Financial Performance - The company’s operating revenue for 2024 reached RMB 436,712,757 thousand, representing a year-on-year increase of 7.56% compared to RMB 406,031,848 thousand in 2023[42]. - Net profit attributable to shareholders for 2024 was RMB 8,396,167 thousand, up 5.13% from RMB 7,986,116 thousand in 2023[42]. - The net profit attributable to shareholders after deducting non-recurring gains and losses decreased by 8.89% to RMB 6,526,279 thousand from RMB 7,162,814 thousand in 2023[42]. - The net cash flow from operating activities increased by 16.25% to RMB 11,027,252 thousand compared to RMB 9,486,032 thousand in 2023[42]. - Total assets at the end of 2024 were RMB 869,004,776 thousand, a 10.96% increase from RMB 783,156,193 thousand at the end of 2023[42]. - The net assets attributable to shareholders at the end of 2024 were RMB 116,011,181 thousand, reflecting a 5.02% increase from RMB 110,464,737 thousand at the end of 2023[42]. - Basic earnings per share for 2024 were RMB 0.19, a 5.56% increase from RMB 0.18 in 2023[43]. - The weighted average return on net assets for 2024 was 7.74%, a decrease of 0.14 percentage points from 7.88% in 2023[43]. Dividend Distribution - The company plans to distribute a cash dividend of RMB 0.262 per share, totaling RMB 1.092 billion, with an additional interim dividend of RMB 521 million, leading to a total cash dividend of RMB 1.613 billion for the year[4]. - The board of directors has approved the profit distribution plan, which is subject to shareholder approval at the annual general meeting[4]. - The company plans to implement a mid-term dividend scheme for 2024 to enhance predictability and investor confidence[64]. Project and Contract Achievements - Total new contracts signed reached RMB 1.4 trillion, representing a year-on-year growth of 9.8%[21]. - The company reported a total of RMB 14,088.76 billion in new contracts signed for 2024, reflecting a year-on-year growth of 9.75%[53]. - The company signed new contracts worth RMB 1.27508 trillion in engineering construction business in 2024, reflecting a year-on-year growth of 6.4%[83]. - The new contracts for renewable and integrated smart energy projects amounted to RMB 555.35 billion in 2024, a year-on-year increase of 5.0%, accounting for 43.6% of the total[84]. - The traditional energy engineering construction business saw new contracts worth RMB 312.97 billion in 2024, a significant year-on-year increase of 57.6%[85]. Innovation and Technology Development - The company has established 4 academician expert stations, 14 postdoctoral research stations, and holds 11,310 valid patents, showcasing its strong innovation capabilities[30]. - The company is actively pursuing major technological tasks in green hydrogen, ammonia, and new materials[24]. - The company implemented a "Technology Strong Enterprise, Innovation Development" strategy, completing 22 major technology projects, including a world-first 660MW compressed air energy storage system solution[57]. - In 2024, the company received 1,841 patent authorizations, with a 57% year-on-year increase in invention patents[57]. - Over 100 artificial intelligence application scenarios have been implemented, demonstrating the company's focus on digital transformation[23]. Sustainability and Environmental Commitment - Major projects in green hydrogen and ammonia fuel are accelerating construction, emphasizing the company's commitment to sustainable energy solutions[23]. - The company is focusing on ecological and environmental protection, with the central government allocating RMB 34 billion for air pollution prevention and RMB 26.7 billion for water pollution control in 2024[72]. - The company is committed to sustainable development and social responsibility, with detailed reports on environmental and social governance to be published[197]. International Expansion and Market Presence - The company is focused on international expansion, aiming to build a global efficient integrated organizational and control system[26]. - The company has established six overseas regional headquarters and 256 branches, covering over 140 countries and regions, enhancing its international presence[105]. - The company’s international contracts signed in 2024 increased by 14.5%, with significant contributions from markets like Saudi Arabia and the Philippines, each exceeding RMB 20 billion[55]. Risk Management and Compliance - The company emphasizes the importance of risk awareness regarding forward-looking statements and future plans[5]. - The company has established a risk control system to address key risks in debt, project performance, and international operations, achieving a stable safety and quality environment with no major accidents reported[65]. - The company has confirmed that there are no non-operational fund occupations by controlling shareholders or related parties[6]. - The company reported no violations in decision-making procedures for external guarantees[6]. Financial Strategy and Governance - The financial advisor for continuous supervision is Huatai United Securities Co., Ltd., indicating ongoing compliance and governance efforts[41]. - The company emphasizes value-oriented management and plans to implement comprehensive budget control and financial digital empowerment[26]. - The company is facing debt risk due to increased operating liabilities and rising interest-bearing debt, with a strategy to manage financial risks through strict control measures[192]. - The board approved an adjustment to the issuance of A-shares, raising the fundraising amount to no more than RMB 9 billion[200]. Future Outlook and Strategic Goals - The company plans to sign new contracts worth RMB 1.5 trillion and expects revenue of RMB 458.5 billion in 2025, with an investment plan of RMB 135.4 billion[191]. - The company anticipates that the domestic hydrogen energy industry will reach a market value of RMB 1 trillion by 2025, indicating substantial growth potential in this sector[182]. - The company aims to enhance its core capabilities by focusing on technological innovation, integrated energy solutions, and comprehensive infrastructure development, aligning with national strategies for energy security and high-quality development[189].

