越南启动第一阶段碳排放交易计划 金十数据6月11日讯，越南政府周二表示，该国已正式启动碳排放交易计划的试点阶段，旨在鼓励三大 工业部门减少其二氧化碳排放量。越南政府发布的一项法令显示，根据该计划，越南的钢铁、水泥和火 电生产商将要购买配额，以覆盖它们的二氧化碳强度——即每单位产量产生的二氧化碳量。新计划将在 第一阶段覆盖越南总二氧化碳排放量的50%左右，该阶段将持续到2029年。然后将扩展到其他部门，包 括货物运输和商业建筑。 ...

Core Viewpoint - The company reported a decline in both revenue and net profit for 2024, but made significant progress in its transition to renewable energy, particularly in carbon trading and energy storage projects [1][4][7] Revenue and Profit Decline - The total revenue for 2024 was 872 million yuan, a year-on-year decrease of 8.81% [4] - Steam sales revenue was 626 million yuan, down 11.00% year-on-year, which was the main factor for the revenue decline [4] - The company sold 2.831 million tons of steam, a decrease of 3.44% year-on-year, attributed to a drop in coal prices leading to adjustments in steam pricing [4] - Despite the revenue decline, gross profit increased to 258 million yuan, a year-on-year growth of 13.66% due to lower production costs from falling coal prices [4] - The net profit attributable to shareholders was 147 million yuan, a decrease of 1.40% year-on-year, indicating ongoing challenges in cost control and profitability [4] Progress in Renewable Energy Transition - The company actively promoted its transition to renewable energy in 2024, achieving significant progress in carbon trading and energy storage projects [4][6] - It sold a total of 17,493.3 tons of carbon emission allowances through the national carbon trading system, generating a total transaction amount of 17.1084 million yuan [4] - Cumulatively, since 2019, the company has sold 105.73 million tons of carbon emission allowances, reflecting its commitment to carbon reduction [4] Energy Storage Project - The energy storage demonstration project in Shengzhou officially commenced commercial operations in July 2024, with a capacity of 100MW/220MWh [5] - The project utilizes BYD's latest generation of specialized energy storage blade batteries, which offer high conversion efficiency and ease of maintenance [5] - The operation of the energy storage station alleviates grid pressure during peak electricity usage in Shengzhou and lays a foundation for the company's expansion in the renewable energy sector [5] Increased R&D Investment - The company significantly increased its R&D investment in 2024, with total R&D expenses reaching 31.2774 million yuan, a year-on-year increase of 68.55% [6] - Collaborations with universities, research institutions, and equipment manufacturers have strengthened the company's independent R&D capabilities and enhanced its core competitiveness [6] - The company was recognized as a "Technology-based Small and Medium-sized Enterprise" by the Zhejiang Provincial Department of Economy and Information Technology, highlighting its strength in technological innovation [6] Future Outlook - Despite progress in renewable energy and technological innovation, the decline in revenue and net profit reveals challenges in traditional business areas [7] - The company needs to optimize the operational efficiency of its traditional business while maintaining growth in renewable energy to achieve sustainable development [7]

4月15日，赣能股份（000899）公告称，公司计划通过全国碳排放权交易系统出售约42万吨碳排放配 额，交易价格将根据市场价格走势决定。所得资金将用于公司主营业务经营和未来发展。此次交易不涉 及关联交易，不构成重大资产重组，无需提交股东大会审议。 丨 2025年4月16日星期三丨 NO.1赣能股份：拟出售42万吨碳排放配额 点评：赣能股份计划出售42万吨碳排放配额，以市场为导向，体现公司灵活利用碳资产的能力。此举旨 在优化资金结构，助力主营业务及未来发展。市场可关注公司如何有效利用所得资金，提升竞争力和可 持续发展能力。 NO.2储能也要自律？宁德时代等20余家巨头"闭门"酝酿倡议 4月15日，据媒体报道，继光伏行业自律行动之后，光伏逆变器和储能行业或将紧随其后。据消息人士 透露，中国光伏行业协会近期组织召开了防止光伏逆变器和储能"内卷式"恶性竞争专题座谈会。据悉， 会议闭门举行，20余家行业头部企业高管参加会议。阳光电源（300274）、华为、中车、宁德时代 （300750）等企业在会上发言。据参会者透露，倡议内容没有涉及价格、配额和保证金等事项，目前倡 议已完成一轮征求意见。 点评：中国光伏行业协会召开专 ...

赣能股份：拟出售42万吨碳排放配额 智通财经4月15日电，赣能股份(000899.SZ)公告称，公司计划通过全国碳排放权交易系统出售约42万吨 碳排放配额，交易价格将根据市场价格走势决定。所得资金将用于公司主营业务经营和未来发展。此次 交易不涉及关联交易，不构成重大资产重组，无需提交股东大会审议。 ...

Summary of Shenhuo Co., Ltd. Conference Call Company Overview - **Company**: Shenhuo Co., Ltd. - **Fiscal Year**: 2024 - **Key Financials**: - Pre-tax profit: 3.3 billion CNY - Total profit: 6.4 billion CNY - Asset scale: 4.3 billion CNY - Dividend per share: 10.8 CNY, accounting for 42% of net profit [3][5][6] Financial Performance - **Overall Performance**: Financial results met market expectations with a total profit of 6.4 billion CNY and an asset scale of 4.3 billion CNY [3][5] - **Tax Rate**: Current tax rate at 35%, expected to decrease to 25% in the future [3][4] - **Dividends**: Maintained at 10.8 CNY per share, with a commitment to not drop below 30% of net profit [6] Business Segment Performance - **Coal Segment**: - Core subsidiaries (Xinneng and Xinlong) reported total profits of 940 million CNY, impacted by production and price fluctuations [3][9][20] - Anticipated full production of 7.2 million tons in 2025, with costs expected to decrease but prices may limit profitability [3][20] - **Aluminum Segment**: - Guangxi Longzhou Xinxing Aluminum benefited from rising alumina prices, achieving profits of 618 million CNY [3][9] - Investment income from Xinde Group and Xinzheng Coal Power contributed approximately 300 million CNY and 90 million CNY, respectively [3][9] - **Investment Income**: - Q4 2024 investment income exceeded 300 million CNY, with Longzhou Aluminum contributing 200 million CNY [3][7] Challenges and Risks - **Aluminum Processing**: Facing weak profits due to the cancellation of export tax rebates and intense competition [19] - **Coal Price Volatility**: The coal sector is cyclical, with profits fluctuating significantly year-on-year [20] - **Cost Pressures**: Rising costs in coal production and potential price declines could impact overall profitability [20] Future Outlook - **Capital Expenditure**: - Ongoing projects in Xinjiang (400,000 tons) and Yunnan (110,000 tons) expected to conclude in H1 2025, with total investment around 2 billion CNY [15][16] - **Debt Management**: - Debt ratio has decreased to below 50%, with plans for further reduction [14] - **Market Conditions**: - Anticipated economic recovery may stabilize coal prices, with a projected profit margin of around 100 CNY per ton necessary for normal operations [20] Additional Insights - **R&D Adjustments**: Adjustments in R&D expenses were made due to discrepancies in expense allocation across subsidiaries, with no overall profit impact [13] - **Asset Disposal**: Losses from small coal mine resource integration amounted to 100 million CNY, with impairment provisions affecting profits by over 90 million CNY [3][12][9] Conclusion Shenhuo Co., Ltd. demonstrated a solid financial performance in 2024, with strategic plans for future growth despite facing challenges in the coal and aluminum sectors. The company is focused on managing costs, optimizing production, and maintaining a stable dividend policy while navigating market fluctuations.