智通财经APP讯，协合新能源(00182)发布公告，2025年7月，权益发电量总计630.46GWh，同比增长 1.81%。其中，风电权益发电量493.51 GWh;太阳能权益发电量136.95 GWh，同比增长53.05%。 2025年1-7月，权益发电量总计5389.33GWh，同比增加0.6%。 ...

格隆汇8月6日丨协合新能源(00182.HK)发布公告，集团2025年7月权益发电量总计达到630.46GWh，同 比增长1.81%；其中，风电权益发电量达到493.51GWh，太阳能权益发电量同比增长53.05%达到 136.95GWh。 ...

Overview of Business Performance - The company reported total revenue of 496 million yuan for the first half of 2025, a year-on-year decrease of 6.02% [1] - The net profit attributable to shareholders was 8.95 million yuan, down 90.17% year-on-year [1] - The net profit after deducting non-recurring items was 4.21 million yuan, a decline of 95.4% year-on-year [1] - In Q2 alone, total revenue was 279 million yuan, a decrease of 13.22% year-on-year [1] - The net profit for Q2 was 18.32 million yuan, down 76.21% year-on-year [1] Financial Indicators Analysis - Total selling, administrative, and financial expenses amounted to 119 million yuan, accounting for 23.91% of revenue, an increase of 16.35% year-on-year [2] Cash Flow and Asset Status - The current ratio is only 0.7, indicating increased short-term debt repayment pressure [3] Business Composition Analysis - The delay in subsidy verification for renewable energy projects has led to an increase in accounts receivable and corresponding credit impairment losses, which rose by 48.41 million yuan compared to the previous year [4] - Maintenance of the Tianzhong DC transmission project resulted in 13 days of power outage, significantly increasing the project's curtailment rate and causing a revenue decline of 42.97 million yuan, with a gross margin decrease of 6.32% [4] Key Financial Metrics - Gross margin was 49.07%, down 10.98% year-on-year [6] - Net margin was 1.75%, a decrease of 89.84% year-on-year [6] - Earnings per share were 0.01 yuan, down 90.0% year-on-year [6] - Operating cash flow per share was 0.16 yuan, an increase of 25.58% year-on-year [6] - Cash and cash equivalents amounted to 455 million yuan, up 37.94% year-on-year [6] - Accounts receivable reached 2.189 billion yuan, an increase of 11.58% year-on-year [6] - Interest-bearing debt totaled 11.634 billion yuan, up 59.76% year-on-year [6] Cash Flow Status - Cash and cash equivalents to total assets ratio is only 2.71%, and cash to current liabilities ratio is 15.26%, indicating a need for attention to cash flow [7] - The interest-bearing debt ratio has reached 57.97%, with interest-bearing debt to average operating cash flow ratio at 17.45%, highlighting debt concerns [7] - Accounts receivable to profit ratio has reached 4363.02%, necessitating attention to accounts receivable recovery [7]

Group 1 - The core viewpoint of the article highlights the launch of a new financial product, the "loan + insurance" climate loan, aimed at supporting the renewable energy sector in Sichuan, specifically through a 10.5MW distributed photovoltaic power generation project [1] - The "loan + insurance" climate loan integrates banking, meteorology, and insurance services, created in collaboration with multiple institutions including Industrial Bank Chengdu Branch, Sichuan Climate Center, and Pacific Insurance [1][2] - This innovative product utilizes index insurance characteristics, where compensation is triggered automatically based on solar radiation levels, thus mitigating operational risks associated with climate change for enterprises [1] Group 2 - The Sichuan Climate Center has assessed the project based on meteorological data and climate resources, enhancing the scientific accuracy of traditional credit evaluations for banks [2] - The loan interest rates are linked to the enterprise's evaluation results, allowing for potential reductions in rates as companies improve their scores, thereby enhancing their resilience to climate change [2] - A strategic cooperation agreement was signed to deepen collaboration in other renewable energy sectors and industries affected by climate change, aiming to launch more innovative products that leverage the synergy between meteorology and finance [2]

8月5日，上海市发改委发布《 关于上海市贯彻落实新能源上网电价市场化改革有关事项的通知》， 并随通知同步下发了《上海市新能源可持续发展差价结算工作方案 》、《上海市新能源增量项目机 制电价竞价工作方案 》、《上海市电力市场成本调查工作方案 》。 文 | 上海市发展和改革委员会 《通知》主要内容 一是推动新能源上网电价全面由市场形成。新能源上网电量全部参与市场交易，通过市场交易形成 上网电价。健全中长期、现货市场交易和价格机制，满足新能源参与市场交易的条件。完善电网企 业代理购电机制，由电网企业以市场化方式采购新能源上网电量，作为代理购电电量来源。 二是建立新能源可持续发展价格结算机制。对于纳入机制的电量，由电网企业按照规定开展场外结 算，结算费用纳入本市系统运行费。区分存量项目和增量项目分类施策：存量项目机制电量、机制 电价妥善衔接现行政策，增量项目机制电量、机制电价通过市场化竞价方式合理确定。 三是完善市场跟踪与部门协作工作机制。加强部门协作分工，做好配套政策宣贯培训、差价协议签 订、信息平台开发等工作，确保新能源上网电价市场化改革政策平稳有序推进。 哪些新能源项目需要参与市场交易？ 2025年底前，本市集 ...

