Company Overview - Zhejiang New Zhonggang Thermal Power Co., Ltd. primarily engages in the production and supply of thermal products, electricity products, and compressed air through cogeneration [1] - The 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 recognized as the first thermal power plant in Zhejiang Province to pass ultra-low emission acceptance [1] Financial Performance - As of the latest quarterly report for Q1 2025, the company achieved operating revenue of 174 million yuan, a year-on-year decrease of 20.46% [1] - The net profit for the same period was approximately 15.45 million yuan, reflecting a year-on-year decline of 39.20% [1] - The sales gross margin stood at 24.54% [1] Market Position - The company's stock closed at 7.71 yuan, with a rise of 2.80%, resulting in a rolling price-to-earnings (PE) ratio of 22.61 times [1] - The total market capitalization is approximately 3.088 billion yuan [1] - In comparison to the industry, the average PE ratio for the public utility sector is 26.77 times, with a median of 28.23 times, placing New Zhonggang at the 11th position within the industry [2] Shareholder Information - As of March 31, 2025, the number of shareholders increased to 21,303, up by 793 from the previous count [1] - The average market value of shares held by each shareholder is approximately 352,800 yuan, with an average holding of 27,600 shares [1]

Core Viewpoint - The "2025 Smart Thermal Power and Flexible Peak Shaving Conference" aims to explore low-carbon and intelligent development paths for the thermal power industry, promoting the transformation and upgrading of coal power and the new paradigm of multi-energy collaborative heating [1][4]. Group 1: Conference Overview - The conference is organized by the China Electric Power Science and Technology Network and the Beijing Zhongsheng Guoce New Energy Technology Institute, with support from the China Energy Research Society's Low-Carbon Smart Heating Technology Committee [1]. - The event will take place on June 20 in Beidaihe, focusing on the integration of smart thermal power and flexible peak shaving technologies as key components in building a new power system [1][4]. Group 2: Industry Challenges and Goals - The coal power industry in China faces multiple challenges, including deep peak shaving, heating transformation, and low-carbon transition, necessitating flexibility upgrades to meet heating demands and optimize energy efficiency [4]. - The conference theme, "Smart Integration of Thermal Power and Negative Carbon Peak Shaving," aims to gather industry leaders, researchers, and corporate representatives to discuss technological upgrades and sustainable development in the thermal power sector [4][10]. Group 3: Key Topics and Discussions - The conference will delve into four core topics: flexible peak shaving, thermal power decoupling, energy storage technology, and smart heating systems, aligning with the core requirements of the "2025 Energy Work Guidance" [8][10]. - Discussions will cover the dual functionality transformation of thermal power units, the construction of smart heating systems, and multi-energy collaborative optimization [8][10]. Group 4: Notable Speakers and Contributions - Notable speakers include Sun Zhengyun, Vice Chairman and Secretary-General of the China Energy Research Society, and experts from Tsinghua University and China Huadian Corporation, who will address flexible upgrades and coal power transition strategies [11]. - The conference will feature 28 industry experts sharing cutting-edge technological achievements and practical experiences, providing a comprehensive view of policies, technologies, and commercialization [10][11]. Group 5: Practical Applications and Future Directions - The agenda includes keynote speeches, expert dialogues, thematic reports, case studies, and site visits, focusing on macro policies and industry trends, as well as technical applications such as long-distance heating network optimization and digital twin technology [13]. - The conference aims to foster deep exchanges and collaborations among various stakeholders in the smart thermal power and flexible peak shaving sectors, driving innovation and application in these fields [13].

Company Overview - Zhejiang New Zhonggang Thermal Power Co., Ltd. primarily engages in the production and supply of thermal products, electricity products, and compressed air through cogeneration [1] - The 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 recognized as the first thermal power plant in Zhejiang Province to pass ultra-low emission acceptance [1] Financial Performance - As of the first quarter of 2025, the company reported operating revenue of 174 million yuan, a year-on-year decrease of 20.46% [1] - The net profit for the same period was 15.45 million yuan, reflecting a year-on-year decline of 39.20% [1] - The sales gross margin stood at 24.54% [1] Market Position - The company's stock closed at 7.53 yuan, with a rise of 1.21%, resulting in a rolling price-to-earnings (PE) ratio of 22.08 times [1] - The total market capitalization is 3.016 billion yuan [1] - In comparison to the public utility industry, which has an average PE of 26.24 times and a median of 27.83 times, New Zhonggang ranks 11th in the industry [2] Institutional Holdings - As of the first quarter of 2025, four institutions held shares in New Zhonggang, including two Qualified Foreign Institutional Investors (QFII), one other institution, and one fund, with a total holding of 300.22 million shares valued at 2.276 billion yuan [1]

