CTGR(SH:600905) Shang Hai Zheng Quan Bao·2025-11-12 18:08Core Viewpoint - The company held a video conference on November 11, 2025, to discuss its third-quarter performance, highlighting its growth in renewable energy projects and addressing various operational challenges and market conditions [1]. Group 1: Performance and Project Updates - From January to September 2025, the company added over 4.6 million kilowatts of approved/registered project capacity, including over 2 million kilowatts of onshore wind, 300,000 kilowatts of offshore wind, and approximately 2 million kilowatts of solar power [2]. - The company aims to achieve a significant increase in renewable energy capacity during the 14th Five-Year Plan period, focusing on optimizing the structure of onshore wind, offshore wind, and solar energy projects [2]. - The company has initiated construction on major projects in the Kubuqi and Southern Xinjiang bases, with plans to synchronize the development of power generation and transmission infrastructure [3]. Group 2: Energy Storage and Market Dynamics - The company has integrated over 2.7 million kilowatts of new energy storage capacity, utilizing various technologies such as lithium batteries and vanadium flow batteries [4]. - Recent adjustments to the value-added tax policy for wind power projects are expected to slightly decrease the overall investment return rates for both onshore and offshore wind projects [4]. - The average utilization hours for onshore wind, offshore wind, and solar projects in Q3 2025 were 411, 436, and 305 hours, respectively, reflecting a decline due to consumption issues [10]. Group 3: Financial Performance and Taxation - The company's total profit for the first three quarters of 2025 decreased by 21.49% compared to the previous year, primarily due to lower average utilization hours and increased operational costs [5]. - As of September 2025, the company had receivables of 46.626 billion yuan related to renewable energy price subsidies, with significant recovery progress noted in the first nine months [6]. - The corporate income tax rate for the first three quarters of 2025 was 14.23%, an increase of 2.89 percentage points from the previous year, influenced by the varying tax incentives for different projects [9]. Group 4: Market Competition and Future Outlook - The company is actively participating in competitive bidding for new energy projects across various regions, with differing results based on local market conditions [13]. - The company anticipates that the value of green electricity and related certificates will increase as market mechanisms improve and demand stabilizes [14].