（於中華人民共和國註冊成立的股份有限公司） 股票代號：1799 年度報告 2024 C M Y CM MY CY CMY K ai17453092488_Xinte Energy AR2024 Cover V03B_CHI 20mm OP.pdf 1 22/4/2025 下午4:07 目錄 | 公司資料 | 2 | | --- | --- | | 釋義 | 4 | | 財務摘要 | 11 | | 董事長致辭 | 13 | | 管理層討論及分析 | 15 | | 董事、監事及高級管理層履歷 | 42 | | 董事會報告 | 48 | | 監事會報告 | 74 | | 企業管治報告 | 76 | | 財務資料 | 100 | 2 新特能源股份有限公司 董事 執行董事 張建新先生 （董事長） 楊曉東先生 （於2024年9月6日獲委任） 呼維軍先生 （於2024年6月18日獲委任） 銀波先生 （於2024年6月17日辭任） 夏進京先生 （於2024年6月18日退任） 孔營女士 （於2024年6月18日獲委任為非執行董事， 於2024年6月27日獲調任為執行董事，於2025年 3月14日辭任） 非執行董事 張新先生 黃 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或 因倚賴該等內容而引致的任何損失承擔任何責任。 截至2025年3月31日止三個月，本集團實現營業收入人民幣3,198.89百萬元，營 業成本人民幣3,006.23百萬元及歸屬於上市公司股東的淨虧損人民幣263.01百萬 元。於2025年3月31日，本集團資產總額人民幣82,298.15百萬元。 本公司股東及潛在投資者應知悉本公告所載的資料乃未經審計。本公告內所 載資料不應被視為對本集團截至2025年3月31日止三個月期間財務表現的任何 指示或保證。本公司股東及潛在投資者於買賣本公司股份時務請審慎行事。 承董事會命 新特能源股份有限公司 董事長 張建新 XINTE ENERGY CO., LTD. 中國，新疆 2025年4月21日 新特能源股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：1799） 公 告 截 至2025年3月31日止三個月未經審計之合併業績 本公告乃由新特能源股份有限公司（「本公司」）根據香港聯合交易所有限公司 ...

金融界 2025 年 4 月 18 日消息，国家知识产权局信息显示，新特能源股份有限公司申请一项名为"一种 两步法钙钛矿前驱体溶液、金属卤化物钙钛矿薄膜钙钛矿太阳电池及其制备方法"的专利，公开号 CN 119836202 A，申请日期为 2025 年 1 月。 专利摘要显示，本发明公开一种两步法钙钛矿前驱体溶液、金属卤化物钙钛矿薄膜、钙钛矿太阳电池及 其制备方法，其中，所述两步法钙钛矿前驱体溶液的制备方法包括：S101，掺杂有巯基噻唑的金属卤 化物前驱体溶液制备步骤：将金属卤化物材料溶解到第一溶剂中，制得金属卤化物前驱体溶液，在金属 卤化物前驱体溶液中加入巯基噻唑材料，并进行加热、搅拌，得到掺杂有巯基噻唑的金属卤化物前驱体 溶液；S102，阳离子卤化物前驱体溶液制备步骤：将阳离子卤化物材料溶解到第二溶剂中，制得阳离 子卤化物前驱体溶液。本发明可以有效降低钙钛矿薄膜中未反应金属卤化物相，同时抑制水分对钙钛矿 薄膜的侵害，从而提高钙钛矿太阳电池的效率等性能。 天眼查资料显示，新特能源股份有限公司，成立于2008年，位于乌鲁木齐市，是一家以从事非金属矿物 制品业为主的企业。企业注册资本143000万人民币。通过天眼 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of HKD 6.28, indicating a potential upside of 27.4% from the current price of HKD 4.93 [1][12][18]. Core Insights - The company's performance met expectations, with a recovery in polysilicon prices, although the stock price has dropped significantly, making valuations attractive [2][7]. - The company reported a loss of RMB 39.1 billion for 2024, slightly better than the forecast median, with the polysilicon segment contributing a loss of approximately RMB 50 billion [7][8]. - The report highlights a significant increase in operating costs and a decline in average selling prices for polysilicon, which fell by 60% year-on-year to RMB 38,400 per ton [7][9]. Financial Overview - Revenue for 2023 is projected at RMB 30,752 million, with a decline to RMB 21,213 million in 2024, representing a year-on-year decrease of 31% [3][14]. - Net profit is expected to drop from RMB 4,345 million in 2023 to a loss of RMB 3,957 million in 2024, with a gradual recovery anticipated in subsequent years [3][14]. - The company’s earnings per share (EPS) is forecasted to be RMB 3.04 in 2023, dropping to a loss of RMB 2.77 in 2024, before recovering to RMB 1.09 by 2027 [3][14]. Segment Performance - The