Group 1: Financial Performance - The company recovered a total of 1.888 billion yuan in renewable energy subsidies in the first three quarters of 2025 [2] - The comprehensive tax-inclusive electricity price for the first three quarters of 2025 was approximately 0.28 yuan per kilowatt-hour [6] - Financial expenses for the first three quarters of 2025 amounted to approximately 482 million yuan [8] Group 2: Management and Strategy - The company completed management adjustments in April and May 2025 to focus on strengthening technology, optimizing quality, and expanding scale [3] - A new securities representative position was announced to enhance investor service capabilities [3] - The company has established a market value management system to support ongoing market value management efforts [5] Group 3: Project Development and Challenges - The company plans to connect the Muli and Toksun wind power projects to the grid in 2026 and 2027, respectively [5] - The company is facing challenges in electricity consumption in Xinjiang, with a current installed capacity of 112 million kilowatts but slow local demand growth [8] - The company is optimistic about improving the electricity consumption rate in Xinjiang due to national policies and infrastructure developments [6] Group 4: Market and Pricing - The company is preparing for the implementation of a share repurchase plan, with a total amount not exceeding 927.642 million yuan [8] - The company has not yet assessed the impact of the new electricity pricing scheme in Xinjiang starting November 1, 2025 [7] - The company is exploring multiple revenue channels for storage projects to enhance profitability [6]

| 证券代码：000537 | 证券简称：中绿电 | | | 公告编号：2025-082 | | --- | --- | --- | --- | --- | | 债券代码：148562 | 债券简称：23 | 绿电 | G1 | | 天津中绿电投资股份有限公司 关于回购公司股份进展情况的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 天津中绿电投资股份有限公司（以下简称"公司"）分别于 2025 年 8 月 28 日、 2025 年 9 月 16 日召开第十一届董事会第二十次会议、2025 年第三次临时股东会， 审议通过了《关于实施股份回购的议案》，同意公司以自有资金，通过集中竞价交 易方式回购公司 A 股股份，并全部用于注销并减少公司注册资本。本次用于回购股 份的资金总额不低于人民币 6,184.28 万元至 9,276.42 万元（含），回购价格不超 过人民币 13.31 元/股（含本数）。公司于 2025 年 10 月 28 日实施了 2025 年半年度 分红派息，根据《深圳证券交易所上市公司自律监管指引第 9 号——回购股份》及 《天津中绿电投资 ...

Core Viewpoint - The company has approved a share buyback plan, intending to repurchase A-shares using its own funds ranging from 61.84 million to 92.76 million yuan for cancellation and capital reduction [1] Summary by Relevant Sections - **Share Buyback Details** - The planned buyback amount is between 61.84 million yuan and 92.76 million yuan [1] - The original buyback price was set at a maximum of 13.31 yuan per share, which has been adjusted to a maximum of 13.27 yuan per share due to dividend distribution [1] - The buyback period is from September 16, 2025, to September 15, 2026 [1] - **Implementation Status** - As of October 31, 2025, the company has not yet implemented the share buyback and will proceed to do so at an appropriate time, with regulatory disclosures to follow [1]

Core Viewpoint - Zhonglv Electric (000537.SZ) has not yet implemented any share buybacks as of October 31, 2025, and the progress aligns with the established buyback plan and relevant laws and regulations [1] Summary by Relevant Categories - **Company Actions** - The company has not executed any share repurchase program to date [1] - The current status of the buyback plan is in accordance with the predetermined strategy [1] - **Regulatory Compliance** - The company's actions are compliant with applicable laws and regulations regarding share buybacks [1]

