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 之 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依賴該等內容而引致之任何損失承擔任何責任。 CENTRAL NEW ENERGY HOLDING GROUP LIMITED 中 環 新 能 源 控 股 集 團 有 限 公 司 （於開曼群島註冊成立的有限公司） （股份代號：1735） 有關訂立諒解備忘錄的 自願公告 本 公 告 乃 中 環 新 能 源 控 股 集 團 有 限 公 司（「 本 公 司 」， 連 同 其 附 屬 公 司 統 稱「 本 集 團」）自願作出。 本公司董事（「董事」）會（「董事會」）欣然宣佈，於二零二五年八月二十五日，EGN LTD（「EGN」）與本公司訂立一份諒解備忘錄（「諒解備忘錄」），據此，諒解備忘錄 的各訂約方（ 各稱「訂約方」，統稱「訂約各方」）擬在阿曼投資光伏電站項目，並在 當地建立光伏組件產能。合作將基於平等互利、產業協同及協調發展之原則，致 力建立長期穩定之戰略合作夥伴關係，以實現共同成長及共 ...

Core Insights - The company achieved a revenue of 537.16 million yuan in the first half of 2025, representing a year-on-year growth of 23.32%, and a net profit of 54.04 million yuan, up 11.11% from the previous year [1] - The company focuses on the electric contact industry, enhancing product performance and quality while reducing costs to achieve sustainable business growth [1] Business Performance - Revenue from electric contacts reached 3.24 million yuan, electric contact components 1.05 million yuan, and electric contact materials 919,400 yuan, all showing a growth of 12.91% [2] - The fastest growth was seen in electric contact materials, driven by rising silver and silver alloy market prices, leading to increased product value [2] - The gross profit margins for electric contact materials were 20.68%, 27.47%, and 5.70% respectively [2] Market Expansion - Overseas sales revenue reached 36.54 million yuan with a gross margin of 40.15%, indicating improved profitability in international markets [2] - The demand for electric contact materials is diversifying across various sectors, including home appliances, industrial control, new energy, 5G communication, and charging stations [2] Industry Trends - The low-voltage electrical industry is expanding due to policies promoting smart manufacturing and green energy [2] - Emerging industries like new energy, smart homes, and 5G are driving demand for high-performance electric contact materials [2] - The industry is evolving towards refined management due to fluctuations in raw material prices, prompting companies to enhance cost control and supply chain management [2] Technological Advancements - The company is implementing smart production line upgrades to enhance automation and improve delivery efficiency [3] - Ongoing R&D projects focus on developing new electric contact materials suitable for emerging fields by incorporating elements like copper, nickel, tungsten, and rare earth [3] - The company is adopting a flexible production model to better meet overseas customer demands, showcasing strong market adaptability [3] Competitive Landscape - The electric contact materials industry has a moderate concentration, with leading companies leveraging technological R&D and large-scale production advantages [3] - As a national-level "specialized, refined, and innovative" enterprise, the company holds a strong market position in its niche [3] - Competition in the industry is shifting from price wars to a focus on technological content and customer service capabilities, benefiting companies with strong innovation capabilities [3]

Global Wind Power Market - Global new wind power installations in 2024 reached 117.0 GW, with 109.0 GW from onshore wind and 8.0 GW from offshore wind[7] - APAC accounted for 75% of total global installations in 2024, while Europe represented 14% and North America contributed 5%[7] - The levelized cost of global onshore wind power declined by 70% from 0.113 USD/kWh in 2010 to 0.034 USD/kWh in 2024[7] - The levelized cost of global offshore wind power decreased by 62% from 0.208 USD/kWh in 2010 to 0.079 USD/kWh in 2024[7] China Wind Power Development - China's new grid-connection capacity in the first half of 2025 was 51.4 GW, a 98.9% year-over-year increase, including 48.9 GW of onshore wind and 2.5 GW of offshore wind[14] - As of June 2025, China's cumulative grid-connected wind power capacity totaled 572.6 GW, accounting for 15.7% of China's power mix[14] - Wind power production in China increased 15.6% year-over-year to approximately 588.0 billion kWh in the first half of 2025, representing a penetration rate of 12.1%[14] - China's domestic public tender market totaled 71.9 GW in the first half of 2025, representing an 8.8% year-over-year increase[21] Goldwind's Performance - Goldwind's external sale capacity totaled 10,641 MW in the first half of 2025, an increase of 106.6% year-over-year, with 81.5% (8,672 MW) from WTG 6MW and above[29] - As of June 30, 2025, Goldwind's total order backlog was 54.8 GW, with external order backlog totaling 51.8 GW[35] - As of June 30, 2025, Goldwind's cumulative installation in overseas market is 10,025.53 MW[39] - Goldwind's revenue for the first half of 2025 totaled RMB 28,537 million, with a comprehensive profit margin of 15.35% and a net profit attributable to owners of the company of RMB 1,488 million[61]