polysilicon segment is expected to produce 19.9 million tons in 2024, with a sales volume of 19.9 million tons, maintaining a production/sales rate of 100.2% [9][10]. - The average selling price for polysilicon is projected to decline further in 2025, with a forecasted price of RMB 37,000 per ton [9][10]. - The report anticipates that the company's gross margin from polysilicon will remain negative in 2025, with a recovery expected in subsequent years as production costs decrease [9][10]. Valuation Methodology - The target price of HKD 6.28 is derived from a sum-of-the-parts valuation, with the polysilicon segment valued at RMB 14 billion and the non-polysilicon segments valued at RMB 70 billion based on a 5x earnings multiple [10][12]. - The report notes that the current price-to-book ratio is only 0.20, indicating that the stock is undervalued compared to its historical averages [7][10].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of HKD 6.28, indicating a potential upside of 27.4% from the current price of HKD 4.93 [1][12][13]. Core Insights - The company's performance met expectations, with a recovery in polysilicon prices, although the stock price has dropped significantly, making valuations attractive [2][7]. - The company reported a loss of RMB 39.1 billion for 2024, slightly better than the forecast median, with the polysilicon segment contributing a loss of approximately RMB 50 billion [7]. - The report highlights a significant increase in operational costs and a decline in average selling prices for polysilicon, which fell by 60% year-on-year to RMB 38,400 per ton [7][9]. Financial Overview - Revenue for 2023 is projected at RMB 30,752 million, with a decline to RMB 21,213 million in 2024, representing a year-on-year decrease of 31% [3][14]. - Net profit is expected to drop from RMB 4,345 million in 2023 to a loss of RMB 3,957 million in 2024, with a gradual recovery anticipated in subsequent years [3][14]. - The company’s polysilicon production is forecasted to be 19.9 million tons in 2024, with a sales volume of 19.9 million tons, reflecting a slight decrease in sales [9][14]. Segment Valuation - The report uses a sum-of-the-parts valuation method, estimating the polysilicon segment at RMB 14 billion and the non-polysilicon segments at RMB 70 billion, leading to a total valuation of RMB 84 billion [10][12]. - The estimated value per share from the non-polysilicon segments is HKD 5.24, while the total target price is set at HKD 6.28 [10][12]. Market Performance - The stock has experienced a year-to-date decline of 34.18%, with a 52-week high of HKD 10.92 and a low of HKD 4.93 [6][12]. - The current price-to-book ratio is 0.20, indicating that the stock is trading at a significant discount to its book value [7][12].

