Group 1: Subsidy and Financial Performance - The company received a total of 1.888 billion CNY in subsidies in the first three quarters of 2025, with recoveries of 1.694 billion CNY, 1.083 billion CNY, and 791 million CNY for the years 2022-2024 respectively. As of the end of Q3 2025, the balance of receivable renewable energy subsidies is 5.498 billion CNY [3][4] - The company has three projects that are included in the subsidy list but did not pass compliance checks, with a total installed capacity of 240,000 kW [4][5] Group 2: Pricing Strategy and Market Adaptation - In response to the implementation of Document No. 136, the company is actively adjusting its pricing strategy to adapt to market fluctuations and explore multiple value opportunities [3][4] - The company combines medium to long-term contracts with spot market participation, locking in most of its electricity sales while leaving a portion for high-price peak periods [4][5] Group 3: Investment Focus and Project Development - As of June 2025, the company has an operational installed capacity of 19.9255 million kW and is focusing on investment returns, shifting from photovoltaic to wind energy and from the northwest to the central and eastern regions [4][5] - The company’s ongoing and planned projects are primarily located in Xinjiang, Qinghai, Gansu, Shaanxi, Hebei, and Guizhou [5][6] Group 4: Energy Storage and Technological Development - The company is increasing its investment in energy storage projects, having already implemented a 50,000 kW electrochemical storage project in Qinghai and is developing additional projects in various regions [5][6] - The company’s energy storage technologies include electrochemical storage, liquid compressed air storage, and flywheel storage, aimed at addressing industry challenges [5][6] Group 5: Market Trends and Challenges - Recent trends indicate a downward fluctuation in electricity market trading prices and an increase in curtailment rates due to a significant rise in renewable energy installations [6] - The curtailment issue is particularly pronounced in western provinces, while eastern coastal provinces like Jiangsu, Shanghai, and Zhejiang have better absorption rates for renewable energy [6][6] Group 6: Management Assessment Criteria - The annual assessment of the company’s management includes performance metrics related to operational results, corporate governance, project expansion, market capitalization management, and party building [6]

Core Insights - The company reported a revenue of 22.221 billion yuan for the first three quarters of 2025, a year-on-year decrease of 17.29% [1] - The net profit attributable to shareholders was 4.393 billion yuan, down 21.02% year-on-year, with a basic EPS of 0.5255 yuan per share, a decline of 20.34% [1] - The average ROE was 5.88%, a decrease of 1.76 percentage points year-on-year [1] Revenue and Profit Analysis - The decline in revenue and profit is primarily due to the exclusion of thermal power revenue, which accounted for 5.7 billion yuan in 2024, representing 15.4% of total revenue [1] - The decrease in wind power prices due to increased parity wind projects and expanded market trading also contributed to the revenue drop [1] - The average utilization hours for wind power decreased by 95 hours to 1511 hours compared to the same period last year [1] Cash Flow and Subsidies - The significant increase in renewable energy subsidies received in the first three quarters led to a 53.33% year-on-year growth in operating cash flow, providing strong cash flow support for the main business [1] New Energy Capacity and Generation - The company added 2.2742 million kilowatts of new energy capacity in the first three quarters, with wind and solar power contributing 1.1347 million and 1.1695 million kilowatts, respectively [2] - Total electricity generation was 56.547 billion kilowatt-hours, a slight decrease of 0.53% year-on-year, but a 13.81% increase when excluding thermal power [2] - Wind power generation reached 46.188 billion kilowatt-hours, up 5.3% year-on-year, while solar power generation surged by 78.0% to 10.354 billion kilowatt-hours [2] Quarterly Performance - In Q3, the company generated 16.894 billion kilowatt-hours, a year-on-year increase of 0.77% but a quarter-on-quarter decrease of 12.8% [2] - Wind power generation in Q3 was 12.685 billion kilowatt-hours, reflecting a year-on-year increase of 3.33% but a quarter-on-quarter decrease of 19.3% [2] - Solar power generation in Q3 saw a remarkable year-on-year increase of 88.57% to 4.208 billion kilowatt-hours, with a quarter-on-quarter increase of 15.6% [2] Investment Outlook - Despite short-term impacts from the divestment of thermal power, the core business in new energy is showing strong growth [3] - Continued progress in installed capacity and expectations of resource injection from the group are expected to drive long-term development [3] - Projected revenues for 2025-2027 are 35.511 billion, 36.77 billion, and 38.722 billion yuan, with net profits of 6.329 billion, 6.853 billion, and 7.461 billion yuan, respectively [3]

Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Views - Despite a year-on-year increase in electricity generation in the third quarter, the company's revenue decreased by 2.40% to 6.545 billion yuan due to a greater impact from the decline in market electricity prices than from the increase in electricity generation [2][6] - The company's operating costs increased by 12.82% year-on-year, leading to a gross profit decline of 22.94% to 2.506 billion yuan [2][6] - The net profit attributable to the parent company fell by 52.87% year-on-year to 498 million yuan, primarily due to rising costs and asset impairment provisions [2][6] - The company experienced a 20.94% year-on-year increase in net cash flow from operating activities, amounting to 17.221 billion yuan, benefiting from accelerated renewable energy subsidy disbursements [2][6] Summary by Sections Revenue and Profitability - In Q3 2025, the company achieved total revenue of 6.545 billion yuan, a decrease of 2.40% year-on-year, while the net profit attributable to the parent company was 498 million yuan, down 52.87% year-on-year [6][2] Cost Analysis - The company's operating costs reached 5.643 billion yuan in Q3, up 12.82% year-on-year, with management expenses increasing by 8.32% to 479 million yuan [2][6] Cash Flow and Future Outlook - The company reported a net cash flow from operating activities of 17.221 billion yuan for the first three quarters, reflecting a 20.94% increase year-on-year, indicating improved cash flow conditions [2][6] - The company has a substantial reserve of projects, with an installed capacity under construction of 13.8178 million kilowatts as of mid-year, which is expected to support future performance recovery [2][6]

Group 1: Financial Performance - As of August 2023, the company received renewable energy subsidy funds totaling CNY 2.319 billion, with CNY 2.252 billion from national renewable energy subsidies [3] - In 2022, the company received a total of CNY 3.626 billion in electricity subsidies, with CNY 3.501 billion from national subsidies [3] - In 2023, the total electricity subsidies received were CNY 1.904 billion, with CNY 1.532 billion from national subsidies [3] - For 2024, the company expects to receive CNY 1.366 billion in electricity subsidies, with CNY 1.233 billion from national subsidies [3] Group 2: Capacity and Development Plans - The company aims for a total scale of over 13.6 GW for photovoltaic power stations by the end of 2025 [4] - As of June 2025, the operational capacity is approximately 6.535 GW, with 2.365 GW under construction and 2.217 GW planned [4] - The company has signed pre-purchase agreements for an additional 1.529 GW, totaling approximately 12.647 GW [4] Group 3: Market Participation and Pricing - In 2024, the average market transaction electricity price was approximately CNY 0.2172 per kWh, excluding subsidies [6] - The average curtailment rate for 2024 was 7.81% [6] - For the first half of 2025, the average market transaction electricity price increased to approximately CNY 0.2234 per kWh, with a curtailment rate of 14.88% [6] Group 4: Compliance and Regulatory Matters - The company has 121 operational centralized photovoltaic projects included in the national subsidy list, totaling approximately 3,903.90 MW [5] - Out of these, 77 projects, approximately 2,500 MW, are included in the first batch of compliance lists [6] - The company is actively cooperating with relevant authorities regarding subsidy policies and compliance [6]

Core Viewpoint - The company reported its Q3 2025 results, showing a mixed performance with a decline in total revenue but an increase in net profit, indicating resilience in certain operational areas despite market challenges [1][2]. Financial Performance - For the first nine months of 2025, the company achieved total operating revenue of 14.445 billion yuan, a year-on-year decrease of 8.51%, while net profit attributable to shareholders was 1.559 billion yuan, an increase of 4.23% [1]. - In Q3 alone, the company recorded operating revenue of 3.541 billion yuan, down 3.03% year-on-year, but net profit rose significantly by 122.98% to 147 million yuan [1]. - The company's financial expenses for the first nine months were 793 million yuan, a decrease of 13.37% year-on-year, contributing to improved cash flow [3]. Operational Highlights - Wind power generation showed steady growth, with total generation of 10.768 billion kWh in the first nine months, up 9.47% year-on-year, and Q3 generation of 2.518 billion kWh, an increase of 9.20% [1]. - The average on-grid electricity price (excluding tax) decreased by 5.4% to 0.415 yuan/kWh due to increased market-oriented trading [1]. - The company is expected to maintain a new wind power installation capacity of 1 GW from 2025 to 2026, supporting long-term performance growth [1]. Market Dynamics - LNG sales showed signs of recovery in Q3, with wholesale and LNG volumes increasing by 27.66% and 11.04% respectively, reversing earlier declines due to lower LNG prices stimulating market demand [2]. - The company’s gas sales volume for the first nine months was 3.521 billion m³, down 10.90%, with retail gas volume continuing to decline due to weak industrial demand [2]. Dividend and Shareholder Returns - The company has a clear dividend return plan for 2024-2026, with a minimum cash dividend ratio of 40%, resulting in a current dividend yield of 5.7% [3].

