Group 1: Company Overview - Zhuolu Energy Company was established on November 29, 2024, with a registered capital of 2 million RMB and is wholly owned by Northern Holdings Company [1] - The company is located in Zhangjiakou City, Hebei Province, and its business scope includes power generation, transmission, and distribution, as well as renewable energy technology services [1] Group 2: Investment Project Details - The project involves the "Datong-Huailai-Tianjin South" UHV supporting wind power project, which plans to install 91 wind turbines with a capacity of 7.15 MW each and a total energy storage capacity of 400 MWh [2] - The total investment for the project is approximately 495.76 million RMB, with 99.15 million RMB sourced from internal funds and the remainder to be financed [2] Group 3: Board Approval and Financial Arrangements - The board approved the investment in the project, including an increase in Zhuolu Energy's registered capital to 99.15 million RMB through an additional investment of 98.95 million RMB from Northern Holdings [4] - Northern Holdings will also increase its own registered capital to 706.31 million RMB to facilitate this investment [4] Group 4: Strategic Importance and Impact - The investment aligns with the company's strategy to strengthen its renewable energy sector and enhance its influence in the Beijing-Tianjin-Hebei region [3] - The project aims to optimize the energy structure in the region, contributing to sustainable energy development [3] Group 5: Foreign Exchange Hedging Strategy - The company’s wholly-owned subsidiary in Hong Kong plans to use foreign exchange forward contracts for hedging against currency fluctuations, with a total hedging scale not exceeding 500 million USD [5][7] - The hedging activities are intended to mitigate risks associated with currency exchange rates, particularly in relation to the company's trading operations in coal and natural gas [6] Group 6: Risk Management Measures - The company has established internal control standards for foreign exchange hedging, ensuring that all transactions are based on actual business needs and avoiding speculative activities [13] - Risk control measures include selecting reputable financial institutions for hedging transactions and maintaining a liquidity buffer to manage potential funding gaps [15]

Core Insights - Shenzhen Energy (000027.SZ) reported a total operating revenue of 21.139 billion yuan for the first half of 2025, ranking 7th among disclosed peers, with a year-on-year increase of 1.340 billion yuan, representing a 6.77% growth compared to the same period last year [1] - The company's net profit attributable to shareholders was 1.705 billion yuan, ranking 10th among peers, showing a decrease of 49.109 million yuan, which is a 2.80% decline year-on-year [1] - Operating cash flow was 3.880 billion yuan, ranking 10th among peers, with a decrease of 2.507 billion yuan, reflecting a 39.26% decline compared to the same period last year [1] Financial Metrics - The latest debt-to-asset ratio is 61.86%, ranking 39th among peers, with a decrease of 0.66 percentage points from the previous quarter and a 3.00 percentage points decrease year-on-year [1] - The latest gross profit margin is 23.34%, ranking 36th among peers, with a decrease of 2.92 percentage points from the previous quarter but an increase of 1.04 percentage points year-on-year [1] - The latest return on equity (ROE) is 3.41%, ranking 37th among peers, with a decrease of 0.29 percentage points compared to the same period last year [1] Earnings Per Share and Turnover Ratios - The diluted earnings per share is 0.34 yuan, ranking 11th among peers, remaining stable compared to the same period last year [2] - The latest total asset turnover ratio is 0.13 times, ranking 34th among peers, remaining stable year-on-year, with a 1.92% increase over the past five years [2] - The latest inventory turnover ratio is 12.28 times, ranking 17th among peers, with an increase of 2.69 times year-on-year, representing a 28.03% growth [2] Shareholder Structure - The number of shareholders is 115,500, with the top ten shareholders holding 3.677 billion shares, accounting for 77.29% of the total share capital [2] - The largest shareholder is the State-owned Assets Supervision and Administration Commission of Shenzhen, holding 43.91% [2] - Other significant shareholders include Huaneng International Power Co., Ltd. with 25.02% and Shenzhen Capital Operation Group Co., Ltd. with 4.83% [2]

