Summary of Key Points Core Viewpoint - The company Huaitian Thermal Power reported a significant decline in net profit for 2024, alongside a modest increase in revenue, indicating potential financial distress and a lack of shareholder returns. Company Announcements - The 2024 annual report shows a revenue of 2,098,691,641.77 yuan, an increase of 6.81% year-on-year [1] - The net profit attributable to shareholders is -330,283,902.08 yuan, a decrease of 133.81% year-on-year [1][3] - The net cash flow from operating activities is -113,531,774.38 yuan, a decline of 109.01% year-on-year [1] - The company plans not to distribute cash dividends, issue bonus shares, or convert reserves into share capital for 2024 [1][3] - The board approved the proposal to invest in establishing a wholly-owned subsidiary, Quansheng Thermal Power [1][3] - The controlling shareholder proposed to submit the investment proposal for the establishment of Quansheng Thermal Power to the 2024 annual shareholder meeting scheduled for June 27, 2025 [1][3] Customer Sales Correction - The company corrected the total sales amount for its top five customers to 106,850,056.41 yuan, which accounts for 5.09% of the total annual sales [2]

债券简称：新港转债 债券代码：111013.SH 国泰海通证券股份有限公司 关于浙江新中港热电股份有限公司涉及权益分派 暨"新港转债"转股价格调整 的临时受托管理事务报告 受托管理人 （住所：中国（上海）自由贸易试验区商城路 618 号） 二〇二五年六月 重要声明 本报告依据《公司债券发行与交易管理办法》《公司债券受托管理人执业行 《浙江新中港热电股份有限公司 2023 年度公开发行可转换公司债券之债 为准则》 本次发行证券的类型为可转换为公司 A 股股票的可转换公司债券（以下简 称可转债）。该可转换公司债券及未来转换的公司 A 股股票在上海证券交易所上 市。 （二）债券代码及简称 债券代码：111013；债券简称：新港转债。 （三）债券发行日期 本次债券发行日为 2023 年 3 月 8 日。 （四）发行规模 券受托管理协议》 （以下简称《受托管理协议》）等相关规定和约定、公开信息披 露文件以及浙江新中港热电股份有限公司（以下简称公司或发行人）出具的相关 说明文件以及提供的相关资料等，由受托管理人国泰海通证券股份有限公司（以 下简称国泰海通证券）编制。 本报告不构成对投资者进行或不进行某项行为的推荐意见，投 ...

的公告 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。 重要内容提示： ● 浙江新中港热电股份有限公司（以下简称"公司"）控股股东浙江越盛集团有限公司（以下简称"越盛 集团"）持有公司股份数量为299,021,050股，占公司总股本的74.66%。越盛集团本次解除质押股份 50,091,484股后，累计质押公司股份数量为0股。 一、上市公司股份解除质押 登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：605162 证券简称：新中港 公告编号：2025-034 债券代码：111013 债券简称：新港转债 浙江新中港热电股份有限公司 关于控股股东部分股份解除质押 公司于近日收到控股股东越盛集团的通知，获悉其于2025年6月6日在中国证券登记结算有限责任公司办 理了本公司50,091,484股（无限售流通股）股票的解除质押手续。具体情况如下： ■ 截至目前，越盛集团暂无股份质押计划，公司将与其保持密切联系，如有变动将积极履行信息披露义 务。 二、控股股东股份累计质押情况 截至本公告披露日，公司控股股东越盛集团持有本公司股 ...

