调研速递|北方国际接待财通基金等5家机构 电力运营板块前三季利润大增 克罗地亚风电发电量2.89亿度

Group 1: Investor Activity Overview - On November 4, 2025, Northern International Cooperation Co., Ltd. participated in an investor communication event organized by China Ordnance Industry Group in Xi'an, receiving five institutional investors [1] Group 2: Core Business Insights - Northern International positions itself as a key player in the "Belt and Road" initiative, focusing on international engineering and capacity cooperation, and aims to enhance the internationalization of the group's civilian products [2] - The company highlighted five core competitive advantages: brand and market advantage, global resource integration capability, investment-driven and integrated operation advantage, high-quality international talent support, and localized operational advantages [2] Group 3: Power Operations Performance - The power operations segment has shown strong performance, with the Croatia wind power project generating 289 million kWh in the first three quarters, and the average electricity price maintained at 9.9 euro cents per kWh, leading to significant revenue growth [3] - The Laos hydropower project saw a substantial profit increase due to accelerated loan principal repayment and decreased interest expenses [3] - The company plans to expand its overseas quality power asset layout, focusing on European renewable energy investments and exploring new revenue channels such as energy storage projects and virtual power plants [3] Group 4: Mining Business Transformation - Northern International is transitioning from a traditional EPC contractor to a comprehensive service provider across the entire mining industry chain, extending its business scope from construction to mining operations and support services [4] - The company aims to strengthen its integrated industry chain advantages and enhance its core competitiveness in the mining service sector [4] Group 5: Dividend Policy - The company has maintained a stable dividend policy with cash dividends for 17 consecutive years, planning a cash dividend payout ratio of 15% for 2024, an increase of 5 percentage points from the previous year, totaling 158 million yuan, a year-on-year growth of 72.55% [5]