Core Points - The company reported a total power generation of 5,605,173 MWh in October 2025, representing a year-on-year decrease of 4.95% compared to October 2024 [1] - Wind power generation decreased by 12.14% year-on-year, while solar power generation increased by 52.86% in October 2025 [1] - Cumulatively, the company achieved a total power generation of 62,151,880 MWh from January to October 2025, which is a 0.94% decrease compared to the same period in 2024. Excluding the impact of thermal power, there was an 11.82% year-on-year increase, with wind power up by 3.44% and solar power up by 75.45% [1] Monthly Power Generation Details - The company no longer holds thermal power generation capacity since October 2024 [1] - The reported figures are rounded, which may lead to discrepancies in totals due to integer adjustments [1]

Core Viewpoint - The company reported a decline in power generation across its various renewable energy projects for the first three quarters of 2025, with specific decreases in wind and biomass energy production, while solar energy generation showed growth [5][6]. Financial Data - Total power generation from controlled renewable energy projects was 2.56 billion kWh, a year-on-year decrease of 3.72% [5]. - Grid-connected power generation was 2.42 billion kWh, down 3.92% year-on-year [5]. - Wind power generation in Jiangsu was affected by poor wind resources, with total generation of 2.32 billion kWh, a decline of 4.61% year-on-year [5]. - Onshore wind projects generated 1.62 billion kWh, down 3.57%, while offshore wind projects generated 698 million kWh, down 6.93% [5]. - Solar power generation reached 242 million kWh, an increase of 6.14%, with grid-connected generation at 176 million kWh, up 2.92% [5]. - Biomass projects are currently in a transitional phase, with total heating supply of 284,100 tons, a decrease of 18.36% year-on-year [5]. Corporate Governance - The company held its 15th meeting of the 4th Board of Directors on October 28, 2025, with all 8 directors present, complying with relevant regulations [7][9]. - The board approved the third-quarter report for 2025 and an internal organizational structure adjustment to enhance governance and operational efficiency [9][11]. Investor Communication - The company will hold a performance briefing on November 5, 2025, to discuss the third-quarter results and address investor questions [16][20]. - Investors can submit questions in advance via email or through the Shanghai Stock Exchange Roadshow Center [15][20].

Core Viewpoint - Longyuan Power (001289.SZ) reported a decrease in power generation for September 2025 compared to the same period in 2024, with a total generation of 5,292,152 MWh, reflecting a year-on-year decline of 5.35% [1] Group 1: Power Generation Data - The total power generation for September 2025 was 5,292,152 MWh [1] - Year-on-year, the power generation decreased by 5.35%, and when excluding the impact of thermal power, the decline was 0.50% [1] - Wind power generation saw a significant year-on-year decrease of 12.47% [1] - In contrast, solar power generation experienced a substantial year-on-year increase of 85.51% [1]

Core Viewpoint - Longyuan Power (00916.HK) reported a decrease in power generation for the year ending September 2025, with a total generation of 5,292,152 MWh, representing a year-on-year decline of 5.35%, and a 0.50% decline when excluding the impact of thermal power [1] Group 1: Power Generation Performance - The company's wind power generation decreased by 12.47% year-on-year for the month [1] - Solar power generation saw a significant increase of 85.51% year-on-year for the month [1] - Cumulative power generation for the year ending September 30, 2025, reached 56,546,706 MWh, a slight decline of 0.53% year-on-year, but a 13.81% increase when excluding thermal power [1] Group 2: Segment Performance - Wind power generation for the cumulative period increased by 5.30% year-on-year [1] - Solar power generation for the cumulative period increased by 77.98% year-on-year [1]

Core Viewpoint - China Three Gorges New Energy (referred to as "the company") announced a cash dividend of 0.067 yuan per share, totaling approximately 1.917 billion yuan, which represents 31.37% of the parent company's net profit for 2024. This dividend is the lowest in the past three years despite a decline in net profit [1][2]. Financial Performance - In 2024, the company reported an operating income of 29.717 billion yuan, a year-on-year increase of 12.13%. However, the net profit attributable to shareholders decreased to 6.111 billion yuan, a decline of 14.81% compared to the previous year [2][3]. - The net profit attributable to shareholders after deducting non-recurring gains and losses also fell by 13.60% [5]. Reasons for Profit Decline - The decline in net profit is attributed to several factors: 1. Changes in the structure of electricity sales, with an increase in market-based trading volume and a decrease in average electricity prices, which affected revenue despite growth in installed capacity and generation [4][5]. 2. Increased depreciation and operating costs due to new projects coming online in 2024 [4][5]. 3. A provision for impairment of 1.45 billion yuan, which is an increase of 889 million yuan from the previous year [4]. 4. Fluctuations in the profitability of associated enterprises, leading to a decrease in investment income by approximately 47.64 million yuan [4]. Capacity Expansion - The company continued its expansion in the industry, adding 7.917 million kilowatts of new installed capacity in 2024, bringing the total installed capacity to 47.9614 million kilowatts. This includes 22.432 million kilowatts of wind power, 7.0498 million kilowatts of offshore wind power, and 24.2657 million kilowatts of solar power, representing market shares of 4.31%, 17.08%, and 2.74% respectively [6]. Strategic Outlook - The company's strategy of maintaining dividends despite reduced profits is seen as a way to optimize asset quality and reserve growth potential during the industry's transition period. The market will closely monitor whether the company can sustain its growth momentum while improving profitability to provide more stable returns to investors [9].

