Company Overview - Zhejiang Xinzhonggang Thermal Power Co., Ltd. is located in Shenzhou City, Zhejiang Province, and was established on October 17, 1997. The company was listed on July 7, 2021. Its main business involves the production and supply of thermal and electric power through cogeneration [1]. - The company's revenue composition is as follows: cogeneration accounts for 95.17%, energy storage electricity for 4.73%, and others for 0.10% [1]. Financial Performance - For the period from January to September 2025, Xinzhonggang achieved operating revenue of 529 million yuan, a year-on-year decrease of 18.48%. However, the net profit attributable to the parent company was 91.83 million yuan, reflecting a year-on-year increase of 2.51% [2]. - Since its A-share listing, Xinzhonggang has distributed a total of 344 million yuan in dividends, with 204 million yuan distributed over the past three years [3]. Stock Market Activity - As of November 21, Xinzhonggang's stock price decreased by 2.03%, trading at 9.16 yuan per share, with a total market capitalization of 3.669 billion yuan. The stock has seen a year-to-date increase of 38.58% but has declined by 5.76% over the past five trading days [1]. - The company has appeared on the "Dragon and Tiger List" nine times this year, with the most recent appearance on July 17, where it recorded a net buy of -51.27 million yuan [1]. Shareholder Information - As of September 30, Xinzhonggang had 22,900 shareholders, an increase of 12.16% from the previous period. The average number of circulating shares per person decreased by 10.83% to 17,497 shares [2].

Group 1 - The core viewpoint of the news is that New Zhonggang's stock has shown significant fluctuations, with a year-to-date increase of 42.66% but a recent decline in the last five trading days by 1.98% [2] - As of November 20, New Zhonggang's stock price is 9.43 CNY per share, with a market capitalization of 3.777 billion CNY [1] - The company has experienced a net outflow of 1.0358 million CNY in principal funds, with large orders accounting for 10.29% of total buying and 14.95% of total selling [1] Group 2 - New Zhonggang has been listed on the "Dragon and Tiger List" nine times this year, with the most recent instance on July 17, where it recorded a net buy of -51.2672 million CNY [2] - The company's main business involves the production and supply of thermal and electric products through cogeneration, with 95.17% of revenue coming from this segment [2] - As of September 30, the number of shareholders increased by 12.16% to 22,900, while the average circulating shares per person decreased by 10.83% to 17,497 shares [2] Group 3 - New Zhonggang has distributed a total of 344 million CNY in dividends since its A-share listing, with 204 million CNY distributed over the past three years [3] Group 4 - For the period from January to September 2025, New Zhonggang reported operating revenue of 529 million CNY, a year-on-year decrease of 18.48%, while net profit attributable to shareholders increased by 2.51% to 91.8345 million CNY [2]

Group 1 - The core viewpoint of the news is that New Zhonggang's stock has experienced fluctuations, with a recent decline of 2.12% and a year-to-date increase of 39.49% [1][2] - As of November 19, New Zhonggang's stock price is reported at 9.22 yuan per share, with a total market capitalization of 3.693 billion yuan [1] - The company has seen a net outflow of main funds amounting to 287,300 yuan, with large orders buying 482,600 yuan and selling 769,900 yuan [1] Group 2 - New Zhonggang has been listed on the龙虎榜 (Dragon and Tiger List) nine times this year, with the most recent appearance on July 17, where it recorded a net buy of -51.2672 million yuan [2] - The company's main business involves the production and supply of thermal and electric products through cogeneration, with 95.17% of its revenue coming from this segment [2] - As of September 30, the number of shareholders increased by 12.16% to 22,900, while the average circulating shares per person decreased by 10.83% to 17,497 shares [2] Group 3 - New Zhonggang has distributed a total of 344 million yuan in dividends since its A-share listing, with 204 million yuan distributed over the past three years [3]

