Guangdong Baolihua New Energy Co., Ltd. 2025 Semi-Annual Performance Forecast [Current Period Performance Forecast](index=1&type=section&id=I.%E3%80%81Current%20Period%20Performance%20Forecast) The company forecasts a year-on-year increase in its 2025 first-half performance, with net profit attributable to shareholders expected to grow by 42.08% to 58.48% 2025 Semi-Annual Performance Forecast | Item | Current Period (million yuan) | Prior Year Period (million yuan) | | :--- | :--- | :--- | | **Net Profit Attributable to Shareholders** | **Profit: 520 — 580**<br>Year-on-year growth: 42.08% — 58.48% | Profit: 365.9876 | | **Net Profit Excluding Non-Recurring Items** | **Profit: 510 — 570**<br>Year-on-year growth: 25.39% — 40.14% | Profit: 406.7270 | | **Basic Earnings Per Share (yuan/share)** | **Profit: 0.24 — 0.27** | Profit: 0.17 | [Communication with Accounting Firm](index=1&type=section&id=II.%E3%80%81Communication%20with%20Accounting%20Firm) The company explicitly states that this performance forecast has not been pre-audited by an accounting firm - This performance forecast has not been pre-audited by an accounting firm[4](index=4&type=chunk) [Explanation of Performance Changes](index=1&type=section&id=III.%E3%80%81Explanation%20of%20Performance%20Changes) The significant increase in the company's 2025 first-half net profit is primarily due to increased electricity demand in Guangdong Province and a reduction in coal prices, lowering operating costs - The company's power generation and on-grid electricity volume increased due to year-on-year growth in Guangdong Province's total electricity consumption[5](index=5&type=chunk) - Declining coal prices reduced operating costs for the company's core power business, enhancing profitability[5](index=5&type=chunk) [Risk Warning](index=2&type=section&id=IV.%E3%80%81Risk%20Warning) The company advises investors that this performance forecast is based on preliminary, unaudited data, carrying inherent uncertainties, with final figures to be disclosed in the 2025 semi-annual report - This performance forecast is unaudited and based on preliminary estimates, carrying inherent uncertainties, thus investors should be aware of investment risks[6](index=6&type=chunk) - Detailed financial data will be fully disclosed in the company's 2025 semi-annual report[6](index=6&type=chunk)

Investment Rating - The report maintains an "Overweight" rating for the industry [4] Core Viewpoints - The issuance of renewable energy power consumption responsibility weights for 2025 mandates green electricity consumption in five major industries, which is expected to alleviate renewable energy consumption issues [3][11] - The assessment scope has expanded to include steel, cement, polysilicon, and data centers, enhancing the focus on energy-intensive industries [3][12] - The provincial assessment targets for renewable energy consumption responsibility weights will range from 24.2% to 70% in 2025, with 19 provinces aiming for over 30% [3][15] Summary by Sections Industry Trends - The electricity and public utilities index rose by 1.60% during the week, outperforming the CSI 300 index by 0.78 percentage points [5][55] - The report highlights that over half of the listed companies in the electricity and public utilities sector experienced stock price increases [55] Key Industry Insights - The coal price has rebounded to 627 CNY/ton [13] - The inflow and outflow of water at the Three Gorges Dam decreased by 17.86% and 24.19% year-on-year, respectively [31] - The price of silicon materials remained stable, while mainstream silicon wafer prices decreased slightly [39] Investment Recommendations - Focus on the electricity sector due to the high temperatures across the country and the upcoming performance period [3] - Recommended stocks include Huaneng International, Jiantou Energy, Huadian International, and Qingda Environmental Protection, which are expected to have resilient quarterly earnings [3] - Emphasis on undervalued green electricity operators, particularly in Hong Kong and wind power sectors, such as Xintian Green Energy and Longyuan Power [3][8]

Group 1 - The core viewpoint of the articles highlights the increasing electricity demand due to extreme weather conditions, leading to a positive outlook for thermal power companies in China [1][2][3] - The electricity consumption growth rate is expected to be around 5% for the year, with significant increases in electricity load observed in various provinces [1][2] - The thermal power sector has seen a cumulative increase of over 20% in stock prices over the past three months, with companies like Huayin Power, Jingneng Power, and Baoneng Energy showing varying degrees of growth [1] Group 2 - As of July 4, the national peak electricity load reached 1.465 billion kilowatts, marking a historical high and reflecting a significant increase in demand compared to previous months [2] - The coal inventory at power plants is currently sufficient, with approximately 210 million tons available, which is expected to support stable coal prices and enhance profitability for thermal power companies [1][2] - Baoneng Energy, a key power generation company in Guangdong, is expected to see improved profitability due to rising electricity prices and ongoing expansion projects [3]

