路演嘉宾合影 华电新能：奉献清洁能源创造美好生活 建设最具价值世界一流智慧新能源公司 ——华电新能源集团股份有限公司首次公开发行股票并在主板上市网上投资者交流会精彩回放 出席嘉宾 华电新能源集团股份有限公司党委书记、董事长、总经理 侯军虎 先生 华电新能源集团股份有限公司党委委员、财务负责人（总会计师） 吴 豪 先生 华电新能源集团股份有限公司董事会秘书 黄永坚 先生 中国国际金融股份有限公司投资银行部负责人、保荐业务负责人、董事总经理 孙 雷 先生 华泰联合证券有限责任公司保荐代表人 怀佳玮 先生 经营篇 问：公司的主营业务是什么？ 侯军虎：公司的主营业务是以风力发电、太阳能发电为主的新能源项目的开发、投资和运营，主要产品 是电力。除提供电力产品外，公司还积极践行社会责任，致力于促进经济发展、助力乡村振兴、参与戈 壁绿化等环保行动，实现积极的社会影响，将"双碳"目标落地和全社会可持续发展融入公司业务发展的 长期目标。 问：请介绍公司取得的商标情况。 侯军虎：截至2024年12月31日，公司及其控股子公司已取得的主要自有注册商标4项，被授权许可使用 的主要商标11项。 侯军虎：截至2024年12月31日，公司 ...

Core Viewpoint - The article discusses the implementation plan for the market-oriented reform of renewable energy grid pricing in Shanxi Province, aiming to promote high-quality development of renewable energy through market mechanisms [1][20]. Group 1: Market Participation - Renewable energy projects, including wind and solar, will primarily participate in the electricity market, with all grid electricity entering the market to form pricing through a "quantity and price reporting" method [2][22]. - Cross-provincial and cross-regional transactions will follow the pricing policies for electricity transmission, with certain projects not included in the mechanism pricing [2][23]. Group 2: Pricing Settlement Mechanism - A sustainable pricing settlement mechanism will be established, where the difference between market trading average prices and the mechanism price will be settled by grid companies, with costs shared among all commercial users [3][23]. - The average market trading price will be determined based on a weighted average of similar projects in the market [3][23]. Group 3: Mechanism Electricity and Pricing - The mechanism electricity scale for existing projects will align with current policies, allowing projects to determine their mechanism electricity ratio annually, not exceeding the previous year's ratio [4][24]. - For new projects, the mechanism price will be determined through competitive bidding, with the price not exceeding the current benchmark price for coal-fired power [5][25]. Group 4: Competitive Bidding System - A competitive bidding system for new projects will be organized annually, with the bidding process determining the clearing price based on submitted quantities and prices [7][26]. - The bidding limits will be set by the provincial development and reform commission, considering various factors to ensure effective competition [7][28]. Group 5: Exit Rules and Policies - Projects can voluntarily apply to exit the mechanism during the execution period, and those that reach the end of their execution period will no longer be included [12][29]. - The article outlines the transitional policies for existing and new projects during the implementation period, ensuring a smooth transition to the new pricing mechanism [11][30]. Group 6: Supporting Measures - The article emphasizes the need for optimizing market trading and pricing mechanisms, including establishing a price monitoring system to ensure stability in the electricity market [13][40]. - It also highlights the importance of policy coordination and tracking the impact of reforms on industry development and enterprise operations [42][44].

Core Viewpoint - The market shows strong recognition of China Huadian New Energy Group Co., Ltd. (Huadian New Energy) as evidenced by the high demand for its shares, indicating confidence in its value, industry position, and growth potential [1][3]. Company Overview - Huadian New Energy is the only platform for the integration of wind and solar power generation under China Huadian, and it is one of the earliest companies in China to engage in the development and operation of renewable energy projects [1]. - The company plans to raise 18 billion yuan through its IPO, with funds allocated for various renewable energy projects, including wind and solar power bases and new energy system collaborations [1]. Financial Performance - From 2022 to 2024, Huadian New Energy's revenue is projected to grow from 24.7 billion yuan to 34 billion yuan, with net profit increasing from 8.314 billion yuan to 8.524 billion yuan, indicating steady profitability [2]. - In Q1 2025, the company reported revenue of 9.628 billion yuan, a year-on-year increase of 16.19%, and a net profit of 2.888 billion yuan, up 6.32% year-on-year, reflecting effective management and operational efficiency [2]. Industry Position - Huadian New Energy not only holds a strong position in wind and solar energy but is also one of the few renewable energy companies with stakes in nuclear power, actively exploring energy storage and hydrogen energy sectors [2]. - The company has developed an industry-leading specialized management system, enhancing its project management capabilities and fostering innovation in management practices [2]. Market Sentiment - The high interest from institutional investors in Huadian New Energy's IPO reflects optimism about China's green transition and the successful implementation of the new energy security strategy [3].