Investment Rating - The report assigns a "Buy-A" investment rating to the company with a target price of 9.77 yuan for 2025, based on a 1.0x PB valuation [4][15]. Core Insights - The company reported a significant improvement in operating cash flow, with a net cash flow from operating activities of 4.058 billion yuan, a year-on-year increase of 221.72%, primarily due to the recovery of renewable energy subsidies [2]. - The company's total revenue for the first three quarters of 2025 reached 3.707 billion yuan, a year-on-year increase of 26.78%, while the net profit attributable to shareholders was 805 million yuan, down 12.02% year-on-year [1]. - The company is focusing on high-quality development in its renewable energy business, with a substantial increase in power generation capacity and a cautious approach to new project investments [3]. Financial Performance Summary - For 2025, the company is expected to generate revenues of 5.16 billion yuan, with a growth rate of 34.4%, and a net profit of 973 million yuan, reflecting a slight decline of 3.5% [4][10]. - The gross margin for the first three quarters of 2025 was 52.15%, a decrease of 7.08 percentage points year-on-year, while the expense ratio was 16.81%, down 0.61 percentage points [2]. - The company achieved a total power generation of 151.54 billion kWh in the first three quarters of 2025, a year-on-year increase of 95.41%, with solar power generation growing by 289.30% [3][10]. Project Development and Market Position - The company has secured multiple renewable energy projects across regions such as Xinjiang, Inner Mongolia, Qinghai, and Ningxia, with a total construction capacity of 3.77 million kW [3]. - The company is exploring the integration of "New Energy +" business models, aiming to connect with data centers and high-consumption enterprises to develop green electricity projects [3]. Comparative Analysis - The report compares the company with peers such as Longyuan Power and Three Gorges Energy, highlighting its competitive positioning in the renewable energy sector [15].

Core Viewpoint - The company reported its Q3 2025 results, showing a significant increase in revenue but a decline in net profit, highlighting the impact of rising electricity generation and changing market conditions [1][2]. Financial Performance - For the first three quarters of 2025, the company achieved a revenue of 3.707 billion yuan, a year-on-year increase of 26.78%, while the net profit attributable to shareholders was 805 million yuan, a decrease of 12.02% [1]. - In Q3 2025, the company reported revenue of 1.374 billion yuan and a net profit of 187 million yuan, reflecting a year-on-year increase of 22.72% in revenue but a significant decline of 58.50% in net profit [1]. Electricity Generation - The company's total electricity generation for the first three quarters of 2025 reached 151.54 billion kWh, a year-on-year increase of 95.41%, with wind power generation at 60.70 billion kWh (up 12.41%) and solar power generation at 89.15 billion kWh (up 289.30%) [1]. - In Q3 2025, the company’s electricity generation increased by 86.46% year-on-year, with wind and solar generation growth rates of 9.86% and 188.88%, respectively, indicating a slight slowdown compared to the first half of the year [1]. Cash Flow and Receivables - The company's net cash flow from operating activities in Q3 2025 was 2.757 billion yuan, a substantial increase of 307.21% year-on-year, indicating a significant improvement in cash flow [2]. - As of the end of Q3 2025, accounts receivable stood at 5.601 billion yuan, a reduction of approximately 650 million yuan from the beginning of the year and about 800 million yuan from the same period last year, possibly due to improvements in green electricity subsidy collections [2]. Project Development - The company secured a total of 3.77 million kW in new energy construction indicators in the first three quarters of 2025, including 2 million kW for wind power, 970,000 kW for energy storage, and 800,000 kW for solar power [2]. - The company plans to adopt a more cautious approach to new energy project investments, focusing on investment returns, which may lead to a shift from quantity growth to quality improvement in project construction [2]. Profit Forecast and Valuation - The company is expected to achieve net profits attributable to shareholders of 1.277 billion yuan, 1.653 billion yuan, and 2.105 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 26.60%, 29.49%, and 27.32% [3]. - As of October 29, 2025, the company's stock price corresponds to price-to-earnings (PE) ratios of 14.24, 11.00, and 8.64 for the years 2025, 2026, and 2027, respectively [3].

