Core Viewpoint - Jin Energy Holdings Co., Ltd. has experienced a decline in stock price and trading volume, with a notable drop in net outflow of funds, despite a year-to-date increase in stock price [1][2]. Financial Performance - For the period from January to September 2025, Jin Energy reported operating revenue of 11.186 billion yuan, a year-on-year decrease of 5.82%, while net profit attributable to shareholders increased by 203.02% to 315 million yuan [2]. - The company has cumulatively distributed 1.496 billion yuan in dividends since its A-share listing, with no dividends distributed in the past three years [3]. Stock Market Activity - As of November 21, the stock price of Jin Energy was 2.88 yuan per share, with a market capitalization of 8.862 billion yuan. The stock has increased by 13.83% year-to-date but has seen a decline of 6.80% over the past five trading days [1]. - The number of shareholders decreased by 11.99% to 112,700, while the average circulating shares per person increased by 13.63% to 25,845 shares [2]. Business Composition - The company's main business segments include thermal power generation (74.04% of revenue), coal-fired power (40.03%), thermal energy (7.73%), photovoltaic power (6.07%), and wind power (5.12%) [1].

Core Viewpoint - Jin Energy Holdings Co., Ltd. has experienced fluctuations in stock price and financial performance, with a notable increase in net profit despite a decrease in revenue [1][2]. Financial Performance - As of September 30, 2025, Jin Energy reported a revenue of 11.186 billion yuan, a year-on-year decrease of 5.82% [2]. - The net profit attributable to shareholders reached 315 million yuan, showing a significant year-on-year growth of 203.02% [2]. - The company has cumulatively distributed 1.496 billion yuan in dividends since its A-share listing, with no dividends distributed in the past three years [3]. Stock Market Activity - On November 19, the stock price of Jin Energy fell by 2.32%, trading at 2.95 yuan per share, with a total market capitalization of 9.077 billion yuan [1]. - The stock has increased by 16.60% year-to-date, but has seen a decline of 3.91% over the last five trading days [1]. - The company experienced a net outflow of 3.4642 million yuan in principal funds, with significant buying and selling activity from large orders [1]. Shareholder Information - The number of shareholders as of September 30, 2025, was 112,700, a decrease of 11.99% from the previous period [2]. - The average number of circulating shares per shareholder increased by 13.63% to 25,845 shares [2]. - Hong Kong Central Clearing Limited is the tenth largest circulating shareholder, holding 20.2588 million shares, a decrease of 826,400 shares from the previous period [3]. Business Overview - Jin Energy primarily engages in thermal power generation and supply, with revenue composition as follows: thermal power 74.04%, coal-fired power 40.03%, thermal energy 7.73%, photovoltaic power 6.07%, and wind power 5.12% [1]. - The company operates within the public utility sector, specifically in the electricity and thermal power generation industry, and is associated with concepts such as clean energy and carbon neutrality [1].

Group 1 - The stock price of Jinko Power increased by 2.00% on November 5, reaching 3.06 CNY per share, with a trading volume of 85.65 million CNY and a market capitalization of 9.415 billion CNY [1] - Year-to-date, Jinko Power's stock price has risen by 20.95%, with a 4.08% increase over the last five trading days, 7.75% over the last twenty days, and 0.99% over the last sixty days [1] - The company primarily engages in thermal power generation and supply, with revenue composition as follows: thermal power 74.04%, coal-fired power 40.03%, heating 7.73%, photovoltaic power 6.07%, other businesses 5.52%, wind power 5.12%, maintenance services 1.60%, and hydropower 1.07% [1] Group 2 - As of September 30, Jinko Power reported a total revenue of 11.186 billion CNY for the first nine months of 2025, a decrease of 5.82% year-on-year, while net profit attributable to shareholders was 315 million CNY, an increase of 203.02% year-on-year [2] - The number of shareholders decreased by 11.99% to 112,700, while the average circulating shares per person increased by 13.63% to 25,845 shares [2] - Jinko Power has distributed a total of 1.496 billion CNY in dividends since its A-share listing, with no dividends distributed in the past three years [3]

Core Viewpoint - Jin控电力 has shown a mixed performance in stock price and financial metrics, with a notable increase in net profit despite a decline in revenue [1][2]. Financial Performance - As of September 30, Jin控电力 reported a revenue of 74.09 billion, a year-on-year decrease of 8.53% [2]. - The net profit attributable to shareholders reached 1.43 billion, marking a significant year-on-year increase of 138.08% [2]. - The company has cumulatively distributed 14.96 billion in dividends since its A-share listing, with no dividends paid in the last three years [3]. Stock Market Activity - On October 27, Jin控电力's stock price rose by 2.08% to 2.94 yuan per share, with a trading volume of 98.65 million yuan and a turnover rate of 1.16% [1]. - The total market capitalization of Jin控电力 is 9.046 billion [1]. - Year-to-date, the stock price has increased by 16.21%, but it has seen slight declines over the past 5, 20, and 60 trading days [1]. Shareholder Information - As of September 30, the number of shareholders decreased by 11.99% to 112,700, while the average circulating shares per person increased by 13.63% to 25,845 shares [2]. - As of June 30, 2025, Hong Kong Central Clearing Limited is the ninth largest circulating shareholder, holding 21.0852 million shares, an increase of 826,400 shares from the previous period [3]. Business Overview - Jin能控股山西电力股份有限公司, established on February 8, 1993, and listed on June 9, 1997, primarily engages in the production and supply of thermal power and heat [1]. - The revenue composition includes: thermal power (74.04%), coal-fired power (40.03%), heat supply (7.73%), photovoltaic power (6.07%), other businesses (5.52%), wind power (5.12%), maintenance services (1.60%), and hydropower (1.07%) [1].

