Financial Performance - In 2023, the company's power generation revenue was 654 million, with a gross margin of nearly 40% [2] - In 2024, power generation revenue is projected to be 787 million, but the gross margin is expected to drop to 30% due to an increase in lower-margin biomass power generation projects [2] - The company aims to achieve a turnaround in non-recurring profit in 2024 after a loss in 2023 [1] Business Development - The company has a target of adding 100-200 MW of new energy station projects in 2025 [6] - As of the end of 2024, the company has over 2,500 MW of renewable energy stations under construction or operation [20] - The company’s smart distribution network business achieved a revenue of 486 million in 2024, a year-on-year increase of 20.26% [54] Market Position and Strategy - The company has established partnerships with numerous state-owned enterprises for wind and solar power projects [3] - The company’s asset-liability ratio for 2024 is 65.72%, which is considered reasonable [7] - The company plans to enhance investor relations management and aims to conduct at least five investor engagement activities in 2025 [18] Challenges and Risks - The company faced a net loss of 604 million in 2024, primarily due to industry policy changes, raw material price fluctuations, and goodwill impairment [39] - The company has nearly 1 billion in receivables from renewable energy subsidies as of the end of 2024 [54] - The biomass power generation sector is experiencing challenges, including fuel shortages and price volatility, impacting profitability [39] Future Outlook - The company is focusing on integrating its supply chain and enhancing digital capabilities to drive innovation and growth [12] - In 2025, the company aims to improve operational efficiency and profitability through strategic adjustments in its biomass projects [43] - The company is committed to developing a "zero-carbon" model for towns and industrial parks by the end of the 14th Five-Year Plan [74]