Group 1 - The core idea of the "Belt and Road" initiative is to enhance infrastructure connectivity, industrial cooperation, and engineering innovation among participating countries, with significant projects like the China-Europe Railway Express and the International Transport Corridor across the Caspian Sea demonstrating tangible benefits [1][2] - By 2030, the "Belt and Road" initiative is projected to help 7.6 million people escape extreme poverty in related countries, according to World Bank estimates [1][4] - The Chengdu International Aviation Hub is expected to handle over 87 million passengers and 1 million tons of cargo by 2024, showcasing the initiative's impact on regional connectivity and economic development [1] Group 2 - The engineering technology sector is crucial for economic development and improving living standards, with a focus on enhancing engineering education and talent quality as key indicators of innovation strength [2] - The establishment of the China Engineer Alliance in 2021 aims to promote international standard alignment and engineer talent development, with a new project in Africa to build centers for engineering excellence [2] - A consensus among 34 global engineering institutions was reached to create common certification standards and a curriculum for continuous professional development to support the "Belt and Road" initiative [2] Group 3 - Collaborative projects in the "Belt and Road" initiative have led to significant advancements in green energy, such as the Gessibo-Boboli Hydropower Station in Côte d'Ivoire, which will generate 5.54 billion kilowatt-hours of clean electricity annually [3] - The Karuma Hydropower Station in Uganda is expected to reduce carbon emissions by 3.48 million tons per year, highlighting the initiative's commitment to sustainable development [3] - The "Belt and Road" Green Development International Alliance has over 150 partners from more than 40 countries, emphasizing the importance of international cooperation in promoting green initiatives [3] Group 4 - The "Belt and Road" initiative aims to improve the quality of life for people in participating countries, with global poverty reduction as a fundamental goal [4] - The introduction of mushroom grass technology in Papua New Guinea has set a world record for grass production, while in Rwanda, it has supported over 50 enterprises and cooperatives, creating jobs for more than 30,000 people [4] - The mushroom grass project exemplifies China's commitment to global poverty alleviation, with numerous initiatives contributing to poverty reduction, employment, and sustainable development across over 100 countries [4]

Core Viewpoint - The "ETF Connect" mechanism has significantly enhanced cross-border investment opportunities, leading to a substantial increase in the number of products and trading activity, thereby promoting the integration and internationalization of the capital markets [1][2][3]. Group 1: Product Growth and Trading Activity - The number of "ETF Connect" products has grown from 87 at its inception to 265 currently, reflecting a robust expansion in product offerings [2][3]. - Trading volume has surged, with northbound transactions reaching 256.36 billion RMB in the first five months of the year, a 148% increase year-on-year, while southbound transactions amounted to 416.34 billion HKD, a 180% increase [2]. - The trading activity has increased nearly 100 times for northbound and over 10 times for southbound transactions compared to the initial phase of "ETF Connect" [2]. Group 2: Mechanism Benefits - "ETF Connect" offers a more efficient and convenient investment channel compared to traditional methods like QFII and RQFII, eliminating complex approval processes and enhancing risk management [4][5]. - The mechanism facilitates a seamless flow of funds and provides investors with a diverse range of investment options, thereby enriching the investment landscape [4][5]. - It serves as a critical component of China's financial opening strategy, promoting higher levels of bilateral market integration and collaboration [2][3][6]. Group 3: Future Potential and Market Impact - The lowering of entry barriers for "ETF Connect" is expected to further stimulate product innovation and enhance the investment landscape for both domestic and international investors [5][6]. - The mechanism is seen as a bridge for passive investment between mainland China and Hong Kong, fostering deeper integration of market rules, valuation systems, and investor structures [6]. - The continued growth in product variety and trading volume indicates strong market demand and potential for future development in the cross-border investment space [5][6].

Core Viewpoint - The company, Xiong'an New Power Technology Co., Ltd., has issued a supplementary correction announcement regarding its 2024 annual report, highlighting adjustments in revenue and cost disclosures, reflecting a decline in overall revenue and changes in cost structure [1][2]. Revenue and Cost Analysis - The total operating revenue for the company in 2024 was CNY 203,296,317.02, a decrease of 6.50% compared to CNY 190,073,311.00 in the previous year [1][2]. - The revenue breakdown by industry shows that the energy-saving and environmental protection sector accounted for 100% of the total revenue, with a similar percentage in the previous year [1][2]. - The cost of goods sold was primarily driven by raw materials, which constituted 71.53% of the total operating costs, reflecting an increase from 66.89% in the previous year [2][3]. Segment Performance - The company reported a decline in revenue from other business segments, with figures showing a drop from CNY 6,252,655.31 to CNY 5,675,309.45, representing a decrease of 9.23% [2]. - The domestic market accounted for 100% of the revenue, consistent with the previous year, indicating no diversification in geographical revenue sources [2]. Financial Position Adjustments - The company corrected its long-term equity investment disclosures, indicating adjustments in the financial statements related to the valuation of investments [3][4]. - The long-term borrowings were reported at CNY 57,098,948.76 at the end of the period, with a decrease in the amount due within one year from CNY 24,098,948.76 to CNY 9,994,675.28 [5][6]. Asset and Liability Disclosures - The company disclosed that certain assets were subject to restrictions, including cash and fixed assets, with specific amounts detailed for each category [5][6]. - The total restricted cash was reported at CNY 118,573.23, with additional details on the nature of the restrictions [5].

