A 股代码：601868 A 股简称：中国能建 公告编号：临 2025-058 H 股代码:03996 H 股简称:中国能源建设 中国能源建设股份有限公司 关于召开 2025 年第三季度业绩说明会的公告 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。 重要内容提示： 投资者可于 2025 年 11 月 19 日（星期三）至 11 月 25 日 （星期二）16:00 前登录上证路演中心网站首页点击"提问预征 集"栏目或于 2025 年 11 月 25 日（星期二）16:00 前通过公司 邮箱 zgnj3996@ceec.net.cn 进行提问。公司将在说明会上对投 资者普遍关注的问题进行回答。 中国能源建设股份有限公司（以下简称公司）已于 2025 年 10 月 31 日发布公司 2025 年第三季度报告，为便于广大投资者 更全面深入地了解公司 2025 年第三季度经营成果、财务状况， 公司计划于 2025 年 11 月 26 日（星期三）15:00-16:00 举行 2025 年第三季度业绩说明会，就投资者关心的问题进行交流 ...

Core Insights - The National Energy Administration has identified "expanding non-electric utilization of renewable energy" as a key focus for the 14th Five-Year Plan, emphasizing the development of integrated wind-solar hydrogen, ammonia, and methanol production [1] - The wind-solar hydrogen-ammonia-methanol integration model is seen as a transformative approach to convert unstable green electricity into green hydrogen, which can then be synthesized into storable and transportable green ammonia and methanol, addressing the issue of renewable energy intermittency [2] - As of October 2023, over 800 hydrogen-ammonia-methanol integration projects have been planned in China, with a total planned green hydrogen capacity of nearly 9 million tons per year, positioning China as a global leader in this sector [2] Industry Development - Most of the green hydrogen and methanol projects are concentrated in resource-rich regions such as Northwest, North, and Northeast China, with provinces like Inner Mongolia, Jilin, and Xinjiang actively promoting large-scale development [3] - Notable operational projects include the China Petroleum & Chemical Corporation's green hydrogen demonstration project in Xinjiang and the 100,000-ton green methanol project in Inner Mongolia, among others [3][4] - The industry is witnessing increasing participation from both state-owned enterprises and private companies, creating a competitive landscape [4] Challenges and Future Outlook - The green hydrogen and methanol industry faces challenges such as high production costs, insufficient technological integration, and a lack of standardized systems [6] - Industry experts emphasize the need to reduce investment costs and improve operational rates to enhance competitiveness [6] - Despite current challenges, the market potential for green methanol and ammonia is significant, particularly in the context of low-carbon development trends in shipping and aviation, suggesting a promising long-term outlook for the hydrogen-ammonia-methanol market [6]

Core Insights - China Energy Construction Co., Ltd. experienced a decline of 0.82% in stock price on November 14, with a trading volume of 482 million yuan [1] - The company reported a financing net buy of -74.45 million yuan on the same day, indicating a higher level of financing repayment compared to new purchases [1] - As of September 30, 2025, the company achieved a revenue of 323.54 billion yuan, reflecting a year-on-year growth of 9.62%, while net profit attributable to shareholders decreased by 12.43% to 3.156 billion yuan [2] Financing and Trading Activity - On November 14, the financing buy amount for China Energy was 87.96 million yuan, while the financing repayment was 162 million yuan, leading to a net financing outflow [1] - The total financing and securities balance reached 1.294 billion yuan, with the financing balance accounting for 1.64% of the circulating market value, indicating a relatively high level compared to the past year [1] - The short selling activity on the same day included a repayment of 200 shares and a sale of 3,400 shares, with a total short selling amount of 8,262 yuan [1] Company Overview - China Energy Construction Co., Ltd. was established on December 19, 2014, and went public on September 28, 2021, primarily engaged in construction contracting [2] - The company operates through five business segments, with construction services contributing 81.18% to total revenue, followed by industrial manufacturing at 7.42%, and investment operations at 6.80% [2] - As of September 30, 2025, the number of shareholders increased to 473,000, reflecting a growth of 41.21% [2] Dividend and Shareholding Structure - Since its A-share listing, China Energy has distributed a total of 4.686 billion yuan in dividends, with 3.748 billion yuan distributed over the past three years [3] - Among the top ten circulating shareholders, China Securities Finance Corporation holds 613 million shares, while Hong Kong Central Clearing Limited reduced its holdings by 368 million shares [3]

