Group 1 - The company, Jiangsu New Energy, announced the appointment of Mr. Qiao Bing as the new General Manager during the 13th meeting of the fourth board of directors held on September 16, 2025 [1]

证券代码：603693 证券简称：江苏新能 公告编号：2025-037 江苏省新能源开发股份有限公司 关于总经理、董事辞职及聘任总经理、补选董事的公 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。 一、总经理、董事离任情况 二、聘任总经理情况 2025 年 9 月 16 日，公司召开第四届董事会第十三次会议，审议通过了《关 于聘任总经理的议案》，同意聘任乔兵先生担任公司总经理，任期自董事会审议 通过之日起至第四届董事会届满为止。（简历详见附件） （一）提前离任的基本情况 江苏省新能源开发股份有限公司（以下简称"公司"）董事会于近日收到总 经理陈华先生和董事申林先生的书面辞职报告。因工作变动，陈华先生申请辞去 公司总经理职务，申林先生申请辞去公司第四届董事会董事、董事会审计与合规 风控委员会委员职务。具体情况如下： | | | | | | 是否继续 在上市公 | | 是否存 在未履 | | --- | --- | --- | --- | --- | --- | --- | --- | | 姓名 | 离任职务 | 离任时间 | ...

证券代码：603693 证券简称：江苏新能 公告编号：2025-036 江苏省新能源开发股份有限公司 第四届董事会第十三次会议决议公告 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。 一、董事会会议召开情况 江苏省新能源开发股份有限公司（以下简称"公司"）第四届董事会第十三 次会议于 2025 年 9 月 16 日以通讯表决的方式召开。本次会议通知已于 2025 年 9 月 8 日以邮件等方式发出。会议应参会董事 8 人，实际参会董事 8 人。本次会 议符合《中华人民共和国公司法》和《江苏省新能源开发股份有限公司章程》的 有关规定。 二、董事会会议审议情况 （一）审议通过《关于聘任总经理的议案》 1 会非独立董事候选人。具体内容详见公司同日披露的《江苏省新能源开发股份有 限公司关于总经理、董事辞职及聘任总经理、补选董事的公告》（公告编号： 2025-037）。 表决结果：同意 8 票，反对 0 票，弃权 0 票。 本议案已经公司董事会提名委员会审议通过，同意提交董事会审议。本议案 尚需提交公司 2025 年第二次临时股东会审议 ...

Market Overview - The Shanghai Composite Index is at 3852.31 points with a decline of -0.21% as of 10:32 AM, and the total trading volume of A-shares is 1,075.764 billion yuan [1] Stocks with Death Cross - A total of 152 A-shares have seen their 5-day moving average cross below the 10-day moving average, indicating potential bearish trends [1] - Notable stocks with significant distance between their 5-day and 10-day moving averages include: - Songjing Co., Ltd. (688157) with a distance of -1.61% - Chunguang Technology (603657) with a distance of -1.02% - Pilin Bio (000403) with a distance of -0.93% [1] Detailed Stock Performance - Key stock performances include: - Songjing Co., Ltd. (688157): Today's change is -0.67% with a latest price of 40.09 yuan, which is -3.28% from the 10-day moving average [1] - Chunguang Technology (603657): Today's change is -3.47% with a latest price of 38.70 yuan, which is -6.79% from the 10-day moving average [1] - Pilin Bio (000403): Today's change is -0.52% with a latest price of 17.32 yuan, which is -2.64% from the 10-day moving average [1] Additional Stocks with Notable Changes - Other stocks showing significant changes include: - Jiangsu New Energy (603693): Today's change is -1.38% with a latest price of 12.87 yuan, which is -2.29% from the 10-day moving average [2] - Yongan Pharmaceutical (002365): Today's change is -1.04% with a latest price of 18.11 yuan, which is -1.45% from the 10-day moving average [2] - Mosi Co., Ltd. (001323): Today's change is -1.95% with a latest price of 28.16 yuan, which is -2.96% from the 10-day moving average [2]

Group 1: General Information - Report research company: Jiangsu New Energy [17] - Industry: Power industry [2] - Research date: September 15, 2025 [1] - Company reception staff: Chairman and General Manager Chen Hua, Independent Director Wu Qiang, Board Secretary and Financial Controller Zhang Ying, Securities Affairs Representative Dong Yihong [17] Group 2: Research Institutions - Detailed research institutions: Investors who attended the company's 2025 semi - annual performance briefing [20] Group 3: Main Content - Number of patents and R & D plans: The company currently has 30 valid patents. It focuses on offshore wind power, new energy storage, smart energy, and low - carbon technologies through cooperation with universities and research institutes [24] - Dividend strategy: The company implements a continuous and stable profit - sharing policy. In 2024, based on a total share capital of 891 million shares, it distributed a cash dividend of 0.15 yuan per share (tax - included), totaling 134 million yuan (tax - included), which was completed in June 2025 [24] - Offshore wind power projects: The installed capacity of the company's operating offshore wind power projects is 350,000 kilowatts. The 850,000 - kilowatt Dafeng project led by the controlling shareholder is under construction and may be injected into the company. The 1.55 - million - kilowatt project won by the consortium led by the controlling shareholder is in the early development stage. The company will continue to focus on offshore wind power in Jiangsu [25]

