浙江新中港热电股份有限公司 关于2025年第三季度业绩说明会召开情况的公告

Core Viewpoint - The company held a Q3 2025 earnings briefing on November 12, 2025, to address investor concerns and discuss its performance despite a decline in revenue [1][9]. Group 1: Earnings Performance - The company's revenue for the first three quarters of 2025 decreased by 18.48% year-on-year, primarily due to a drop in heating prices and reduced heating demand from some downstream users relocating [2]. - Despite the revenue decline, the company achieved profit growth in Q3 2025, attributed to improved energy efficiency, lower fuel prices, increased coupling of solid waste RDF, reduced asset disposal losses, and higher investment income [3]. Group 2: Business Operations and Projects - The company’s main business is cogeneration, with a focus on enhancing the flexibility and safety of traditional power systems through grid-side energy storage and auxiliary services [1]. - The upgrade project for Unit 2 is nearing completion, with installation of main equipment finished and system debugging underway, expected to be operational in Q1 2026, which will enhance heating and power generation capacity [4]. - The company plans to expand its heating network and scale, particularly through new projects aimed at increasing efficiency and reducing carbon emissions, including a new heating pipeline project to serve industrial users [6]. Group 3: Inventory and R&D - The company’s coal inventory has significantly decreased since the beginning of the year, but this will not affect future production due to strategic procurement decisions made in response to coal price fluctuations [5]. - The decline in R&D expenses is attributed to fluctuations in depreciation costs of specific projects rather than a shift in R&D strategy [6]. Group 4: Future Plans and Market Environment - The company aims to maintain a high dividend payout ratio of around 50% and has initiated a share buyback program with a budget of RMB 40 million to 80 million, having spent RMB 49.99 million by October 31, 2025 [7]. - The company recognizes the stable impact of economic cycles and environmental policies on the thermal power industry and is focused on expanding its heating network and enhancing operational efficiency to navigate these changes [8].