Group 1 - China Energy Engineering Group focuses on enhancing core functions and competitiveness, achieving continuous growth in operating performance for 13 years, and stepping into a new stage of high-quality development [2] - The company drives transformation through technological innovation, with 33 self-developed technologies reaching international advanced levels, generating over 10 million yuan annually in technology transformation [2] - The share of renewable energy business has increased from less than 13% at the end of the 13th Five-Year Plan to nearly 40% in 2024, with a contracted renewable energy installed capacity of nearly 50 million kilowatts, maintaining a leading position in the industry [2] Group 2 - The company is actively promoting digital transformation by improving its digital architecture and creating 16 intelligent construction pilot projects, leading the industry in digital capabilities [3] - China Energy Engineering Group is expanding its new infrastructure business through integrated models such as "Energy+", "Construction+", and "Digital+", creating various demonstration projects [3] - Looking ahead, the company aims to continue leveraging its four major transformations to develop new productive forces and provide strong momentum for becoming a world-class enterprise [3]

Summary of Conference Call Notes Company and Industry Involved - **Company**: China Energy Construction (中国能建) - **Industry**: IT and Computing Power Infrastructure (算力基础设施行业) Key Points and Arguments Industry Leadership and Strategic Initiatives - China Energy Construction is recognized as a leader in the ITC industry, particularly in computing power infrastructure development, and has been actively involved in national strategies such as the "East Data West Computing" initiative, with six out of eight planned data flow nodes already established [1][2] - The company emphasizes innovation, green development, and integration as core principles, aligning with national dual carbon strategies [2] Market Growth and Projections - The global IT market is projected to exceed $200 billion by 2025, with China being the second-largest market in artificial intelligence [8] - The domestic computing power market is expected to see a growth rate exceeding 70%, with over 300 computing center projects anticipated by 2025 [9] Technological Advancements - Transition from traditional CPU computing to high-power GPU computing is noted, indicating a significant shift in computing capabilities [9] - The integration of hardware and software services is becoming a trend, with a focus on high-power transformation capabilities among third-party service providers [10] Policy and Regional Development - The "East Data West Computing" project is optimizing industrial layout and promoting resource collaboration between eastern and western regions of China [10][11] - The shift towards green and low-carbon policies is driving the industry towards sustainable practices, with an increasing share of renewable energy in operations [11] Financial Metrics and Investment Plans - China Energy Construction has over 400 billion yuan in planned investments related to computing power infrastructure, with significant ongoing projects across various nodes [17][21] - The company aims for an internal rate of return of 17% on its investment projects, with a current occupancy rate of over 90% for its data center projects [20][21] Future Outlook - The company anticipates a robust growth trajectory in the computing power sector, driven by the increasing demand for data centers and the integration of AI technologies [22][23] - The focus on establishing a nationwide computing power network is expected to enhance operational efficiency and support the digital economy [19][21] Other Important but Possibly Overlooked Content - The company is actively participating in the construction of 12 major business products related to computing power, indicating a comprehensive approach to service offerings [5] - The integration of energy management and computing power is highlighted as a key competitive advantage, with plans to leverage green energy sources for data centers [15][18]

CHINA ENERGY ENGINEERING CORPORATION LIMITED* 3996 董事會會議通告 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份內容 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。 中國能源建設股份有限公司（「本公司」）董事會（「董事會」）謹此宣佈，本公司將於二零二 五年四月二十九日（星期二）舉行董事會會議，藉以（其中包括）批准本公司及其附屬公司 截至二零二五年三月三十一日止三個月之第一季度業績及其發佈。 承董事會命 中國能源建設股份有限公司 董事長 宋海良 中國，北京 2025年4月15日 於本公告日期，本公司執行董事為宋海良先生及倪真先生；非執行董事為劉學詩先生及 司欣波先生；及獨立非執行董事為程念高先生、趙立新先生、魏偉峰博士及牛向春女 士。 * 僅供識別 ...

北京德恒律师事务所 关于中国能源建设股份有限公司 控股股东增持公司股份的 专项核查意见 北京市西城区金融街 19 号富凯大厦 B 座 12 层 电话：010-52682888 传真：010-52682999 邮编：100033 北京德恒律师事务所 关于中国能源建设股份有限公司 控股股东增持公司股份的专项核查意见 北京德恒律师事务所 关于中国能源建设股份有限公司 控股股东增持公司股份的 专项核查意见 德恒 01G20230866-07 号 致：中国能源建设股份有限公司 北京德恒律师事务所（以下简称"本所"）接受中国能源建设股份有限公司 （以下简称"中国能建""公司"）的委托，根据《中华人民共和国公司法》（以 下简称"《公司法》"）、《中华人民共和国证券法》（以下简称"《证券法》"）、 《上市公司收购管理办法》（以下简称"《收购管理办法》"）、《上海证券交 易所上市公司自律监管指引第 8 号——股份变动管理》（以下简称"《股份变动 管理指引》"）等法律法规、规范性文件的有关规定，就中国能建控股股东中国 能源建设集团有限公司（以下简称"中国能建集团"）增持公司 A 股股份事宜 （以下简称"本次增持"）出具本专项核查 ...

