8月22日下午，亚泰集团与华电新能源集团股份有限公司签署战略合作协议。亚泰集团与华电新能相互 配合，积极参与地方电力能源规划建设及相关重大规划建设工作。主要合作内容包括在全国各地开展新 能源项目选址规划；整合双方资源，推进项目备案、立项和审批，促成项目投资建设落地；先期在吉 林、黑龙江等区域开展试点项目合作开发，共同获取当地风光资源，推进试点项目落地，形成可复制 的"新能源+"融合模板，实现合作双赢；积极探索"新能源+"、"源网荷储一体化"、"绿电直连"示范项 目，实现能源和产业的互补和平衡。 ...

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 不就因本公告全部或任何部分內容而產生或因倚賴該等內容而引致之 任 何 損 失 承 擔 任 何 責 任。 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條而作出。 茲 載 列 在 深 圳 證 券 交 易 所 網 站（http://www.szse.cn）刊 登 的 龍 源 電 力 集 團 股 份有限公司2025年 半 年 度 報 告 摘 要（A股）、龍 源 電 力 集 團 股 份 有 限 公 司 2025年 半 年 度 報 告（A股）、龍 源 電 力 集 團 股 份 有 限 公 司2025年半年度財 務 報 告（A股），僅 供 參 考。 特 此 公 告。 承董事會命 龍源電力集團股份有限公司 China Longyuan Power Group Corporation Limited* 宮宇飛 董事長 龙源电力集团股份有限公司 2025 年半年度报告摘要 一、重要提示 本半年度报告摘要来自半年度报告全文，为全面了 ...

Group 1 - The forum emphasized the integration of ESG principles with AI technology to drive industrial innovation and maximize green value [1][2] - ESG is seen as a core engine to activate industrial momentum and achieve sustainable development [1][3] - The collaboration between ESG and AI is crucial for embedding sustainability into the initial stages of innovation [1][2] Group 2 - The supply chain innovation highlighted the importance of liquid cooling technology in enhancing ESG benefits and efficiency in data centers [2][3] - Chinese companies are making significant strides in the global supply chain through advancements in liquid cooling technology, which reduces energy and water consumption [2][3] - The application of liquid cooling technology in high-performance computing is driving ESG progress within the industry [2][3] Group 3 - The construction of a "computing power - electricity - green electricity" collaborative system is essential for addressing challenges in the photovoltaic and new energy vehicle sectors [3][4] - Direct connection policies for green electricity are critical for optimizing energy consumption and reducing costs associated with traditional power grids [3][4] - Web3 technology is enabling market connections for green electricity, facilitating efficient energy distribution and maximizing green value [4] Group 4 - The integration of ESG practices into supply chains and industrial ecosystems is vital for achieving optimal social and economic outcomes [4] - ESG is positioned as a key driver for reducing AI costs and enhancing market returns, contributing to high-quality economic development [4]

Core Viewpoint - Yunnan Province is advancing the construction of zero-carbon parks, aiming to provide 100% green electricity to enterprises within these parks, and has initiated the development of 15 provincial-level zero-carbon parks in three batches [1][2]. Group 1: Zero-Carbon Park Development - Yunnan has selected and initiated the construction of 15 provincial-level zero-carbon parks, implementing a "one park, one policy" approach to promote development [1][3]. - The parks include key areas such as Xiangyun Economic Development Zone and Dali Economic Development Zone, which are highlighted as candidates for national carbon peak pilot cities [1][3]. Group 2: Green Electricity and Integrated Projects - The goal is to provide 100% green electricity to enterprises in the parks, with ongoing implementation of integrated projects like "source-network-load-storage" [2]. - The Tianfengshan "wind-solar-storage" integrated project in Xiangyun Economic Development Zone has been completed and is operational [2]. Group 3: Carbon Footprint Management - Yunnan has established carbon footprint accounting targets for provincial-level zero-carbon parks and released a key product directory for carbon footprint accounting [2]. - Companies like Beitaini and Duobao Group have achieved full carbon footprint certification for 17 products, with 51 products undergoing carbon footprint accounting certification in the first two batches of parks [2]. Group 4: Third Batch of Zero-Carbon Parks - The third batch of provincial-level zero-carbon parks includes Yiliang Industrial Park, Zhaoyang Economic and Technological Development Zone, and others, focusing on resource recycling, non-ferrous metals, and green energy [3]. - Future efforts will concentrate on green electricity supply, "green production" industrial development models, and enhancing carbon management [3].