一、业绩说明会的安排 | 证券代码：000537 | 证券简称：中绿电 | | | 公告编号：2025-081 | | --- | --- | --- | --- | --- | | 债券代码：148562 | 债券简称：23 | 绿电 | G1 | | 天津中绿电投资股份有限公司 关于召开2025年第三季度业绩说明会并征集问题的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 天津中绿电投资股份有限公司（以下简称"公司"）已于 2025 年 10 月 27 日在 《中国证券报》《上海证券报》《证券时报》《证券日报》及巨潮资讯网上披露 2025 年第三季度报告（公告编号：2025-079）。为便于广大投资者进一步了解公司经营 情况，公司拟于 2025 年 11 月 7 日（星期五）召开 2025 年第三季度业绩说明会。欢 迎广大投资者积极参与。 2.为提高会议效率，公司现提前征集投资者关注的问题，广大投资者如有对公 司关注的问题，请于 2025 年 11 月 6 日（星期四）17:00 前将相关问题发送至公司投 资者关系电子邮箱：cgeir@cge.cn。 ...

Core Insights - On October 29, Zhonglv Electric conducted a block trade of 1.4204 million shares, with a transaction value of 12.4995 million yuan, accounting for 10.86% of the total trading volume for the day [1][2] - The transaction price was 8.8 yuan, which remained consistent with the market closing price of 8.8 yuan [1][2] Group 1 - The block trade involved 1.4204 million shares of Zhonglv Electric [1][2] - The total transaction amount reached 12.4995 million yuan [1][2] - The trade represented 10.86% of the total trading volume on that day [1][2] Group 2 - The transaction price was set at 8.8 yuan per share [1][2] - The trade price was in line with the market closing price [1][2]

Core Viewpoint - The company reported its financial performance for the first three quarters of 2025, highlighting a significant increase in revenue but a decline in net profit attributable to shareholders, primarily due to increased competition and reduced electricity prices. Financial Performance - The company achieved operating revenue of 3.707 billion yuan, a year-on-year increase of 26.78% [6] - Total profit reached 1.304 billion yuan, up 8.12% year-on-year [6] - Net profit attributable to shareholders decreased by 12.02% to 805 million yuan [6] - The net profit excluding non-recurring gains and losses was 815 million yuan, down 3.06% year-on-year [6] - Basic earnings per share were 0.39 yuan, a decline of 15.22% [6] - The main reasons for the decrease in net profit included increased electricity curtailment rates, intensified market competition, and declining electricity prices [6] Cash Flow and Assets - The net cash flow from operating activities was 4.058 billion yuan, a significant increase of 221.72% year-on-year, mainly due to the recovery of renewable energy subsidies [6] - As of the end of the reporting period, total assets amounted to 94.261 billion yuan, an increase of 5.48% compared to the end of the previous year [6] Power Generation - The company completed power generation of 5.855 billion kWh in the third quarter, a year-on-year increase of 86.46% [7] - Cumulatively, the company generated 15.154 billion kWh in the first three quarters, up 95.41% year-on-year [7] - Wind power generation was 6.070 billion kWh, a 12.41% increase, while solar power generation reached 8.915 billion kWh, a remarkable increase of 289.30% [7] Shareholder Information - The company has not reported any changes in the number of shareholders or the shareholding structure of the top ten shareholders [7] Organizational Changes - The company approved the cancellation of the supervisory board, transferring its responsibilities to the audit committee of the board [9] - The company has made several adjustments to its organizational structure to enhance operational efficiency and adapt to changes in the renewable energy sector [39][40] Investment and Financing - The company has made several investments in establishing new subsidiaries to support project development and management, including investments in renewable energy projects [24][25][26][27][28][29] - A total of 1.642 billion yuan is planned for capital increases to several wholly-owned subsidiaries to support their funding needs [32] Credit Rating - The company's long-term credit rating was upgraded to AAA, with a stable outlook, reflecting improved financial health [23]

Core Viewpoint - Zhonglv Electric (000537.SZ) reported a revenue of 3.707 billion yuan for the first three quarters of 2025, reflecting a year-on-year growth of 26.78%. However, the net profit attributable to shareholders decreased by 12.02% to 805 million yuan [1]. Financial Performance - The company's operating revenue for the first three quarters reached 3.707 billion yuan, marking a year-on-year increase of 26.78% [1]. - The net profit attributable to shareholders was 805 million yuan, which represents a decline of 12.02% compared to the previous year [1]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was 815 million yuan, showing a decrease of 3.06% year-on-year [1].