| 浙江浙能电力股份有限公司2025 年半年度报告摘要 | | | | | --- | --- | --- | --- | | 公司代码：600023 | 公司简称：浙能电力 | | | | 浙江浙能电力股份有限公司 | | | | | 浙江浙能电力股份有限公司2025 年半年度报告摘要 | | | | | 第一节 重要提示 | | | | | 展规划，投资者应当到 http://www.sse.com.cn/网站仔细阅读半年度报告全文。 | | | | | 在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司提议，2025年度中期向全体股东按每10股派发现金股利0.5元（含税）。 | | | | | 第二节 公司基本情况 | | | | | 公司股票简况 | | | | | 股票种类 股票上市交易所 股票简称 | | | 股票代码 变更前股票简称 | | A股 上海证券交易所 浙能电力 | | | 600023 - | | 联系人和联系方式 | | 董事会秘书 | | | 姓名 魏峥 | | | | | 电话 0571-87210223 | | | | | 办公地址 | | 浙江省杭州市西湖 ...

Group 1 - The board of directors of Zhejiang Zheneng Electric Power Co., Ltd. held its 10th meeting of the 5th session on August 28, 2025, via communication, with all 8 directors present [1] - The board approved the 2025 semi-annual report with a unanimous vote of 8 in favor, 0 against, and 0 abstentions [1] - The board also approved the risk assessment report of Zhejiang Energy Group Financial Co., Ltd. for the first half of 2025, with 6 votes in favor and 2 directors abstaining from the vote [1] - The board approved the mid-year profit distribution plan for 2025, which does not require submission to the shareholders' meeting, with a unanimous vote of 8 in favor, 0 against, and 0 abstentions [1]

第五届董事会第十二次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗 漏，并对其内容的真实性、准确性和完整性承担法律责任。 证券代码：600023 证券简称：浙能电力 公告编号：2025-030 浙江浙能电力股份有限公司 （二）审议通过《关于聘任高级管理人员的议案》 本议案已经独立董事专门会议审议通过并同意提交董事会审议。 一、董事会会议召开情况 （一）浙江浙能电力股份有限公司（以下简称"公司"）第五届董事会第十 二次会议的召开符合《公司法》《公司章程》及有关法律、法规、规范性文件的 规定，会议合法有效。 （二）本次会议于 2025 年 8 月 29 日以现场结合通讯方式召开。 （三）会议应出席董事 9 人，实际出席董事 9 人。 二、董事会会议审议情况 本次会议对各项议案进行逐项审议并表决，形成如下决议： （一）审议通过《关于选举董事长的议案》 根据《公司法》和《公司章程》的规定，经董事会审议，选举刘为民担任公 司董事长。 表决情况：9 票同意，0 票反对，0 票弃权 根据《公司法》和《公司章程》的规定，经总经理提名，董事会审议，聘任 朱青国任公司副总经理。 表决情 ...

Meeting Details - The shareholders' meeting of Zhejiang Zheneng Electric Power Co., Ltd. was held on August 29, 2025, at Hangzhou Xixi Hotel, Zhejiang Province [1] - The meeting was attended by shareholders representing 75.6599% of the total shares [1] - The meeting was presided over by the vice chairman, Mr. Cao Lu, and voting was conducted through a combination of on-site and online methods, complying with relevant laws and regulations [1] Voting Results - Several non-cumulative voting proposals were passed with the following results: - Proposal 1: 99.8117% approval from A-shareholders, with 10,125,943,066 votes in favor [1] - Proposal 2: 99.8825% approval from A-shareholders, with 10,133,124,349 votes in favor [1] - Proposal 3: 99.1694% approval from A-shareholders, with 10,060,780,131 votes in favor [1] Legal Compliance - The meeting's procedures were verified by lawyers, confirming compliance with the Company Law, Securities Law, and the company's articles of association [1]

Group 1 - The legal opinion letter confirms that the procedures for convening and holding the shareholders' meeting of Zhejiang Zheneng Electric Power Co., Ltd. comply with relevant laws, regulations, and the company's articles of association [1][4][5] - The meeting was attended by 2,316 shareholders, representing 9,885,783,092 shares, which is approximately 99.8117% of the voting shares [1][4] - The voting results showed that the proposals were approved with significant majorities, including the election of Liu Weimin as a director, with 99.8825% approval [4][5] Group 2 - The meeting was held at Hangzhou Xixi Hotel and was presided over by the vice chairman, Mr. Cao Lu [1][3] - The voting process included both on-site and online participation, with 2,313 shareholders voting online, representing 1.9335% of the voting shares [1][3] - The legal opinion letter states that the qualifications of the attendees and the convenor of the meeting were in accordance with legal requirements [1][4]

证券代码：600023 证券简称：浙能电力 公告编号：2025-029 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东会召开的时间：2025 年 8 月 29 日 (二)股东会召开的地点：浙江省杭州市西湖区文二西路 803 号杭州西溪宾馆集贤 厅 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 2,316 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 10,145,043,669 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 75.6599 | 浙江浙能电力股份有限公司 2025年第一次临时股东会决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 | 股东类型 | 同意 | | 反对 | | 弃权 | | | --- | --- | --- | --- | --- | --- | --- | | | 票数 | 比例（%） | 票数 | ...