Group 1 - The Shanghai Composite Index rose by 0.96% to close at 3617.6 points, while the Hang Seng Index increased by 0.68% to 24902.53 points [1] - Longyuan Power's A/H share premium reached 156.68%, ranking ninth among A/H shares [1] - Longyuan Power's A-shares closed at 16.5 yuan, with a gain of 0.61%, and H-shares closed at 7.02 HKD, up by 0.57% [1] Group 2 - Longyuan Power Group Co., Ltd. was established in 1993 and has undergone several ownership changes, currently under the State Energy Group [1] - The company successfully listed on the Hong Kong main board in 2009 and was recognized as "China's first new energy stock" [1] - In 2022, Longyuan Power officially listed on the A-share market, marking several firsts in the industry, including being the first H-share new energy power central enterprise to return to A-shares [1] - Longyuan Power is a pioneer in wind power development in China, leading in offshore, low wind speed, and high altitude wind power sectors [1] - Since 2015, Longyuan Power has maintained its position as the world's largest wind power operator [1]

Core Viewpoint - The Shanghai Municipal Development and Reform Commission has issued a notice regarding the implementation of market-oriented reforms for renewable energy grid connection prices, specifically addressing offshore wind and solar projects [1] Group 1: Offshore Wind Projects - Offshore wind projects with grid connection prices determined through competitive allocation will continue to follow existing policy for pricing [1] - The pricing mechanism for these projects is established and will not be subject to further bidding processes [1] Group 2: Offshore Solar Projects - Approved or filed offshore solar projects that have specified grid connection prices in competitive allocation documents will have their prices set as mechanism prices, exempting them from bidding [1] - The scale of electricity included in the mechanism will be determined based on existing project regulations [1] Group 3: Future Regulations - Regulations concerning deep-sea wind power projects will be clarified in future announcements [1]

Core Viewpoint - The Shanghai Municipal Development and Reform Commission has announced a comprehensive market-oriented reform for renewable energy pricing, mandating that all renewable energy projects in Shanghai participate in market trading by the end of 2025, thereby establishing a market-driven pricing mechanism for renewable energy [1][3]. Group 1: Market Participation - All renewable energy generation, including centralized and distributed solar and wind power, as well as biomass energy, must participate in market trading by the end of 2025 [1][3]. - Renewable energy projects can either directly quote their output for market trading or aggregate their output for trading; those not participating will default to market prices [1][3]. Group 2: Trading Mechanisms - The reform aims to establish a robust medium- and long-term trading and pricing mechanism, allowing renewable energy projects to engage in annual, monthly, and intra-monthly trading cycles [1][3]. - The notification encourages long-term purchase agreements between renewable energy producers and electricity users to stabilize supply and demand relationships [1][3]. Group 3: Pricing Mechanism - A price difference settlement mechanism will be established for renewable energy participating in market trading, ensuring that the average market price is compared against a set mechanism price [4][5]. - Existing projects will have their pricing and volume determined based on current policies, while new projects will have their pricing established through competitive bidding [4][5]. Group 4: Monitoring and Coordination - The reform includes a mechanism for monitoring electricity prices and assessing price fluctuations to ensure stability in the market [5]. - There will be a focus on policy coordination to align the renewable energy pricing reform with broader energy and environmental goals [5].

新京报贝壳财经讯 上海市发展和改革委员会发布关于上海市贯彻落实新能源上网电价市场化改革有关 事项的通知，新能源上网电量全部参与市场交易。2025年底前，本市集中式光伏、集中式风电、分布式 光伏、分散式风电、生物质发电等新能源项目上网电量全部进入电力市场，通过市场交易形成上网电 价。新能源项目可报量报价直接参与市场交易，也可以聚合后参与市场交易，未直接或聚合参与市场交 易的，默认接受市场形成的价格。健全中长期市场交易和价格机制。新能源项目公平参与本市年度、月 度以及月内等周期的中长期市场交易。允许供需双方结合新能源出力特点，合理确定中长期合同的量 价、曲线等内容，并根据实际灵活调整。探索组织开展多年期交易。鼓励新能源发电企业与电力用户、 绿电需求企业签订多年期购电协议、多年期绿电交易协议，提前管理市场风险，形成稳定供求关系。 ...

Core Viewpoint - The Shanghai Municipal Development and Reform Commission has announced a notification regarding the market-oriented reform of renewable energy grid connection prices, stating that all renewable energy grid-connected electricity will participate in market trading by the end of 2025 [1] Group 1 - All grid-connected electricity from renewable energy projects, including centralized solar, centralized wind, distributed solar, distributed wind, and biomass power generation, will enter the electricity market [1] - The market trading will determine the grid connection price for renewable energy [1]