Summary of Green Power Conference Call Company Overview - **Company**: Green Power - **Industry**: Waste Management and Energy Production Key Points Operational Performance - Significant increase in gas supply volume by 97% in Q1 2025, with expectations for continued high growth throughout the year [2][4] - All projects in Rushan have transitioned to gas supply, while the Haining project has shown substantial gas supply in the first half of the year [2][4] - Total contracts signed by mid-2025 increased by four to five compared to the previous year, totaling around 14 to 15 projects, with 10 already supplying gas [2][4] Cost Management - Effective cost control through centralized procurement and refined management, resulting in a cost reduction of over 10 million yuan in Q1 2025, with expectations for this trend to continue [2][7] - Capital expenditures projected to decrease: 500 million yuan in 2024, approximately 400 million yuan in 2025, and around 300 to 400 million yuan in 2026 due to the construction of the second phase in Guangyuan [2][7] Project Highlights - Major projects contributing to heating volume include Haining and Rushan, with Haining expected to supply around 300,000 to 400,000 tons of heat annually, and Rushan projected to supply over 200,000 tons [2][8] - Total heating volume for the first half of 2025 is estimated at 400,000 to 500,000 tons, compared to 560,000 tons for the entire year of 2024 [8] Financial Insights - Overall operational performance in the first half of 2025 is positive, with slight growth in waste processing and power generation compared to the previous year [4] - Financial expenses decreased by approximately 20 million yuan in Q1 2025, with a continued downward trend into Q2 [21] Challenges and Risks - Poor national subsidy settlement situation in the first half of 2025, with garbage processing fee settlements showing some improvement but not fully resolved [12] - Local financial difficulties affecting garbage processing fee collections, with some regions experiencing significant delays [13][14] Future Plans - The company is awaiting strategic guidance from major shareholders and has begun internal research for the upcoming 15th Five-Year Plan [25] - Ongoing commitment to mergers and acquisitions to strengthen core business and expand project bidding [26] Technological Advancements - Significant progress in sludge co-incineration technology, which has been implemented in multiple projects with low investment and high economic benefits [5][27] Market Conditions - The company is exploring mobile heating solutions and third-party partnerships for pipeline construction and user expansion [9][10] Dividend Policy - The company has maintained a cash dividend policy since its H-share listing, with plans for high cash dividends based on annual performance and cash flow [29] Green Certificate Sales - The company has issued over 500,000 green certificates, with a low selling price impacting revenue [15] Conclusion Green Power is experiencing robust operational growth, particularly in gas supply and heating projects, while effectively managing costs. However, challenges remain in subsidy settlements and local fee collections. The company is focused on strategic planning and technological advancements to enhance its market position.

Group 1 - The arbitration case involves the company’s subsidiary, Baotou Tianchen, which is the applicant seeking payment from Jiyu Steel for overdue gas supply fees totaling 12,093,191.45 yuan [2][4] - The arbitration ruling requires Jiyu Steel to pay the owed amount along with overdue interest of 1,306,749.32 yuan and additional legal fees of 340,000 yuan [6][7] - The total amount involved in the arbitration, including interest and fees, is approximately 1,209.32 million yuan [3][6] Group 2 - The company has already made provisions for expected credit losses amounting to 12,093,191.45 yuan as of the end of 2024 [3][8] - The impact of the arbitration ruling on the company's profits will depend on the execution of the ruling and will be assessed according to relevant accounting standards [8] - The company has received a total of 38,827 million yuan in compensation for the early termination of the PPP project related to the wastewater treatment plants [11][12] Group 3 - The recent compensation of 10,000 million yuan received by the company will positively affect its cash flow and operational capabilities [11][13] - The compensation is part of a total agreed payment for the early termination of the wastewater treatment project, which will be paid in two installments [12]

Group 1 - The core business of Hunan Chendian International Development Co., Ltd. includes power supply, water supply, industrial gas, waste heat power generation, and hydropower development and investment [1] - As of the first quarter of 2025, the company reported a revenue of 1 billion yuan, a slight increase of 0.03% year-on-year, and a net profit of 10.84 million yuan, showing a significant increase of 1307.87% year-on-year [1] - The latest closing price of the company's stock is 7.48 yuan, with a market capitalization of 2.768 billion yuan and a price-to-book ratio of 0.78, marking a new low in 13 days [1] Group 2 - The company is among 9 institutions holding shares, with a total of 160.10 million shares valued at 1.061 billion yuan [1] - The average price-to-earnings (PE) ratio in the industry is 23.35, while the company's PE (TTM) is -105.66, indicating a significant underperformance compared to industry averages [2] - The company's sales gross margin stands at 5.89% [1]

Group 1 - The core business of Hunan Chendian International Development Co., Ltd. includes power supply, water supply, industrial gas, waste heat power generation, and hydropower development and investment [1] - As of the first quarter of 2025, the company reported a revenue of 1 billion yuan, a slight increase of 0.03% year-on-year, and a net profit of 10.84 million yuan, showing a significant increase of 1307.87% year-on-year [1] - The latest market performance shows the company's stock closed at 7.7 yuan, up 1.05%, with a market-to-book ratio of 0.80 and a total market capitalization of 2.849 billion yuan [1] Group 2 - The company is compared to industry averages, showing a price-to-earnings (PE) ratio of -108.77 (TTM) and a market capitalization of 2.849 billion yuan, which is lower than the industry average of 22.56 [2] - The company has a total of 9 institutional investors holding a combined 160.10 million shares, with a total holding value of 1.061 billion yuan [1]