Core Viewpoint - TBEA Co., Ltd. is accelerating capacity expansion by issuing convertible bonds to raise up to 8 billion yuan for a coal-to-natural gas project, reflecting its strategic shift towards new energy and diversification of its business operations [1][2]. Group 1: Financial Performance - TBEA's revenue for 2022-2024 shows significant fluctuations, with revenues of 96.56 billion yuan, 98.21 billion yuan, and 97.87 billion yuan respectively, while net profits are 15.91 billion yuan, 10.7 billion yuan, and 4.135 billion yuan, indicating a sharp decline in profitability by 61.37% and 62.08% in 2024 [1]. - In Q1 2025, TBEA reported a revenue of 23.38 billion yuan, a year-on-year decrease of 0.77%, and a net profit of 1.6 billion yuan, down 19.74% [2]. Group 2: Business Operations - TBEA's coal-to-natural gas project has a total investment of 17.039 billion yuan and is expected to be operational by the fourth year of construction, with a production capacity of 20 billion Nm³/year [1]. - The company plans to invest 1.488 billion yuan in a new 300MW photovoltaic project, which includes a solar power station and a storage system, aiming to enhance its high-margin business and reduce environmental impact [2]. Group 3: Future Projections - TBEA aims to achieve a revenue target of 105 billion yuan by 2025, with operating costs controlled under 84 billion yuan [3]. - As of Q1 2025, TBEA's installed capacity for power generation reached 8,781.45 MW, with wind power accounting for 27.51% and solar power for 15.09% of the total [3].