Financial Performance - For the year ended December 31, 2024, the group's revenue was RMB 21,212.98 million, a decrease of 31.02% compared to the same period last year[4]. - The total loss for the year ended December 31, 2024, was RMB 4,079.37 million, compared to a profit of RMB 6,104.68 million in the same period last year[4]. - The net loss attributable to shareholders for the year ended December 31, 2024, was RMB 3,904.88 million, down from a net profit of RMB 4,345.03 million in the previous year[4]. - Basic loss per share for the year ended December 31, 2024, was RMB 2.73, compared to basic earnings per share of RMB 3.04 in the same period last year[4]. - The company reported a net profit for 2024 was a loss of approximately ¥4.04 billion, compared to a profit of ¥5.12 billion in 2023, representing a significant decline[11]. - The company’s total comprehensive income for 2024 was approximately -¥4.18 billion, a stark contrast to a total of approximately ¥5.12 billion in 2023[13]. - The company reported a significant decline in profitability within the photovoltaic industry due to supply-demand imbalances and cost-price inversions[43]. Assets and Liabilities - The total current assets as of December 31, 2024, were RMB 28,632.84 million, down from RMB 31,520.39 million as of December 31, 2023[5]. - The total non-current assets as of December 31, 2024, were RMB 53,047.75 million, compared to RMB 54,409.06 million as of December 31, 2023[6]. - Total liabilities as of December 31, 2024, amounted to RMB 46,386.86 million, an increase from RMB 44,697.60 million as of December 31, 2023[8]. - The total equity attributable to shareholders as of December 31, 2024, was RMB 32,793.34 million, down from RMB 36,413.04 million as of December 31, 2023[9]. - The total assets of the company are reported at 81,680,586,196.76, with liabilities totaling 46,386,860,952.15[19]. Cash Flow and Dividends - The cash and cash equivalents as of December 31, 2024, were RMB 11,663.08 million, a decrease from RMB 13,501.47 million as of December 31, 2023[5]. - The board recommended not to declare a final dividend for the year ended December 31, 2024[4]. - The net cash flow from operating activities was RMB 1,754.58 million, a decrease of RMB 12,616.91 million or 87.79% year-on-year[78]. Revenue Segments - The polysilicon segment generated revenue of RMB 7,750.01 million, down RMB 11,768.12 million or 60.29% from RMB 19,518.13 million year-on-year, attributed to the decline in polysilicon prices[64]. - The wind and photovoltaic power station construction segment reported revenue of RMB 7,457.20 million, an increase of RMB 1,189.16 million or 18.97% from RMB 6,268.05 million, driven by enhanced market development efforts[64]. - The wind and photovoltaic power station operation segment achieved revenue of RMB 2,349.70 million, up RMB 136.70 million or 6.18% from RMB 2,213.00 million, due to increased operational scale and corresponding power generation[64]. - The electrical equipment segment realized revenue of RMB 3,052.97 million, an increase of RMB 959.28 million or 45.82% from RMB 2,093.68 million, mainly due to a significant rise in sales of inverters and SVG equipment[64]. Costs and Expenses - Total operating costs for 2024 were approximately ¥22.86 billion, slightly down from ¥23.31 billion in 2023, indicating a reduction of 1.9%[10]. - The company incurred total costs of RMB 19,851.62 million, a decrease of RMB 782.17 million or 3.79% from RMB 20,633.80 million in the previous year[65]. - Selling expenses increased to RMB 685.61 million, up RMB 117.98 million or 20.78% from the previous year[68]. - Management expenses rose to RMB 1,178.30 million, an increase of RMB 190.59 million or 19.30% year-on-year[69]. - R&D expenses were RMB 367.03 million, up RMB 93.00 million or 33.94% compared to the previous year[70]. Market and Industry Trends - The average price of dense polysilicon dropped from RMB 58,100 per ton at the beginning of January 2024 to RMB 36,500 per ton by the end of December 2024, indicating a significant price decline[49]. - In 2024, China's newly installed photovoltaic capacity was about 277 GW, a year-on-year increase of approximately 28%[50]. - The cumulative installed capacity of renewable energy generation in China reached 1,450 GW by the end of 2024, surpassing that of thermal power for the first time[50]. - The transition to a market-based pricing mechanism for renewable energy starting June 1, 2025, introduces uncertainty in electricity pricing, potentially impacting revenue from power generation[110]. Strategic Initiatives - The company plans to invest in a 3GW renewable energy project in 2025-2026 to reduce electricity costs and enhance its green product manufacturing capabilities[119]. - The company is focusing on technological innovations in polysilicon production to reduce costs and improve product quality, increasing the proportion of electronic grade products[57]. - The company aims to enhance its production technology and reduce costs while improving product quality to maintain competitiveness in the polysilicon market[108]. - The company plans to strengthen its team for developing and operating renewable energy resources to control costs and improve revenue from electricity market transactions[111]. Governance and Compliance - The company has adhered to all applicable provisions of the Corporate Governance Code as of December 31, 2024, and will continue to review and enhance its governance practices[122]. - The audit committee has reviewed the annual performance for the year ending December 31, 2024, and the audited consolidated financial statements prepared in accordance with Chinese accounting standards[126].