法律意见书 北京市中伦律师事务所 关于浙江新中港热电股份有限公司 法律意见书 北京市中伦律师事务所 关于浙江新中港热电股份有限公司 致：浙江新中港热电股份有限公司 北京市中伦律师事务所（以下简称"本所"）接受浙江新中港热电股份有限 公司（以下简称"公司"）委托，指派本所律师对公司 2024 年年度股东大会（以 下简称"本次股东大会"）的合法性进行见证并出具法律意见。 本法律意见书根据《中华人民共和国公司法》（以下简称"《公司法》"）、 中国证券监督管理委员会（以下简称"中国证监会"）《上市公司股东会规则》 （以下简称"《股东会规则》"）等现行有效的法律、法规、规范性文件以及《浙 江新中港热电股份有限公司章程》（以下简称"《公司章程》"）的规定而出具。 为出具本法律意见书，本所律师审查了公司本次股东大会的有关文件和材料。 本所律师得到公司如下保证，即其已提供了本所律师认为出具本法律意见书所必 需的材料，所提供的原始材料、副本、复印件等材料、口头证言均符合真实、准 确、完整的要求，有关副本、复印件材料与正本原始材料一致。 在本法律意见书中，本所律师仅对本次股东大会的召集、召开程序、出席会 议人员的资格、召集人资格 ...

4、本次权益分派的实施距离公司股东大会通过该方案的时间未超过两个月。 本公司及董事会全体成员保证公告内容真实、准确和完整，不存在虚假记载、误导性陈述或者重大遗 漏。 浙江富春江环保热电股份有限公司（以下简称"公司"）2024年年度权益分派方案已获公司2025年5月8日 召开的2024年年度股东大会审议通过，现将权益分派事宜公告如下： 一、股东大会审议通过利润分配及资本公积金转增股本方案等情况 1、公司2024年年度股东大会审议通过的2024年年度权益分派方案的具体内容为：以公司2024年12月31 日已发行的总股本865,000,000股为基数，向全体股东每10股派发现金红利1.50元（含税），共计派发现 金红利129,750,000.00元，不送红股，不以资本公积金转增股本。 2、本次权益分派方案披露至实施期间公司股本总额未发生变化，公司将根据股东大会审议确定的分配 比例，按照"分配比例不变"的原则实施本次利润分配方案。 3、本次实施的权益分派方案与公司2024年年度股东大会审议通过的权益分派方案一致。 ■ 1、本公司此次委托中国结算深圳分公司代派的 A 股股东现金红利将于2025年5月 27日通过股东托管 ...

5月12日，新中港今日收盘7.68元，下跌1.29%，滚动市盈率PE（当前股价与前四季度每股收益总和的比 值）达到22.52倍，总市值30.76亿元。 本文源自：金融界 作者：行情君 从行业市盈率排名来看，公司所处的公用事业行业市盈率平均26.99倍，行业中值28.17倍，新中港排名 第11位。 截至2025年一季报，共有4家机构持仓新中港，其中QFII2家、其他1家、基金1家，合计持股数30021.59 万股，持股市值22.76亿元。 浙江新中港热电股份有限公司的主营业务是采用热电联产的方式进行热力产品、电力产品和压缩空气的 生产及供应。公司的主要产品是蒸汽、电力（热电联产）、电力（储能电力）、压缩空气、煤炭。电力 产品出售给国家电网公司供应终端电力用户。公司是浙江省首个全厂通过超低排放验收的热电厂。 最新一期业绩显示，2025年一季报，公司实现营业收入1.74亿元，同比-20.46%；净利润1545.37万元， 同比-39.20%，销售毛利率24.54%。 序号股票简称PE(TTM)PE(静)市净率总市值(元)11新中港22.5220.992.3830.76亿行业平均 26.9926.521.7482.6 ...

Group 1 - The core viewpoint of the articles highlights the performance and valuation of Zhejiang New Zhonggang Thermal Power Co., Ltd., which has a closing price of 7.75 yuan and a rolling PE ratio of 22.73 times, with a total market value of 3.104 billion yuan [1][2] - The company operates in the public utility sector, which has an average PE ratio of 26.40 times and a median of 27.66 times, placing New Zhonggang at the 11th position within the industry [1][2] - As of March 31, 2025, the number of shareholders for New Zhonggang increased to 21,303, with an average holding value of 352,800 yuan and an average shareholding of 27,600 shares [1] Group 2 - The main business of the company involves the production and supply of thermal products, electricity, and compressed air through cogeneration, with key products including steam, electricity (cogeneration), electricity (energy storage), compressed air, and coal [1] - The latest quarterly report for Q1 2025 shows that the company achieved an operating income of 174 million yuan, a year-on-year decrease of 20.46%, and a net profit of 15.45 million yuan, down 39.20% year-on-year, with a sales gross margin of 24.54% [1]