Market Overview - The electricity sector increased by 0.21% compared to the previous trading day, with Jiangsu Xineng leading the gains [1] - The Shanghai Composite Index closed at 3765.88, down 1.25%, while the Shenzhen Component Index closed at 12118.7, down 2.83% [1] Top Performers in Electricity Sector - Jiangsu Xineng (603693) closed at 13.18, up 3.62% with a trading volume of 112,800 shares and a turnover of 149 million yuan [1] - Linyang Energy (601222) closed at 6.14, up 3.19% with a trading volume of 527,800 shares and a turnover of 325 million yuan [1] - Xichang Electric Power (600505) closed at 13.49, up 2.04% with a trading volume of 110,200 shares and a turnover of 148 million yuan [1] Underperformers in Electricity Sector - Zhaoxin Co., Ltd. (002256) closed at 3.17, down 9.94% with a trading volume of 2,569,100 shares and a turnover of 82.28 million yuan [2] - Jingyuntong (806009) closed at 4.11, down 5.95% with a trading volume of 2,091,600 shares and a turnover of 876 million yuan [2] - Huaguang Huaneng (600475) closed at 20.78, down 4.90% with a trading volume of 205,600 shares and a turnover of 434 million yuan [2] Capital Flow Analysis - The electricity sector experienced a net outflow of 300 million yuan from institutional investors and a net outflow of 413 million yuan from speculative funds, while retail investors saw a net inflow of 713 million yuan [2] - Major stocks like Changjiang Electric Power (600900) had a net inflow of 467.1 million yuan from institutional investors, while speculative funds saw a net outflow of 102 million yuan [3] Summary of Capital Flows for Key Stocks - Sanxia Energy (600905) had a net inflow of 71.5 million yuan from institutional investors, while speculative funds had a net outflow of 42.4 million yuan [3] - Huaneng Water Power (600025) saw a net inflow of 42.7 million yuan from institutional investors, with a net outflow of 34.6 million yuan from speculative funds [3] - Linyang Energy (601222) had a net inflow of 26.2 million yuan from institutional investors, while speculative funds experienced a net outflow of 27.2 million yuan [3]

Investment Rating - The report maintains a strong rating for the power sector and recommends specific companies within the sector [4][7][11]. Core Insights - The first central document in the carbon market sector has been issued, marking a new journey in carbon market construction, with significant implications for green investment and industry growth [3][17][18]. - The report emphasizes the importance of promoting high-quality urban development, particularly in the water and solid waste management sectors, which are expected to benefit from new policies [4][21]. Summary by Sections Market Review - From August 25 to August 29, the electricity sector fell by 0.40%, the environmental sector by 1.47%, the gas sector by 1.65%, and the water sector by 2.15%, while the CSI 300 index rose by 2.71% [11][12]. Carbon Market Development - The central government's recent document outlines plans to accelerate the construction of a national carbon market, aiming for comprehensive coverage of major industrial sectors by 2027 and a robust voluntary reduction market [3][17][18]. - As of July 2025, the national carbon emissions trading market has seen a cumulative transaction volume of 681 million tons and a transaction value of 46.784 billion yuan, indicating a growing influence of carbon pricing [3][18]. Urban Development Initiatives - The recent policy encourages green low-carbon transformation in urban development, promoting energy efficiency and waste management [4][21]. - The report identifies opportunities in waste-to-energy applications, industrial wastewater treatment, and the recycling of construction waste, which are expected to enhance profitability for related companies [4][21]. Investment Recommendations - The report recommends specific companies within various sectors: - For the power sector, it suggests Jiangsu Guoxin and cautiously recommends Sheneng Co. and Zhejiang Energy [4]. - In the nuclear power sector, it cautiously recommends China National Nuclear Power and China General Nuclear Power [4]. - For green energy, it suggests focusing on Three Gorges Energy and Jiangsu New Energy [4]. - In the water sector, it recommends Changjiang Electric Power and cautiously suggests Huaneng Hydropower [4]. - In the environmental sector, it recommends Yongxing Co. and Xuedilong, while suggesting attention to Huaguang Huaneng and China Tianying [4].