证券代码：300152 证券简称:ST 新动力 公告编号：2025-040 （一）雄安新动力科技股份有限公司 2024 年年度报告"第三节 管理层讨论 与分析"之"四、主营业务分析"之"2、收入与成本"之"（1）营业收入构成、 （2）占公司营业收入或营业利润 10%以上的行业、产品、地区、销售模式的情 况、（5）营业成本构成"的补充披露。 雄安新动力科技股份有限公司 关于2024年年度报告的补充更正公告 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。 雄安新动力科技股份有限公司(以下简称"公司或新动力") 于 2025 年 4 月 29 日在巨潮资讯网（www.cninfo.com.cn）披露了《2024 年年度报告》，经 公司自查，现对《2024 年年度报告》部分内容进行更正，具体更正内容如下： 一、《2024 年年度报告》更正内容 更正前： （1）营业收入构成 营业收入整体情况 单位：元 | | 2024 年 | | 2023 年 | | 同比增减 | | --- | --- | --- | --- | --- | --- | | | 金额 | 占营业收入 ...

特此公告。 证券代码：300152 证券简称：ST 新动力 公告编号：2025-039 雄安新动力科技股份有限公司 关于高级管理人员离职的公告 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。 雄安新动力科技股份有限公司（以下简称"公司"）副总经理宗冉先生因合 同期满，已办理完毕离职手续，其所负责的工作已平稳交接。离职后，宗冉先生 不再担任公司任何职务。其离职不会影响公司相关工作的正常开展。公司对宗冉 先生在任期间为公司作出的贡献表示衷心感谢！ 截至本公告披露之日，宗冉先生直接持有公司股份165,000.00股，占公司总 股本0.023%。其离职后，宗冉先生将继续严格遵守《上市公司股东减持股份管理 暂行办法》《深圳证券交易所上市公司自律监管指引第 18 号——股东及董事、 监事、高级 管理人员减持股份》等相关法律、法规、规范性文件的规定。 雄安新动力科技股份有限公司 董 事 会 二〇二五年六月二十日 ...

