Group 1 - The company Shanghai Industrial Holdings (00363) reported a total revenue of HKD 20.832 billion for the fiscal year 2025, with a net profit of HKD 2.02 billion and basic earnings per share of HKD 1.858 [3] - The infrastructure and environmental business generated a profit of HKD 1.801 billion, a decrease of 31.5% compared to the previous year, primarily due to profits from the sale of equity in the Hangzhou Bay Bridge in the prior year [3] - The company is focusing on water treatment and resource utilization, aiming to expand market share and optimize business layout to strengthen its leading position in China's water and environmental industry [3] Group 2 - The consumer goods segment contributed a profit of HKD 0.756 billion, an increase of 17.5% year-on-year, accounting for approximately 39.2% of the group's net profit [4] - In the context of ongoing economic pressure and increased competition in the consumer goods market, the company is advancing new product development and improving existing products to adapt to market changes [4] - The company is implementing cost control measures and enhancing capacity utilization to ensure steady development across its various segments [4] Group 3 - As of the end of 2025, Shanghai Industrial New Energy Development Co., Ltd. holds solar power assets totaling 740 megawatts, with 15 solar power projects generating approximately 863.38 million kilowatt-hours, a 10% decrease from the previous year due to ongoing power restrictions [3] - The company continues to strengthen its research on macro policies, industry dynamics, and capital markets to meet market challenges [3]

Core Viewpoint - Inner Mongolia Energy Group is making significant progress in ensuring energy security and stable supply, achieving strong growth in revenue, profit, and total assets in the first two months of the year [1] Financial Performance - In the first two months, the company reported a revenue increase of 19%, profit growth of 21%, and total assets rising by 28% year-on-year [1] - The total power generation reached 142 billion kilowatt-hours, marking a 24% increase compared to the previous year [1] Coal Power Segment - The coal power segment saw a profit increase of 277% year-on-year, significantly contributing to the overall profit growth of the company [1] - Power generation in the coal power segment increased by 14.6%, with an average selling price per kilowatt-hour rising by 29.8 yuan [2] - The comprehensive coal price for fuel decreased by 71.6 yuan per ton, effectively controlling fuel costs [2] - Safety measures were enhanced, with a 50% reduction in non-operational downtime for units [2] New Energy Segment - The new energy segment achieved a revenue growth of 20% year-on-year, actively participating in the spot market and expanding the green certificate market [3] - The segment sold 3.52 million green certificates, generating additional revenue of 18.57 million yuan [3] - The company is optimizing operational parameters and enhancing equipment management to improve generation efficiency [3] Project Development - Key projects are progressing smoothly, with new units being put into operation and construction of major projects on schedule [1][2] - The company is focusing on safety and efficiency in project execution, ensuring timely completion of critical tasks [2][3]

Investment Rating - The report maintains a "Buy" rating for key companies in the electric equipment and new energy sectors, including CATL, Keda, and others [6][7]. Core Insights - The electric equipment and new energy sector saw a slight increase of 0.05% in the past week, outperforming the Shanghai Composite Index. Wind power indices showed the highest growth at 4.33%, while solar energy indices experienced the largest decline at 3.79% [1]. - Xiaomi's new generation SU7 electric vehicle was launched with strong market demand, achieving over 30,000 pre-orders within 72 hours. The vehicle features significant technological upgrades and competitive pricing [2][14]. - SpaceX's launch of a mini AI satellite with a power output of 100kW is expected to create a surge in demand for high-power, lightweight photovoltaic components, particularly P-type HJT batteries [3][39]. - The State Grid's recent tender for transmission and transformation equipment totaled 9.834 billion yuan, with major contracts awarded to companies like China West Electric and Siyi Electric [4][55]. Summary by Sections New Energy Vehicles - Xiaomi's SU7 was launched on March 19, 2026, with three versions priced at 219,900 yuan, 249,900 yuan, and 303,900 yuan. The vehicle features over 100 technical upgrades and a minimal price increase of 4,000 yuan [2][14]. - The vehicle's intelligent features include full standard configurations such as laser radar and advanced computing capabilities, marking a shift to a cognitive-driven approach in smart driving [16][18]. New Energy Generation - SpaceX's AI satellite launch is projected to drive demand for lightweight and radiation-resistant photovoltaic components, with plans to deploy 1 million satellites in the future [3][39]. - The P-type HJT battery technology is highlighted as a key solution for the anticipated large-scale deployment of satellites, with significant cost advantages over traditional solar batteries [41][42]. Electric Equipment and Automation - The State Grid's tender for transmission and transformation equipment reached 9.834 billion yuan, with the top three categories being switchgear, transformers, and power cables [4][55]. - The report indicates a robust demand for electric equipment, with significant contracts awarded to leading companies in the sector [4][55]. Commercial Aerospace - SpaceX is preparing for an IPO with a target valuation of approximately 1.75 trillion USD, aiming to raise between 50 billion to 75 billion USD [5]. - The establishment of China's first commercial aerospace "star alliance" in Wuxi aims to enhance satellite network efficiency and support economic development [5]. Market Trends - The electric equipment and new energy sector's performance is closely tied to market demand and technological advancements, with a focus on sustainable growth and innovation [1][28].