Investment Rating - The report maintains a "Buy" rating for key companies in the construction and decoration industry, emphasizing long-term growth logic, low valuations, and high dividend yields [12][15][22]. Core Viewpoints - The market has been characterized by a "high cut low" trend since the fourth quarter, with the dividend index rising by 8.3% from early October, significantly outperforming major indices [2][15]. - The construction sector has shown significant underperformance year-to-date, with a rise of only 11.6%, ranking 23rd among 30 industries, while valuations remain at historical lows [2][22]. - Key investment directions include overseas expansion driven by urbanization and industrialization in emerging markets, and regional economic support in areas like Sichuan and Xinjiang [3][7][15]. Summary by Sections Overseas Demand and Expansion - The report highlights the sustained high demand for overseas construction, driven by urbanization and industrialization in emerging countries, such as Saudi Arabia's "Vision 2030" and various infrastructure investment plans in Southeast Asia [3][24]. - Chinese companies are accelerating their overseas operations, with 3,667 A-share companies disclosing overseas revenue, totaling 9.52 trillion yuan, a 56.58% increase from 2020 [3][27]. - Recommended companies benefiting from this trend include China Chemical Engineering, Jinggong Steel Structure, Jianghe Group, and China National Materials [6][15][22]. Regional Economic Opportunities - The report identifies Sichuan, Xinjiang, and Tibet as regions likely to receive significant policy support, with Sichuan positioned as a strategic hub for national development [7][29]. - Investment in Xinjiang's coal chemical industry is projected to accelerate, with estimated annual investments of 690 billion yuan in 2025, 1,293 billion yuan in 2026, and 2,156 billion yuan in 2027 [7][30]. - Key companies recommended in this context include Sichuan Road and Bridge, China Chemical Engineering, Sanwei Chemical, and Donghua Technology [7][15][35]. High Dividend Yield Opportunities - Many recommended companies have committed to high dividend payouts, with Sichuan Road and Bridge promising a minimum payout ratio of 60% from 2025 to 2027, and Jinggong Steel Structure committing to at least 70% [8][35]. - Expected dividend yields for 2026 are projected at 6.6% for Sichuan Road and Bridge, 6.3% for Jinggong Steel Structure, and 5.4% for China National Materials, indicating strong investment appeal [8][35]. Semiconductor Cleanroom Sector - The report notes that the AI development wave is driving demand for semiconductor cleanrooms, with global investment expected to reach 168 billion yuan by 2025 [9][35]. - Key players in this sector include Yaxin Integration, Shenghui Integration, and Bocheng Co., which are positioned to benefit from the expanding market [9][35]. Commercial Satellite Sector - The report emphasizes the increasing support for the commercial aerospace industry, with a focus on low-orbit satellite constellations and a projected surge in satellite launches starting next year [10][11]. - Recommended companies in this area include Shanghai Port Bay, which is expected to benefit from the increase in launch activities [10][11].

Core Viewpoint - The company aims to become a regional comprehensive energy supply center and carbon neutrality center, focusing on carbon reduction through efficiency improvements and coupling carbon reduction measures [2] Group 1: Company Development Goals - The company is developing into a regional public utility cogeneration enterprise with scale advantages, aiming for carbon emissions intensity comparable to natural gas units [2] - Specific measures for carbon reduction include efficiency improvements through new unit expansions and technological upgrades, as well as coupling carbon reduction by increasing the proportion of solid waste and biomass fuel [2] Group 2: Carbon Emission Management - The company had a total carbon emission quota of 2.6483 million tons for 2019 and 2020, with actual emissions of 2.1483 million tons, resulting in a surplus of 500,100 tons, which is a surplus ratio of 18.88% [2] - In December 2021, the company sold 500,000 tons of carbon emissions [2] Group 3: Technological Innovations - The company plans to construct a "three-dimensional virtual power plant" system to enhance operational efficiency and reliability through real-time data collection and analysis [2][3] - The "three-dimensional virtual power plant" project will facilitate the future development of a dispatchable virtual power plant [2] Group 4: Financial Performance - As of September 30, the company reported a revenue of 529 million yuan for the first nine months of 2025, a year-on-year decrease of 18.48%, while net profit attributable to shareholders was 91.8345 million yuan, a year-on-year increase of 2.51% [8] - The company has distributed a total of 344 million yuan in dividends since its A-share listing, with 204 million yuan in the last three years [9] Group 5: Market Activity - The company's stock price increased by 1.04% on November 14, with a trading volume of 75.0249 million yuan and a turnover rate of 1.94%, bringing the total market capitalization to 3.894 billion yuan [1]

Core Viewpoint - The company held a Q3 2025 earnings briefing on November 12, 2025, to address investor concerns and discuss its performance despite a decline in revenue [1][9]. Group 1: Earnings Performance - The company's revenue for the first three quarters of 2025 decreased by 18.48% year-on-year, primarily due to a drop in heating prices and reduced heating demand from some downstream users relocating [2]. - Despite the revenue decline, the company achieved profit growth in Q3 2025, attributed to improved energy efficiency, lower fuel prices, increased coupling of solid waste RDF, reduced asset disposal losses, and higher investment income [3]. Group 2: Business Operations and Projects - The company’s main business is cogeneration, with a focus on enhancing the flexibility and safety of traditional power systems through grid-side energy storage and auxiliary services [1]. - The upgrade project for Unit 2 is nearing completion, with installation of main equipment finished and system debugging underway, expected to be operational in Q1 2026, which will enhance heating and power generation capacity [4]. - The company plans to expand its heating network and scale, particularly through new projects aimed at increasing efficiency and reducing carbon emissions, including a new heating pipeline project to serve industrial users [6]. Group 3: Inventory and R&D - The company’s coal inventory has significantly decreased since the beginning of the year, but this will not affect future production due to strategic procurement decisions made in response to coal price fluctuations [5]. - The decline in R&D expenses is attributed to fluctuations in depreciation costs of specific projects rather than a shift in R&D strategy [6]. Group 4: Future Plans and Market Environment - The company aims to maintain a high dividend payout ratio of around 50% and has initiated a share buyback program with a budget of RMB 40 million to 80 million, having spent RMB 49.99 million by October 31, 2025 [7]. - The company recognizes the stable impact of economic cycles and environmental policies on the thermal power industry and is focused on expanding its heating network and enhancing operational efficiency to navigate these changes [8].

