中闽能源分析师会议-20250912

Group 1: Report Overview - Research Date: September 12, 2025 [1] - Research Industry: Power Industry [2] - Research Object: Zhongmin Energy [17] - Company Representatives: Chairman and General Manager Guo Zheng, Financial Controller Liu Shangying, Board Secretary Chen Hairong, Independent Directors Wen Buying and Xu Ping [17] Group 2: Research Institutions - Types of Institutions: Investor online questions and others [20] Group 3: Main Content Asset Injection - Unmet Conditions: Putian Pinghaiwan Offshore Wind Farm Phase III project hasn't obtained final subsidy verification results; Ningde Xiapu Offshore Wind Farm (Areas A and C) and Xiapu Mindong Offshore Wind Farm (Area B) haven't been put into production [24] - Future Plans: The company is promoting the injection of Mintou Pumped Storage assets [27] Policy Impact - 136 Document: The implementation plan in Fujian hasn't been issued, so the impact on the company's electricity price in the first half of 2025 is small. In the short - term, there may be price fluctuations, but in the long - term, the price will stabilize [26] Business Expansion - Strategy: The company will seek high - quality project acquisition opportunities at home and abroad, aiming for leap - forward and high - quality development [27] Stock Price and Repurchase - Current Plan: The company currently has no plans for shareholding increase or repurchase [28] Profit Growth - Solutions: For projects with subsidy limits, participate in green power trading. In the first half of 2025, three projects continued to participate in green power trading with a trading volume of 15,872.6 million kWh. Also, promote the transformation of old wind farms [30] Future Development - 14th Five - Year Plan: The company is formulating its development plan, aiming to build a diversified, large - scale and efficient new energy industrial pattern [31] - Three - Year Plan: The company will formulate a shareholder return plan from 2026 - 2028 to continue the stable cash dividend policy [32] Subsidy Recovery - Policy Support: The policy in June 2025 requires grid enterprises to pay funds monthly, which will accelerate the subsidy recovery in the short - term. The long - term progress depends on policy continuity and funding sources [34]