Investment Rating - The report maintains a "Recommended" rating for several key companies in the electric equipment and new energy sectors, including Ningde Times, Keda Li, and others [6][7]. Core Insights - The electric equipment and new energy sector saw a slight increase of 0.05% in the past week, outperforming the Shanghai Composite Index. Wind power indices showed the highest increase at 4.33%, while solar energy indices experienced the largest decline at 3.79% [1]. - Xiaomi's new generation SU7 electric vehicle was launched with strong market demand, achieving over 30,000 orders within 72 hours. The vehicle features significant technological upgrades and competitive pricing [2][14]. - SpaceX's launch of a mini AI satellite with a power output of 100kW is expected to create a substantial demand for high-power, lightweight photovoltaic components, particularly P-type HJT batteries [3][39]. - The State Grid's recent tender for transmission and transformation equipment totaled 9.834 billion yuan, with significant contracts awarded to major companies like China West Electric and Siyi Electric [4][55]. Summary by Sections New Energy Vehicles - Xiaomi's SU7 was launched on March 19, 2026, with three versions priced at 219,900 yuan, 249,900 yuan, and 303,900 yuan. The vehicle features over 100 technical upgrades and a minimal price increase of 4,000 yuan [2][14]. - The vehicle's intelligent features include full standard configurations such as laser radar and advanced computing capabilities, marking a shift to a cognitive-driven approach in smart driving [16][18]. New Energy Generation - SpaceX's AI satellite launch is projected to drive demand for lightweight and high-efficiency photovoltaic components, with plans to deploy 1 million satellites in the future [3][39]. - The P-type HJT battery technology is highlighted as a key solution for the anticipated large-scale deployment of satellites, with significant cost advantages over traditional solar batteries [41][42]. Electric Equipment and Automation - The State Grid's tender results indicate a total of 98.34 billion yuan in contracts, with the top three categories being combination electrical devices, transformers, and power cables [4][55]. - The average contract value per package was approximately 19.28 million yuan, with the largest package valued at 236.5 million yuan [55]. Commercial Aerospace - SpaceX is preparing for an IPO with an estimated valuation of 1.75 trillion USD, aiming to raise between 50 billion to 75 billion USD [5]. - The establishment of China's first commercial aerospace "Star Alliance" in Wuxi aims to create an efficient satellite network for economic and social development [5]. Market Trends - The electric equipment and new energy sector's performance is closely tied to market demand and technological advancements, with a focus on sustainable growth and innovation [1][28].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong performance relative to the market [2][17]. Core Insights - The company reported a revenue of 19.83 billion HKD in 2025, a decrease of 7.21% year-on-year, while the net profit attributable to shareholders increased by 9.21% to 1.83 billion HKD, which was below expectations. The decline in profitability was primarily due to lower natural gas sales and a decrease in feed-in tariffs [8]. - The company achieved a total electricity generation of 15.21 billion kWh in 2025, with a year-on-year increase of 7.71%. The average utilization hours for wind power projects increased by 10 hours to 2,236 hours [8]. - The average feed-in tariff for 2025 decreased by 0.02 HKD/kWh to 0.41 HKD/kWh, impacting revenue despite increased generation [8]. - The company plans to distribute a cash dividend of 0.20 RMB per share, resulting in a dividend payout ratio of 49.42% and a dividend yield of 5.5% based on the closing price on March 26 [8]. - The forecast for net profit attributable to shareholders for 2026 and 2027 has been adjusted to 2.38 billion HKD and 2.73 billion HKD, respectively, with a new estimate for 2028 at 2.91 billion HKD [8]. Financial Data and Profit Forecast - Revenue projections for the company are as follows: - 2024: 19.83 billion HKD - 2025: 20.72 billion HKD - 2026: 23.34 billion HKD - 2027: 25.66 billion HKD - 2028: 29.15 billion HKD [5][9] - Net profit attributable to shareholders is projected to be: - 2024: 1.83 billion HKD - 2025: 2.38 billion HKD - 2026: 2.73 billion HKD - 2027: 2.91 billion HKD [5][9] - The company’s price-to-earnings (PE) ratios for 2026-2028 are projected to be 6.9, 6.0, and 5.6, respectively [8].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][18] Core Insights - The company reported a revenue of 19.83 billion RMB in 2025, a decrease of 7.21% year-on-year, while the net profit attributable to shareholders increased by 9.21% to 1.83 billion RMB, which was below expectations [8] - The increase in electricity generation effectively offset the impact of declining electricity prices, with total electricity generation reaching 15.21 billion kWh, a year-on-year increase of 7.71% [8] - The company’s average on-grid electricity price decreased by 0.02 RMB/kWh to 0.41 RMB/kWh in 2025, leading to a mixed performance in the renewable energy sector [8] - The company plans to distribute a cash dividend of 0.20 RMB per share, maintaining a high dividend payout ratio of 49.42%, resulting in a dividend yield of 5.5% based on the closing price [8] - The forecast for net profit attributable to shareholders for 2026 and 2027 has been adjusted downwards to 2.38 billion RMB and 2.73 billion RMB, respectively, with a new estimate for 2028 at 2.91 billion RMB [8] Financial Data and Profit Forecast - Revenue projections for the company are as follows: - 2024: 19.83 billion RMB - 2025: 20.72 billion RMB - 2026: 23.34 billion RMB - 2027: 25.66 billion RMB [5] - Net profit attributable to shareholders is projected to be: - 2024: 1.83 billion RMB - 2025: 2.38 billion RMB - 2026: 2.73 billion RMB - 2027: 2.91 billion RMB [5] - The company’s earnings per share (EPS) is expected to grow from 0.40 RMB in 2025 to 0.65 RMB in 2028 [5]