Core Insights - The hydrogen energy industry is viewed as a strategic emerging industry with no "ceiling," transitioning from a technological concept to a competitive strategic area [1] - Jiangsu province is positioning itself as a leader in the hydrogen energy sector, with over 300 related enterprises and institutions, and is expected to achieve a sales revenue of 34 billion yuan in 2024, ranking second nationally [1] Industry Overview - The hydrogen energy industry chain in Jiangsu includes hydrogen production, storage and transportation, fuel cell manufacturing, and hydrogen refueling station operations [1] - Jiangsu has filed 33,800 hydrogen energy-related patents, accounting for 13.6% of the national total, ranking first in the country [1] Application Scenarios - In Zhangjiagang, over 70 hydrogen buses refuel daily at local hydrogen stations, demonstrating the practical application of hydrogen energy in public transportation [2] - Jiangsu Guofu Hydrogen Energy Technology Equipment Co., a key player in the hydrogen supply chain, produces equipment capable of generating 1,000 standard cubic meters of hydrogen per hour [2] Infrastructure Development - Zhangjiagang has 5 hydrogen refueling stations with a daily refueling capacity of 3.2 tons, supporting various hydrogen-powered vehicles [3] - The hydrogen energy application landscape is expanding in Changzhou, with innovative technologies for seawater electrolysis and partnerships with major energy companies [4] Industry Chain Integration - The hydrogen energy industry chain in Jiangsu is comprehensive, covering all aspects from production to end-use, with significant collaboration among various enterprises [5][6] - Changzhou's hydrogen industry has over 50 companies involved in the entire hydrogen value chain, including production, storage, transportation, and application [6] Innovation and Research - Jiangsu has established several national and provincial platforms for hydrogen energy research and innovation, fostering a collaborative ecosystem among enterprises, universities, and research institutions [7] - The province's hydrogen energy development is supported by government policies and funding initiatives, including a 2 billion yuan special fund for hydrogen energy projects [9][10] Future Prospects - The implementation of the Energy Law in China is expected to promote the high-quality development of the hydrogen energy industry, with Jiangsu aiming to become a leader in this sector [8] - By 2027, Jiangsu's hydrogen energy industry is projected to exceed 100 billion yuan, with plans to build over 100 hydrogen refueling stations and promote more than 10,000 fuel cell vehicles by 2030 [10]

Core Viewpoint - Shenzhen Energy Group Co., Ltd. announced that its wholly-owned subsidiary, Sheneng (Hong Kong) International Co., Ltd., plans to use foreign exchange forward settlement and sales tools to conduct foreign exchange hedging business to effectively mitigate exchange rate fluctuation risks [1] Business Overview - Purpose: The Hong Kong company engages in the import and export trade of bulk commodities such as coal and natural gas, primarily settling in USD and HKD. The hedging aims to lock in revenue, costs, or risk exposure related to its operations, aligning with actual business needs and financial strength, and is not for speculative purposes [1] - Amount: The total scale of the hedging business is planned to not exceed $500 million (or equivalent foreign currency) within 12 months after board approval, with any single transaction not exceeding $200 million (or equivalent foreign currency) [1] - Method: The company plans to conduct hedging transactions by signing foreign exchange forward contracts with financial institutions qualified for foreign exchange hedging [1] - Duration: The hedging business will be conducted for a period of 12 months from the date of board approval [1] - Funding Source: The Hong Kong company will use its own funds, without involving raised funds or bank credit [1] Approval Process - The foreign exchange hedging business has been approved by the Audit and Risk Management Committee and the Board of Directors in meetings held on August 26, 2025. According to the company's articles of association, this matter does not require submission to the shareholders' meeting for approval [2] Risk and Control - The company acknowledges certain risks associated with the hedging business, including credit risk, exchange rate fluctuation risk, internal control risk, and liquidity risk. To mitigate these risks, the company has implemented several control measures: - Established internal control management standards for foreign exchange hedging, clarifying approval authority, organizational structure, and responsibilities [3] - Ensured that forward exchange rates match actual business needs, aiming to lock in procurement costs based on confirmed orders, prohibiting speculative and arbitrage trading [3] - Partnered with financial institutions that have relevant qualifications and high credit ratings to reduce performance risk [3] - Limited single transaction credit usage to no more than 50% of the total credit limit; established a dynamic monitoring system to track available credit balances and reserve a 20% liquidity buffer; regularly conducted extreme exchange rate stress tests to anticipate funding gaps; and actively expanded credit limits with partner banks to ensure smooth emergency financing channels [3] Accounting Treatment and Board Review - The company will account for and disclose the foreign exchange hedging business in accordance with relevant accounting standards. The board has approved the feasibility analysis report for the hedging business and confirmed the business scale, duration, and transaction currencies [4]