Company Overview - Zhejiang Xinzhonggang Thermal Power Co., Ltd. is the issuer of the convertible bonds known as Xin Gang Convertible Bonds (code: 111013) with a total issuance scale of 3.69135 billion yuan [1][2] - The company operates in the production and supply of thermal products, electricity, and compressed air, utilizing a combined heat and power generation approach [2] Financial Performance - In 2024, the company achieved an operating profit of 174.49 million yuan and a net profit of 145.51 million yuan [1] - Key financial metrics for 2024 compared to 2023 include: - Total assets: 188,523.05 million yuan (up 7.68%) - Total liabilities: 56,475.27 million yuan (up 15.03%) - Net assets: 132,047.78 million yuan (up 4.81%) - Operating income: 871.55 million yuan (down 8.81%) - Operating costs: 613.70 million yuan (down 15.75%) - Total profit: 189.89 million yuan (down 1.44%) - Net profit: 145.51 million yuan (down 1.11%) [2] Bond Issuance and Management - The Xin Gang Convertible Bonds have a term of 6 years with an initial coupon rate starting at 1.00% and increasing to 3.00% by the sixth year [1] - The bonds are secured by a pledge of shares from the controlling shareholder, Zhejiang Yuesheng Group Co., Ltd., which has pledged 50,091,484 shares [5][6] - The company has established a special account for the management of the raised funds, ensuring that the funds are used for their intended purposes [6] Use of Proceeds - The proceeds from the bond issuance are allocated for projects including the construction of heating pipelines and repayment of bank loans, with a total committed investment of 3.597175 billion yuan [3][4] - As of the report date, the company has utilized 2.927468 billion yuan of the raised funds, with a remaining balance of 707.246 million yuan [4][5] Debt Servicing and Guarantees - The company has maintained a normal debt servicing capability, with no delays in interest or principal payments reported [2][6] - The bondholder meeting held on January 16, 2025, approved changes to the use of raised funds, reflecting the company's strategic adjustments [6][7] Regulatory Compliance - The company has adhered to its information disclosure obligations, timely releasing its annual and semi-annual reports as required by regulatory authorities [6][8] - The company’s credit rating remains stable at "AA-" with no significant changes reported [6]

Core Points - The company announced a cash dividend distribution of 0.18 CNY per share for the fiscal year 2024, totaling approximately 72.1 million CNY [2][4] - The dividend distribution plan was approved at the annual shareholders' meeting held on May 20, 2025 [2][6] - The record date for shareholders eligible for the dividend is the close of trading on the day before the equity registration date [3] Dividend Distribution Details - The total number of shares for the dividend distribution is 400,532,847, with a cash dividend of 0.18 CNY per share, resulting in a total distribution of 72,095,912.46 CNY (including tax) [4] - The dividends will be distributed through the China Securities Depository and Clearing Corporation Limited Shanghai Branch, with shareholders who have designated trading able to receive their dividends on the payment date [5] Taxation Information - Individual shareholders holding shares for over one year are exempt from personal income tax on dividends, while those holding for one year or less will have taxes calculated upon stock transfer [7][8] - For qualified foreign institutional investors (QFII), a 10% corporate income tax will be withheld, resulting in a net dividend of 0.162 CNY per share [9] Convertible Bond Adjustment - The company announced an adjustment to the conversion price of its convertible bonds ("新港转债") from 8.85 CNY to 8.67 CNY per share due to the dividend distribution [16][17] - The adjustment will take effect on June 12, 2025, with the bonds being suspended from conversion from June 5 to June 11, 2025 [17]

Core Viewpoint - The company has decided to extend the commitment period for resolving competition issues related to its controlling shareholder, which will be submitted for approval at the upcoming shareholder meeting [1][2]. Group 1: Meeting Details - The sixth supervisory board's tenth meeting was held on May 28, 2025, with all five supervisors present, meeting legal requirements for quorum [1]. - The meeting was chaired by Mr. Zhang Xudong, and the resolution regarding the extension of the competition commitment was passed through a recorded vote [1]. Group 2: Resolution and Approval Process - The supervisory board believes that extending the commitment period is in accordance with the Company Law of the People's Republic of China and relevant regulations, ensuring no harm to the company or other shareholders [2]. - The board's review process was compliant with legal regulations, with related directors abstaining from the vote, and independent directors providing affirmative opinions [2]. - The resolution received three votes in favor, with no votes against or abstentions, and will be submitted to the second extraordinary general meeting of shareholders in 2025 for approval [2].