Core Insights - The successful launch of the world's largest 5000 square meter high-altitude wind energy capturing umbrella marks a significant step in China's high-altitude wind power technology and its engineering application [1][3] Group 1: High-altitude Wind Power Technology - High-altitude wind power generation utilizes airborne components tethered to capture wind energy above 300 meters, converting it into electrical energy [3] - The technology involves a three-tier energy transfer path: airborne energy capture, cable energy transmission, and ground-based power generation [3][5] - The system employs a helium balloon for initial lift, a working umbrella for wind energy capture, and a cable made of ultra-high molecular polyethylene capable of withstanding hundreds of tons of tension [5] Group 2: Advantages and Opportunities - High-altitude wind energy presents a strategic opportunity to overcome the limitations faced by traditional wind power, such as limited near-surface wind resources and the intermittent nature of wind energy [5][8] - Research indicates that the high-altitude region (300 to 10,000 meters) contains abundant and underutilized wind energy resources, with theoretical reserves exceeding global electricity consumption needs by over 100 times [8] - High-altitude wind energy offers significant advantages, including increased energy density, stable wind direction and speed, and widespread global distribution, which can enhance the stability and peak-shaving capabilities of new power systems [8] Group 3: Commercialization and Application - The first engineering trial project for high-altitude wind energy generation in China, located in Anhui, successfully generated power using the umbrella-based technology, with a total installed capacity at the megawatt level [9] - The umbrella-based land-based high-altitude wind power technology demonstrates significant commercial potential and application flexibility, supporting various deployment schemes such as mobile, distributed, and centralized systems [12] - This technology can be deployed in resource-rich areas like Inner Mongolia and Qinghai, provide clean power to remote locations, and serve as an emergency response system in urban settings, enhancing the resilience of multi-energy systems [12]

Group 1 - Beijing Energy International (00686) announced the signing of an EPC contract with a consortium led by China Energy Engineering Group Zhejiang Thermal Power, with a contract price of approximately RMB 328 million (including tax) [1] - The EPC services provided under the contract include all surveying, design, procurement of equipment and materials, construction, installation, testing, and acceptance work for the project [1] - The consortium will also be responsible for repairing any faults or defects within a one-year warranty period as per the EPC contract [1] Group 2 - The company is accelerating the scale development of clean energy and expanding its renewable energy business, focusing on diversification [2] - The decision to sign the EPC contract aligns strategically with national policies aimed at promoting the construction of large energy bases, particularly in the context of distributed energy [2] - This initiative supports government goals for energy diversification and sustainable development, positioning the company favorably in the evolving energy landscape [2]

Core Insights - The Chinese energy storage industry is experiencing a "dual-drive" trend, with rapid overseas expansion and deepening industry collaboration to strengthen supply chain coordination for global competitiveness [2] Group 1: Major Collaborations and Projects - Envision Energy has secured a contract with Statera Energy to provide a battery storage system for the 680MW/1360MWh Carrington Storage Project in the UK, which has received £235 million (approximately 2.195 billion RMB) in financing and is expected to be operational by the end of 2026 [3] - Haibos Technology has signed a ten-year strategic cooperation agreement with CATL, committing to purchase no less than 200GWh of battery cells and system products from CATL between 2026 and 2028 [5] - Kehua Data has successfully connected a 20MW REFLEX™ microgrid project in Pakistan to the grid, addressing local power supply instability [6] - Sungrow has shipped multiple hundred-megawatt energy storage products to Eastern Europe, reflecting its commitment to expanding in this emerging market [7] - JA Solar and Chuangneng New Energy have entered a strategic cooperation agreement to jointly develop and supply core energy storage products for overseas markets [8] - LONGi Green Energy has signed an order for 100 iCon commercial energy storage units with European client ES Integrations BV, aiming to optimize energy structure in Belgium [9][10] - Faraday Future has signed a strategic cooperation agreement with a well-known energy developer in Latin America to jointly develop a 1890MW/7560MWh energy storage project [11] - China Energy Engineering Corporation has signed an EPC contract for a solar and storage project in the Philippines, which includes 1.2GWh of storage capacity [12] - Canadian company Canadian Solar has signed a contract to provide a complete energy storage solution for the "Sky 2" project in Ontario, with a scale of 411MW/1.858MWh [13] Group 2: Market Trends and Growth - The global commercial energy storage shipment has increased by 74% year-on-year, with a notable 192% growth in shipments from LONGi Green Energy [10] - The Eastern European energy storage market is rapidly growing, supported by favorable policies and a strong photovoltaic market foundation [7] - The energy storage industry is witnessing significant overseas orders, with over 20GWh of contracts signed in September alone [20]

