混改助力，金融赋能 金开新能推进多元化能源布局

Core Viewpoint - Jin Kai New Energy (600821) is a model of "central-local collaboration" mixed reform, focusing on diversified energy layout around clean electricity, low-carbon products, and digital collaboration [1][2] Group 1: Company Transformation and Growth - After completing its restructuring in 2020, the company divested its traditional retail assets and transitioned to investments, construction, and operation of renewable energy projects such as photovoltaics and wind power [1] - The company has achieved a significant turnaround, with an average annual grid-connected installed capacity growth rate of 29% and an average new grid-connected scale exceeding 0.8 GW since the restructuring [1] - As of Q3 2025, the company has a total asset scale of 40.6 billion yuan, with a compound annual growth rate of 25% since the restructuring [1] Group 2: Financial Performance - Excluding the historical performance impact from the first year of restructuring, the average return on equity from 2021 to 2024 is 10.15% [2] - The company has achieved cumulative operating revenue of 14.77 billion yuan and total profit of 4.13 billion yuan, with compound growth rates of 24% and 31% respectively over the past three years [2] - The company has returned a total of 1.11 billion yuan to shareholders through various methods, including share buybacks and cash dividends [2] Group 3: Future Outlook - Looking ahead to the 15th Five-Year Plan, the company aims to align with national carbon peak and carbon neutrality goals, supported by a modern corporate governance structure and market-oriented operational mechanisms [2] - The company plans to integrate resources across the industry to build a green energy ecosystem [2]