Investment Rating - The report maintains a "Buy" rating for the company [7]. Core Views - The company has shown steady growth in wind power generation, with a 9.47% year-on-year increase in total electricity generation for the first nine months of 2025, reaching 107.68 billion kWh [7]. - LNG sales have shown signs of recovery in Q3, with a 27.66% increase in wholesale gas sales and an 11.04% increase in LNG sales compared to the previous year [7]. - The company is expected to maintain a new wind power installation capacity of 1GW from 2025 to 2026, which is anticipated to drive long-term stable growth in wind power performance [7]. Financial Data and Profit Forecast - The company reported total operating revenue of 14.445 billion yuan for the first nine months of 2025, a decrease of 8.51% year-on-year, while net profit attributable to the parent company increased by 4.23% to 1.559 billion yuan [7]. - The average on-grid electricity price (excluding tax) decreased by 5.4% to 0.415 yuan per kWh in the first nine months of 2025, primarily due to an increase in market-oriented electricity trading [7]. - The financial cost has decreased significantly, with the comprehensive funding cost dropping to 2.41% by the end of September 2025, a reduction of 33 basis points compared to the end of 2024 [7]. - The forecast for net profit attributable to the parent company for 2025-2027 has been adjusted to 2.431 billion, 2.686 billion, and 3.037 billion yuan, respectively [7][8].

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company's performance has been impacted by impairment losses from biomass units, but there has been a significant increase in subsidy receivables [5] - The company reported a 3.17% year-on-year increase in revenue for Q3 2025, but a 79.8% decline in net profit attributable to shareholders, primarily due to asset impairment [7] - The operational performance of the wind power business remains stable, with a slight increase in electricity generation [7] - The company has seen a notable increase in cash flow from operations, with a 197% year-on-year growth in net operating cash flow [7] - Recent policy changes in Fujian province are expected to stabilize returns on existing renewable energy projects [7] Financial Summary - The company’s projected revenue for 2025 is 1,791 million yuan, with a year-on-year growth rate of 2.84% [6] - The projected net profit attributable to shareholders for 2025 is 627 million yuan, reflecting a year-on-year decline of 3.72% [6] - The earnings per share (EPS) for 2025 is estimated at 0.33 yuan [6] - The company’s return on equity (ROE) is projected to be 8.70% in 2025 [6] - The price-to-earnings (P/E) ratio for 2025 is estimated at 15.85 [6]

Core Viewpoint - Longyuan Power (00916) reported a revenue of 22.2 billion yuan and a net profit attributable to shareholders of 4.393 billion yuan for the first three quarters of 2025, with a projected net profit of 6.2 billion, 6.3 billion, and 6.9 billion yuan for 2025-2027, maintaining a "buy" rating [1] Group 1: Financial Performance - The company's revenue for the first three quarters decreased mainly due to the divestment of thermal power last year, but the adjusted revenue from continuing operations showed slight growth [1] - In Q3 alone, the company achieved a revenue of 6.564 billion yuan and a net profit of 1.018 billion yuan, with a non-recurring net profit of 1.005 billion yuan [1] - The total power generation for the first three quarters was 56.5 billion kWh, a year-on-year decrease of 0.53%, but a 13.81% increase when excluding thermal power impacts [2] Group 2: Operational Metrics - The installed capacity as of September 30, 2025, reached 43.42 million kW, a year-on-year increase of 17%, with wind and solar power capacities growing by 11% and 49%, respectively [1] - The wind power utilization hours for the first three quarters were 1,511 hours, a decrease of 95 hours year-on-year, primarily due to reduced wind speeds [2] - The wind power on-grid electricity price for Q3 was 0.4283 yuan/kWh (including tax), showing a slight increase compared to Q2, while the solar power price was 0.2627 yuan/kWh (excluding tax), indicating a slight decline [2] Group 3: Future Financing and Investment - The company plans to issue A-shares to raise 5 billion yuan for wind power projects, which is expected to alleviate investment pressure [3] - The current valuation of A-shares at 1.87x PB is significantly higher than H-shares at 0.74x PB, suggesting a more efficient fundraising opportunity [3] - As of September 30, the company's receivables financing stood at 42.7 billion yuan, a decrease of 6.5 billion yuan from June, indicating improved cash flow from renewable energy subsidies [3]

