调研速递|中绿电接受多家机构调研，聚焦业绩与发展要点

Core Insights - The performance briefing held by Tianjin Zhonglv Electric Investment Co., Ltd. on September 9, 2025, focused on the company's performance in the first half of 2025 and future development plans, revealing key information about operational strategies and financial metrics [1] Group 1: Operational Performance and Development Plans - The company plans to enhance its operational capabilities and financial performance in the second half of 2025, viewing this period as critical for the conclusion of the 14th Five-Year Plan and for deepening reforms and high-quality development [1] - Key tasks include strengthening power generation capacity, increasing marketing revenue, controlling costs, managing projects, and enhancing risk prevention [1] Group 2: Business Layout and Market Strategy - The company currently operates in 16 resource-rich provinces in China and is considering overseas opportunities based on policy, risk, and return factors [2] - In the first half of 2025, market-based electricity transactions accounted for 72.14% of the total electricity generated, an increase from 2024, with expectations for further growth as policies advance [2] - The company has three solar thermal projects, with one operational, one under construction, and one newly commissioned [2] Group 3: R&D Investment and Core Competitiveness - The company emphasizes technological innovation, with high initial investments and slow returns, while some technologies have been demonstrated in projects [3] - Core competitiveness is driven by industrial synergy and technological advancements, achieving industry-leading efficiency in wind and solar power generation [3] Group 4: Policy Impact and Project Progress - Following the implementation of policy "136," the company reassessed the profitability of ongoing projects and intensified feasibility studies for proposed projects [4] - The company is actively exploring green electricity direct connection projects, which show good economic potential but require clarity on pricing and cost recovery [4] - The company is shifting its strategic focus from solar to wind energy projects and is diversifying its resource acquisition methods [4]