银星能源2025年半年度业绩说明会问答实录

Core Insights - The company held a successful half-year performance briefing on September 12, 2025, with full interaction with investors, achieving a 100% response rate to questions [1] Group 1: Project Developments - The company has received approvals for 18 distributed photovoltaic projects with a total capacity of 210.33 MW in 2024, and has completed full-capacity grid connection for 14 projects, with the remaining projects progressing smoothly [2] - The company plans to complete the transformation project at Changshantou and advance the construction conditions for the Helanshan Phase IV and V projects in the second half of the year [2] Group 2: Financial Performance - Accounts receivable increased from 923.8 million in 2021 to 2.945 billion in the 2025 mid-year report, with a rise of 2 billion over three and a half years, attributed to delays in government renewable energy subsidy payments [3] - The company is closely monitoring the progress of national renewable energy subsidy payments to ensure timely recovery of funds [3][4] Group 3: Cost Management and Market Position - The unit cost of the company's wind power projects is in line with industry standards, and the company leverages its experience and talent in project management to maintain quality and control costs effectively [4] Group 4: Market Communication and Shareholder Engagement - The company has established a market value management plan and adheres to legal regulations for information disclosure, aiming to enhance shareholder confidence [4] Group 5: Renewable Energy Subsidies and Market Trends - As of now, the company reports a positive trend in the recovery of renewable energy subsidies, with ongoing attention to the green certificate market for potential revenue generation [5] - The "Ningdian Ru Xiang" project is expected to enhance the overall consumption capacity of the Ningxia power grid, benefiting the company's renewable energy output [5] Group 6: Technological Advancements - The company is implementing artificial intelligence applications in energy management, focusing on building a smart management platform for renewable energy stations, with ongoing integration of various energy facilities [5]