Core Insights - 大唐新能源 reported a total power generation of 2,365,190 MWh for September 2025, representing a 0.25% decrease compared to 2024 [1] - Wind power generation for the same period was 1,856,940 MWh, down 11.42% year-on-year, while solar power generation increased by 84.91% to 508,250 MWh [1] Summary by Category Power Generation Performance - Cumulative power generation for the year 2025 reached 25,890,603 MWh as of September 30, marking an 11.68% increase from 2024 [1] - Wind power generation contributed 21,840,558 MWh, up 7.40% year-on-year, while solar power generation totaled 4,050,045 MWh, reflecting a 42.22% increase compared to 2024 [1]

Core Viewpoint - 大唐新能源 reported a slight decrease in total power generation for 2025 compared to 2024, with a notable increase in solar power generation and a significant decline in wind power generation [1] Group 1: Power Generation Performance - The total power generation for the group in 2025 reached 2,365,190 MWh, representing a year-on-year decrease of 0.25% compared to 2024 [1] - Wind power generation amounted to 1,856,940 MWh, showing a year-on-year decline of 11.42% [1] - Solar power generation was recorded at 508,250 MWh, which is an impressive year-on-year increase of 84.91% [1] Group 2: Cumulative Power Generation - As of September 30, 2025, the cumulative power generation for the year reached 25,890,603 MWh, reflecting an increase of 11.68% compared to 2024 [1] - Cumulative wind power generation stood at 21,840,558 MWh, marking a year-on-year increase of 7.40% [1] - Cumulative solar power generation totaled 4,050,045 MWh, which is a year-on-year increase of 42.22% [1]

Core Viewpoint - Datang New Energy (01798) has completed the issuance of the sixth phase of ultra-short-term financing bonds for 2025, raising a total of RMB 2 billion with a maturity of 90 days [1] Summary by Sections - **Financing Details** - The total amount of the financing bond issued is RMB 2 billion [1] - The bonds have a face value of RMB 100 each and an interest rate of 1.63% [1] - The bonds will start accruing interest from October 16, 2025, and the repayment date is set for January 14, 2026 [1]

Core Viewpoint - Datang New Energy (01798) has successfully issued its sixth phase of ultra-short-term financing bonds for 2025, raising a total of RMB 2 billion with a maturity of 90 days [1] Group 1 - The total issuance amount of the financing bonds is RMB 2 billion [1] - The bonds have a face value of RMB 100 and an interest rate of 1.63% [1] - The bonds will start accruing interest from October 16, 2025, and the repayment date is set for January 14, 2026 [1]

Core Viewpoint - 大唐新能源 has successfully issued its sixth phase of ultra-short-term financing bonds for the year 2025, raising a total of RMB 2 billion with a maturity of 90 days [1] Group 1 - The total issuance amount of the financing bonds is RMB 2 billion [1] - The bonds have a face value of RMB 100 and an interest rate of 1.63% [1] - The bonds will start accruing interest from October 16, 2025, with a repayment date set for January 14, 2026 [1]

