 司章程》的有关规定，会议决议合法有效。 经过有效表决，本次会议审议通过了以下议案： 一、审议通过了《关于本公司 2025 年度向特定对象发行 H 股股票方案的议 案》 （二）发行方式及发行时间 本次发行 H 股股票采取向特定对象发行的方式，并在股东大会授权的有效 期内择机发行。 （三）发行对象和认购方式 本次向特定对象发行 ...

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） 本公司聯席財務顧問 （按英文字母順序排序） 獨立董事委員會及獨立股東之獨立財務顧問 有關根據一般授權建議認購新H股之關連交易 於2025年8月27日（交易時段後），本公司與河北建投訂立股份認購協議，據此，本公司已有條件 同意配發及發行，而河北建投已有條件同意認購或指定河北建投指定方認購307,000,000股新H 股，認購價為每股認購股份4.93港元，總代價為現金1,513,510,000港元。 1 （股份代號：00956） (1)有關根據一般授權建議認購新H股之關連交易； 及 (2)申請清洗豁免 河北建投將根據收購守則規則26的豁免註釋1向執行人員申請清洗豁免，以尋求豁免遵 ...

Core Viewpoint - The company has approved a plan to issue H shares to a specific investor, Hebei Construction Investment Group, to raise funds for wind power and gas power projects, as well as for general working capital [1][2][3] Group 1: H Share Issuance Details - The type of shares to be issued is H shares with a par value of RMB 1 per share [1] - The issuance price is set at HKD 4.93 per share [2] - A total of 307,000,000 H shares will be issued [2] - The total amount of funds raised is expected to be HKD 1,513,510,000 [2] - Approximately 80% of the funds will be allocated to wind power and gas power projects, while 20% will be used for working capital and other general purposes [2] Group 2: Approval and Compliance - The issuance plan has been reviewed and approved by the company's strategic and investment committee, audit committee, and independent directors, confirming its compliance with relevant laws and regulations [3][4][5] - The plan requires approval from the company's shareholders' meeting [4][5] Group 3: Related Transactions - The company has signed a subscription agreement with Hebei Construction Investment Group for the purchase of the H shares [4][5] - The shares subscribed by Hebei Construction Investment Group will be subject to a 36-month lock-up period [2] Group 4: Shareholder Meeting Proposals - The company proposes to authorize the board to handle all matters related to the H share issuance [6][7] - The board seeks shareholder approval for Hebei Construction Investment Group to be exempt from making a mandatory offer following the share issuance [8][9] - An independent board committee will be established to provide opinions on the subscription agreement and related matters [10]