现将本公司 2025 年度主要经营情况公布如下，供投资者参 阅。 中国能源建设股份有限公司 2025 年度主要经营数据公告 本公司董事会及全体董事保证本公告内容不存在任何虚假 记载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性 和完整性承担法律责任。 | A H | | | | | --- | --- | --- | --- | | | 股代码：601868 股代码:03996 | | | | | | A H | | | | | | 股简称：中国能建 公告编号：临 2026-001 股简称:中国能源建设 | 单位：亿元 币种：人民币 注: 1.传统能源业务包括火电、水电、输变电、核电等业务。2025 年，公司工程建设板块传统能源业务新签合同额同比有所下降， 主要因该业务境外市场新签合同波动所致，但境内市场延续良好 增长态势，在 2024 年 49%高速增长的基础上，2025 年继续保持 20%的较快增长。 2.新能源及综合智慧能源业务包括风电、太阳能发电、生物 质发电、综合智慧能源、各类储能（包括抽水蓄能）、氢能、地 热及其他新能源。 3.城市建设业务包括市政、房建、房地产开发等。 4.综合交通业务包括 ...

Core Insights - The Jinan New and Old Kinetic Energy Conversion Pilot Zone is focusing on comprehensive smart energy construction as a key driver for high-quality development, aiming to establish a "one core, multiple points" development pattern for the new energy industry [1] Group 1: Industry Development Strategy - The pilot zone will enhance its industrial carrying capacity and innovation drive, centering on the production and technological breakthroughs of core equipment in the new energy sector [1] - A hydrogen energy industrial park will be expanded, leveraging the National Electric Power Investment Corporation's hydrogen energy industrial base in the Yellow River Basin, focusing on key technologies for hydrogen fuel cell stacks, catalysts, and proton membranes [1] - Collaboration with research institutions and innovation platforms will be strengthened to form a comprehensive smart energy innovation consortium, targeting cutting-edge areas such as integrated photovoltaic architecture and geothermal energy utilization [1] Group 2: Infrastructure and Regional Collaboration - The pilot zone will break administrative barriers to deepen industrial collaboration with surrounding areas, forming a division of labor in the industrial chain with a focus on manufacturing and R&D in the core area [2] - Key energy infrastructure upgrades will be prioritized, including the construction of 500 kV substations and 220 kV substations to enhance the "H"-shaped power grid [2] - A number of supporting wind and solar power stations will be established in surrounding regions to achieve resource sharing and value enhancement across the new energy industry chain [2] Group 3: Future Goals and Initiatives - Over the next five years, the pilot zone aims to accelerate the penetration of comprehensive smart energy technology in urban and rural construction, transportation, and industrial production [2] - By the end of 2035, the goal is to achieve full coverage with 39 comprehensive energy stations and promote ultra-low energy consumption and near-zero carbon building pilots [2] - The initiative will transform rural areas from being one-way electricity consumers to bi-directional energy providers, supporting rural revitalization and energy transition [2]

Core Insights - The relocation of State Power Investment Corporation's Comprehensive Smart Energy Co., Ltd. (电投综能) to Xiong'an New Area marks a significant step in the market-oriented decentralization of non-capital functions from Beijing, showcasing the area's growing energy industry cluster and solidifying its foundation for green and low-carbon development [2][3][4] Group 1: Company Developments - 电投综能 is the first market-oriented subsidiary of a central enterprise to settle in Xiong'an by 2026, focusing on high-quality development in the comprehensive smart energy sector [2][4] - The company aims to participate deeply in the energy system construction of Xiong'an, targeting energy services for parks, public building energy efficiency improvements, and green electricity supply [4][6] Group 2: Industry Trends - Xiong'an New Area has become a core hub for energy central enterprises, with major players like Huaneng, Huadian, and Datang establishing headquarters, and over 100 energy-related institutions set up in the area [5][6] - The energy sector is evolving into a critical support for high-quality development in Xiong'an, with a focus on collaborative innovation and the establishment of a complete industrial ecosystem from technology research to application services [6][7] Group 3: Future Outlook - The Xiong'an authorities plan to enhance their capacity for decentralization and innovation leadership, using the establishment of 电投综能 as a catalyst to strengthen the energy industry's foundation and promote its transformation towards high-end, intelligent, and green development [7]