Core Viewpoint - Jin Energy Holdings Co., Ltd. has shown a mixed performance in stock price and financial metrics, with a notable increase in net profit despite a decline in revenue [1][2]. Financial Performance - As of September 30, Jin Energy reported a revenue of 74.09 billion, a year-on-year decrease of 8.53%, while the net profit attributable to shareholders was 1.43 billion, reflecting a significant increase of 138.08% [2]. - The company's stock price has increased by 17.00% year-to-date, with a recent 4.23% rise over the last five trading days [1]. Shareholder Information - The number of shareholders decreased by 11.99% to 112,700, while the average number of circulating shares per person increased by 13.63% to 25,845 shares [2]. - Since its A-share listing, Jin Energy has distributed a total of 14.96 billion in dividends, with no dividends paid in the last three years [3]. Stock Market Activity - On October 15, the stock price rose by 2.07% to 2.96 per share, with a trading volume of 1.04 billion and a turnover rate of 1.22%, resulting in a total market capitalization of 91.08 billion [1]. - The net inflow of main funds was 4.47 million, with significant buying and selling activity observed [1]. Business Segmentation - The company's revenue composition includes: thermal power (74.04%), coal-fired power (40.03%), thermal energy (7.73%), photovoltaic power (6.07%), and wind power (5.12%) [1].

Industry Rating - The report maintains an "Outperform" rating for the public utility sector [1] Core Insights - The data center industry in China is expected to reach a market size of 304.8 billion yuan and over 10 million standard racks by 2024, both achieving a year-on-year growth of over 20% [2][25] - The emergence of AI technologies, particularly large models, is driving significant demand for computing power, which is expected to enhance the growth of data centers [3][65] - The increasing electricity demand from data centers is projected to lead to a transformation towards greener computing solutions [4][111] Summary by Sections 1. Progress of China's Data Center Industry - The development of China's data center industry has evolved through four stages, with computing power becoming the driving force in the digital economy since 2020 [9][18] - The market is characterized by a significant regional distribution, with the "East Data West Computing" initiative promoting a balanced development across eight hubs and ten clusters [32][38] 2. AI's Impact on Data Center Demand - The launch of DeepSeek in January 2025 is expected to significantly increase the rack utilization rate in third-party data centers [3][79] - The average rack utilization rate in China was 56.4% by the end of 2023, indicating a mismatch between supply and demand [56] - The global demand for computing power is projected to grow at a rate exceeding 50% annually, with AI applications driving this growth [65][71] 3. Electricity Demand and Green Transformation - Data centers' electricity costs typically account for over 50% of their total operating costs, with some internet clients seeing this figure rise to 70-80% [95] - The International Energy Agency (IEA) predicts that global data center electricity consumption will double from 415 TWh in 2024 to approximately 945 TWh by 2030, with a compound annual growth rate of about 15% [101] - By 2030, China's data center electricity demand is expected to reach between 300 billion and 700 billion kWh, representing 2.3% to 5.3% of the total electricity consumption [108][109]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company is planning to spin off its renewable energy segment for a listing on the A-share market, which is expected to enhance its valuation significantly [5][10] - The company has demonstrated strong operational capabilities and management mechanisms, which are crucial for navigating through market cycles [10][27] - The company has a solid track record, having never reported a loss since its listing, and has maintained a stable return on equity (ROE) [7][16] Financial Performance and Valuation - The projected revenue for the company is expected to grow from 103,334 million HKD in 2023 to 131,238 million HKD by 2027, with a compound annual growth rate (CAGR) of approximately 6.48% [6] - The net profit attributable to shareholders is forecasted to increase from 11,003 million HKD in 2023 to 16,635 million HKD in 2027, reflecting a significant growth trajectory [6] - The price-to-earnings (P/E) ratio is projected to be 6.8, 6.6, and 6.3 for the years 2025, 2026, and 2027 respectively, indicating a favorable valuation compared to peers [8] Renewable Energy Segment - By the end of 2024, the company's renewable energy capacity is expected to account for nearly 50% of its total installed capacity, with significant investments planned for further expansion [7][27] - The company has a competitive edge in unit profitability for its renewable energy segment, outperforming major competitors in terms of net profit [35] - The planned IPO of the renewable energy segment is anticipated to raise 24.5 billion RMB for new projects, which could lead to a valuation exceeding 150 billion HKD post-listing [38][43] Market Position and Strategy - The company has a unique market position due to its historical roots and strategic focus on both traditional and renewable energy sectors [14][19] - The operational strategy emphasizes a balanced approach to energy generation, with a significant focus on renewable energy development in regions with higher electricity prices [27][32] - The company’s management has effectively navigated market challenges, maintaining a strong performance even during periods of industry downturns [20][24]