最新一期业绩显示，2025年一季报，公司实现营业收入1.74亿元，同比-20.46%；净利润1545.37万元， 同比-39.20%，销售毛利率24.54%。 序号股票简称PE(TTM)PE(静)市净率总市值(元)11新中港22.4620.942.3730.68亿行业平均 26.2025.801.7081.16亿行业中值27.6029.471.3551.96亿1惠天热电-8.85-5.5512.1518.33亿2东望时代-7.99- 9.571.3835.12亿3首创环保6.516.571.10231.96亿4中原环保8.217.740.9279.92亿5中山公用 9.6310.570.73126.71亿6洪城环境10.1510.221.26121.61亿7兴蓉环境10.2910.561.12210.70亿8海天股份 11.6112.411.3537.82亿9江南水务12.0912.421.1249.94亿10联美控股19.1120.671.19136.22亿 本文源自：金融界 5月6日，新中港今日收盘7.66元，上涨3.10%，滚动市盈率PE（当前股价与前四季度每股收益总和的比 值）达到22.46倍，总市值 ...

Core Viewpoint - The company reported a decline in both revenue and net profit for 2024, but made significant progress in its transition to renewable energy, particularly in carbon trading and energy storage projects [1][4][7] Revenue and Profit Decline - The total revenue for 2024 was 872 million yuan, a year-on-year decrease of 8.81% [4] - Steam sales revenue was 626 million yuan, down 11.00% year-on-year, which was the main factor for the revenue decline [4] - The company sold 2.831 million tons of steam, a decrease of 3.44% year-on-year, attributed to a drop in coal prices leading to adjustments in steam pricing [4] - Despite the revenue decline, gross profit increased to 258 million yuan, a year-on-year growth of 13.66% due to lower production costs from falling coal prices [4] - The net profit attributable to shareholders was 147 million yuan, a decrease of 1.40% year-on-year, indicating ongoing challenges in cost control and profitability [4] Progress in Renewable Energy Transition - The company actively promoted its transition to renewable energy in 2024, achieving significant progress in carbon trading and energy storage projects [4][6] - It sold a total of 17,493.3 tons of carbon emission allowances through the national carbon trading system, generating a total transaction amount of 17.1084 million yuan [4] - Cumulatively, since 2019, the company has sold 105.73 million tons of carbon emission allowances, reflecting its commitment to carbon reduction [4] Energy Storage Project - The energy storage demonstration project in Shengzhou officially commenced commercial operations in July 2024, with a capacity of 100MW/220MWh [5] - The project utilizes BYD's latest generation of specialized energy storage blade batteries, which offer high conversion efficiency and ease of maintenance [5] - The operation of the energy storage station alleviates grid pressure during peak electricity usage in Shengzhou and lays a foundation for the company's expansion in the renewable energy sector [5] Increased R&D Investment - The company significantly increased its R&D investment in 2024, with total R&D expenses reaching 31.2774 million yuan, a year-on-year increase of 68.55% [6] - Collaborations with universities, research institutions, and equipment manufacturers have strengthened the company's independent R&D capabilities and enhanced its core competitiveness [6] - The company was recognized as a "Technology-based Small and Medium-sized Enterprise" by the Zhejiang Provincial Department of Economy and Information Technology, highlighting its strength in technological innovation [6] Future Outlook - Despite progress in renewable energy and technological innovation, the decline in revenue and net profit reveals challenges in traditional business areas [7] - The company needs to optimize the operational efficiency of its traditional business while maintaining growth in renewable energy to achieve sustainable development [7]

Investment Rating - The report maintains a "Buy" rating for the company [3][5]. Core Views - The company is expected to achieve a revenue of 10.5 billion yuan in 2025, with a total profit of 1.15 billion yuan [2][3]. - The thermal power operation scale is steadily increasing, with a projected revenue of 10.5 billion yuan by 2025 [2][3]. - The equipment manufacturing business has shown signs of recovery, with a 20.18% year-on-year increase in revenue for 2024 [1][2]. - The company is actively expanding its thermal power generation projects, with a nearly 1.3 GW installed capacity by the end of 2024 [2][3]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of 9.113 billion yuan, a decrease of 13.31% year-on-year, and a net profit of 704 million yuan, down 4.98% [1][4]. - For Q1 2025, the revenue was 1.965 billion yuan, a decline of 32.25% year-on-year, with a net profit of 129 million yuan, down 30.77% [1][2]. Business Segments - The equipment manufacturing segment's revenue increased to 1.742 billion yuan in 2024, up 20.18% year-on-year, although the gross margin decreased by 6.74 percentage points to 10.23% [1][2]. - The engineering and services segment saw a significant revenue drop of 54.42% in 2024, totaling 1.985 billion yuan, while the gross margin improved by 4.57 percentage points to 17.38% [2]. Future Outlook - The company anticipates achieving a revenue of 10.5 billion yuan in 2025, with a total profit of 1.15 billion yuan [2][3]. - The company is focusing on hydrogen energy projects and flexible coal-fired power generation technology, which are expected to contribute positively to future earnings [3][4].