Group 1 - The company has approved the establishment of "Jiangsu Wanwei New Materials Co., Ltd." and the investment in a new annual production project of 200,000 tons of ethylene-based functional polyvinyl alcohol resin [5][21][32] - The total investment for the project is approximately 3.66 billion yuan, with construction investment accounting for about 3.43 billion yuan [42][32] - The project aims to enhance the company's competitive edge in the PVA industry and is expected to contribute to the domestic PVA industry's development [43][36] Group 2 - The company is the largest PVA producer in China, with a production capacity of about 1.1 million tons, and is also the largest exporter of PVA globally [34][35] - The company has adopted a strategic deployment of "one body and two wings" to maintain its leadership in the PVA industry [35] - The company is responding to increased competition and market changes by investing in new production facilities to optimize its strategic layout [36][37] Group 3 - The company plans to invest in a distributed photovoltaic power generation project to reduce operational costs and carbon emissions [10][11] - The photovoltaic project has a total investment of approximately 55.38 million yuan and is expected to have a significant economic benefit with a payback period of 5-6 years [11][12] - The project aligns with national policies promoting renewable energy and aims to enhance the company's green energy utilization [10][11] Group 4 - The company is modifying its existing project for producing 6,000 tons of PVA water-soluble fiber due to market demand changes and environmental regulations [13][14] - The revised project will focus on high-strength and high-modulus PVA fibers, which are in demand for construction materials [14][15] - The total investment for the revised project has increased to approximately 197.89 million yuan [15] Group 5 - The company plans to dispose of idle assets, including precious metal components, to optimize asset utilization [16][17] - The estimated value of the idle assets is approximately 24.34 million yuan [16][17] - The company aims to streamline operations and reduce costs through this asset disposal [16][17] Group 6 - The company is providing a guarantee for a loan of 100 million yuan to its wholly-owned subsidiary to support its operational needs [17][18] - The loan has a favorable interest rate of 1.11% after subsidies [17][18] - This financial support is within the company's net asset limits and aligns with its strategic goals [17][18] Group 7 - The company is establishing a wholly-owned subsidiary to centralize its procurement functions, enhancing efficiency and reducing costs [18][19] - The investment for this new subsidiary is approximately 28 million yuan [18][19] - This move is part of the company's long-term strategic planning to optimize resource allocation [18][19] Group 8 - The company is revising its related party transaction management policies to comply with updated regulations [19][29] - The revisions aim to enhance corporate governance and transparency [19][29] - The updated policies will be submitted for approval at the upcoming shareholder meeting [19][29]