Financial Performance - The company's operating revenue for 2024 was ¥190,073,311, a decrease of 6.50% compared to ¥203,296,317 in 2023[16] - The net profit attributable to shareholders for 2024 was ¥47,417,182.8, representing a decrease of 35.31% from ¥69,997,786.6 in 2023[16] - The total assets at the end of 2024 were ¥756,173,917.29, down 3.48% from ¥797,117,084.12 in 2023[16] - The net assets attributable to shareholders decreased by 25.14% to ¥240,519,821.94 from ¥322,700,125.84 in 2023[16] - The basic earnings per share for 2024 was -0.0665, an improvement of 35.31% from -0.0982 in 2023[16] - The weighted average return on equity was -18.38%, slightly improved from -19.35% in 2023[16] - The profit distribution plan for shareholders includes no cash dividends or stock bonuses for the year[4] Cash Flow - The net cash flow from operating activities increased significantly to ¥30,801,389.4, a rise of 1,454.48% compared to ¥9,422,369.53 in 2023[16] - The net cash flow from operating activities was positive in all quarters, with ¥10,994,576.63 in Q1, ¥1,005,678.62 in Q2, ¥7,467,655.36 in Q3, and ¥13,883,469.83 in Q4[20] - The investment cash flow net amount was ¥326,945.47, a significant recovery from a loss of ¥103,703,492.53 in 2023[61] - Cash and cash equivalents increased by ¥10,092,689.22, a significant recovery from a decrease of ¥117,868,418.36 in 2023[61] - The net cash flow from financing activities showed a significant decline of 98.35%, resulting in a net outflow of ¥21,035,645.69[61] Research and Development - The company has accumulated 338 national invention patents and has received awards such as the National Science and Technology Progress Second Prize and the National Technology Invention Second Prize[36] - The company has developed a 1.4MW ammonia co-firing burner that achieves a NOx emission of 376 mg/Nm3 with ammonia energy ratio of 30%, significantly below the project target[40] - The company has completed the construction of a 1.4MW hydrogen co-firing burner that meets the final project goals with NOx emissions below 30 mg/Nm3 and zero N2O emissions[41] - The company focuses on energy-saving combustion technology and has a range of products including low-nitrogen burners and combustion control systems[35] - The company is involved in the national key R&D program for clean and efficient combustion technology, indicating its commitment to innovation in the energy sector[40] - R&D investment amounted to ¥7,762,077.17 in 2024, representing 4.08% of operating revenue, an increase from 3.53% in 2023[58] - The number of R&D personnel decreased by 2.13% to 46, while the proportion of R&D personnel increased to 20.00%[58] Market and Industry Trends - The company operates in the energy-saving combustion industry, providing solutions for various sectors including power generation and petrochemicals, amidst a challenging yet opportunity-rich market environment[27] - The national electricity consumption is projected to reach 9.85 trillion kWh in 2024, representing a year-on-year growth of 6.8%[28] - By the end of 2024, the total installed power generation capacity in the country is expected to reach 3.35 billion kW, a 14.6% increase year-on-year[29] - The expected new power generation capacity in 2025 is projected to exceed 4.5 million kW, with over 3 million kW coming from renewable energy sources[31] - The company aims to align with the green and sustainable trends in the industry, focusing on energy-efficient and clean combustion technologies while exploring hydrogen energy applications[33] Operational Risks and Management - The company plans to address potential operational risks and has outlined corresponding countermeasures in the management discussion section[4] - The company will adapt to the evolving electricity pricing mechanisms, transitioning to a two-part pricing system to better reflect market conditions and support the coal power sector's role in the energy system[32] - The company is focusing on developing technologies for the incineration of high-salt organic waste, enhancing its competitive edge in environmental protection[57] - The company faces risks from increased competition in the environmental sector due to supportive national policies and the entry of new competitors[87] - The company is addressing the risk of rising production costs due to fluctuations in raw material prices and long project cycles[90] Governance and Compliance - The company emphasizes transparency in information disclosure, ensuring timely and accurate communication with shareholders[101] - The company has established a complete and independent financial management system, including independent bank accounts and tax obligations[107] - The company has a complete governance structure with a clear division of responsibilities among the general meeting, board of directors, and supervisory board[106] - The company has established a rectification working group led by the chairman to address existing issues and improve overall operational levels[196] - The company received a warning letter from the Hebei Regulatory Bureau regarding the administrative regulatory measures taken against it[194] Employee and Social Responsibility - Employee rights are protected in accordance with labor laws, with timely payment of salaries and comprehensive benefits provided[167] - The company has established a robust training system to enhance employee skills and capabilities through various training methods[168] - Health and wellness initiatives for employees include free health check-ups and seasonal welfare benefits[169] - The company actively fulfills its social responsibilities by paying taxes and creating job opportunities, contributing to local economic development[174][175] Shareholder and Financial Management - The company reported no cash dividends or stock bonuses for the reporting period, despite having positive distributable profits[142] - The company has a clear and transparent profit distribution policy, ensuring the protection of minority shareholders' rights[141] - The total remuneration for directors, supervisors, and senior management during the reporting period amounted to 457.78 million yuan[126] - The company has not provided guarantees for the controlling shareholder or related parties[100] - The company has not engaged in any significant equity or non-equity investments during the reporting period[72]

Group 1 - The 27th Shanghai International Film Festival showcased over 400 films and hosted around 100 creator meet-and-greet events, emphasizing the theme "Every Frame is Life" [2] - As China's only international A-class film festival, it aims to align with contemporary trends and foster new talent through innovative mechanisms and media [2] - The festival serves as a platform for industry professionals and scholars to discuss evolving audience preferences and the types of works creators should produce [3] Group 2 - The opening forum highlighted the increased aesthetic standards of audiences, with a 15% rise in the criteria for "high-scoring films" since last year, particularly among the post-95 generation [4] - Young viewers frequently engage with film content through social media, reflecting their desire for deeper discussions about films' core themes and values [5] - Experts unanimously agreed on the need to "rebuild the relationship between films and audiences," emphasizing the importance of audience feedback in the creative process [6] Group 3 - The SIFF YOUNG initiative supports young filmmakers by providing a comprehensive system from script development to distribution, with new categories added this year to enhance support for core industry roles [7] - Many young filmmakers have achieved notable success after participating in SIFF YOUNG, with films like "The Long Way Home" and "All In" receiving significant recognition and box office success [7] Group 4 - The festival has developed a unique "6+1" tiered training system for nurturing new talent, with 112 projects currently in production and 77 films selected for international festival screenings [9] - The Asian New Talent Award has helped many young directors gain industry recognition, contributing to sustainable development in the film sector [9] Group 5 - The festival explored the integration of new technologies such as AI, digital imaging, and virtual filming in film production, enhancing the creative process and reducing production time [10] - The "SIFF ING Young New Wave Imaging Project" was launched to collect over 3,600 works, focusing on AIGC and vertical screen formats to inspire creators [11] Group 6 - The festival introduced immersive experiences with 16 virtual reality works and a new "Future Cinema" section, allowing audiences to engage with VR films in theaters [12] - Industry professionals believe that despite technological advancements, creativity and imagination remain the core competitive advantages of film works [12]

