Core Viewpoint - The company reported its Q3 2025 results, showing a mixed performance with a decline in total revenue but an increase in net profit, indicating resilience in certain operational areas despite market challenges [1][2]. Financial Performance - For the first nine months of 2025, the company achieved total operating revenue of 14.445 billion yuan, a year-on-year decrease of 8.51%, while net profit attributable to shareholders was 1.559 billion yuan, an increase of 4.23% [1]. - In Q3 alone, the company recorded operating revenue of 3.541 billion yuan, down 3.03% year-on-year, but net profit rose significantly by 122.98% to 147 million yuan [1]. - The company's financial expenses for the first nine months were 793 million yuan, a decrease of 13.37% year-on-year, contributing to improved cash flow [3]. Operational Highlights - Wind power generation showed steady growth, with total generation of 10.768 billion kWh in the first nine months, up 9.47% year-on-year, and Q3 generation of 2.518 billion kWh, an increase of 9.20% [1]. - The average on-grid electricity price (excluding tax) decreased by 5.4% to 0.415 yuan/kWh due to increased market-oriented trading [1]. - The company is expected to maintain a new wind power installation capacity of 1 GW from 2025 to 2026, supporting long-term performance growth [1]. Market Dynamics - LNG sales showed signs of recovery in Q3, with wholesale and LNG volumes increasing by 27.66% and 11.04% respectively, reversing earlier declines due to lower LNG prices stimulating market demand [2]. - The company’s gas sales volume for the first nine months was 3.521 billion m³, down 10.90%, with retail gas volume continuing to decline due to weak industrial demand [2]. Dividend and Shareholder Returns - The company has a clear dividend return plan for 2024-2026, with a minimum cash dividend ratio of 40%, resulting in a current dividend yield of 5.7% [3].

Investment Rating - The report maintains a "Buy" rating for the company [7]. Core Views - The company has shown steady growth in wind power generation, with a 9.47% year-on-year increase in total electricity generation for the first nine months of 2025, reaching 107.68 billion kWh [7]. - LNG sales have shown signs of recovery in Q3, with a 27.66% increase in wholesale gas sales and an 11.04% increase in LNG sales compared to the previous year [7]. - The company is expected to maintain a new wind power installation capacity of 1GW from 2025 to 2026, which is anticipated to drive long-term stable growth in wind power performance [7]. Financial Data and Profit Forecast - The company reported total operating revenue of 14.445 billion yuan for the first nine months of 2025, a decrease of 8.51% year-on-year, while net profit attributable to the parent company increased by 4.23% to 1.559 billion yuan [7]. - The average on-grid electricity price (excluding tax) decreased by 5.4% to 0.415 yuan per kWh in the first nine months of 2025, primarily due to an increase in market-oriented electricity trading [7]. - The financial cost has decreased significantly, with the comprehensive funding cost dropping to 2.41% by the end of September 2025, a reduction of 33 basis points compared to the end of 2024 [7]. - The forecast for net profit attributable to the parent company for 2025-2027 has been adjusted to 2.431 billion, 2.686 billion, and 3.037 billion yuan, respectively [7][8].

Investment Rating - The report maintains a "Buy" rating for the company [2][7][17] Core Insights - The company reported a total revenue of 14.445 billion yuan for the first nine months of 2025, a decrease of 8.51% year-on-year, while the net profit attributable to the parent company increased by 4.23% to 1.559 billion yuan [7] - Wind power generation showed steady growth with a total generation of 10.768 billion kWh, a year-on-year increase of 9.47%, despite a slight decline in the average on-grid electricity price [7] - LNG sales showed signs of recovery in Q3, with wholesale and LNG sales volumes increasing by 27.66% and 11.04% respectively, reversing the downward trend seen in the first half of the year [7] - The company has seen a significant reduction in accounts receivable, down to 6.207 billion yuan, primarily due to receiving substantial renewable energy subsidies [7] - The forecast for net profit attributable to the parent company for 2025-2027 has been adjusted to 2.431 billion, 2.686 billion, and 3.037 billion yuan respectively, reflecting changes in gas sales volume and electricity prices [7] Financial Data and Profit Forecast - Revenue projections for 2023A to 2027E are as follows: 20,282 million, 21,372 million, 20,863 million, 23,163 million, and 25,533 million yuan respectively [6][8] - Net profit attributable to the parent company is projected to be 2,207 million, 1,672 million, 2,431 million, 2,686 million, and 3,037 million yuan for the same period [6][8] - The company’s earnings per share are expected to be 0.52, 0.40, 0.58, 0.64, and 0.72 yuan respectively [6]

Core Viewpoint - New天绿色能源 (00956.HK) experienced a significant increase in stock price, rising over 4% in the afternoon trading session, indicating positive market sentiment towards the company [1] Group 1 - The stock price of New天绿色能源 reached 4.6 HKD, reflecting a 3.84% increase at the time of reporting [1] - The trading volume for New天绿色能源 was recorded at 31.72 million HKD, suggesting active investor interest [1]

长江证券此前发布研报称，对于风电业务而言，在136号文的政策导向下，保护存量稳定增量预期导向 已经明晰。当前公司已经明确剥离光伏业务，战略聚焦风电业务，公司储备的大量风电项目，将在行业 触底回暖背景下保障绿电业务的长期成长性；公司获得核准的下游天然气电厂项目将提升天然气负荷水 平，同时也将直接贡献增量收益，依然看好公司天然气业务稳定性叠加成长性带来的价值回归。 消息面上，新天绿能（600956）近日发布业绩，前三季度公司实现总营业收入144.45亿元，同比减少 8.51%；归母净利润15.59亿元，同比增加4.23%。单看三季度，公司实现营业收入35.41亿元，同比减少 3.03%；归母净利润1.47亿元，同比增加122.98%。 新天绿色能源(00956)午后涨超4%，截至发稿，涨3.84%，报4.6港元，成交额3172.99万港元。 ...