Group 1 - The company has completed the industrial and commercial change registration procedures as of the announcement date [2] - The company held the 12th meeting of the third board of directors and the third extraordinary general meeting of shareholders on June 10 and June 26, 2025, respectively, to approve the setting of employee representative directors, changes in registered capital, and amendments to the Articles of Association [1] - The company adjusted certain terms in the Articles of Association, changing "General Manager" to "Manager" and "Deputy General Manager" to "Deputy Manager" without any substantial differences in content [2] Group 2 - The full text of the amended Articles of Association has been disclosed on the official website [2] - The announcement was made by the board of directors of Shenzhen Huabao New Energy Co., Ltd. on July 4, 2025 [4]

Investment Rating - The industry investment rating is maintained as "Increase" [4][3] Core Views - The "136 Document" catalyzes rapid growth in new energy this year, with accelerated electricity market reforms and the southern regional market starting continuous settlement, leading to more flexible electricity pricing reflecting supply and demand changes [3][10] - The cumulative installed capacity of solar power reached 1.08 billion kilowatts by the end of May, with a year-on-year increase of 56.9%, while the share of thermal power generation capacity decreased to approximately 40% [15][67] - The southern regional electricity market officially transitioned to continuous settlement, allowing for daily trading and better reflection of supply-demand dynamics [15][10] Summary by Sections Industry Overview - As of the end of May, the total installed power generation capacity in China reached 3.61 billion kilowatts, a year-on-year increase of 18.8% [15][67] - In the first five months of the year, solar power added 197.85 GW of new capacity, a year-on-year increase of 149.97%, while wind power added 46.28 GW, a year-on-year increase of 134.21% [15][67] Market Dynamics - The average daily trading volume in the southern regional electricity market is expected to reach 3.8 billion kilowatt-hours after the transition to continuous settlement [15][10] - The coal price rebounded to 620 yuan per ton, impacting the thermal power sector [11][3] Key Stocks - Recommended stocks include Huaneng International, Jingtou Energy, Huadian International, Sheneng Co., and Baoneng New Energy, focusing on those with flexible quarterly performance [3][7] - Emphasis on undervalued green electricity operators, particularly in Hong Kong stocks and wind power operators, such as Xintian Green Energy and Zhongmin Energy [3][7] Carbon Market - The national carbon market trading price increased by 4.83% this week, with a total trading volume of 6.68 billion tons and a cumulative trading amount of 458.99 billion yuan [52][69]

Group 1 - The trial of former chairman Ning Yuanxi and former director Wen Hui of Baoneng New Energy for embezzlement officially commenced at Shunde Court on June 24 [1][2] - The trial is scheduled to be held publicly from June 24 to July 4, attracting many lawyers, although only three observers per defendant were allowed [2] - In a previous ruling, Ning Yuanxi was sentenced to nine years and six months in prison for embezzlement, while Wen Hui received a seven-year and six-month sentence [2] Group 2 - In March, Baoneng New Energy announced that its actual controller, Ye Huane, received a notice from the China Securities Regulatory Commission (CSRC) regarding an investigation for suspected violations of information disclosure [3] - The CSRC also issued a notice to Ning Yuanxi regarding the same investigation [3]

Core Viewpoint - The case against former executives of Baoneng New Energy, Ning Yuanxi and Wen Hui, for embezzlement and fraud is set for retrial, with the hearing scheduled from June 24 to July 4, 2025 [1][8]. Group 1: Background of the Case - Ning Yuanxi served as the chairman of Baoneng New Energy for nearly 21 years before his sudden departure in April 2021 [2] - Both Ning and Wen held significant positions in the controlling shareholder, Guangdong Baoliwa Group, with Ning as the party secretary and chairman of Meizhou Commercial Bank, and Wen as the general manager and union chairman [2] - The case involves allegations of embezzlement related to a property valued at approximately 30.38 million yuan, which was purchased for only 15 million yuan, resulting in a loss of over 20.32 million yuan to the company [2][3]. Group 2: Legal Proceedings - The initial trial concluded with both defendants being found guilty, with Ning receiving a sentence of nine years and six months, and Wen receiving seven years and six months, along with fines [6] - Both defendants have appealed the initial ruling, claiming innocence and asserting that the decisions regarding the property sale were made by the actual controller, Ye Huanneng [4][6]. - The case was sent back for retrial after the higher court found that some facts were unclear in the original judgment [8]. Group 3: Allegations and Defense - The prosecution claims that the defendants misappropriated funds under the guise of financial advisory fees, with Ning allegedly receiving 7 million yuan and Wen 2.3 million yuan [3]. - The defendants argue that the transactions were approved by Ye Huanneng and that they did not personally benefit from the alleged misappropriations [4][5]. - Wen's defense includes claims of coercion and manipulation by local officials, suggesting external pressure to testify against Ning [8]. Group 4: Regulatory Issues - Following the arrests, Ning reported various allegations against Ye Huanneng, including issues related to the bank's licensing and misrepresentation of his identity [7]. - The Meizhou regulatory authority has acknowledged discrepancies in Ye's identity disclosures, which could lead to further regulatory actions against him [7]. - The Shenzhen Stock Exchange issued a regulatory letter to Baoneng New Energy regarding discrepancies in the disclosure of its actual controller's identity [7].