本 公 告 乃 由 中 國 大 唐 集 團 新 能 源 股 份 有 限 公 司（「本公司」）根 據 香 港 聯 合交易所有限公司證券上市規則第13.09(2)條及香港法例第571章《證 券 及 期 貨 條 例》第XIVA部 項 下 內 幕 消 息 條 文 而 作 出。 本 公 司 董 事 會（「董事會」）宣 佈，根 據 本 公 司 初 步 統 計，2025年9月本公司 及 其 附 屬 公 司（統 稱「本集團」）按 合 併 報 表 口 徑 完 成 發 電 量2,365,190兆 瓦 時，較2024年同比 下 降0.25%。其 中，完 成 風 電 發 電 量1,856,940兆 瓦 時，較 2024年同比 下 降11.42%；光 伏 發 電 量508,250兆 瓦 時，較2024年同比增加 84.91%。截 至2025年9月30日，本 集 團2025年累計完成發電量25,890,603兆 瓦時，較2024年同比 增 加11.68%。其中，完成風電發電量21,840,558兆瓦時， 較2024年同比增加7.40%；光 伏 發 電 量4,050,045兆 瓦 時，較2024年同比增 加42.22%。 – 1 – 香港 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不對因本公告全部或任何部份內容而產生或因倚賴該等內容而引致的 任 何 損 失 承 擔 任 何 責 任。 有關本期融資券發行的相關文件已於上海清算所網站(http://www.shclearing.com) 刊發。 本期融資券發行不構成上市規則第14章及第14A章 項 下 之 任 何 交 易。 公 告 完成發行2025年度第六期超短期融資券 本 公 告 乃 由 中 國 大 唐 集 團 新 能 源 股 份 有 限 公 司（「本公司」）根 據 香 港 聯 合 交 易 所 有 限 公 司 證 券 上 市 規 則（「上市規則」）第13.10B條 作 出。 本公司於2025年10月15日完成發行2025年 度 第 六 期 超 短 期 融 資 券（「本 期 融資券」）。本 期 融 資 券 的 發 行 總 額 為 人 民 幣20億 元，有 效 期 為90天（兌 付 日 為2026年1月14日）。面 值 為 人 民 幣100元，利 率 為1.63%，並 自 ...

Summary of 大唐新能源 Conference Call Company Overview - 大唐新能源 is a green power platform under 大唐集团, with a controlled installed capacity of 19GW, of which wind power accounts for 76% [2][4][5] - The company has early investments in high-quality resource areas such as Inner Mongolia and Northeast China, but is cautious about adding new green power capacity during the "14th Five-Year Plan" period, with less than 7GW expected [2][5] Financial Performance - As of mid-2025, the company's debt ratio is approximately 65%, with financial expenses decreasing due to reduced capital expenditures and optimized loans [2][6] - Operating cash flow is significantly influenced by subsidies, with a notable recovery in 2022, but a decline in the last two years. Accounts receivable reached 24.4 billion yuan [2][6] - In 2025, the company recovered 3.2 billion yuan in national subsidies in the first eight months, compared to 2.6 billion yuan for the entire previous year, indicating a significant acceleration in subsidy recovery [3][4][13] Key Developments and Strategies - Future development focuses on upgrading old units to improve efficiency, such as the 重庆四眼坪 wind farm, which saw a 30% increase in utilization hours post-renovation [2][7] - The company plans to cautiously invest in new projects, prioritizing high-yield opportunities, and aims to integrate 16GW of unlisted green power assets [2][7] - The dividend payout ratio has increased from 23% to 34%, reflecting a commitment to shareholder returns [2][8][11] Impact of Policy Changes - Adjustments in auxiliary service policies have significantly impacted the company, particularly in Northeast China, where peak pricing regulations have reduced related expenses, effectively offsetting market price declines [2][9][12] - The new pricing cap for auxiliary services has decreased from 1 yuan/kWh to approximately 0.37 yuan/kWh, leading to substantial savings for the company [12] Valuation and Profitability Outlook - The company’s valuation is expected to recover to above 1x PB, currently rebounding to around 0.9x PB, supported by improved cash flow and favorable policies [4][10] - Forecasted net profits for 2025-2027 are 2.43 billion, 2.55 billion, and 2.66 billion yuan, with growth rates of 2.2%, 4.8%, and 4.5% respectively [15] - The return on equity (ROE) is projected to remain between 7%-8% during this period, indicating stable profitability [15] Conclusion - 大唐新能源 is positioned well within the green power sector, with a strong focus on optimizing existing assets and cautious expansion strategies. The company is likely to benefit from improved subsidy recovery and favorable policy changes, enhancing its financial stability and growth potential in the coming years [2][10][15]