CHINA SUNTIEN GREEN ENERGY CORPORATION LIMITED* 新天綠色能源股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：00956） 2025年7月主要經營數據 新天綠色能源股份有限公司（「本公司」）謹此公佈，根據本公司初步統計，2025年7月，本公司及其附 屬公司（合稱「本集團」）按合併報表口徑完成發電量844,218.82兆瓦時，同比增加9.32%。截至2025年7 月31日，累計完成發電量9,094,377.98兆瓦時，同比增加9.57%。 | | | 發電量 | | | | --- | --- | --- | --- | --- | | | 2025年7月 | 同比變動 | 2025年1-7月 | 同比變動 | | 地區 | （兆瓦時） | (%) | （兆瓦時） | (%) | | 風電業務 | 805,491.85 | 6.44 | 8,870,678.57 | 8.22 | | 河北 | 530,894.89 | 10.60 | 6,365,064.63 | 9.90 | | 山西 | 14,350.68 | 16.68 | 285,09 ...

Core Viewpoint - Longyuan Power (001289.SZ) reported a total power generation of 6,328,759 MWh for July 2025, representing a year-on-year increase of 2.44%, with a 21.12% increase when excluding the impact of thermal power [1] Group 1: Power Generation Performance - In July 2025, the company's wind power generation increased by 6.38% year-on-year, while solar power generation surged by 105.92% [1] - Cumulatively, as of July 31, 2025, the company achieved a total power generation of 45,981,236 MWh, which is a 0.6% decrease compared to the same period in 2024, but shows a 13.82% increase when excluding thermal power impacts [1] - Within the cumulative figures, wind power generation grew by 6.11% and solar power generation increased by 77.52% [1]

Core Viewpoint - Longyuan Power (00916) reported a total electricity generation of 6.3288 million MWh for July 2025, representing a year-on-year increase of 2.44%, with a 21.12% increase when excluding the impact of thermal power [1] Group 1: Electricity Generation Performance - The company achieved a cumulative electricity generation of 45.9812 million MWh by July 31, 2025, which is a 0.6% decrease compared to the same period in 2024, but shows a 13.82% increase when excluding thermal power impacts [1] - Wind power generation increased by 6.11% and solar power generation surged by 77.52% in the cumulative figures [1] Group 2: Monthly Performance - In the month of July 2025, wind power generation grew by 6.38% year-on-year, while solar power generation experienced a remarkable growth of 105.92% [1]

Core Insights - Longyuan Power (001289)(00916) announced that it achieved a power generation of 6.3288 million MWh in July 2025, representing a year-on-year increase of 2.44%, and a 21.12% increase when excluding the impact of thermal power [1] - In July 2025, the company's wind power generation increased by 6.38% year-on-year, while solar power generation surged by 105.92% [1] - As of July 31, 2025, the cumulative power generation reached 45.9812 million MWh, which is a 0.6% decrease compared to the same period in 2024, but shows a 13.82% increase when excluding thermal power impacts, with wind power growing by 6.11% and solar power by 77.52% [1]

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company's revenue in Q2 2025 was affected by weak wind conditions, leading to a 4.44% year-on-year decrease in revenue, while net profit increased by 12.48% [7] - The company experienced a 17.00% decline in wind power generation in Q2 2025 compared to the previous year, but overall wind generation for the first half of 2025 increased by 8.37% [7] - The company is focusing on profitability in thermal power generation, with a decrease in output but an increase in profit due to falling coal prices [7] - The company has a robust pipeline of projects, including multiple hydropower and thermal power projects, which are expected to drive growth [7] - The company has demonstrated confidence in its asset value through multiple share buyback announcements [7] - Profit forecasts for 2025-2027 remain unchanged, with expected net profits of 30.47 billion, 32.34 billion, and 35.43 billion respectively, corresponding to PE ratios of 9, 8, and 8 [7] Financial Data and Earnings Forecast - Total revenue for 2025 is estimated at 14,428 million, with a year-on-year decrease of 0.9% [6] - The net profit attributable to the parent company for 2025 is projected to be 3,047 million, reflecting a 9.1% year-on-year growth [6] - The earnings per share for 2025 is expected to be 1.10 yuan [6] - The gross profit margin for 2025 is forecasted to be 29.6% [6]