CTGR(SH:600905) Shang Hai Zheng Quan Bao·2025-09-10 18:36Core Viewpoint - The company held its 2025 semi-annual performance briefing on September 9, 2025, discussing its project approvals, development plans, and financial performance amidst the evolving renewable energy market [1][2][3]. Group 1: Project Approvals and Capacity - In the first half of 2025, the company secured 4.0056 million kilowatts of new approved/registered projects, including 1.8056 million kilowatts of onshore wind, 300,000 kilowatts of offshore wind, and 1.9 million kilowatts of solar power [2]. - The company aims to focus on high-quality renewable energy projects with favorable wind and solar resources, low engineering costs, and strong risk resistance [2]. Group 2: Development Plans - During the "14th Five-Year Plan" period, the company will align with national carbon neutrality goals, emphasizing high-quality development and seeking new growth points through digitalization and technological innovation [3]. - The strategic focus includes developing large onshore renewable energy bases and leading offshore wind power projects [3]. Group 3: Market Impact and Response - The company anticipates increased market volatility with the full market entry of renewable energy, implementing 43 measures across the project lifecycle to ensure quality and competitiveness [4][5]. - The company is actively participating in market price bidding, adapting its strategies based on local market conditions [5]. Group 4: Financial Performance - In the first half of 2025, the company reported a 2.19% decrease in revenue and a 5.48% decline in net profit, attributed to reduced operating hours and lower average electricity prices [6][7]. - The average electricity price for wind and solar power decreased due to a higher proportion of grid parity projects and increased market competition [12]. Group 5: Renewable Energy Pricing and Recovery - As of June 30, 2025, the company had a balance of 50.289 billion yuan in renewable energy price subsidies, with recovery exceeding the previous year's total by August [7]. - The company maintains a bad debt provision ratio of 5.13% for its renewable energy price subsidies [7]. Group 6: Efficiency Improvement Measures - The company is implementing quality improvement initiatives, focusing on enhancing operational efficiency, stabilizing electricity prices, and reducing costs through optimized management [8][9]. - Specific actions include improving equipment management and exploring financing cost reductions [9]. Group 7: REITs and Asset Management - The company is in the process of public REITs for its Dalian offshore wind project, which has a total installed capacity of 298.8 MW [10]. - Future asset management strategies will focus on revitalizing existing wind and solar assets through appropriate measures [10]. Group 8: Technological Innovation - The company has achieved significant technological advancements, including over 200 new patents and participation in key national research projects [14]. - Innovations include the development of large-capacity offshore wind turbines and new solar technologies, enhancing competitiveness in the renewable energy sector [14][17]. Group 9: Market and Governance - The company is actively enhancing its market value management in response to regulatory requirements, focusing on improving core competitiveness and investor relations [15]. - Measures include establishing a stable dividend policy and enhancing governance effectiveness to support long-term growth [15].