Investment Rating - The report assigns a "Buy" rating for the company, with a target price of HKD 7.66, indicating a potential upside of 18.9% from the current price of HKD 6.44 [1][4][12]. Core Insights - The company is facing significant challenges, including a large impairment leading to a larger-than-expected loss. The average selling price of polysilicon has dropped significantly, impacting revenue projections [2][7]. - The report highlights strong financial support from the controlling shareholder, which is expected to help the company navigate through the current downturn in the market [7]. - The company has adjusted its earnings forecasts for 2024-2026, reflecting anticipated losses in 2024 but a potential recovery in 2026 [7][9]. Financial Overview - Revenue is projected to decline from RMB 37,541 million in 2022 to RMB 20,788 million in 2024, with a further drop to RMB 17,657 million in 2025 before recovering to RMB 23,255 million in 2026 [3][15]. - Net profit is expected to turn negative in 2024, with a forecasted loss of RMB 3,936 million, followed by a smaller loss of RMB 248 million in 2025, and a return to profit in 2026 with RMB 1,534 million [3][15]. - The average selling price of polysilicon is expected to decrease by approximately 60% year-on-year to around RMB 38,000 per ton in 2024, significantly below cash costs [7][8]. Segment Valuation - The report uses a sum-of-the-parts valuation method, estimating the polysilicon segment at RMB 14 billion and the power station and inverter segments at RMB 88 billion, leading to a total valuation of RMB 102 billion [9]. - The target price of HKD 7.66 corresponds to a price-to-earnings ratio of 6.6 times for 2026, with the power station segment contributing approximately HKD 6.62 per share [7][9]. Market Performance - The company's stock has seen a year-to-date decline of 14.02%, with a 52-week high of HKD 11.66 and a low of HKD 6.30 [6]. - The average trading volume is reported at 3.98 million shares per day, indicating active trading interest [6]. Future Outlook - The report anticipates a recovery in polysilicon prices due to supply-side reforms and seasonal factors affecting electricity prices, which could lead to improved financial performance in 2026 [7]. - The company is expected to reduce production to mitigate losses, with a forecasted output of 10,000 tons in 2025 [7][8].

Investment Rating - The report assigns a "Buy" rating for the company, New Special Energy (1799 HK), with a target price of HKD 7.66, indicating a potential upside of 18.9% from the current price of HKD 6.44 [1][4][12]. Core Insights - The company is facing significant challenges, including a large impairment leading to a larger-than-expected loss. The average selling price of polysilicon has dropped significantly, impacting revenue projections for 2024 and 2025 [2][7]. - The report highlights that the controlling shareholder, TBEA, is providing substantial financial support to help the company navigate through the current downturn in the market [7]. - The report anticipates a recovery in polysilicon prices due to supply-side reforms and seasonal factors affecting electricity prices, which may improve the company's financial outlook in 2026 [7][9]. Financial Overview - Revenue is projected to decline from RMB 37,541 million in 2022 to RMB 20,788 million in 2024, with a further drop to RMB 17,657 million in 2025 before recovering to RMB 23,255 million in 2026 [3][15]. - Net profit is expected to turn negative in 2024 with a loss of RMB 3,936 million, followed by a smaller loss of RMB 248 million in 2025, before returning to profitability with a net profit of RMB 1,534 million in 2026 [3][15]. - The average selling price of polysilicon is forecasted to decrease by approximately 60% year-on-year to around RMB 38,000 per ton in 2024, significantly below the cash cost of production [7][8]. Segment Valuation - The report uses a sum-of-the-parts valuation approach, estimating the value of the power station and inverter segments at RMB 88 billion based on a 5.5x P/E ratio for 2025, while the polysilicon segment is valued at RMB 14 billion based on a capacity valuation of RMB 0.5 billion per ton [9][7]. - The total valuation amounts to RMB 102 billion, leading to a revised target price of HKD 7.66, which corresponds to a P/E ratio of 6.6x for 2026 [9][7].