Core Viewpoint - The article highlights the advancements and opportunities in the hydrogen energy sector, focusing on various companies and their innovative technologies in hydrogen production, storage, and safety management [3][4][5][6][8]. Group 1: Company Innovations - Suzhou Zhiqing Bo Materials Technology Co., Ltd. specializes in the research and industrialization of anion exchange membranes, achieving stable production of 10 kg of resin and a product matrix of differentiated AEM products [3]. - Beijing Jiatai New Energy Technology Co., Ltd. is developing a new compressed gas energy storage project aimed at large-scale, long-duration, and environmentally friendly energy storage solutions [4]. - Fan Hydrogen Technology (Beijing) Co., Ltd. integrates hydrogen-sensitive color-changing materials with smart sensing technology for hydrogen leak detection, addressing challenges in leak detection [5]. Group 2: Market Trends - The article emphasizes the growing importance of hydrogen energy in the context of green transformation and sustainable development, with various companies focusing on innovative solutions to enhance hydrogen production and safety [8][10][12]. - The distributed green hydrogen supply model introduced by Beijing Hydrogen Ring Energy Technology Co., Ltd. utilizes local biogas resources for hydrogen production, addressing the industry's challenges of gas shortages and insufficient refueling stations [6]. Group 3: Investment Opportunities - The article mentions several investment managers and funds focusing on green energy, particularly in hydrogen and related technologies, indicating a robust interest in financing innovative projects in this sector [8][10][12][14][18][20].

更吸引市场的是绿电的价格。今年以来，辽宁绿电交易电价保持在每千瓦时0.18元至0.33元之间， 相较于火电平均0.389元的价格，绿电展现出明显的经济与环保双重优势，成为越来越多企业的优先选 择。 "供给与需求双向发力，是绿电交易大幅增长的关键。"国网辽宁电力交易中心冯占稳说。如今，辽 宁绿电用户已覆盖制造业、服务业等多个领域，涵盖大中小型企业。 交易机制的不断完善让绿电流动更加高效。"目前的曲线交易方式实现了绿电与现货市场有效衔 接，确保了清洁电力的按需分配。下半年，辽宁还将探索按工作日连续开市，进一步缩短交易周期、增 加交易频次，更好满足经营主体多样化需求。"冯占稳说。 初秋时节，锦州市黑山县境内，180台白色风机矗立在山脊上，巨大的叶片悠悠旋转，源源不断地 将风能转化为绿色电能。与此同时，国家电投东北公司锦州分公司的工作人员杨铠夫面前的电脑屏幕 上，实时跳动着全省的用电需求和风机的实时功率，他的任务就是让绿电精准送达需要的企业。"对我 们来说，绿电不仅是能源，更是有价的绿色商品。"杨铠夫说。 绿电指的是通过风力发电、太阳能发电、水电站发电等产生的可再生能源电力。如今，绿色电能正 为辽宁高质量发展不断注入 ...

Core Viewpoint - The first container train carrying photovoltaic panels has been dispatched from Changzhou, Jiangsu, marking a significant step in the promotion of renewable energy transportation and logistics in the region [1][2][3]. Group 1 - The train is part of an initiative to enhance the logistics efficiency for the solar energy industry, facilitating faster and more reliable transportation of solar panels [1][2]. - This development is expected to support the growth of the photovoltaic industry in Jiangsu, which is a key area for solar energy production in China [1][3]. - The dispatch of the train aligns with national goals to increase the use of renewable energy sources and reduce carbon emissions [2][3]. Group 2 - The container train service is anticipated to improve the supply chain for solar panel manufacturers, potentially leading to cost reductions and increased competitiveness in the market [1][2]. - The initiative reflects a broader trend in the logistics sector towards specialized transportation solutions for renewable energy products [1][3]. - This move is likely to attract more investments into the renewable energy sector in Jiangsu, further solidifying its position as a leader in solar energy production [2][3].

Core Insights - Brazil's solar installed capacity has exceeded 60 gigawatts (GW) [2] - Solar energy accounts for 23.5% of Brazil's total installed capacity, ranking second after hydropower [2] - The solar sector has led to investments exceeding 270 billion Brazilian Reais since 2012, creating over 1.8 million green jobs and contributing more than 84.4 billion Reais in tax revenue [2] Installed Capacity - Brazil's total solar installed capacity is now 60 GW, with distributed generation at 42.1 GW and large-scale generation at 17.9 GW [2] Environmental Impact - The solar energy sector has reduced approximately 88.3 million tons of carbon dioxide emissions [2] Economic Contribution - The solar industry has attracted over 270 billion Reais in investments since 2012 [2] - The sector has created more than 1.8 million green jobs [2] - It has contributed over 84.4 billion Reais in tax revenue [2]