Core Viewpoint - The article highlights the transformation of Yanchi County in Ningxia, which has evolved from a key economic center during the Anti-Japanese War to a modern agricultural and renewable energy hub, showcasing significant advancements in local industries and living standards [1][15]. Economic Development - Yanchi County was historically significant for its salt production, contributing 12.5 billion kilograms of salt from 1938 to 1943, which was a major source of revenue for the region during the war [7]. - The county has shifted its economic focus from salt production to diverse agricultural practices, including the cultivation of specialty crops like goji berries and the development of aquaculture, such as salmon farming [9][11]. - By 2024, the county's GDP is projected to reach 21.54 billion yuan, with urban residents' disposable income at 37,386 yuan (up 4.5%) and rural residents' disposable income at 19,472 yuan (up 7.9%) [21]. Agricultural Innovation - The introduction of salmon farming has allowed for the rehabilitation of saline-alkali land, creating a sustainable model of "fishing to treat alkali" that enhances soil quality [9]. - The traditional sheep farming industry has been modernized, with 330,000 sheep expected to be raised by 2024, contributing significantly to local income and branding [15]. Renewable Energy Initiatives - Yanchi County has capitalized on its natural resources to develop renewable energy, with installed solar capacity of 2.15 million kilowatts and wind capacity of 3.05 million kilowatts, generating approximately 9 billion kilowatt-hours annually [19]. - Future plans include the construction of seven large-scale solar projects, aiming for a total capacity exceeding 3.2 million kilowatts [19]. Historical Significance - The county's historical role as a logistics base during the Anti-Japanese War is commemorated, with efforts to remember the contributions of past generations while fostering current economic growth [1][15].

Core Viewpoint - The development of the renewable energy industry in Ninghe District, Tianjin, is driving local economic growth and increasing residents' income through the utilization of wind and solar resources [1]. Group 1: Renewable Energy Projects - Over the past seven years, Ninghe District has implemented 45 concentrated renewable energy projects, achieving a total installed capacity of 2883.1 megawatts [1]. - The project in Miaozhuang Town involves revitalizing 13,500 acres of idle ditches and transforming 51,000 acres of inefficient farmland, with a new solar power installation of 1000 megawatts [1]. Group 2: Agricultural Development - The integration of renewable energy has enhanced ecological industries, such as the intelligent storage center for Hongyao sweet potatoes, which maintains optimal storage conditions using advanced temperature control technology [2]. - The storage center has an annual storage capacity of 7200 tons, ensuring consumers can access fresh and high-quality sweet potatoes even in off-harvest seasons [2]. Group 3: Environmental Impact - The projects are expected to reduce coal consumption and carbon emissions by nearly 4 million tons over their lifecycle [1]. - As of now, 29 renewable energy projects have been completed and connected to the grid, accelerating the release of ecological benefits and enhancing green low-carbon development momentum in the region [3].

Group 1 - Hong Kong's IPO market raised a total of HKD 107.1 billion in the first half of 2025, making it the best globally, with a 20% increase in Hong Kong stocks [1] - The ongoing IPO boom in Hong Kong is evidenced by 16 mainland companies submitting applications to the Hong Kong Stock Exchange on June 27, setting a new single-day record, and 220 companies currently in the listing queue [1][2] - The unique resilience and vitality of Hong Kong's capital market are highlighted by the government's efforts to strengthen the connectivity between mainland and Hong Kong capital markets [1][2] Group 2 - Contemporary Amperex Technology Co., Ltd. (CATL) raised over HKD 40 billion during its Hong Kong listing, with 90% of the funds allocated for a battery project in Hungary, marking a significant step in integrating into the global capital market [1][2] - CATL's chairman announced a strategic upgrade to transition from a battery component manufacturer to a system solution provider, aiming to become a zero-carbon technology company [2] - The Hong Kong government emphasizes its "one country, two systems" advantage in optimizing the dual-channel function for international capital entering the mainland and mainland enterprises going global [2] Group 3 - Shandong High-Speed Group's subsidiary, Shandong Gaoqing Holdings, has seen rapid growth since its Hong Kong listing, with total assets reaching RMB 66.17 billion by 2024, focusing on new energy and infrastructure sectors [2][3] - Shandong Gaoqing Holdings leverages the Hong Kong market to enhance its "industry-capital-technology" chain, investing in wind and solar projects across various regions [3] - The pharmaceutical sector in Hong Kong has attracted significant capital attention, with companies like iFlytek Medical enhancing their international competitiveness through the resources available in the Hong Kong capital market [3][4] Group 4 - Hong Kong's financing market experienced explosive growth in the first half of the year, with equity financing in the primary market exceeding HKD 250 billion, a 318% increase from HKD 59.8 billion in the same period last year [4] - The CEO of the Hong Kong Stock Exchange stated that future efforts will focus on deepening listing system reforms and optimizing the market ecosystem to facilitate more efficient connections between mainland enterprises and international capital [4]