Investment Rating - The report downgrades the investment rating to "Hold" with a target price of HKD 7.5, based on a valuation of 0.6x 2025 PS, corresponding to an estimated market capitalization of HKD 10.8 billion [2][4]. Core Views - The company issued a profit warning, projecting a net loss attributable to the parent company between RMB 3.8 billion and RMB 4.1 billion for 2024, compared to a net profit of RMB 4.345 billion in 2023. The primary reason for the loss is the recent slight increase in silicon material prices, which are expected to rise modestly due to short-term demand [1][2]. - The report emphasizes the need to monitor the production schedules and inventory levels of manufacturers closely, as the silicon material prices have shown a recent uptick [1][2]. Financial Summary - Revenue projections for 2024, 2025, and 2026 are RMB 19.855 billion, RMB 16.526 billion, and RMB 19.492 billion, respectively, indicating a significant decline in revenue from 2023 [2][3]. - The net profit attributable to the parent company is expected to be a loss of RMB 4.044 billion in 2024, a loss of RMB 2.325 billion in 2025, and a loss of RMB 802 million in 2026 [2][3]. - The company's earnings per share (EPS) are projected to be -2.83 yuan in 2024, -1.63 yuan in 2025, and -0.56 yuan in 2026 [3][10]. - The report highlights a significant drop in revenue and net profit margins, with a forecasted revenue decline of 35% in 2024 and a further 17% in 2025 [3][10]. Market Conditions - The report notes that the silicon material prices have recently increased to USD 4.94/kg as of March 5, 2025, and suggests that the market should be closely monitored for further developments [1][2]. - The report indicates that the average selling price of silicon material is expected to drop significantly in 2024, with a projected average price of USD 5.45/kg, down from USD 14/kg in 2023 [1][10].

Investment Rating - The report downgrades the investment rating to "Hold" with a target price of HKD 7.5, based on a valuation of 0.6x 2025 PS, corresponding to an estimated market capitalization of HKD 10.8 billion [2][4]. Core Views - The company issued a profit warning, projecting a net loss attributable to the parent company between RMB 3.8 billion and RMB 4.1 billion for 2024, compared to a net profit of RMB 4.345 billion in 2023. The primary reason for the loss is the recent slight increase in silicon material prices, which may see a modest rise due to short-term demand [1][2]. - Revenue forecasts for 2024-2026 are projected at RMB 19.9 billion, RMB 16.5 billion, and RMB 19.5 billion, respectively, with net losses expected to be RMB 4 billion, RMB 2.3 billion, and RMB 800 million [2]. Financial Summary - **Revenue**: The company reported revenues of RMB 37.54 billion in 2022, which decreased to RMB 30.75 billion in 2023, and is expected to decline further to RMB 19.86 billion in 2024, with a projected recovery to RMB 19.49 billion in 2026 [3][8]. - **Net Profit**: The net profit attributable to the parent company was RMB 13.4 billion in 2022, dropping to RMB 4.35 billion in 2023, and is expected to turn into losses of RMB 4.04 billion in 2024, with gradual improvements in subsequent years [3][8]. - **Earnings Per Share (EPS)**: EPS is projected to decline from RMB 9.37 in 2022 to RMB 3.04 in 2023, and further to -RMB 2.83 in 2024, with a gradual recovery expected thereafter [3][10]. Market Conditions - The report highlights that the silicon material prices have seen a slight increase, with the photovoltaic-grade polysilicon price rising to USD 4.94/kg as of March 5, 2025. However, the overall market remains cautious due to high inventory levels [1][2]. - The company is advised to monitor production schedules and inventory levels closely, as the silicon material prices are expected to fluctuate based on market demand [1].