Group 1 - The State Power Investment Corporation's Comprehensive Smart Energy Company has officially relocated to Xiong'an New Area, becoming the first market-oriented central enterprise subsidiary to relocate there by 2026 [1] - The company was established to adapt to the new requirements of the power system and energy structure, focusing on high-quality development in the comprehensive smart energy industry and innovation on the user side [1] - The State Power Investment Corporation has been actively establishing a presence in Xiong'an since 2018, with various demonstration projects in the energy sector [1] Group 2 - Xiong'an New Area has seen significant aggregation effects from energy central enterprises, with three major energy central enterprises, including China Huaneng Group, having their headquarters located there [2] - The area aims to enhance its capacity for undertaking relocations and leading innovation, thereby solidifying the foundation of the energy industry and promoting high-quality development [2]

Group 1 - The National Energy Investment Group's subsidiary, Comprehensive Smart Energy Co., has officially relocated to Xiong'an New Area, marking it as the first market-oriented second-level subsidiary to settle in the area in 2026 [1] - The establishment of Comprehensive Smart Energy Co. is part of the National Energy Investment Group's strategy to adapt to new energy system requirements and focus on high-quality development in the comprehensive smart energy industry [1] - The National Energy Investment Group has previously established a presence in Xiong'an New Area, including the founding of Xiong'an Energy Co. in 2018 and the registration of a specialized operation management platform in October 2025 [1] Group 2 - The systematic layout of the National Energy Investment Group in Xiong'an New Area is a practical example of regional development driven by the relocation of enterprises, aiming to enhance technological innovation and accelerate industrial agglomeration [2] - Xiong'an New Area has seen significant agglomeration effects from energy state-owned enterprises, with major companies like Huaneng, Huadian, and Datang establishing headquarters in the area [2] - The Xiong'an New Area aims to continuously improve its capacity for undertaking relocations and leading innovation, solidifying the foundation of the energy industry and promoting high-quality development [2]

Group 1 - The National Energy Investment Group's subsidiary, Comprehensive Smart Energy Co., has officially relocated to Xiong'an New Area, becoming the first market-oriented central enterprise subsidiary to relocate in 2026 [1] - Comprehensive Smart Energy Co. was established to meet the new requirements of the new power system and energy structure, focusing on high-quality development in the comprehensive smart energy industry [1] - The National Energy Investment Group has been actively establishing a presence in Xiong'an since 2018, with various demonstration projects in the energy sector [1] Group 2 - Significant clustering effects of energy central enterprises are observed in Xiong'an New Area, with three energy central enterprise headquarters, including China Huaneng Group, having settled there [2] - The Xiong'an New Area aims to enhance its capacity for undertaking relocation and innovation-driven development, establishing a robust energy industry foundation [2] - The goal is to create an industrial ecosystem characterized by clustered enterprises, linked industries, and concentrated resources to promote high-quality development in the energy sector [2]

Core Viewpoint - The company is actively exploring a new business model of "distributed wind power + clean energy heating," with significant projects underway in Heilongjiang [1] Group 1: Business Development - The company has acquired assets for five heating projects in rural areas, with two projects currently under construction and expected to be completed and connected to the grid within the year [1] - The company has reserved over 300 MW of distributed wind power indicators, with an expected internal rate of return exceeding 10% [1] Group 2: Policy Alignment and Future Plans - This new business model aligns with the national "Thousand Villages and Ten Thousand Towns Wind Action" policy, demonstrating strong economic, social, and environmental benefits [1] - The company plans to replicate and promote this model in Northeast and Three North regions, further expanding its comprehensive smart energy business growth potential [1]

Group 1 - The Guodian Company of State Power Investment Corporation launched the Chengdong District Centralized Energy Supply Project, which is the first comprehensive smart energy demonstration project in Guixi City that integrates low carbon, energy saving, and environmental protection [1][4] - The project is a significant measure for the Guodian Company to promote energy conservation and emission reduction, utilizing waste heat resources from circulating cooling water to achieve energy efficiency through innovative system integration [3][6] - The first phase of the project covers an area of 88,400 square meters, providing centralized energy supply to key buildings such as the Guixi Municipal Government and various healthcare and educational institutions, with an expected annual supply of 9,108.7 GJ of heat and 30,756.53 GJ of cooling [2][6] Group 2 - WETOWN Electric aims to be a trusted Chinese electrical brand, focusing on customer satisfaction and innovation, while providing solutions and quality services across various sectors including renewable energy, industrial manufacturing, and power grids [4][7] - The company operates in three main business areas: distribution equipment, energy storage systems, and photovoltaic new materials, positioning itself as a leader in smart manufacturing and contributing to a zero-carbon future [4][7] - WETOWN Electric has established itself as a major manufacturer of photovoltaic welding strips in China, reflecting its commitment to innovation and global market expansion [4][7]