Group 1 - The 9th China-South Asia Expo and the 29th China Kunming Import and Export Commodities Fair opened on June 19, with a theme of "Unity and Cooperation for Development" [1] - The event spans from June 19 to June 24, featuring 16 exhibition halls and covering an area of 160,000 square meters, attracting participation from 73 countries, regions, and international organizations, with over 2,500 enterprises showcasing products [1] - Exhibits include green energy, advanced manufacturing, modern agriculture, and biomedicine, providing a platform for economic cooperation and cultural exchange [1] Group 2 - Yunnan Radio Company (Yunwu Company) made its debut at the expo, focusing on public safety business in areas such as personnel-intensive locations and emergency response, leveraging AI and information technology [3] - The company aims to integrate into the low-altitude economy development industry chain and showcase its technological innovation capabilities in public safety, emergency response, and health monitoring [3] - Kunming is strategically planning for future industries such as low-altitude economy, intelligent computing power, life sciences, and new energy storage, enhancing policy guidance to drive breakthroughs for high-quality development [3]

Group 1 - The coal-water pool sludge treatment project by Guodian Power's Jinjie Company has officially entered the trial operation phase, aiming to efficiently process and recycle sludge, thus addressing environmental concerns related to sludge accumulation [1] - The project utilizes an integrated treatment process that includes wastewater collection, high-frequency coarse interception, efficient concentration, sludge dewatering, and water reuse, replacing traditional outdoor drying methods [1] - The technology allows for the separation of sludge and clean water, achieving a stable sludge moisture content of below 20%, which meets boiler co-firing standards, while the quality of recycled water exceeds industry reuse standards [1] Group 2 - Guodian Power emphasizes ecological priority and proactive governance, focusing on pollution reduction and carbon reduction, while promoting the principles of solid waste reduction, resource utilization, and harmlessness [2] - The company is exploring new models and pathways for solid waste governance and utilization in the coal-based energy sector, systematically addressing the reduction and disposal of coal-based solid waste [2] - Guodian Power aims to enhance the comprehensive utilization and disposal levels of solid and hazardous waste, supporting high-quality development of ecological environment and social economy [2]

Core Viewpoint - The implementation of the "Private Economy Promotion Law" in May 2025 marks a significant legislative milestone, embedding the principle of "two unwavering" into law, which aims to create a solid legal foundation for the development of the private economy [1] Group 1: Understanding "Two Unwavering" - The concept of "two unwavering" serves as a fundamental guideline for China's economic system, aiming to maximize the vitality of various ownership economies while respecting the market's decisive role in resource allocation [2] - The essence of "two unwavering" is to transcend rigid ownership barriers and use efficiency as the criterion for delineating the boundaries between state-owned and private enterprises [2] Group 2: Practical Implementation - The consolidation of public ownership focuses on areas where state capital has irreplaceable strategic effectiveness, such as national security and major infrastructure projects, where private capital may be reluctant to invest [3] - Encouraging and supporting the development of the non-public economy is essential for enhancing market vitality and driving innovation, with private enterprises being recognized for their efficiency advantages [3] Group 3: Dynamic Adjustment of Ownership Boundaries - The boundaries between public and private ownership are not static but evolve with technological advancements and market deepening, allowing for a more efficient allocation of resources [4] - Certain sectors may transition from natural monopolies to being open to private capital as technology and regulatory capabilities improve [4] Group 4: Optimizing the Business Environment - A clear, stable, and predictable market-oriented, rule-of-law, and international business environment is crucial for expanding the space for private economic development [5] - Implementing a negative list management system and ensuring equal rights and opportunities for state-owned and private enterprises are fundamental to fostering a fair competitive environment [5] Group 5: Addressing Hidden Barriers - Private enterprises face hidden barriers in participating in major projects, reflecting a gap between policy declarations and practical realities [7] - Systematic solutions include reforming bidding processes, optimizing subcontracting ecosystems, and enhancing credit and technical support for private enterprises [8] Group 6: Supporting Small and Medium Enterprises (SMEs) - SMEs are vital to the economy, contributing significantly to employment and tax revenue, yet they face unprecedented survival pressures [9] - Measures to alleviate these pressures include targeted tax reductions, innovative financial products for SMEs, and efficient policy implementation to ensure that support reaches those in need [10] Group 7: Government Role in Business Environment - The government should transition from a management role to a service-oriented approach, focusing on removing barriers and streamlining processes for businesses [11] - Ensuring stable expectations through regulated enforcement and avoiding arbitrary actions are essential for creating a conducive business environment [12]