ANNUAL RESULTS PRESENTATION CONCORD NEW ENERGY GROUP LIMITED FOR THE YEAR ENDED 31 DECEMBER 2025 STOCK CODE HONG KONG : 182 | SINGAPORE : SEG incorporated in Bermuda with limited liability 2025 ANNUAL REPORT Disclaimer CONCORD NEW ENERGY GROUP LIMITED 2 • The Concord New Energy Group Limited (the "Company") hereby reminds prospective investors, financial analysts, shareholders, and other recipients of this document (the "Summary") that the contents of this Summary and any related oral discussions are for re ...

Investment Rating - The report maintains a "Recommended" rating for the electric power equipment sector [6]. Core Viewpoints - The escalation of the Iranian situation has evolved from traditional geopolitical conflicts into a systemic shock to the global energy supply system, significantly reinforcing energy security logic as a medium- to long-term pricing theme. Since February 28, 2026, military actions by the US and Israel against Iran have led to significant disruptions in the Strait of Hormuz, causing a decrease in Middle Eastern oil exports by approximately 60% and a median global daily oil supply-demand gap of about 9 million barrels, accounting for 9.3% of global consumption. Brent crude oil prices have surged past $100, increasing by 50% over 20 days, demonstrating a "supply contraction - price non-linear amplification - inflation spillover" impact path [4][14][15]. - The core impact of this conflict is the significant reassessment of the "security attributes" of the global energy system, reshaping energy allocation models and macro transmission paths. Countries are shifting policies towards "self-sufficiency + diversified alternatives," benefiting three main directions in the A-share market: an upward shift in new energy installation demand, enhanced strategic positioning and profitability of energy storage, and an accelerated investment cycle in power grid and equipment [5][16]. - The IPO acceptance of Yushu Technology, which aims to raise 4.202 billion yuan, marks a transition for humanoid robots from a "technology validation period" to a "capital acceleration period," likely enhancing industry chain attention and prosperity [5][17]. Summary by Sections Investment Viewpoints - The report expresses optimism about the Chinese wind power industry chain, highlighting its cost and delivery advantages, and suggests focusing on companies such as Dajin Heavy Industry, Tiensun Wind Energy, Goldwind Technology, Zhongji United, and Zhenjiang Co., Ltd. [6][18]. Industry Dynamics - The report notes that the electric power equipment sector has experienced a decline of 3.06% recently, ranking 10th among sectors [11]. - The report tracks the photovoltaic industry, indicating a 9.9% growth in solar power generation in January-February 2026, although the growth rate has slowed [20]. - The report highlights the issuance of 198 million green certificates by the National Energy Administration in February 2026, covering 610,200 renewable energy projects [21]. Key Companies and Profit Forecasts - The report provides profit forecasts for key companies, including: - Goldwind Technology (002202.SZ): EPS of 0.44 in 2024, 0.64 in 2025E, 0.78 in 2026E, with a PE of 66.36, 45.63, and 37.44 respectively, rated as "Buy" [19]. - Dajin Heavy Industry (002487.SZ): EPS of 0.74 in 2024, 1.36 in 2025E, 1.96 in 2026E, with a PE of 98.30, 53.49, and 37.11 respectively, rated as "Buy" [19]. - Zhenjiang Co., Ltd. (603507.SH): EPS of 0.97 in 2024, 0.88 in 2025E, 1.73 in 2026E, with a PE of 24.86, 43.37, and 21.92 respectively, rated as "Buy" [19].