Core Viewpoint - Longyuan Power (00916) reported a revenue of 22.2 billion yuan and a net profit attributable to shareholders of 4.393 billion yuan for the first three quarters of 2025, with a projected net profit of 6.2 billion, 6.3 billion, and 6.9 billion yuan for 2025-2027, maintaining a "buy" rating [1] Group 1: Financial Performance - The company's revenue for the first three quarters decreased mainly due to the divestment of thermal power last year, but the adjusted revenue from continuing operations showed slight growth [1] - In Q3 alone, the company achieved a revenue of 6.564 billion yuan and a net profit of 1.018 billion yuan, with a non-recurring net profit of 1.005 billion yuan [1] - The total power generation for the first three quarters was 56.5 billion kWh, a year-on-year decrease of 0.53%, but a 13.81% increase when excluding thermal power impacts [2] Group 2: Operational Metrics - The installed capacity as of September 30, 2025, reached 43.42 million kW, a year-on-year increase of 17%, with wind and solar power capacities growing by 11% and 49%, respectively [1] - The wind power utilization hours for the first three quarters were 1,511 hours, a decrease of 95 hours year-on-year due to reduced wind speeds [2] - The wind power on-grid electricity price for Q3 was 0.4283 yuan/kWh (including tax), showing a slight increase compared to Q2, while the solar power price was 0.2627 yuan/kWh (excluding tax), indicating a slight decline [2] Group 3: Future Financing and Investment - The company plans to issue A-shares to raise 5 billion yuan for wind power projects, which is expected to alleviate investment pressure [3] - The current valuation of A-shares at 1.87x PB is significantly higher than H-shares at 0.74x PB, suggesting a more efficient fundraising opportunity [3] - As of September 30, the company's receivables financing stood at 42.7 billion yuan, a decrease of 6.5 billion yuan from June, indicating improved cash flow from renewable energy subsidies [3]

Core Insights - Jiuzhou Group reported strong performance in Q3 2025, with revenue of 261 million yuan, a year-on-year increase of 12.77% [1] - The company's net profit attributable to shareholders, excluding non-recurring items, surged by 159.36% year-on-year in Q3, and by 170.88% in the first three quarters [1] - Operating cash flow for the first three quarters reached 306 million yuan, reflecting a significant year-on-year growth of 321.95%, primarily due to accelerated government subsidies for renewable energy [1] Financial Performance - Q3 revenue was 261 million yuan, marking a 12.77% increase compared to the previous year [1] - Net profit attributable to shareholders, excluding non-recurring items, increased by 159.36% year-on-year in Q3 [1] - For the first three quarters, net profit attributable to shareholders, excluding non-recurring items, totaled 48 million yuan, a substantial increase of 170.88% [1] Cash Flow and Subsidies - Operating cash flow for the first three quarters reached 306 million yuan, a remarkable increase of 321.95% year-on-year [1] - The improvement in cash flow is attributed to the acceleration of government subsidies, with 193.54 million yuan received in August for renewable energy projects [1] - As of June 30, the company had 1.203 billion yuan in receivables from power generation, with 1.167 billion yuan being renewable energy subsidies [1] Policy Impact - The Ministry of Finance's notification on June 16 established a "monthly payment" mechanism for renewable energy subsidies, alleviating financial pressures on new energy companies [1] - The timely receipt of government subsidies has reduced financial costs and enhanced profitability for Jiuzhou Group [1] - The positive impact of these policies is expected to accelerate the development of Jiuzhou Group's renewable energy business [1]