Investment Rating - The report assigns a "Buy-A" investment rating with a target price of 45.45 CNY for the next six months [4][6]. Core Insights - The company has successfully transformed its business model, with significant growth in its new energy sector, which now serves as a key growth driver, surpassing traditional elevator business revenue [1][21]. - The implementation of the 136 document is expected to enhance the value of energy storage, with the introduction of a capacity price mechanism in Gansu province, which could be adopted nationwide, providing stable revenue for the energy storage industry [2][54]. - The company is strategically positioned to benefit from the green electricity revolution driven by the surge in AI computing power, with initiatives in data centers and green energy projects [3][55]. Summary by Sections 1. Dual Business Model Driving High-Quality Development - The company has diversified into the new energy sector through the acquisition of Beijing Tianqi Hongyuan, focusing on energy storage system integration and new energy power station development [15][16]. - In 2024, the new energy business revenue grew by 103.61% to 879 million CNY, accounting for 34.76% of total revenue, with a gross profit contribution of 64.75% [21][28]. - The company has successfully balanced the cyclical fluctuations of the elevator industry by expanding its new energy business [21][28]. 2. Policy-Driven Energy Storage Value Recovery - The cancellation of mandatory energy storage requirements is expected to shift the industry from price competition to product quality competition [40][51]. - Gansu province has introduced a capacity price mechanism for independent energy storage, which is anticipated to stabilize investment returns and promote sustainable development in the energy storage sector [54][55]. 3. Integrated Energy Supply Solutions - The increasing energy consumption of data centers, driven by AI, presents a significant opportunity for energy storage solutions [55][56]. - The integration of green electricity supply and independent energy storage is expected to create a synergistic revenue model, enhancing profitability for energy projects [63][64]. 4. Proprietary Technology and Product Barriers - The company has established a strong product barrier through self-developed technologies and a decade of industry experience, focusing on high reliability and energy efficiency in its energy storage products [66][68]. - The company holds 39 patents related to energy storage and has made significant investments in R&D, ensuring a competitive edge in the market [68].

Core Viewpoint - The National Development and Reform Commission and the National Energy Administration have issued a notification to promote the development of green electricity direct connection, marking the first time a national-level framework for this model has been established [1] Group 1: Green Electricity Direct Connection - Green electricity direct connection refers to the supply of renewable energy such as wind, solar, and biomass directly to a single electricity user without going through the public grid, allowing for clear physical traceability of the supplied electricity [2] - The policy aims to address the challenges of renewable energy consumption, promote low-carbon transformation in industries, and meet the growing demand for green energy from enterprises, especially in the context of international carbon barriers [2][3] - The notification emphasizes the need for nearby consumption of renewable energy to better meet the green energy needs of enterprises, particularly in light of China's rapid growth in the photovoltaic industry [2] Group 2: Market Mechanism and Structural Changes - Green electricity direct connection is expected to bring structural changes to the electricity industry, shifting from large-scale centralized development to a combination of centralized consumption and distributed local consumption [4] - This model allows companies to directly purchase low-cost green electricity, thereby reducing energy costs and changing energy consumption patterns [4] - The introduction of green electricity direct connection is seen as a key step in China's electricity market reform, impacting transaction mechanisms, price formation, and the cultivation of new business entities [4][5] Group 3: Implementation Challenges and Solutions - Several provinces, including Jiangsu, Yunnan, and Qinghai, have begun to implement plans to promote green electricity direct connection, focusing on operational management and source-load matching [6] - Challenges such as the sustainability of business models and the efficiency of operational modes need to be addressed for broader application of green electricity direct connection [6] - A coordination mechanism is necessary to balance the relationship between green electricity direct connection projects and grid companies, ensuring that the revenue of grid companies is not adversely affected while maintaining the price advantage of direct connection [7]

Core Viewpoint - The implementation of "green electricity direct connection" is a significant measure to meet the green and low-carbon energy demands of enterprises and accelerate the energy transition in China, as outlined in the "Document No. 650" issued by the National Development and Reform Commission and the National Energy Administration [1][2]. Group 1: Green Electricity Direct Connection - Green electricity direct connection allows renewable energy generation equipment to connect directly with high-energy-consuming users, reducing intermediary steps in the power grid [1]. - The "Document No. 650" specifies the implementation requirements for green electricity direct connection, including applicable scope, planning management, and market pricing mechanisms [1][2]. - This approach aims to meet the urgent demand for green electricity from high-energy-consuming and export-oriented enterprises, exploring diversified paths for renewable energy consumption beyond the large power grid [2]. Group 2: Implementation Challenges - There are significant differences in the composition of renewable energy and energy-consuming enterprises across various provinces in China, leading to challenges in the implementation of green electricity direct connection [3]. - The document requires local authorities to develop specific implementation details based on the principles outlined, indicating that current regulations primarily apply to single energy-consuming enterprises [3][4]. - The document does not specify the distance for local consumption of projects, leaving it to provincial energy authorities to determine based on local power supply and demand conditions [4]. Group 3: Economic Considerations - The total investment for green electricity direct connection projects includes investments in renewable energy stations, supporting energy storage systems, direct connection line engineering, and load-side distribution facilities [5]. - Companies must carefully evaluate their need for direct connection based on export carbon reduction pressures and consider the full lifecycle costs of projects, including construction, operation, and potential default risks [4][5]. - The economic feasibility of projects relies on matching supply and demand, necessitating a rational choice between green electricity direct connection and public grid access [5]. Group 4: Policy and Coordination - The implementation of green electricity direct connection is currently in a phase where many details are yet to be clarified, emphasizing the need for orderly progress [6]. - Local governments should prioritize resource-rich areas for expanding direct connection ranges while considering the structural integrity and stability of the power grid [6][7]. - Engaging with local renewable energy enterprises, energy-consuming companies, and grid enterprises is crucial for developing suitable policies and implementation details for green electricity direct connection [7].

