Core Points - The event is being streamed live in both Portuguese and English, indicating a focus on broad audience engagement [1] - The agenda includes discussions on the Paulista concession, the renewal contract in São Paulo, greenfield projects, and the company's strategic vision for 2040 [2] Group 1 - The event is designed to cover key topics related to the company's operations and future strategies [2] - The company emphasizes discipline and efficiency in managing its assets and maximizing opportunities [2] Group 2 - The presentation will be led by Rui Chammas, the present Director, highlighting the leadership structure within the company [3]

藏粤直流工程以西藏为起点，途经云南、广西，最后到达广东，输电线路全长约2681公里，在西藏昌都、林芝，以及广东广 州、深圳建设四座换流站。 中国南方电网有限责任公司工程建设部负责人 董言乐：工程将采用我国自主研发、国际领先的特高压柔性直流输电技术，额定 电压正负800千伏，额定输电容量1000万千瓦，工程总投资达532亿元。 央视网消息：9月16日，中国"十四五"规划建设的跨省区输电重点工程——藏粤直流工程启动建设。约2681公里长的输电线 路，将连接起西藏藏东南的清洁能源基地和大湾区。建成投运后，就能将"绿电"闪送到广东。 藏粤直流工程2029年全面投运后，每年可向粤港澳大湾区输送超430亿度电能，相当于三峡电站年发电量的一半，100%为清洁 能源。 ...

Core Viewpoint - The construction of the Zang-Guangdong DC project, the world's most powerful and advanced flexible DC transmission project, has commenced, representing a significant investment in China's energy infrastructure [1][5]. Group 1: Project Overview - The Zang-Guangdong DC project starts in Tibet and spans approximately 2,681 kilometers through Yunnan and Guangxi, ending in Guangdong, with four converter stations being built in key locations [3][5]. - The project utilizes domestically developed, internationally leading ultra-high voltage flexible DC transmission technology, with a rated voltage of ±800 kV and a capacity of 10 million kW, involving a total investment of 53.2 billion yuan [5]. Group 2: Economic and Environmental Impact - The project is expected to facilitate the conversion of Tibet's resource advantages into economic benefits, addressing challenges related to high-altitude DC transmission and the integration of renewable energy in weak grid areas [7]. - Upon full operation in 2029, the project will deliver over 43 billion kWh of clean energy annually to the Guangdong-Hong Kong-Macao Greater Bay Area, equivalent to half the annual output of the Three Gorges Dam, with 100% of the energy being clean [7][14]. Group 3: Technical Challenges and Solutions - The project faces significant challenges due to the geographical terrain, including high mountains and complex geology, with nearly 90% of the route being mountainous [10]. - To ensure stable delivery of green electricity, the project employs advanced "ultra-high voltage multi-terminal flexible DC transmission" technology, allowing for flexible scheduling of renewable energy and minimizing disturbances to the grid [11].

Core Viewpoint - Jiangsu Yongding Co., Ltd. reported significant growth in revenue and net profit for the first half of 2025, driven by strong performance in various business segments, particularly in investment income from joint ventures and strategic market expansions [2][3][10]. Financial Performance - The company achieved a revenue of approximately 2.26 billion RMB, representing a 24.07% increase compared to the same period last year [2]. - The total profit reached approximately 312.22 million RMB, a substantial increase of 339.86% year-on-year [2]. - The net profit attributable to shareholders was approximately 318.53 million RMB, marking a remarkable increase of 917.66% compared to the previous year [2]. Business Segments - In the optical communication segment, revenue was lower than the previous year, but improvements in gross margin were noted due to technological innovations and cost optimizations [3][4]. - The automotive wiring harness and copper conductor segments experienced significant revenue growth, although initial project costs led to a decrease in gross margin [3][10]. - The power engineering segment saw increased revenue from the completion of projects, but overall profit decreased due to lower margins from other projects [3][10]. Industry Trends - The global optical module market is projected to grow from 11.5 billion USD in 2023 to 22 billion USD by 2028, with AI computing demand being a major driver [8]. - The demand for high-performance optical fibers is increasing due to the expansion of data centers and the implementation of AI technologies [7][8]. - The automotive market is experiencing steady growth, particularly in the electric vehicle sector, with a reported 41.4% increase in production and sales of new energy vehicles in the first half of 2025 [10][11]. Strategic Developments - The company is expanding its overseas power engineering projects, focusing on the "Belt and Road" initiative, with significant projects underway in Bangladesh and Ethiopia [10][13]. - In the superconducting materials sector, the company is advancing the industrialization of high-temperature superconducting tapes, which are crucial for various applications including energy and medical fields [15]. - The company is enhancing its digital transformation and automation processes in manufacturing, which is expected to improve operational efficiency and product quality [14].

Core Viewpoint - The Ningxia-Hunan ±800 kV UHVDC project has been launched, marking a significant step in utilizing renewable energy resources from Ningxia to support economic development in Hunan and surrounding regions [5][11]. Group 1: Project Overview - The project connects Ningxia's rich solar and wind energy resources to Hunan, serving as China's first UHVDC line primarily for transmitting renewable energy from a "desert" area [7]. - The project has a rated capacity of 8 million kW, capable of delivering 8 million kWh of electricity per hour at full power [7]. - The transmission distance reaches 1,616 kilometers, allowing electricity from Ningxia to cross six provinces [9]. Group 2: Environmental Impact - The project is designed to be environmentally friendly, with over 70% of the installed capacity coming from renewable energy sources and more than 50% of the electricity transmitted being renewable [11]. - It is expected to reduce carbon dioxide emissions by 16 million tons annually [11]. Group 3: Operational Performance - Since its commissioning in June, the project has maintained a high operational capacity, delivering over 3.5 billion kWh of electricity during peak summer loads in Hunan [13]. - The average power transmission has been nearly one-tenth of Hunan's total load, demonstrating its critical role in meeting regional energy demands [13].