Group 1: Core Perspectives - The Shanghai Cooperation Organization (SCO) is enhancing sustainable development cooperation among member states, focusing on high-quality alignment of regional development strategies amidst geopolitical conflicts and trade barriers [1][2] - The year 2025 is designated as the "SCO Sustainable Development Year," emphasizing cooperation in connectivity, agriculture, industry, green industries, and digital economy [1][2] Group 2: Connectivity and Trade - The SCO serves as a significant platform for the Belt and Road Initiative, with member states deepening cooperation in infrastructure to promote regional connectivity and trade facilitation [2] - In the first seven months of 2025, China's import and export volume with other SCO member states reached 677.4 billion yuan via land transport, a 7.4% increase, and 251.01 billion yuan via air transport, a 44.6% increase [2] Group 3: Economic Transformation and Upgrading - The SCO facilitates the sharing of agricultural technology and industrial collaboration, enhancing the autonomy and sustainability of economic development among member countries [3] - Uzbekistan is adopting Chinese drip irrigation technology to improve cotton yields, while Kazakhstan is developing agricultural logistics parks to guide local farmers in diversified planting [3] Group 4: New Cooperation Spaces - The SCO countries are diversifying cooperation in green technology and digital infrastructure, promoting digital economy development and technological innovation for sustainable growth [6] - The construction of a 100 MW solar power plant in Kazakhstan exemplifies successful green energy cooperation, aiding the region's transition to a low-carbon economy [6] Group 5: Digital Economy and Innovation - The establishment of the "Silk Road E-commerce" comprehensive service base aims to enhance cross-border e-commerce and logistics, supported by the China-SCO big data cooperation center [6] - In Kyrgyzstan, the implementation of a 5G network has increased internet penetration from 43% to over 70%, while digital healthcare platforms in Tajikistan provide remote medical consultations [6][7]

Core Viewpoint - The company, Hekang New Energy Technology Co., Ltd., reported significant growth in revenue and net profit for the first half of 2025, reflecting strong operational performance and effective management strategies [1][2]. Financial Performance - The company achieved operating revenue of 4.497 billion yuan, a year-on-year increase of 163.06% [1]. - The net profit attributable to shareholders reached 71.1837 million yuan, marking a year-on-year growth of 732.83% [1]. - The net cash flow from operating activities was 251 million yuan, indicating healthy cash flow management [1]. Business Development - The company expanded its household photovoltaic EPC business from 15 to 22 provinces, with a cumulative grid-connected capacity exceeding 3GW as of June 30, 2025 [2]. - The company launched a new range of photovoltaic grid-connected inverters with power ratings between 20KW and 40KW, covering approximately 70% of the market application scenarios for household grid-connected inverters [2]. R&D and Market Strategy - The company is focusing on product research and market capability development in the household energy storage sector, with a robust order reserve situation supporting future growth [2]. - The company’s production base for energy storage in Anqing commenced operations on June 25, 2025, ensuring sufficient capacity for order fulfillment [2]. Industry Positioning - In the high-voltage frequency converter business, the company is leveraging national policies for equipment upgrades and domestic substitution, leading to a significant increase in project orders [3]. - The company signed a joint development agreement with China National Nuclear Corporation for a nuclear power intelligent high-voltage frequency conversion system [3]. - The company is actively exploring overseas markets in South America and Southeast Asia, focusing on industries such as HVAC, mining, and cement [3].

Core Viewpoint - Hong Kong and mainland gas companies are experiencing stable gas sales, but growth in mainland city gas sales is slowing down, with potential for price margin recovery diminishing. The company maintains a clear dividend policy and has growth potential in renewable and green energy sectors [1][2]. Group 1: Hong Kong Gas Performance - Hong Kong China Gas reported 1H25 revenue of HKD 27.5 billion, flat year-on-year; core profit was HKD 3.08 billion, down 3% year-on-year; net profit attributable to shareholders was HKD 2.96 billion, also down 3% year-on-year [1]. - Gas sales in Hong Kong remained stable at 14,935 TJ in 1H25, with residential gas volume up 2.5% due to a 0.8°C decrease in average temperature; commercial gas volume decreased by 2.3% due to changes in tourism patterns [1]. - The company expects gas sales in Hong Kong to remain flat in 2025, benefiting from a well-established pricing mechanism, with an anticipated EBITDA margin of around 52% [1]. Group 2: Mainland City Gas Performance - The company’s city gas sales volume reached 18.58 billion cubic meters in 1H25, essentially flat year-on-year; industrial gas volume remained stable, while commercial gas volume decreased due to warm winter effects [2]. - The city gas price margin was CNY 0.54 per cubic meter in 1H25, up 0.04 CNY year-on-year; the cost of gas purchase decreased by CNY 0.06 per cubic meter due to optimized self-sourced gas [2]. - The company anticipates that the price margin recovery will converge to CNY 0.02 per cubic meter in 2025, despite an expected expansion in pricing mechanisms [2]. Group 3: Renewable and Green Energy Potential - The company’s renewable energy business net profit reached HKD 116 million in 1H25, up 6% year-on-year; the shift towards a light-asset strategy is expected to drive growth in carbon services and asset management sales from 2025 to 2027 [2]. - The green energy business, including green methanol and SAF, is solidifying its production capacity, with a collaboration on green methanol with Fuan Energy and a SAF plant in Malaysia expected to begin trial production in September [2]. Group 4: Financial Adjustments and Target Price - The company adjusted its net profit forecasts for 2025-2027 to HKD 6.03 billion, HKD 6.46 billion, and HKD 6.79 billion, reflecting a three-year CAGR of 6% [2]. - The target price has been raised to HKD 7.63, up from HKD 7.04, based on a 2.5x PB for 2025, considering the potential of renewable energy and green fuel business [2].