Core Viewpoint - The company plans to issue H shares to a specific entity, Hebei Construction Investment Group, to raise funds for its renewable energy and clean energy projects, which will enhance its financial stability and market confidence [1][10]. Summary by Sections 1. Overview of Related Transactions - The company intends to issue 307,000,000 H shares at a price of 4.93 HKD per share, raising a total of 1,513,510,000 HKD [1][6]. - This transaction is classified as a related party transaction but does not constitute a major asset restructuring [1][2]. 2. Related Party Information - Hebei Construction Investment Group holds 48.95% of the company's shares, making it the controlling shareholder [2][3]. 3. Financial Data of Related Party - As of March 31, 2025, Hebei Construction Investment Group reported total assets of 32,305,459.93 million CNY and net assets of 13,691,717.47 million CNY [5]. - For the first quarter of 2025, the company reported revenue of 1,599,741.26 million CNY and a net profit of 173,012.17 million CNY [5]. 4. Purpose of the Fundraising - The funds raised will primarily support the development of the company's renewable energy and clean energy projects, particularly in wind and natural gas sectors [9][10]. - The company aims to optimize its capital structure and enhance financial stability, as its debt-to-asset ratio is currently at 67.73% [10]. 5. Market Confidence and Shareholder Benefits - The full subscription of the H shares by the controlling shareholder is expected to boost market confidence and support the company's high-quality development [10]. 6. Approval Process for the Transaction - The transaction has been approved by the company's board and independent directors, ensuring compliance with relevant laws and regulations [10][11].

Investment Rating - The report maintains a "Buy" rating for the company [4][7]. Core Views - The company's performance has been impacted by a decline in natural gas sales, but wind power operations are showing improvement and driving growth [1][2][3]. - The company is expected to continue benefiting from increased installed capacity and improved utilization hours in wind power, alongside cash flow advantages from its natural gas business [4]. Summary by Sections Financial Performance - In the first half of 2025, the company reported total revenue of 10.904 billion yuan, a year-on-year decrease of 10.16%, and a net profit attributable to shareholders of 1.412 billion yuan, a decrease of 1.23% [1]. - For Q2 2025, revenue was 3.993 billion yuan, down 5.61% year-on-year, with a net profit of 458 million yuan, down 23.43% [1][2]. - The decline in performance is primarily due to a reduction in natural gas sales volume, which fell by 16.86% year-on-year in Q2 2025 [2]. Natural Gas Operations - In Q2 2025, the company completed a total gas transmission/sales volume of 967 million cubic meters, a decrease of 16.86% year-on-year, with sales volume at 893 million cubic meters, down 13.29% [2]. - The company experienced significant declines in various segments of gas sales, including wholesale and retail [2]. Wind Power Operations - The company's wind power segment showed positive growth, with a total generation of 8.065 billion kWh in the first half of 2025, an increase of 8.34% year-on-year [3]. - The average utilization hours for wind farms increased by 23 hours year-on-year to 1,235 hours, exceeding the national average [3]. - The company added 287.45 MW of new wind power capacity in the first half of 2025, bringing total controllable capacity to 6,874.80 MW [3]. Cost Management and Shareholder Returns - The company has effectively reduced costs, with sales, management, and financial expenses decreasing by 37.68%, 4.05%, and 12.23% respectively in the first half of 2025 [4]. - The board has proposed a cash dividend of 883 million yuan for the 2024 fiscal year, representing 52.81% of the net profit attributable to shareholders [4]. Future Outlook - The company is projected to achieve revenues of 23.977 billion yuan, 27.268 billion yuan, and 30.024 billion yuan for 2025, 2026, and 2027 respectively, with growth rates of 12.2%, 13.7%, and 10.1% [4]. - Net profit attributable to shareholders is expected to reach 2.330 billion yuan, 2.698 billion yuan, and 3.084 billion yuan for the same years [4].

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《新天綠色能源股份有限公司第六屆董事會第 次臨時 會議決議公告》，僅供參閱。 承董事會命 新天綠色能源股份有限公司 譚建鑫 執行董事及總裁 中國河北省石家莊市，2025年8月27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。 * 僅供識別 证券代码：600956 证券简称：新天绿能 公告编号： ...