Core Viewpoint - China Huadian Corporation has secured a significant contract worth approximately 3.415 billion yuan for the construction and installation of an offshore wind power project in Dandong, Liaoning, which is expected to positively impact the company's operational performance and market position in the offshore wind sector [1][2]. Contract Details - The contract involves the construction of a 1 million kilowatt offshore wind power project, including 84 turbine installations and associated cable procurement and laying [2]. - The project is scheduled for full capacity grid connection by October 1, 2027 [2]. Financial Performance - In the first three quarters of 2025, the company reported total revenue of 6.534 billion yuan, a year-on-year increase of 32.64%, and a net profit attributable to shareholders of 120 million yuan, up 11.58% [1][5]. - As of September 2025, the company had new contracts signed totaling 11.296 billion yuan, reflecting an 18.51% year-on-year growth, with pending contracts amounting to 3.85 billion yuan [5]. Recent Contracts - Earlier in 2025, the company secured contracts totaling 5.567 billion yuan, including significant agreements for coal handling and transportation systems in the Nusantara project [3]. - The company has participated in over 40 offshore wind and photovoltaic projects, with a total installed capacity exceeding 3.5 million kilowatts [3]. Business Segments - The company operates in multiple sectors, including high-end equipment, environmental protection, power station investment, and clean energy, with a focus on innovative industries such as hydrogen energy and energy storage [4][5]. - In the first half of 2025, the marine engineering segment saw a remarkable revenue increase of 141.11% [5]. International Expansion - The company has shifted its overseas strategy from "borrowing ships to go to sea" to "building ships to go to sea," focusing on direct engagement with international clients and EPC projects [6]. - Recent contracts in South America and Southeast Asia mark a significant breakthrough in the company's international business [6].

Financial Performance - As of the end of Q3 2025, the company achieved a total revenue of 1.47 billion CNY, a decrease of 2.75% year-on-year, while the net profit attributable to shareholders was 9.47 million CNY, down 41.09% year-on-year. However, the net profit excluding non-recurring items increased by 170.88% to 48.01 million CNY [3] - In Q3 2025, the company reported a revenue of 261 million CNY, an increase of 12.77% year-on-year, and a net profit of 4.92 million CNY, up 104.38% year-on-year [3] - The operating cash flow improved significantly, exceeding 300 million CNY, representing a year-on-year growth of 320% [3] Business Segments Comprehensive Smart Energy - The comprehensive smart energy segment is expected to grow due to the launch of the "distributed wind + heating" business and improvements in biomass power generation [8] - The company has secured over 300 MW of distributed wind power indicators and is in the process of developing five heating project assets [8] New Energy - The company has over 1 GW of projects under construction and an additional 2-3 GW in the development phase, ensuring sustained growth for the new energy segment over the next 3 to 5 years [10] - The company received over 200 million CNY in national subsidies this year, with approximately 1 billion CNY in outstanding subsidy receivables [4] Manufacturing Sector - The smart distribution network business orders are expected to grow by over 20% year-on-year in 2025, driven by increased market demand and strategic investments [5] - The company aims for a 20% revenue growth target for the smart distribution network business in 2025 [11] Strategic Initiatives - The company is open to investments in the power electronics sector and is considering potential mergers and acquisitions to enhance synergy [3] - A new R&D center was established in Jiangsu to improve product competitiveness and reduce transportation costs [5] Market Outlook - The management holds an optimistic view on the future of the power distribution industry, anticipating a new growth cycle due to increased investments in the national grid and rising demand for clean energy projects [5] - The company is actively exploring overseas business opportunities, particularly in Central Asia and ASEAN countries, with a focus on wind and solar power projects [13] Shareholder Actions - The controlling shareholder's planned reduction in holdings is a normal behavior to repay stock pledge debts and will not affect the company's governance structure [14]