ZMNY(600163)2024-11-15 07:53Group 1: Project Development and Operations - The newly established Fujian Fuzhou Mintou Offshore Wind Power Collection Station Co., Ltd. is controlled by the company, with other shareholders including Fujian Fenneng Haiyun Power Co., Ltd. and others. The centralized unified outgoing project in Changle sea area is expected to start construction in 2025 and be operational by 2026 [1] - In 2024, the company acquired the investment development rights for several offshore wind farm projects, including the 100,000 kW Changle B District and the 300,000 kW Changle Outer Sea I District [1] - The company operates 16 wind power projects, 1 photovoltaic power station, and 1 biomass power plant, showcasing its expertise in clean energy generation [7] Group 2: Financial Performance and Dividend Policy - The company plans to distribute at least 30% of the average annual distributable profits over the next three years (2025) in cash dividends, with specific annual ratios determined by the board based on profitability and funding needs [4] - The capital contribution for new projects typically accounts for 20% of the total investment, with the remainder financed through bank loans and potential refinancing tools [5] Group 3: Regulatory and Compliance Issues - The Hai Dian Phase III project has not yet received final subsidy verification, creating uncertainty regarding its compliance and subsidy income recognition [3] Group 4: Market and Efficiency - The market price for Fujian wind power projects in 2024 will follow the guidance price for coal-fired units [8] - The profitability of new offshore wind projects is influenced by resource quality, investment costs, electricity prices, and operational management, with improvements expected due to technological advancements and policy support [6]