Core Viewpoint - Company experienced a decline in overall operating performance in the first half of 2025 due to reduced rainfall affecting hydropower operations and changes in foreign trade policies impacting the paper tableware business [2][3] Business Performance - In the first half of 2025, the company reported a year-on-year decline in overall operating performance due to significant decreases in rainfall and water inflow, as well as a drop in sales volume of paper tableware [2] - From July to mid-August, there was an improvement in business performance, particularly in hydropower and ecological paper tableware sectors, with notable increases in rainfall and water inflow compared to the first half of the year [2] - The company plans to focus on "brand building, market expansion, and internationalization" in the second half of the year to improve operational performance and increase sales revenue [2][3] Revenue and Profitability - The company reported a total revenue of 2.335 billion yuan in the first half of 2025, a year-on-year increase of 6.95%, while net profit attributable to shareholders decreased by 42.43% to 95.903 million yuan [6] - The second quarter of 2025 saw a slight decline in revenue to 1.227 billion yuan, with a net profit of 77.740 million yuan, reflecting a year-on-year decrease of 45.45% [6] New Business Initiatives - The company established a wholly-owned subsidiary, Guangdong Shaoneng Suandian Integration Investment Co., Ltd., with a registered capital of 300 million yuan to engage in integrated power and data center projects [4][5] - The new subsidiary aims to explore the construction of a data center cluster with integrated power supply, focusing on clean renewable energy to enhance profitability and support the development of the computing power industry in Shaoguan [5] Accounts Receivable Management - The company reported a 31.56% decrease in accounts receivable for biomass power generation by the end of 2024 compared to the end of 2023, indicating improved cash flow management [4] - In early August 2025, the company received over 60 million yuan in accounts receivable from previous years, further enhancing cash flow [4] Market Position and Future Outlook - The company is positioned as a key player in the clean renewable energy sector, with a focus on expanding its ecological plant fiber products and precision manufacturing [6] - The company is optimistic about overcoming challenges related to the new business initiatives and aims to ensure timely project implementation to create new profit growth points [6]

韶能股份发布公告称，2025年8月15日15:00-15:30，韶能股份接受华源证券研究所调研，公司董事会秘 书何俊健参与接待，并回答了投资者提出的问题。 （文章来源：每日经济新闻） ...

Group 1: Business Performance Overview - In the first half of the year, the company's overall performance declined due to reduced rainfall affecting hydropower and changes in foreign trade policies impacting paper tableware sales [2] - From July to mid-August, there was an improvement in business performance, particularly in hydropower and ecological paper tableware sectors, with significant revenue growth compared to June [2][3] - The biomass power generation segment achieved a revenue increase of 114.11% year-on-year in the first half of the year [3] Group 2: Future Plans and Strategies - The company plans to focus on three major initiatives: brand building, market expansion, and internationalization, while also working on cost reduction and efficiency improvement [2] - A new wholly-owned subsidiary, Guangdong Shaoneng Calculation and Electricity Integration Investment Co., Ltd., was established with a registered capital of 300 million yuan to engage in calculation and electricity integration business [5] - The company aims to develop a data center cluster project in Shaoguan, leveraging its experience in clean renewable energy to enhance profitability and support the growth of the computing power industry [5][6] Group 3: Accounts Receivable and Financial Management - By the end of 2024, the balance of accounts receivable from biomass power generation decreased by 31.56% compared to the end of 2023, with over 60 million yuan collected in early August 2025 [4] - The company is actively following up on accounts receivable to improve cash flow [4] Group 4: Project Development and Challenges - The calculation and electricity integration project is set to begin construction in 2026, with the first phase expected to be operational by the end of 2027, although specific timelines remain uncertain [6] - The project requires support from energy regulatory authorities and the power grid company, with some supportive documents already obtained [6]

Core Viewpoint - The integration of computing power and energy is progressing, which is expected to open up growth opportunities for Shaoneng Co., Ltd. [1] Industry Summary - Shaoguan, as the only hub node in the Guangdong-Hong Kong-Macao Greater Bay Area, is experiencing a surge in green electricity demand, with integrated projects for data center clusters expected to be implemented rapidly [1] - The four major telecom operators, along with companies like Huashao and Yingshuo, have established 120,000 standard racks, while projects from Tencent, Global Switch, and China Unicom are also under construction, indicating a significant increase in electricity demand in Shaoguan [1] - The city plans to reach a photovoltaic installed capacity of 8 GW and wind power installed capacity of 4 GW by 2035, focusing on integrated projects to reduce operational costs for data centers and ensure stable power supply [1] Company Summary - The company, as a clean energy listed enterprise located in Shaoguan, is actively developing new energy projects and is well-positioned to accelerate the implementation of integrated power projects in the context of local energy and computing power planning [1] - Recently, the company announced a private placement plan and a dividend commitment, with the completion of the private placement leading to a change in the controlling shareholder to the Shaoguan State-owned Assets Supervision and Administration Commission, which is expected to improve corporate governance and usher in a new phase for the company [1] - The company maintains an "Accumulate" rating [1]