Macro Changes - The ongoing US-Iran conflict has intensified global energy security concerns, prompting countries to reassess the value of renewable energy for diversifying energy supply [10][18] - Major economies, except China, have been slow to act on the urgency of energy transition highlighted by the Russia-Ukraine conflict, resulting in a decline in global wind power installations and a slower growth rate in solar power installations compared to China [17][18] Strategy Assessment - The safety theme is becoming increasingly prominent, with photovoltaic (PV) technology leading the charge in energy security [3] - The efficiency theme is weakening, as evidenced by the performance of high-efficiency sectors lagging behind low-efficiency sectors since the escalation of geopolitical tensions in 2026 [33][37] - Geopolitical disturbances are a significant catalyst for the strengthening of the safety theme, with a notable shift in market focus towards safety over efficiency [42] Public Utilities - Renewable energy is crucial for China's energy security strategy, with a significant increase in the share of non-fossil energy sources in the energy consumption structure, rising from 15.4% to 19.8% from 2019 to 2024 [53][54] - The share of coal in China's energy consumption is projected to decline from 57.5% in 2019 to 53.2% in 2024, indicating a gradual transition towards renewable energy sources [53][54] Electric New Energy - The report is optimistic about the growth of the renewable energy generation and transmission sectors, driven by the urgent need for energy security amid geopolitical conflicts [4] - The domestic and overseas demand for wind and solar power is expected to surge, with China’s complete supply chain in these sectors poised for significant international expansion [4][30] Automotive - The global push for energy security is expected to accelerate the export of domestic new energy vehicles (NEVs), as countries seek to reduce reliance on traditional energy sources [5] - The cost advantages of NEVs over traditional fuel vehicles will become more pronounced as oil prices rise, leading to increased penetration rates of NEVs in various markets [5] Machinery - Demand for energy equipment and agricultural machinery is anticipated to rise due to geopolitical tensions affecting global energy and coal trade, which will support capital expenditures in coal enterprises and boost demand for coal machinery [6] - The oil service sector is expected to see long-term demand growth as geopolitical conflicts reshape oil and gas supply dynamics [6] Military Industry - The importance of energy security is increasing, leading to heightened demand for marine equipment and information technology related to ocean energy resource development [7] Fund Allocation - The photovoltaic sector is currently underrepresented in fund allocations, with significant room for growth as geopolitical concerns shift market focus back to green energy [11][12]

Investment Rating - The report maintains a "Recommended" rating for key companies in the industry, including Ningde Times, Keda Li, and others [6][7]. Core Insights - In January 2026, global installed capacity of electric vehicle batteries reached approximately 71.9 GWh, marking a year-on-year increase of 10.7%. Chinese companies' market share expanded to 73.3%, with Ningde Times leading at 32.5 GWh and a 45.2% market share [2][18]. - Tesla plans to procure approximately $2.9 billion worth of solar equipment from Chinese manufacturers to support its 100 GW solar manufacturing capacity in the U.S., highlighting the ongoing reliance on Chinese trade despite efforts to boost domestic manufacturing [3][32]. - Total electricity consumption in China for January and February 2026 was 16,546 billion kWh, a 6.1% year-on-year increase, with significant growth in the high-tech and equipment manufacturing sectors [4][45]. Summary by Sections 1. Power Batteries - The global installed capacity of electric vehicle batteries in January 2026 was about 71.9 GWh, up 10.7% year-on-year, despite a slight decline in global electric vehicle deliveries [15]. - Chinese companies dominate the market, with six firms in the global top ten, collectively holding a 73.3% market share, up from 68.3% the previous year [18][20]. - Ningde Times remains the leader with a 45.2% market share, while BYD ranks second with a 13.8% share, showing strong growth in overseas markets [19][20]. 2. New Energy Generation - Tesla's procurement plan for solar equipment from China, valued at $2.9 billion, aims to establish a significant solar manufacturing capacity in the U.S. [3][32]. - The U.S. solar market faces challenges due to high tariffs on imports, yet exemptions for manufacturing equipment have been granted to support domestic production [32]. 3. Power Equipment and Industrial Control - The total electricity consumption in China for January and February 2026 was 16,546 billion kWh, reflecting a 6.1% increase year-on-year, with notable growth in the industrial and service sectors [4][45]. - The first industry saw a 7.4% increase in electricity consumption, while the second industry grew by 6.3%, particularly in high-tech and equipment manufacturing, which grew by 10.6% [45].