A 股代码：601868 A 股简称：中国能建 编号：临 2025-025 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 关于调整 2024 年度业绩暨现金分红说明会 召开时间的公告 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。 中国能源建设股份有限公司（以下简称"公司"）于 2025 年 4 月 10 日在上海证券交易所网站披露了《关于召开 2024 年度 业绩暨现金分红说明会的公告》（公告编号：临 2025-023）。 公司原定于 2025 年 4 月 18 日（星期五）上午 10:00-11:30 召开 业绩说明会,现根据实际工作安排，将本次业绩说明会召开时间 调整为 2025 年 4 月 18 日（星期五）下午 14:00-15:30，其他会 议内容不变，时间调整后业绩说明会具体情况如下： 一、说明会类型 本次投资者说明会以视频直播结合网络互动形式召开，公司 将针对 2024 年度的经营成果、财务状况及现金分红的具体情况 与投资者进行互动交流和沟通，在信息披露允许的范围内进行回 答。 ...

中国能建（601868）公告，控股股东中国能建集团自2024年10月15日至2025年4月14日期间，通过上海 证券交易所证券交易系统以集中竞价方式累计增持公司A股1.37亿股，占公司总股本的0.33%，累计增 持金额3亿元(不含手续费)。本次增持计划实施期限届满后，中国能建集团直接持有公司188.47亿股，占 公司总股本的45.21%。 ...

Investment Rating - The report maintains an "Outperform" rating for the industry [1]. Core Insights - The report highlights significant developments in the wind and solar sectors, including the commencement of China's first large-capacity floating wind turbine project and the termination of a major solar component procurement by China Power Construction [6][7]. - The Australian government's plan to subsidize home energy storage systems is expected to reduce initial costs for consumers and drive installation growth [7]. Summary by Sections Wind Power - The commencement of the 16MW floating wind turbine project by Three Gorges marks a significant milestone in China's offshore wind technology, addressing high costs through larger turbine capacities [11]. - The wind power index fell by 6.67%, underperforming the CSI 300 index by 3.80 percentage points, with a current PE_TTM valuation of approximately 18.89 times [12]. - Key companies to watch include Mingyang Smart Energy, Dongfang Cable, and Yaxing Anchor Chain, as the domestic offshore wind market shows upward momentum [7][16]. Solar Power - China Power Construction's termination of a 51GW solar component procurement reflects the impact of recent adjustments in renewable energy pricing policies, leading to uncertainty in project investment returns [6][7]. - The solar equipment index decreased by 9.56%, with the current PE_TTM valuation around 29.99 times [4]. - Companies of interest include Longi Green Energy and Tongwei Co., as the solar sector faces potential short-term demand weakness post-May 31 [7][16]. Energy Storage & Hydrogen - The Australian Labor Party's proposed AUD 2.3 billion subsidy for home energy storage systems aims to lower costs by 30%, potentially facilitating the installation of over 1 million new batteries by 2030 [7]. - The energy storage index dropped by 9.04%, with a current PE_TTM of 23.9 times, indicating a strong growth outlook for the sector [4]. - Key players in the energy storage market include Sungrow Power Supply and Shuneng Electric, while the hydrogen sector sees interest in companies like Huagong Huaneng and Yihua Tong [7][16].

本报告导读： 中国能建2024 年经营现金流110.3 亿元，较2023 年94.9 亿元显著提升。聚焦"AI+能源电力""AI+产业融 合",深度参与全国"东数西算"八大区域算力枢纽中心建设。 (4)聚焦"AI+能源电力""AI+产业融合"系统发力，深度参与全国"东数西算"八大节点区域算力枢纽中心 建设。(5)公司年报利润分配预案为每股派发股利0.04 元(2023 年度每股派发股利0.03 元)，公司本年度 的股利支付率将达到19.2%(2023 年度股利支付率13.6%)，对应股息率为1.7%。 投资要点： 风险提示：宏观政策超预期紧缩，基建投资低于预期等。 维持增持。业绩低 于预期，下调预测 2025-2026 年 EPS0.22/0.23（原0.24/0.28）增7.8/7.2%，预测2027 年EPS 为0.25 增7.1%。维持目标价2.96 元，对应2025 年13.5 倍PE。 2024 年新签订单增长9.8%，海外订单0.3 万亿元增长14.6%。 (1) 2024年新签订单1.4 万亿元增9.8%（23 年同期增22.4%）。其中新能源及综合能源5553.5 亿元增5.0%占39.4%、 ...