重要内容提示： 新天绿色能源股份有限公司（以下简称"公司"）拟申请向特定对象发 行 H 股股票（以下简称"本次发行"或"本次交易"），河北建设投资集团有 限责任公司（以下简称"河北建投"）自行或其指定下属全资子公司（以下简称 "认购方"）拟以现金方式一次性全额认购公司本次发行的 H 股股票。 本次交易构成关联交易，但不构成重大资产重组。 证券代码：600956 证券简称：新天绿能 公告编号：2025-051 新天绿色能源股份有限公司 关于向特定对象发行 H 股股票暨关联交易的公告 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。 截至本次关联交易为止，除已经股东会审议通过的关联交易外，公司过 去 12 个月内与河北建投及其直接或者间接控制的公司发生的关联交易已达到公 司最近一期经审计净资产的 5%。本次发行相关议案已经公司第六届董事会第二 次临时会议审议通过，尚需提交股东会审议。 一、关联交易概述 2025 年 8 月 27 日，公司第六届董事会第二次临时会议审议通过了本次发行 相关的议案。本次向特定对象发行 H 股股票数量为 ...

Investment Rating - The report maintains a "Buy" rating for the company [2][17]. Core Insights - The company reported a revenue of 10.904 billion RMB for the first half of 2025, a year-on-year decrease of 10.16%, and a net profit attributable to shareholders of 1.412 billion RMB, down 1.23% year-on-year, slightly below expectations [7]. - The renewable energy segment showed growth with a power generation of 8.250 billion kWh, up 9.55% year-on-year, despite a decrease in national average wind power utilization hours [7]. - The natural gas segment faced challenges with sales volume dropping to 2.578 billion m³, a decline of 14.56% year-on-year, primarily due to warmer winter weather and weak commercial demand [7]. - The company is expanding its LNG project and has plans to launch new products in the second half of 2025, which may enhance profitability in the long term [7]. - Cash flow improved significantly, with operating cash flow increasing by 47.03% to 3.082 billion RMB, supporting a stable dividend payout [7]. Financial Data and Earnings Forecast - Revenue projections for 2023 to 2027 are as follows: 20.282 billion RMB (2023), 21.372 billion RMB (2024), 20.994 billion RMB (2025E), 24.447 billion RMB (2026E), and 27.329 billion RMB (2027E) [6][8]. - Net profit forecasts for the same period are: 2.207 billion RMB (2023), 1.672 billion RMB (2024), 2.767 billion RMB (2025E), 3.022 billion RMB (2026E), and 3.460 billion RMB (2027E) [6][8]. - The company’s price-to-earnings (PE) ratios for 2025 to 2027 are projected at 5.9, 5.4, and 4.7 respectively, indicating potential value [7].

Core Viewpoint - New Tian Green Energy demonstrates resilience in a complex market environment, with steady growth in total assets and net assets, stable profitability, and key advancements in its core wind power and natural gas segments [1] Financial Performance - In the first half of 2025, New Tian Green Energy achieved operating revenue of 10.904 billion yuan, with total profit of 2.045 billion yuan remaining stable year-on-year; net profit attributable to shareholders was 1.412 billion yuan, with a solid net profit of 1.397 billion yuan after excluding non-recurring gains and losses [2] - Basic earnings per share stood at 0.34 yuan, providing stable returns to investors [2] - As of the end of the reporting period, total assets reached 88.278 billion yuan, a 5.07% increase from the previous year; net assets attributable to shareholders increased by 9.57% to 23.768 billion yuan, enhancing capital strength [2] - The asset-liability ratio improved to 66.23%, down 1.5 percentage points from the previous year, indicating a more robust financial structure [2] Wind Power Business Growth - The wind power segment showed significant performance, with controlled wind farms generating 8.065 billion kWh, an 8.34% year-on-year increase; average utilization hours reached 1,238 hours, 23 hours more than the previous year and 148 hours above the national average [3] - The average availability rate of wind turbines remained high at 97.62%, showcasing industry-leading reliability [3] - New installed capacity in the wind power segment was 287.45 MW, bringing the total to 6,874.80 MW; ongoing projects are expected to support future generation increases [3] - The company deepened its national layout, adding 982 MW of approved wind power projects, with a total of 4,591.93 MW of effective approved but unconstructed projects [3] Natural Gas Segment Developments - The core Tangshan LNG project reached critical milestones, with significant progress in construction and completion of key facilities [4] - The company is innovating its operational model by launching new products and exploring tank leasing to enhance the utilization and profitability of its receiving stations [4] - The natural gas pipeline infrastructure is expanding, with ongoing projects enhancing the coverage and capacity of the distribution network [4] - In the first half of the year, the company added 23,667 new natural gas users, bringing the total to 745,828, while expanding market reach through cross-province sales [5]