Core Insights - The successful test of the world's largest 5000 square meter high-altitude wind power capturing parachute marks a significant advancement in China's high-altitude wind power technology [1][3][5] Group 1: Technology and Innovation - High-altitude wind power technology utilizes components above 300 meters to convert wind energy into electricity, consisting of airborne components, traction cables, and ground components [3][5] - The successful deployment of the super-large parachute confirms the feasibility of the parachute-based ground high-altitude wind power generation technology for large capacity and power [7] - The high-altitude wind energy system can save 95% of land, reduce steel usage by 90%, and lower electricity costs by 30% compared to traditional land-based wind power [8] Group 2: Market Potential and Development - High-altitude wind energy is considered an undeveloped "no man's land" with significant potential due to its high wind speeds, stable wind directions, and high energy density [5][9] - Research indicates that wind energy density at 6000 meters is over 20 times that of surface wind energy density, with the high-altitude wind energy exceeding the total energy demand of human society by more than 100 times [11] - China has a rich resource of high-altitude wind energy and has developed a series of independent intellectual property rights in this field, aiming to create a comprehensive energy center and expand the industry chain [11]

Core Viewpoint - The successful test of the world's largest 5000 square meter airborne wind power capturing umbrella marks a significant step in the engineering application of high-altitude wind power generation technology in China [2] Group 1: Technology Overview - High-altitude wind power generation utilizes tethered aerial components to capture wind energy above 300 meters, converting it into electrical energy [2] - The capturing umbrella, also known as the working umbrella, is the core device of the high-altitude wind power generation system [2] - The tested umbrella-based ground high-altitude wind power generation system captures wind energy to lift the umbrella, thereby driving the ground power generation system [2] Group 2: Test Details - The test measured the pulling force of the working umbrella under natural wind conditions to calculate its opening characteristics [2] - The successful demonstration verified that the 5000 square meter working umbrella has the capability to function under predetermined conditions, providing critical data support for the design and optimization of the high-altitude wind energy umbrella system [2] Group 3: Industry Potential - High-altitude wind energy has advantages such as high wind speed, stable wind direction, and high energy density, indicating significant potential [2] - The value of high-altitude wind power generation technology has gradually become prominent, offering sustainable and renewable energy solutions for global energy transition [2]

Core Insights - China Energy Construction Co., Ltd. experienced a slight decline of 0.41% in stock price on November 11, with a trading volume of 522 million yuan [1] - The company reported a net financing outflow of 20.54 million yuan on the same day, with total financing and securities lending balance reaching 1.403 billion yuan [1] Financing Overview - On November 11, the financing buy-in amount was 94.27 million yuan, while the financing repayment was 115 million yuan, resulting in a net financing buy-in of -20.54 million yuan [1] - The current financing balance stands at 1.399 billion yuan, accounting for 1.76% of the circulating market value, which is above the 80th percentile of the past year [1] Securities Lending Overview - On the same day, the company repaid 983,200 shares in securities lending and sold 77,300 shares, with the selling amount calculated at 189,400 yuan [1] - The remaining securities lending volume is 1.6964 million shares, with a balance of 4.1562 million yuan, which is below the 50th percentile of the past year [1] Company Profile - China Energy Construction Co., Ltd. was established on December 19, 2014, and listed on September 28, 2021, with its main business focused on construction contracts [2] - The company operates through five business segments, with construction services contributing 81.18% to revenue, followed by industrial manufacturing at 7.42%, investment operations at 6.80%, design and consulting at 4.07%, and other businesses at 0.53% [2] Financial Performance - For the period from January to September 2025, the company achieved a revenue of 323.544 billion yuan, reflecting a year-on-year growth of 9.62%, while the net profit attributable to shareholders decreased by 12.43% to 3.156 billion yuan [2] Dividend Distribution - Since its A-share listing, the company has distributed a total of 4.686 billion yuan in dividends, with 3.748 billion yuan distributed over the past three years [3] Shareholder Structure - As of September 30, 2025, the company had 473,000 shareholders, an increase of 41.21% from the previous period [2] - Major shareholders include China Securities Finance Corporation, holding 613 million shares, and Hong Kong Central Clearing Limited, which reduced its holdings by 368 million shares [3]

Group 1 - The core viewpoint of the article highlights the target price increases for certain listed companies, with Heng Rui Pharmaceutical, Lens Technology, and Weichai Power leading the rankings with target price increases of 52.03%, 36.05%, and 31.00% respectively [2] - On November 10, a total of 85 listed companies received recommendations from brokerages, indicating a positive sentiment in the market [2] - Among the recommended companies, Zhongtung High-tech received recommendations from 2 brokerages, while China Energy Construction and Urban Development received recommendations from 1 brokerage each [2]