Investment Rating - The report maintains a "Strong Buy" rating for Jiangsu Xineng (603693) with a target price of 15.7 CNY, representing a 15% upside from the current price of 13.68 CNY [1][6]. Core Views - The company's performance in the first half of 2025 was under pressure due to weak wind conditions, but there is optimism regarding its long-term growth potential [1][6]. - The company is expected to benefit from the increasing focus on offshore wind energy and related policies, positioning it as a key player in the sector [6][6]. Financial Summary - **Revenue and Profit Forecasts**: - Total revenue is projected to grow from 2,099 million CNY in 2024 to 3,484 million CNY by 2027, with a CAGR of 22.8% from 2026 to 2027 [2]. - Net profit is expected to increase from 417 million CNY in 2024 to 780 million CNY in 2027, with a notable growth rate of 34.4% in 2025 [2]. - **Earnings Per Share (EPS)**: - EPS is forecasted to rise from 0.47 CNY in 2024 to 0.88 CNY in 2027, reflecting a strong growth trajectory [2]. - **Valuation Metrics**: - The price-to-earnings (P/E) ratio is expected to decrease from 29 in 2024 to 16 in 2027, indicating improving valuation as earnings grow [2]. Operational Insights - **Performance in H1 2025**: - The company reported a net profit of 282 million CNY in H1 2025, a decrease of 3.62% year-on-year, while Q2 2025 saw a significant increase of 181.56% year-on-year [6][7]. - Revenue for H1 2025 was 1,054 million CNY, a slight increase of 0.48% year-on-year, with Q2 revenue growing by 25.47% [6][7]. - **Power Generation**: - Total power generation in H1 2025 was 1,783 million kWh, down 2.67% year-on-year, with on-grid power generation also declining by 2.76% [6][6]. - The company has a total installed capacity of 1.71 million kW, with significant contributions from onshore wind, offshore wind, and photovoltaic projects [6][6]. Strategic Developments - **Project Pipeline**: - The company is advancing several key projects, including a 1.55 million kW offshore wind project and various photovoltaic initiatives, which are expected to enhance future profitability [6][6]. - **Policy Environment**: - Recent government policies favoring deep-sea technology and high-quality development of the marine economy are anticipated to catalyze growth in the offshore wind sector [6][6].

Core Viewpoint - Jiangsu Xinneng (603693) reported mixed financial results for the first half of 2025, with slight revenue growth but a decline in net profit compared to the previous year [1] Financial Performance Summary - Total revenue for the first half of 2025 reached 1.054 billion yuan, a year-on-year increase of 0.48% [1] - Net profit attributable to shareholders was 282 million yuan, down 3.62% year-on-year [1] - In Q2 2025, total revenue was 480 million yuan, reflecting a significant year-on-year increase of 25.47% [1] - Q2 2025 net profit attributable to shareholders was 118 million yuan, showing a substantial year-on-year increase of 181.56% [1] Key Financial Metrics - Gross margin stood at 52.17%, a decrease of 2.79% year-on-year [1] - Net margin was 30.8%, down 7.45% year-on-year [1] - Earnings per share (EPS) was 0.32 yuan, a decrease of 3.03% year-on-year [1] - Operating cash flow per share was 0.45 yuan, down 15.15% year-on-year [1] - Book value per share increased to 7.68 yuan, up 4.09% year-on-year [1] Balance Sheet Highlights - Accounts receivable increased to 3.435 billion yuan, a rise of 15.45% year-on-year, with accounts receivable to net profit ratio at 824.06% [1] - Interest-bearing liabilities rose to 7.804 billion yuan, an increase of 3.20% year-on-year [1] - Cash and cash equivalents decreased to 1.393 billion yuan, down 6.96% year-on-year [1] Changes in Financial Items - Prepayments increased by 120.3% due to payments for ongoing projects and equipment [2] - Construction in progress rose by 56.77% due to new energy storage and photovoltaic projects [2] - Deferred tax assets increased by 32.81% due to higher bad debt provisions and unabsorbed losses [2] - Research and development expenses surged by 853.74% due to increased spending by subsidiaries [2] - Net cash flow from investing activities decreased by 51.31% due to higher cash payments for fixed assets and other long-term assets [2] Business Evaluation - The company's return on invested capital (ROIC) was 5.45%, indicating average capital returns [3] - Historical median ROIC since listing is 6.42%, with the lowest ROIC recorded at 3.41% in 2020 [3] - The company has a high debt ratio, with interest-bearing asset liability ratio at 34.36% [3] - The accounts receivable situation is concerning, with a high ratio of accounts receivable to profit [3]

Group 1 - The company reported a revenue of 1.054 billion yuan for the first half of 2025, representing a year-on-year growth of 0.48% [1] - The net profit attributable to shareholders was 282 million yuan, showing a year-on-year decline of 3.62% [1] - The net profit excluding non-recurring items was 267 million yuan, which is a year-on-year decrease of 5.03% [1] - The basic earnings per share stood at 0.32 yuan [1]