Core Viewpoint - New天绿色能源 (00956) reported a mixed performance in its recent earnings, with a decline in total revenue but an increase in net profit, indicating potential resilience in its business model amidst market challenges [1] Financial Performance - For the first three quarters, the company achieved total operating revenue of 14.445 billion yuan, a year-on-year decrease of 8.51% [1] - The net profit attributable to shareholders was 1.559 billion yuan, reflecting a year-on-year increase of 4.23% [1] - In the third quarter alone, the company reported operating revenue of 3.541 billion yuan, down 3.03% year-on-year [1] - The net profit for the third quarter was 147 million yuan, showing a significant year-on-year increase of 122.98% [1] Strategic Focus - The company has decided to divest its solar photovoltaic business and concentrate on wind power, aligning with the policy direction outlined in Document No. 136, which aims to stabilize existing capacity while fostering growth in new capacity [1] - The company has a substantial reserve of wind power projects, which are expected to support the long-term growth of its green electricity business as the industry begins to recover [1] - Approved downstream natural gas power plant projects are anticipated to enhance the natural gas load level and contribute additional revenue, reinforcing the company's outlook on the stability and growth potential of its natural gas business [1]

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company has experienced stable growth in wind power, while cost control and reduced expenses have driven performance growth. The natural gas demand is expected to improve in the future [3] - The company is a leader in wind power and natural gas in Hebei Province, with a positive long-term outlook on installed capacity and cash flow advantages from its natural gas business [3] Summary by Sections Financial Performance - In the first three quarters of 2025, the company achieved total operating revenue of 14.445 billion yuan, a year-on-year decrease of 8.51%. The net profit attributable to shareholders was 1.559 billion yuan, an increase of 4.23% year-on-year [1] - The third quarter alone saw operating revenue of 3.541 billion yuan, down 3.03% year-on-year, while net profit attributable to shareholders increased by 122.98% to 147 million yuan [1] - The overall gas sales volume in Q3 was 1.068 billion cubic meters, a decrease of 5.25% year-on-year, with significant recovery in LNG sales [1] Power Generation - The company’s wind power plants generated 10.475 billion kWh in the first three quarters of 2025, an increase of 8.03% year-on-year, while photovoltaic power generation surged by 109.97% to 292 million kWh [2] - The average on-grid electricity price (excluding tax) for the first three quarters was 0.41 yuan/kWh, a decrease of 5.44% compared to the same period last year [2] Cost Management and Investment Income - The company effectively controlled costs, with sales, management, R&D, and financial expenses showing significant reductions [3] - Investment income for the first three quarters was 204 million yuan, up 42.6% year-on-year, attributed to improved performance from invested wind power enterprises [3] Future Projections - Revenue projections for 2025-2027 are 23.677 billion yuan, 27.268 billion yuan, and 30.024 billion yuan, representing year-on-year growth rates of 10.8%, 15.2%, and 10.1% respectively [3] - The expected net profits for the same period are 2.119 billion yuan, 2.698 billion yuan, and 3.082 billion yuan, with corresponding EPS of 0.50 yuan, 0.64 yuan, and 0.73 yuan per share [3][8]

Core Viewpoint - The company reported a significant increase in power generation and sales volume for the third quarter of 2025, indicating positive operational performance despite a decrease in average selling price [9][10]. Financial Performance - The company achieved a power generation of 2,517,642.22 MWh in Q3 2025, a year-on-year increase of 9.20% [9]. - The total power generation from January to September 2025 reached 10,767,861.16 MWh, reflecting a 9.47% increase compared to the same period last year [9]. - The average on-grid electricity price (excluding tax) for the first nine months of 2025 was CNY 0.41 per kWh, down 5.44% year-on-year [9]. Gas Sales Performance - The company reported a total gas sales volume of 106,761.11 million cubic meters in Q3 2025, a decrease of 5.25% year-on-year [10]. - Cumulative gas sales from January to September 2025 were 388,174.34 million cubic meters, down 14.12% year-on-year [10]. Shareholder Information - As of September 30, 2025, the total number of shareholders was 39,209, with 38,094 A-shareholders and 1,115 H-shareholders [6]. Upcoming Events - The company will hold a performance briefing on November 5, 2025, to discuss Q3 results and address investor questions [17][20].

Group 1 - The company Xintian Green Energy (SH 600956) announced that its sixth second board meeting was held on October 30, 2025, via communication method, where it reviewed the proposal for the third quarter report of 2025 [1] - For the first half of 2025, the revenue composition of Xintian Green Energy was as follows: natural gas accounted for 68.68%, electricity accounted for 31.28%, and others accounted for 0.04% [1]

（文章来源：证券日报） 证券日报网讯 10月30日晚间，新天绿能发布2025年第三季度报告称，2025年第三季度公司实现营业收 入3，541，368，113.69元，同比下降3.03%；归属于上市公司股东的净利润146，651，458.37元，同比 增长122.98%。 ...