Company Overview - New Tian Green Energy (SH 600956) announced its sixth board meeting held on August 26, 2025, discussing the 2025 semi-annual president's work report and operational analysis [1] - For the first half of 2025, the company's revenue composition was as follows: natural gas accounted for 68.68%, electricity for 31.28%, and others for 0.04% [1] Industry Insights - The pet industry is experiencing significant growth, with a market size of 300 billion yuan, leading to a surge in stock prices for related companies [1]

格隆汇8月26日丨新天绿能(600956.SH)发布2025年半年度报告，报告期实现营业收入109.04亿元，同比 下降10.16%；归属上市公司股东的净利润14.12亿元，同比下降1.23%；扣除非经常性损益后的归属于上 市公司股东的净利润13.97亿元，同比下降1.28%；基本每股收益0.34元。 ...

证券代码：600956 证券简称：新天绿能 公告编号：2025-045 新天绿色能源股份有限公司 第六届董事会第一次会议决议公告 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。 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 会第一次会议于 2025 年 8 月 26 日通过现场与通讯相结合方式召开。会议通知于 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 年半年度总裁工作报告暨生产经营活动 分析的议案》 表决结果：11 票同意、0 票反对、0 票弃权。 二、审议通过了《关于本公司 2025 年半年度募集资金存放及实际使用情况 的议案》 表决结果：11 票同意、0 票反对、0 票弃权。 三、审议通过了《关于对河北建投集团财务有限公司的风险持续评估报告 （2025 年中期）的议案》 表决结果：11 票同意、0 票反对、0 票弃权。 本议案已经公司董事 ...

Mergers and Acquisitions - Zhongqi Co., Ltd. plans to acquire 100% equity of Zhongqi Research Automotive Inspection Center (Hulunbuir) Co., Ltd. for cash consideration of 111 million yuan [1] - Biyimi intends to spend 295 million yuan to acquire 100% equity of Shanghai Xingan Semiconductor Co., Ltd. using self-owned or self-raised funds [2] - Xintian Green Energy aims to acquire 49% equity of Chongli Wind Power and Zhangbei Wind Power through public bidding, with starting prices set at 67.65 million yuan and 56.59 million yuan respectively [3] Earnings Disclosure - China Gold reported a net profit of 319 million yuan for the first half of 2025, a decrease of 46.35% year-on-year, with total revenue of 31.098 billion yuan, down 11.54% [4] - Northern Rare Earth announced a net profit of 931 million yuan for the first half of 2025, an increase of 1951.52% year-on-year, with total revenue of 18.866 billion yuan, up 45.24% [5] - Yonyou Network reported a net loss of 945 million yuan for the first half of 2025, with total revenue of 3.581 billion yuan, down 5.9% year-on-year [6] Shareholding Changes - Shenma Power's major shareholder Chen Xiaoqin plans to reduce holdings by up to 3%, equivalent to a maximum of 12.95 million shares, from September 17, 2025, to December 16, 2025 [7] - Weiming Environmental Protection's major shareholder and associated parties plan to reduce holdings by up to 1.55% within three months after a 15 trading day period [8] - Lande Co., Ltd.'s controlling shareholder's associated parties plan to reduce holdings by up to 2.37%, totaling a maximum of 5.688 million shares within the next three months [9] Risk Matters - Zhejiang Wenyi's independent director Liu Jing has been placed under detention by relevant supervisory authorities, with the matter unrelated to the company [10]