浙江新中港热电股份有限公司 关于 2025 年第三季度业绩说明会召开情况的公告 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。 浙江新中港热电股份有限公司（以下简称"公司"）已于 2025 年 11 月 12 日（星期三）上午 10:00-11:00 通过价值在线（www.ir-online.cn）以网络互 动的方式召开了 2025 年第三季度业绩说明会。现将说明会召开情况公告如下： 一、业绩说明会召开情况 | 证券代码：605162 | 证券简称：新中港 | | --- | --- | | 债券代码：111013 | 债券简称：新港转债 | | | 公告编号：2025-071 | 公司于 2025 年 11 月 4 日在上海证券交易所网站（www.sse.com.cn）及指 定信息披露媒体披露了《关于召开 2025 年第三季度业绩说明会的公告》（公 告编号：2025-070）。 2025 年 11 月 12 日 10:00-11:00，公司董事长谢百军先生、副董事长兼总 经理谢迅先生、董事兼财务总监吴建红女士、董事会秘书密志 ...

Core Viewpoint - The company aims to become a regional comprehensive energy supply center and carbon neutrality center, focusing on carbon reduction through efficiency improvements and coupling carbon reduction measures [2] Group 1: Company Development Goals - The company is developing into a regional public combined heat and power enterprise with scale advantages, aiming for carbon emission intensity comparable to natural gas units [2] - Specific carbon reduction measures include efficiency improvements through new unit expansions and technological upgrades, as well as coupling carbon reduction by increasing the proportion of solid waste and biomass fuel [2] Group 2: Carbon Emission Management - The company had a total carbon emission quota of 2.6483 million tons for 2019 and 2020, with actual emissions of 2.1483 million tons, resulting in a surplus of 500,100 tons, which is 18.88% of the quota [2] - In December 2021, the company sold 500,000 tons of carbon emission allowances [2] Group 3: Technological Innovations - The company is planning to construct a "three-dimensional virtual power plant" system to enhance operational efficiency and reliability through real-time data collection and analysis [2][3] - This system will facilitate the visualization and simulation of power plant operations, laying the groundwork for a dispatchable virtual power plant in the future [2] Group 4: Financial Performance - As of September 30, the company reported a revenue of 529 million yuan for the first nine months of 2025, a year-on-year decrease of 18.48%, while net profit attributable to shareholders was 91.8345 million yuan, an increase of 2.51% [8] - The company has distributed a total of 344 million yuan in dividends since its A-share listing, with 204 million yuan in the last three years [9] Group 5: Market Activity - On November 6, the company's stock price decreased by 0.63%, with a trading volume of 175 million yuan and a turnover rate of 4.57%, resulting in a total market capitalization of 3.769 billion yuan [1]

Group 1 - The core viewpoint of the news is that New Zhonggang's stock has shown significant growth this year, with a 46.60% increase year-to-date and notable recent performance in trading [1][2] - As of November 6, New Zhonggang's stock price reached 9.69 yuan per share, with a market capitalization of 3.882 billion yuan [1] - The company has seen a net inflow of main funds amounting to 322,000 yuan, with large orders accounting for 13.07% of total buying [1] Group 2 - For the period from January to September 2025, New Zhonggang reported operating revenue of 529 million yuan, a year-on-year decrease of 18.48%, while net profit attributable to shareholders increased by 2.51% to 91.8345 million yuan [2] - The company has distributed a total of 344 million yuan in dividends since its A-share listing, with 204 million yuan distributed over the past three years [3] - As of September 30, the number of shareholders increased to 22,900, reflecting a 12.16% rise, while the average circulating shares per person decreased by 10.83% to 17,497 shares [2]

Core Viewpoint - The company, New Zhonggang, announced a share buyback plan, indicating a strategic move to enhance shareholder value and confidence in the company's future performance [2] Summary by Categories Share Buyback - As of October 31, 2025, the company has repurchased 5,675,600 shares through centralized bidding, which represents 1.42% of the company's total share capital [2]