在产业带动方面，盛新宝项目聚焦新能源锂电池极柱制造领域，涵盖高精冲压、数控加工、模具开发等 核心环节。其落地将助力咸安区进一步完善新能源汽车零部件产业布局，推动现有相关产业实现能级跃 升，形成强大的产业集聚效应，加速百亿产业集群的打造进程，为区域经济高质量发展注入强劲动能。 据悉，湖北盛新宝金属有限公司董事长舒平闲是从咸安走出去的优秀企业家。多年来，他在东莞深耕发 展，取得了卓越成就。此次将事业新起点选在家乡咸安，充分体现了他对家乡发展前景的高度认可，以 及浓厚的桑梓情怀。 中新网湖北新闻5月30日电(胡剑芳 李婷婷 杨柳)"参天之木，必有其根；怀山之水，必有其源。"5月30 日，咸宁市咸安区招商引资工作迎来喜讯：盛新宝新能源锂电极柱项目正式签约落地，标志着该区在新 能源产业赛道上迈出了坚实一步。 盛新宝新能源锂电极柱项目高度契合国家"双碳"战略及新能源发展趋势，与咸安区"3+2"现代化产业体 系规划方向深度吻合。项目计划分两期建设，全面投产后，预计年产值可达5亿元，将创造100余个就业 岗位，年税收贡献超1000万元。这不仅为咸安注入新的经济活力、拓宽税源渠道，也切实解决了当地居 民的就业问题，彰显了杰出楚 ...

Core Viewpoint - Shenzhen Huabao New Energy Co., Ltd. has approved changes to the use of part of the raised funds for the "Digital Zero Carbon Industrial Park Project" and established a special account for fund management [2][3][4]. Fundraising Overview - The company raised a total of RMB 5,828,645,675 through its initial public offering, with a net amount of RMB 5,594,596,404.45 after deducting issuance costs [2][3]. - The funds were fully received by September 13, 2022, and verified by Tianjian Accounting Firm [2]. Fund Management and Usage - A special account has been opened for the management of the funds, in compliance with regulatory requirements, to ensure investor protection [3][4]. - The company has signed a tripartite supervision agreement with China Construction Bank and its sponsor, Huatai United Securities, to oversee the fund's usage [5][6]. New Fundraising Special Account - The new special account is specifically designated for the Digital Zero Carbon Industrial Park Project, ensuring that funds are not used for other purposes [5][6]. - The agreement stipulates that any withdrawals exceeding RMB 50 million must be reported to the sponsor [6][7]. Profit Distribution Plan - The company plans to distribute cash dividends of RMB 11.50 per 10 shares and to increase capital by 4 shares for every 10 shares held, resulting in a total capital increase of 49,581,356 shares [12][14]. - The total number of shares after the distribution will increase from 124,800,000 to 174,381,356 [15]. Key Dates - The record date for the profit distribution is set for May 29, 2025, and the ex-dividend date is May 30, 2025 [16][18].

广东宝丽华新能源股份有限公司（以下简称"公司"）2024年年度权益分派方案已获2025年5月19日召开 的2024年度股东大会审议通过，现将权益分派事宜公告如下： 登录新浪财经APP 搜索【信披】查看更多考评等级 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。 一、股东大会审议通过利润分配方案等情况 1、公司2025年5月19日召开的2024年度股东大会审议通过的利润分配方案为：以2024年末公司总股本 2,175,887,862股为基数，向全体股东每10股派发现金红利1.50元（含税），共计分配利润326,383,179.30 元，剩余未分配利润结转以后分配。本次不送红股也不进行资本公积金转增股本。 2、自分配方案披露至实施期间，公司股本总额未发生变化。公司本分配方案，分配比例固定。 3、本次实施的分配方案与股东大会审议通过的分配方案是一致的。 4、本次实施分配方案距离股东大会审议通过的时间未超过两个月。 二、本次实施的权益分派方案 本公司2024年年度权益分派方案为：以公司现有总股本2,175,887,862股为基数，向全体股东每10股派 1.50元人民币 ...