| 证券代码：000027 | 公告编号：2025-027 | 证券简称：深圳能源 | 公司债券代码：149676 | 公司债券简称：21 | 01 | 深能 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 公司债券代码：149677 | 公司债券简称：21 | 02 | 深能 | 公司债券代码：149927 | 公司债券简称：22 | 02 | 深能 | | 公司债券代码：149984 | 公司债券简称：22 | Y2 | 深能 | 公司债券代码：148628 | 公司债券简称：24 | Y1 | 深能 | | 公司债券代码：148687 | 公司债券简称：24 | 01 | 深能 | 公司债券代码：524032 | 公司债券简称：24 | Y2 | 深能 | | 公司债券代码：524352 | 公司债券简称：25 | YK01 | 深能 | 深圳能源集团股份有限公司 | | | | 董事会八届三十八次会议决议公告 公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 深圳能源集 ...

Group 1 - The company Shenzhen Energy announced plans to invest in the construction of a 650,000 kW wind power project in Zhuolu County, which includes a 300,000 kW project in Wujiaogou Town and a 350,000 kW project [1] - The total investment for the project is approximately RMB 4.958 billion [1]

深圳能源8月27日公告，拟投资建设广东岑田抽水蓄能电站项目，项目总投资为85.03亿元。 ...

证券代码：000027 证券简称：深圳能源 公告编号：2025-031 | 公司债券代码：149676 | 公司债券简称：21 | 深能 | 01 | | --- | --- | --- | --- | | 公司债券代码：149677 | 公司债券简称：21 | 深能 | 02 | | 公司债券代码：149927 | 公司债券简称：22 | 深能 | 02 | | 公司债券代码：149984 | 公司债券简称：22 | 深能 | Y2 | | 公司债券代码：148628 | 公司债券简称：24 | 深能 | Y1 | | 公司债券代码：148687 | 公司债券简称：24 | 深能 | 01 | | 公司债券代码：524032 | 公司债券简称：24 | 深能 | Y2 | | 公司债券代码：524352 | 公司债券简称：25 | 深能 | YK01 | 深圳能源集团股份有限公司 关于财务公司为北方控股公司、深能售电公司、 河北售电公司、新疆售电公司和大连环保公司 开具保函的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 一、担保情况概述 深圳能源集团 ...

深圳能源集团股份有限公司 合并资产负债表 载至 2025年６月 30 日 (人民币元) | 资产 | 附注 | 2025年 | 2024 年 | | --- | --- | --- | --- | | | | 6月30日 | 12月31日 | | 流动资产 | | | | | 货币资金 | 五、1 | 9,569,672,689.98 | 7,794,501,866.13 | | 存放中央银行款项 | 五、２ | 1.135.553.129.60 | 1.024.904.216.51 | | 存放同业款项 | 五、3 | 5,950,308,871.86 | 4,499,641,932.55 | | 交易性金融资产 | 五、4 | 2,362,308,040.60 | 2,305,502,760.57 | | 应收票据 | 五、5 | 24,809,219.21 | 24.639.439.78 | | 应收账款 | 五、6 | 17,183,295,750.25 | 14,450,260,150.60 | | 应收款项融资 | 五、7 | 36,231,110.83 | 25,616,466.65 | | 预 ...

证券代码：000027 证券简称：深圳能源 公告编号：2025-029 | 公司债券代码：149676 | 公司债券简称：21 | 深能 | 01 | | --- | --- | --- | --- | | 公司债券代码：149677 | 公司债券简称：21 | 深能 | 02 | | 公司债券代码：149927 | 公司债券简称：22 | 深能 | 02 | | 公司债券代码：149984 | 公司债券简称：22 | 深能 | Y2 | | 公司债券代码：148628 | 公司债券简称：24 | 深能 | Y1 | | 公司债券代码：148687 | 公司债券简称：24 | 深能 | 01 | | 公司债券代码：524032 | 公司债券简称：24 | 深能 | Y2 | | 公司债券代码：524352 | 公司债券简称：25 | 深能 | YK01 | 深圳能源集团股份有限公司 关于投资建设广东岑田抽水蓄能电站的公告 公司董事会八届三十八次会议审议通过了《关于投资建设广东岑田抽水蓄能 电站的议案》，根据公司《章程》，本次投资不需提交公司股东大会审议。本次 投资事项不构成关联交易，不构成《上市公司重大资产重 ...