Summary of Key Points from the Conference Call Industry Overview - **Industry**: Green Energy (Renewable Energy) - **Key Companies Mentioned**: Longyuan, Datang Renewable, Jinneng Clean Energy, China Power, CGN New Energy Core Insights and Arguments - **Cash Flow Improvement**: The price of photovoltaic electricity has dropped to 0.22 yuan per kilowatt-hour, prompting green energy companies to invest cautiously in new projects. Since July, accelerated national subsidies have led to some companies receiving 2-3 times their total subsidies from the previous year, improving financial conditions [1][2]. - **Valuation Recovery Potential**: The valuation of the green energy sector has returned to levels seen before the dual carbon commitment. Major companies like Longyuan and Datang Renewable are currently trading below net asset value. The 136 document stabilizes returns on existing projects while increasing competition for new projects, which may drive valuations higher [1][3][4]. - **Impact of Document 136**: This document aims to promote the full marketization of renewable energy, ensuring returns on existing projects while requiring new projects to enter market-based trading and bidding. The competitive bidding results in Shandong in September showed photovoltaic prices at 0.22 yuan and wind power at 0.31 yuan, leading to more cautious investment in new projects by green energy companies [1][5]. - **Future Installation Targets**: From 2025 to 2035, China's average annual new installation capacity is expected to remain between 150 to 200 gigawatts, indicating continued large-scale promotion of renewable energy installations over the next decade [1][6]. - **Dual Carbon Commitment Impact**: Since the dual carbon commitment in 2020, China has shifted directly from coal to a new energy system primarily based on wind and solar power. This strategic decision has made wind and solar significant alternatives to coal and has driven electrification across various sectors [1][7]. - **Trends in Green Energy Installation**: Future installations in green energy are expected to grow at a slower pace compared to the previous five years. The focus will shift from quantity expansion to quality improvement in new projects due to the marketization promoted by Document 136 [1][8]. - **Subsidy Distribution**: The acceleration of subsidy payments has significantly improved the balance sheets of green energy companies. From July to August 2024, companies received subsidies that were two to three times the total amount received in the previous year, addressing past subsidy arrears [3][9]. - **Debt Situation**: As of the end of 2024, the total outstanding subsidies across the country are estimated to be between 550 billion to 700 billion yuan, which has led to a high ratio of accounts receivable to net assets for companies like CGN New Energy and Longyuan [3][10][11]. - **Green Consumption System Development**: The green consumption system in China is gradually advancing, with a significant increase in "green certificate" trading, which reached 4,400 billion kilowatt-hours in 2024, a 360% year-on-year increase. This system helps ensure a certain proportion of green electricity consumption [3][12]. - **Regulations for High Energy Consumption Industries**: In 2025, the government has imposed mandatory green electricity consumption ratios for high energy-consuming industries such as steel and electrolytic aluminum, transitioning from energy consumption control to carbon emission control [3][13]. - **Market Performance of Major Listed Companies**: Despite the positive factors, major listed companies like Datang Renewable and Longyuan are still trading below net asset value. However, the stabilization of returns on existing projects and accelerated subsidy payments may improve their financial health and drive future valuation recovery [3][4][14].

公 告 延遲臨時股東會及取消暫停辦理股份過戶登記 茲 提 述 中 國 大 唐 集 團 新 能 源 股 份 有 限 公 司（「本公司」）日 期 為2025年10月 8日 的 公 告（「該公告」），內 容 有 關 暫 停 辦 理 股 份 過 戶 登 記。 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的 任 何 損 失 承 擔 任 何 責 任。 本公司將於釐定臨時股東會日期及暫停辦理股份過戶登記手續期間後 另 行 刊 發 公 告。一 份 載 有（其 中 包 括）將 於 臨 時 股 東 會 上 提 呈 的 決 議 案 的 詳細資料的臨時股東會通函及通告將於適當時候分別在香港交易及結 算 所 有 限 公 司 披 露 易 網 站 及 本 公 司 網 站 上 刊 發，並 按 本 公 司H股股東選 擇收取通訊方式寄發予本公司H股 股 東。 承董事會命 中國大唐集團新能源股份有限公司 鄒 敏 聯席公司秘書 中 國 北 京，2025年10月14 ...