Core Viewpoint - Yunnan Energy Investment (002053) has received a bid notification from the Development and Reform Bureau of Malong District, Qujing City, granting the company the development rights for the Sejia Photovoltaic Power Generation Project [1] Group 1: Project Details - The Sejia Photovoltaic Power Generation Project is located in Wangjiazhuang Town, Sejia Village, Malong District, Qujing City, with an installed capacity of 20 MW [1] - The company's wholly-owned subsidiary, Malong Yuneng Investment New Energy Development Co., Ltd., has already invested in the Zhuyuan Photovoltaic Project, which has a scale of 50,000 kW and is expected to be fully connected to the grid by April 30, 2025 [1] Group 2: Financial Impact - The implementation of the Sejia project is not expected to have a significant impact on the company's financial status and operating results for the current year [1]

华电新能源集团股份有限公司 首次公开发行股票并在主板上市 网上路演公告 联席保荐人（联席主承销商）：中国国际金融股份有限公司 联席主承销商：中信证券股份有限公司 为便于投资者了解发行人的有关情况和本次发行的相关安排，发行人和联席 主承销商将就本次发行举行网上路演，敬请广大投资者关注。 联席主承销商：中信建投证券股份有限公司 联席主承销商：国泰海通证券股份有限公司 联席主承销商：川财证券有限责任公司 华电新能源集团股份有限公司（以下简称"发行人"）首次公开发行人民币普 通股（A 股）（以下简称"本次发行"）并在主板上市的申请已经上海证券交易所 上市审核委员会审议通过，并已经中国证券监督管理委员会同意注册（证监许可 〔2025〕1035 号）。 本次发行采用向参与战略配售的投资者定向配售（以下简称"战略配售"）、 网下向符合条件的网下投资者询价配售（以下简称"网下发行"）、网上向持有上 海市场非限售 A 股股份和非限售存托凭证市值的社会公众投资者定价发行（以 下简称"网上发行"）相结合的方式进行。 中国国际金融股份有限公司（以下简称"中金公司"）和华泰联合证券有限 责任公司（以下简称"华泰联合"）担任本次发行的联 ...

Core Viewpoint - The company is experiencing a significant shift in its revenue structure, with a decrease in subsidy income and a rise in market-based electricity trading, leading to a decline in average electricity selling prices [1][7]. Group 1: Business Highlights and Industry Position - China Huadian New Energy Group Co., Ltd. (referred to as "Huadian New Energy") is the only new energy integration platform under China Huadian Group, having established a full industry chain layout of "wind, solar, nuclear, storage, and hydrogen" [2]. - By the end of 2024, the company's controlled power generation projects will have an installed capacity of 68.62 million kilowatts, including 32.02 million kilowatts of wind power (over 6% market share) and 36.59 million kilowatts of solar power (over 4% market share), ranking among the top in the industry [3]. Group 2: Financial Performance and Fundraising Adjustments - From 2021 to 2024, Huadian New Energy's operating revenue increased from 21.7 billion to 34 billion, with a compound annual growth rate of 16%; however, the net profit attributable to shareholders in 2024 is 8.831 billion, a year-on-year decrease of 8.2%, mainly due to the impact of subsidy reductions [4]. - The company's gross profit margin has consistently remained above 50%, with a net profit margin of 27.91% in 2024, indicating strong profitability [4]. - The IPO plans to raise 18 billion, a 40% reduction from the initial plan of 30 billion, to fund the construction of 15.17 GW wind and solar projects, with total project investment reaching 80.446 billion [4]. Group 3: Industry Challenges and Risk Factors - The main challenges faced by Huadian New Energy include: 1. Impact of subsidy reductions: Subsidy income has decreased from 48.7% in 2021 to 34.28% in the first half of 2024, while the proportion of market-based electricity trading has surged from 31.89% to 65.28%, resulting in a decline in average selling prices [1][7]. 2. High debt pressure: The debt ratio reached 73.1% in 2024, significantly higher than the industry average [7]. 3. Operational efficiency issues: The curtailment rates for wind and solar power are 5.44% and 7.9%, respectively, in 2024 [8]. 4. High accounts receivable: Accounts receivable increased from 30.9 billion in 2021 to 42.9 billion in 2024, accounting for 248.49% of the revenue for the period, putting significant pressure on cash flow [8].

Core Viewpoint - In May 2025, a total of 4,917 new registered renewable energy generation projects were added nationwide, indicating a significant focus on renewable energy development in the country [1]. Summary by Categories Wind Power Projects - There were 32 new wind power projects registered in May 2025 [1]. Solar Power Projects - The majority of the new projects were solar power, with 4,875 projects in total, which includes 54 centralized solar power projects and 4,821 commercial and industrial distributed solar power projects [1]. Biomass Power Projects - Additionally, there were 10 new biomass power generation projects registered [1].