北京金杜（杭州）律师事务所 关于浙江浙能电力股份有限公司 2025 年第一次临时股东会之 法律意见书 致：浙江浙能电力股份有限公司 北京金杜（杭州）律师事务所（以下简称本所）接受浙江浙能电力股份有限 公司（以下简称公司）委托，根据《中华人民共和国证券法》（以下简称《证券 法》）、《中华人民共和国公司法》（以下简称《公司法》）、中国证券监督管理委员 会《上市公司股东会规则》（以下简称《股东会规则》）等中华人民共和国境内（以 下简称中国境内，为本法律意见书之目的，不包括中国香港特别行政区、中国澳 门特别行政区和中国台湾省）现行有效的法律、行政法规、规章和规范性文件（以 下简称法律法规）以及现行有效的公司章程有关规定，指派律师出席了公司于 2025 年 8 月 29 日召开的 2025 年第一次临时股东会（以下简称本次股东会），并 就本次股东会相关事项出具本法律意见书。 为出具本法律意见书，本所律师审查了公司提供的以下文件，包括但不限于： 1. 经公司 2024 年年度股东大会审议通过的《浙江浙能电力股份有限公司章 程》（以下简称《公司章程》）； 2. 公司 2025 年 8 月 5 日、2025 年 8 月 14 ...

Investment Rating - The report maintains a rating of "Add" for the company [4] Core Views - The company reported a revenue of 35.472 billion yuan for the first half of 2025, a year-on-year decrease of 11.68%, and a net profit attributable to shareholders of 3.512 billion yuan, down 10.57% year-on-year [1][7] - The decline in performance is primarily attributed to a decrease in investment income and the absence of a one-time gain from the disposal of intangible assets in the previous year [7] - The electricity demand in Zhejiang province increased by 7.06% year-on-year, which is higher than the national average, contributing to a 4.57% increase in the company's electricity generation [7] - The company has initiated a mid-term dividend distribution for the first time, proposing a cash dividend of 0.05 yuan per share, with a payout ratio of 19.09% [7] Financial Data and Valuation - The company expects total revenue to reach 89.359 billion yuan in 2025, with a projected year-on-year growth of 2% [3][11] - The net profit attributable to shareholders is forecasted to be 7.012 billion yuan in 2025, reflecting a year-on-year decrease of 10% [3][11] - The company's current price-to-earnings (PE) ratio is projected to be 9.8x for 2025, decreasing to 8.7x by 2027 [8][12] Performance Metrics - The company's gross margin for the first half of 2025 was 10.83%, a slight decrease of 0.2 percentage points year-on-year, while the net margin was 10.84%, down 0.22 percentage points [7] - Investment income decreased by 20.44% year-on-year to 2.078 billion yuan, primarily due to lower profits from joint ventures [7] - The company has several coal power projects under construction, which are expected to enhance profitability upon completion [7]

Investment Rating - The report maintains a "Buy" rating for the company [4][7] Core Views - The company has shown resilience with a Q2 profit increase despite a decrease in overall revenue and net profit for the first half of 2025, attributed to lower electricity prices in Zhejiang Province [1][4] - The company benefits from a decline in coal prices, which enhances its profit recovery potential and growth opportunities [4] - The report highlights a significant increase in electricity generation and sales, driven by rising demand in Zhejiang Province and new coal power projects coming online [2][4] Financial Performance Summary - For the first half of 2025, the company reported operating revenue of 35.472 billion yuan, a decrease of 11.68% year-on-year, and a net profit of 3.512 billion yuan, down 10.57% year-on-year [1] - In Q2 2025, the company achieved operating revenue of 17.87 billion yuan, a decrease of 11.28% year-on-year, but a net profit of 2.437 billion yuan, an increase of 15.42% year-on-year [1] - The company's electricity generation for the first half of 2025 was 78.848 billion kWh, up 4.48% year-on-year, with a notable increase in Q2 [2] Investment Insights - The company is positioned as a leading thermal power operator in Zhejiang Province, with a strong financial position and high dividend yield [4] - Projected revenues for 2025-2027 are 86.797 billion yuan, 90.309 billion yuan, and 91.955 billion yuan, with corresponding net profits of 6.838 billion yuan, 7.895 billion yuan, and 8.481 billion yuan [4][6] - The report emphasizes the company's ability to recover profits and maintain high dividend payouts, with an expected EPS of 0.51 yuan, 0.59 yuan, and 0.63 yuan for 2025-2027 [4][6]

2025年8月29日，浙能电力(600023.SH)发布2025年中报。 公司营业总收入为354.72亿元，在已披露的同业公司中排名第7，较去年同报告期营业总收入减少46.93 亿元，同比较去年同期下降11.68%。归母净利润为35.12亿元，在已披露的同业公司中排名第9，较去年 同报告期归母净利润减少4.15亿元，同比较去年同期下降10.57%。经营活动现金净流入为55.29亿元， 在已披露的同业公司中排名第12，较去年同报告期经营活动现金净流入增加1.99亿元，实现3年连续上 涨，同比较去年同期上涨3.73%。 公司最新总资产周转率为0.23次，在已披露的同业公司中排名第12，较去年同期总资产周转率减少0.04 次，同比较去年同期下降15.45%。最新存货周转率为6.00次，在已披露的同业公司中排名第59，较去年 同期存货周转率增加0.75次，同比较去年同期上涨14.21%。 公司股东户数为14.02万户，前十大股东持股数量为111.40亿股，占总股本比例为83.08%。 公司最新资产负债率为44.32%，在已披露的同业公司中排名第25，较上季度资产负债率增加2.03个百分 点，较去年同期资产负债率减少1 ...