Group 1: Company Overview and Investor Relations Activities - The investor relations activity took place on May 16, 2025, from 10:00 to 11:00 at the company's headquarters [2] - Key personnel included Chief Accountant and Board Secretary Liu Kelen and Securities Affairs Representative Gong Wenjing [2] Group 2: Impact of New Policies - The release of the "New Generation Coal Power Upgrade Special Action Implementation Plan (2025-2027)" reinforces the core goals of the "Three Reform Linkage" initiative, focusing on energy efficiency, carbon emission reduction, and flexible modifications [2] - The new plan introduces higher requirements for deep peak regulation and reduced coal consumption, along with new smart operation technology requirements [2] Group 3: Project Orders and Scope - Order amounts for the "Three Reform Linkage" projects vary significantly, ranging from several million to over one hundred million [3] - Current modifications primarily focus on the boiler body, with no involvement in the turbine side at this time [3] Group 4: Equipment and Market Expansion - Measures for extending the service life of decommissioned units include technical upgrades, converting units to emergency backup or peak power sources, and participating in frequency regulation and peak shaving services [3] - The company is cautiously entering the steel, cement, and chemical sectors for energy-saving and environmental protection modifications due to reduced profitability in these industries [3] Group 5: Biomass and International Market Development - The biomass business aligns with the "dual carbon" goals, focusing on specific technology applications and scenario validations [3] - The company is actively expanding into overseas markets, particularly targeting coal power unit upgrade demands in countries along the "Belt and Road" initiative, achieving breakthroughs in regions like South Africa [3]

Core Viewpoint - The company is actively transforming its coal-fired power generation capabilities to meet national energy goals, focusing on efficiency, flexibility, and environmental sustainability through a comprehensive upgrade initiative known as "Three Reforms Linkage" [1][2][11]. Group 1: Company Achievements - The company's coal-fired power plant, Hequ Power Plant, has been recognized as one of the top 50 coal-fired units in terms of reliability and operational performance [1]. - The company operates 24 coal-fired units with a total installed capacity of 12.08 million kilowatts, implementing a detailed upgrade plan to enhance efficiency and reduce emissions [3][4]. - Significant improvements have been made, including a 13.18 g/kWh reduction in coal consumption and a 36.66 g/kWh decrease in carbon emissions intensity [4]. Group 2: Technological Innovations - The company has developed advanced technologies for burning high-moisture, low-calorific value lignite, addressing key operational challenges and achieving international standards [4]. - A total of 89 energy-saving modifications have been completed, enhancing the overall efficiency of the power generation process [4]. Group 3: Environmental and Social Impact - The company is exploring biomass co-firing and urban sludge conversion to optimize resource allocation and promote recycling [5]. - The heating system upgrades have replaced inefficient small boilers, significantly reducing emissions and improving energy efficiency for local communities [6][7]. Group 4: Flexibility and Adaptation - The company is transitioning its coal-fired units from being primary power sources to flexible regulators, capable of adjusting output based on renewable energy availability [9][10]. - As of now, 12 units have achieved a 20% load adjustment capability, enhancing the regional power system's ability to accommodate renewable energy fluctuations [10]. Group 5: Future Directions - The company is committed to further advancements in coal power technology, aligning with national energy policies and contributing to high-quality development in the energy sector [11].