Investment Rating - The investment rating for the company is "Accumulate" (Maintain) [6] Core Views - The ongoing integration of computing and electricity is expected to open up growth opportunities for the company [6] - The establishment of a wholly-owned subsidiary for computing and electricity integration is a strategic move to enhance operational capabilities and project acquisition in the region [8] - The company is positioned to benefit from the increasing demand for green electricity in the Guangdong-Hong Kong-Macao Greater Bay Area, particularly with the development of data center clusters [8] Financial Summary - Revenue projections for the company are as follows: - 2023: 4,107 million RMB - 2024: 4,442 million RMB (growth of 8.15%) - 2025E: 4,925 million RMB (growth of 10.87%) - 2026E: 5,155 million RMB (growth of 4.67%) - 2027E: 5,408 million RMB (growth of 4.91%) [7] - Expected net profit for the company is projected to improve significantly: - 2023: -266 million RMB - 2024: 77 million RMB - 2025E: 116 million RMB (growth of 51.07%) - 2026E: 136 million RMB (growth of 17.54%) - 2027E: 170 million RMB (growth of 25.06%) [7] - Earnings per share (EPS) forecast: - 2023: -0.25 RMB - 2024: 0.07 RMB - 2025E: 0.11 RMB - 2026E: 0.13 RMB - 2027E: 0.16 RMB [7] Market Performance - The company is actively developing new energy projects in response to the increasing electricity demand driven by data center developments in the region [8] - The company has announced a plan for a private placement and dividend commitment, which is expected to improve corporate governance and project acquisition capabilities [8] - The company aims for significant growth in net profit over the next three years, with targets set for 2025-2027 [8]

Core Points - Shaoneng Co., Ltd. announced the resignation of non-independent director Ms. Wu Yang, effective from August 12, 2025 [1] - Ms. Wu Yang cited personal development as the reason for her resignation and will no longer hold any positions within the company after her departure [1] - Following her resignation, Ms. Wu will not serve as a member of the board, the audit committee, or the strategic committee [1]

韶能股份（SZ 000601，收盘价：5.35元）8月12日晚间发布公告称，广东韶能集团股份有限公司收到董 事伍阳女士的辞职信，其表示："自2024年4月8日起担任非独立董事，现因个人另有发展，自愿辞去非 独立董事及相关职务，辞任日期自2025年8月12日起生效"。辞职后，伍阳女士将不担任公司董事、董事 会审计委员会委员及战略委员会委员，不在公司担任任何职务。 （文章来源：每日经济新闻） 2025年1至6月份，韶能股份的营业收入构成为：电力占比38.09%，纸及纸制品占比35.81%，机械占比 17.19%，其他占比5.66%，热力（供汽）占比3.24%。 ...

票。 二、会议召开和出席情况 股票简称：韶能股份 股票代码：000601 编号：2025-070 广东韶能集团股份有限公司 本公司及董事会全体成员保证公告内容真实、准确和完整， 并对公告中的任何虚假记载、误导性陈述或者重大遗漏承担责任 一、重要提示 （一）本次会议召开期间无增加、否决或变更提案的情况。 （二）本次会议未涉及变更前次股东会决议。 （三）本次会议审议的议案需要对中小投资者的表决单独计 （一）会议召开情况 其中，出席现场会议的股东及股东代理人共计 4 人，代表股 份 76,608,959 股，占公司有表决权股份总数 7.0898%；通过网 络投票的股东 700 人，代表股份 176,306,230 股，占公司有表决 权股份总数的 16.3163%。 其中出席本次会议持有公司 5%以下股份的股东（即中小投 资者，不含公司董事、高管）及代理 人 700 人，代表股份 （1）现场会议召开时间：2025 年 8 月 11 日下午 14:30 （2）网络投票日期、时间：2025 年 8 月 11 日 通过深圳证券交易所（下称"深交所"）系统进行网络投票 的具体时间为：2025 年 8 月 11 日 9:15— ...

Group 1 - The company announced that its fourth extraordinary general meeting of shareholders for 2025 was held on August 11, 2025 [2] - The meeting approved the proposal regarding the company's compliance with conditions for issuing shares to specific targets [2]

证券日报网讯 韶能股份8月11日在互动平台回答投资者提问时表示，2025年下半年，公司在精密（智 能）制造业务方面，将抓住与重点高校、行业企业联合开发机器人减速器的机遇，拓展新业务。截至目 前无应披露而未披露的信息，如达到信息披露标准的，将依法履行信息披露义务。 （编辑 袁冠琳） ...