Core Viewpoint - The company aims to enhance its global strategy by establishing a wholly-owned subsidiary in Saudi Arabia to strengthen its marine and power business in the Middle East, thereby improving its competitiveness in the local market [1] Group 1: Investment Details - The company plans to invest a total of 80 million USD through its wholly-owned subsidiary "HAITENG HONGFAN PTE.LTD" based in Singapore [1] - The new subsidiary in Saudi Arabia will be named ECO MARINER COMPANY and will be a limited liability company [1] - After the investment is completed, the Singapore company will hold 100% equity in the Saudi subsidiary, making the company the ultimate 100% shareholder [1]

Core Viewpoint - The successful crossing of the Gansu to Zhejiang ±800 kV UHVDC project over the Ningxia to Hunan ±800 kV UHVDC project marks a significant progress in the "Long Electric into Zhejiang" project, laying a solid foundation for the rapid advancement of subsequent engineering works [1] Group 1 - The project is a key infrastructure initiative aimed at enhancing electricity transmission capabilities between regions [1] - The completion of this critical node indicates a major milestone in the construction of the UHVDC project [1] - The achievement is expected to facilitate the swift progression of future engineering tasks related to the project [1]

Core Viewpoint - Ukrenergo is renegotiating the terms of its green bonds issued in 2021, aiming to restructure its debt in response to the financial impact of the ongoing conflict with Russia [1][6]. Group 1: Debt Restructuring - Ukrenergo has reached an agreement with a temporary group representing about 40% of bondholders, offering two options: bond buyback or bond swap [3]. - The buyback option allows Ukrenergo to borrow $430 million at a discount to repurchase some bonds, with bondholders able to sell their bonds back at approximately 65% of face value plus interest [3]. - The bond swap option enables bondholders to exchange their old green bonds for new ones, with the new bonds offering an 8.5% interest rate and a repayment schedule from 2028 to 2031, but without government repayment guarantees in case of new crises [3]. Group 2: Conditions and Implications - If insufficient bondholders participate in the buyback or swap, Ukrenergo may automatically convert remaining bonds into new ones at a less favorable exchange rate [5]. - Approval from a majority of bondholders is required for the proposed changes to the bond terms and government guarantees; without this approval, financing and debt operations will not proceed [5]. - The restructuring of Ukrenergo's debt is a significant milestone in Ukraine's overall debt restructuring efforts, with previous payments on the bonds already suspended [6].

Core Viewpoint - The company reported its 2024 annual results and Q1 2025 results, showing a revenue increase but a decline in net profit for 2024, while Q1 2025 performance met expectations [1][2]. Financial Performance - In 2024, the company achieved a revenue of 48.055 billion yuan, a year-on-year increase of 6.63%, and a net profit attributable to shareholders of 2.838 billion yuan, a year-on-year decrease of 8.94% [1]. - For Q1 2025, the company reported a revenue of 9.756 billion yuan, a year-on-year increase of 18.37% but a quarter-on-quarter decrease of 28.99%. The net profit attributable to shareholders was 628 million yuan, a year-on-year decrease of 1.33% but a quarter-on-quarter increase of 19.06% [1]. Business Segment Performance - In 2024, the power transmission segment generated a revenue of 19.785 billion yuan, a year-on-year increase of 18.18%, with a gross margin of 15.15%, up 0.18 percentage points [1]. - The optical communication and network segment achieved a revenue of 8.094 billion yuan, a year-on-year increase of 11.19%, with a gross margin of 25.14%, down 1.98 percentage points [1]. - The new energy materials segment reported a revenue of 7.003 billion yuan, a year-on-year decrease of 2.85%, with a gross margin of 7.32%, down 4.02 percentage points [1]. - The marine series generated a revenue of 3.644 billion yuan, a year-on-year decrease of 2.59%, with a gross margin of 24.45%, down 2.21 percentage points [1]. Order Backlog and Growth - As of April 23, 2025, the company had a substantial order backlog of approximately 31.2 billion yuan in the energy network sector, including about 13.4 billion yuan in marine series, 14 billion yuan in grid construction, and 3.8 billion yuan in new energy [2]. - The marine international business has shown growth for three consecutive years, successfully delivering projects such as the European 66kV long-length submarine cable and signing contracts for long-length three-core submarine cables in Vietnam [2]. Research and Development - The company is actively pursuing new directions in the optical fiber communication field, including joint research on hollow-core fibers and the development of bend-insensitive four-core fibers for data centers [2]. - Innovations in the communication cable sector include the new "13/8" spread spectrum leakage cable, and the company has successfully achieved mass production of high-speed copper cables [2]. - In the computing infrastructure area, the company is conducting in-depth research on next-generation liquid cooling technology for data centers, resulting in a composite liquid cooling solution [2]. Investment Outlook - The company is expected to achieve net profits of 3.956 billion yuan, 4.641 billion yuan, and 5.029 billion yuan for the years 2025 to 2027, representing year-on-year growth rates of 39.4%, 17.3%, and 8.4% respectively. The expected EPS for these years is 1.16, 1.36, and 1.47 yuan [2].