Company Overview - New Zhonggang closed at 7.74 yuan, up 3.20%, with a rolling PE ratio of 22.70, marking a new low in 11 days, and a total market capitalization of 3.10 billion yuan [1] - The company operates in the utility sector, with an industry average PE of 26.27 and a median of 27.77, ranking 11th in the sector [1] - As of March 31, 2025, New Zhonggang had 21,303 shareholders, an increase of 793, with an average holding value of 352,800 yuan and an average holding of 27,600 shares [1] Business Operations - Zhejiang New Zhonggang Thermal Power Co., Ltd. specializes in the production and supply of thermal products, electricity, and compressed air through cogeneration [1] - Main products include steam, electricity (cogeneration), electricity (energy storage), compressed air, and coal, with electricity sold to the State Grid Corporation for end users [1] - The company is the first thermal power plant in Zhejiang Province to pass ultra-low emission acceptance [1] Financial Performance - In the latest quarterly report for Q1 2025, the company achieved operating revenue of 174 million yuan, a year-on-year decrease of 20.46%, and a net profit of 15.45 million yuan, down 39.20%, with a gross profit margin of 24.54% [1]

Core Viewpoint - 大连热电 reported a decrease in revenue for Q1 2025 but a significant increase in net profit, indicating a focus on improving operational efficiency and exploring new profit growth opportunities [1][2]. Financial Performance - For Q1 2025, the company achieved revenue of 358 million yuan, a year-on-year decrease of 7.68% [1]. - Net profit reached 59.75 million yuan, showing a year-on-year increase of 136.53% [1]. - Basic earnings per share were 0.15 yuan [1]. Operational Strategies - The company plans to optimize production management by improving heat source and pipeline operations, enhancing raw material procurement, and reducing production costs [2]. - As of early 2025, the asset-liability ratio was 85.17%, which decreased to 81.78% in Q1 due to the significant increase in net profit [2]. Corporate Actions - 大连热电 intends to sell all assets and liabilities to 洁净能源集团 and acquire 康辉新材 through a share issuance, with the asset sale valued at 652 million yuan and the acquisition at 10.153 billion yuan [3]. - The company announced the termination of the major asset sale and share issuance plans, indicating a shift in strategy to explore resource integration through local state-owned platforms [4]. Future Outlook - The company aims to enhance its core competitiveness and profitability by optimizing its business and management practices [4].

Core Viewpoint - The announcement discusses the change in the guarantee method for the "Xin Gang Convertible Bond" issued by Zhejiang Xin Zhong Gang Thermal Power Co., Ltd. The new guarantee will be provided by the controlling shareholder, Zhejiang Yue Sheng Group Co., Ltd., through an irrevocable joint liability guarantee instead of stock pledges [1][2]. Group 1: Company Overview - Zhejiang Xin Zhong Gang Thermal Power Co., Ltd. is identified by its stock code 605162.SH and is involved in the issuance of the "Xin Gang Convertible Bond" [1]. - The previous guarantee method involved pledging 50,091,484 shares of the company by the controlling shareholder, which has now been changed to a full unconditional irrevocable joint liability guarantee [1][2]. Group 2: Rating Information - The last rating for the "Xin Gang Convertible Bond" was conducted on January 23, 2025, with a credit rating of AA- and a stable outlook [1]. - The recent change in the guarantee method did not significantly alter the credit enhancement level of the "Xin Gang Convertible Bond," leading to the decision to maintain the company's credit rating at AA- and the outlook as stable [2]. Group 3: Financial Assessment - The financial assessment indicates a strong leverage situation with a score of 9/9, while liquidity status received a score of 4/7 [3]. - The overall business condition assessment scored 3/7, reflecting moderate operational risks, while the macro environment scored 4/5, indicating a favorable external economic condition [3].

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