Group 1: Market Trends and Challenges - Recent signs of recovery in the overseas photovoltaic market are largely attributed to non-market factors, making a short-term change in the market's soft pattern difficult [1] - Concerns over rising prices of photovoltaic components have led overseas customers to stock up, driven by policies aimed at reducing competition and anticipated price increases in upstream materials [1] - The European solar market is expected to experience its first negative growth in nearly a decade, primarily due to reduced government subsidies for rooftop solar panels [6][7] Group 2: European Market Insights - The EU aims to achieve a total installed photovoltaic capacity of 320GW this year, but the market is facing a significant shortfall in meeting its 2030 climate goals, with a projected gap of 27GW [7][8] - The decline in rooftop solar installations is attributed to tax reductions, with only 15% of new installations in 2025 expected to come from distributed residential solar [8][9] - Major European countries are cutting subsidies for rooftop solar, impacting overall demand and growth in the solar sector [9] Group 3: U.S. Market Dynamics - The U.S. solar market is also experiencing a downturn, with a 7% year-over-year decline in new installations in Q1 2025, driven by rising costs and policy changes [10][12] - Utility-scale solar remains resilient, with Texas leading in new installations, while residential solar faces significant challenges due to high interest rates and economic uncertainty [11][12] - The U.S. solar industry is expected to face a challenging trade and tariff environment, which could further complicate market dynamics [18][19] Group 4: Green Electricity Direct Connection - The introduction of green electricity direct connection aims to facilitate the consumption of renewable energy by allowing direct supply to single users, potentially expanding market opportunities [21][22] - High-energy-consuming industries are targeted for green electricity consumption goals, which could lead to increased demand for direct connection projects [22] - The green electricity direct connection initiative may accelerate market reforms in the electricity sector, enhancing efficiency and reducing risks [23][24]

Group 1 - The largest photovoltaic power station in the center of the Taklamakan Desert, the Tayu Qiemu Photovoltaic Power Station, has generated over 300 million kilowatt-hours of green electricity since its commissioning on May 31, 2023 [1] - The Tarim Oilfield has established five centralized photovoltaic power stations in the Taklamakan Desert, with a total installed capacity of 2.6 million kilowatts, covering an area of 100,000 acres [3] - The Upku High-tech Zone low-carbon transition project, with a capacity of 1.3 million kilowatts, is exploring the "green electricity direct connection" model, which will be the first of its kind in Northwest China [4][5] Group 2 - The green electricity direct connection refers to supplying green electricity generated from solar and wind energy directly to a single user through dedicated lines, bypassing the public grid [5] - The Upku project has produced over 200 million kilowatt-hours of green electricity since its commissioning in January this year, and it is expected to supply 2.1 billion kilowatt-hours of green electricity annually to nearby enterprises [8] - The initiative to promote green electricity direct connection is supported by a recent government notice encouraging investment in such projects, with several provinces already implementing plans [10]