证券代码：600025 证券简称：华能水电 公告编号：2025-064 华能澜沧江水电股份有限公司 关于公司关联方拟参与认购公司向特定 对象发行股票暨关联交易的公告 风险提示：公司本次向特定对象发行股票最终的发行对象及其认购金额 尚存在不确定性，公司将根据全部投资者的申购报价情况按照相关规则确定，敬 请广大投资者注意投资风险。 一、关联交易概述 央企乡村投资基金拟认购公司向特定对象发行股票，拟认购金额不超过 8 亿元。截至目前，公司与央企乡村投资基金尚未签署相关股份认购协议。 2025 年 9 月 15 日，公司召开第四届董事会第十一次会议，审议通过《关于 公司关联方拟参与认购公司向特定对象发行股票暨关联交易的议案》。公司全体 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。 重要内容提示： 华能澜沧江水电股份有限公司（以下简称公司）关于向特定对象发行股 票申请已获得中国证券监督管理委员会同意注册批复。中央企业乡村产业投资基 金股份有限公司（以下简称央企乡村投资基金）有意参与认购公司向特定对象发 行股票，拟认购金额不超过 8 亿 ...

一、董事会会议召开情况 证券代码：600025 证券简称：华能水电 公告编号：2025-063 华能澜沧江水电股份有限公司 关于第四届董事会第十一次会议决议公告 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。 华能澜沧江水电股份有限公司董事会 2025 年 9 月 16 日 华能澜沧江水电股份有限公司（以下简称公司）第四届董事会第十一次会议 于 2025 年 9 月 1 日以书面和电子邮件方式发出会议通知，并于 2025 年 9 月 15 日在公司以通讯表决方式召开。公司董事长孙卫主持会议，应出席董事 14 人， 实际出席会议的董事 14 人，公司部分高级管理人员列席会议。本次会议的召集、 召开、表决程序符合《中华人民共和国公司法》和《公司章程》的有关规定。 二、董事会会议审议情况 （一）审议通过《关于公司关联方拟参与认购公司向特定对象发行股票暨关 联交易的议案》。 公司关联方中央企业乡村产业投资基金股份有限公司（以下简称央企乡村投 资基金）拟参与认购公司向特定对象发行股票事宜，拟认购金额不超过8亿元。 根据申购报价情况并遵照 ...

Investment Rating - The report maintains a "Positive" investment rating for the utility sector [8] Core Insights - The bidding results for wind and solar energy in Shandong for 2025 show a clear differentiation, with wind energy having a selected volume of 5.967 billion kWh and a clearing price of 0.319 CNY/kWh, while solar energy has a selected volume of 1.248 billion kWh and a clearing price of 0.225 CNY/kWh [2][11] - The new pricing mechanism for grid connection capacity is expected to facilitate the consumption of renewable energy, promoting a win-win situation for the grid, power generation companies, and users [2][11] Summary by Sections Bidding Results - The wind energy projects in Shandong are limited in number but have a large allocated bidding volume, with a rational bidding price close to the upper limit, indicating stable profit expectations [2][11] - The solar energy projects face intense competition, leading to a clearing price that is under pressure, reflecting a more challenging market environment [2][11] Pricing Mechanism - Recent regulatory changes propose a shift to a single capacity-based pricing model for grid connection, which is expected to streamline the pricing mechanism for nearby consumption projects [2][11] - The new pricing structure aims to eliminate additional fees for energy delivered to the grid, thus enhancing the economic viability of renewable energy projects [2][11] Investment Recommendations - The report suggests that the ongoing reforms in the electricity market are revitalizing power operators, with a focus on high-quality development in the renewable energy sector [2][11] - Specific companies recommended for investment include Huaneng International, Datang Power, and China Power, among others, due to their strong positions in the transitioning energy landscape [2][11]

Group 1 - The core viewpoint of the article highlights the growth in the number of enterprises in the water production and supply industry in China, with a total of 4,146 companies reported as of January to July 2025, marking an increase of 241 companies compared to the same period last year, representing a year-on-year growth of 6.17% [1] - The report indicates that the water production and supply industry accounts for 0.8% of the total industrial enterprises in China [1] - The data referenced in the article is sourced from the National Bureau of Statistics and compiled by Zhiyan Consulting, a leading industry consulting firm in China [2] Group 2 - The article mentions several listed companies in the water production and supply sector, including Ba'an Water (300262), Energy Conservation Guozhen (300388), Boschke (300422), and others [1] - The report titled "2025-2031 China Water Production and Supply Industry Market Development Scale and Investment Opportunity Analysis Report" was published by Zhiyan Consulting [1] - The threshold for scale industrial enterprises has been raised from an annual main business income of 5 million to 20 million yuan since 2011 [1]

Core Viewpoint - Huaneng Hydropower plans to raise up to 5.825 billion yuan through a private placement to fund RM and TB hydropower station projects, with the issuance approved by the Shanghai Stock Exchange and the China Securities Regulatory Commission [1][3] Company Announcement Summary - The total amount to be raised is not more than 5.825 billion yuan, specifically for the RM and TB hydropower station projects [1][3] - The issuance has been approved by the Shanghai Stock Exchange and has received registration approval from the China Securities Regulatory Commission [2][3] - The issuance will involve no more than 35 specific qualified investors, with the issuance price set at no less than 80% of the average trading price of the company's stock over the 20 trading days prior to the pricing benchmark [1][3] - All raised funds will be used for hydropower project construction, aligning with the company's main business direction, and the control of the company will remain unchanged [2][3] - As of the latest reporting period, financial investments accounted for 2.16% of the company's net assets, remaining below the 30% threshold [2][3]

Group 1 - The core viewpoint of the article highlights the performance of Huaneng Hydropower (600025) and the energy generation statistics in Tibet for the year 2025, indicating a slight decline in overall power generation [1] - In July 2025, Tibet's power generation reached 1.4 billion kilowatt-hours, representing a year-on-year decrease of 2.4% [1] - From January to July 2025, Tibet's total power generation was 7.28 billion kilowatt-hours, showing a year-on-year growth of 0.6% [1] Group 2 - The breakdown of power generation types from January to July 2025 shows that thermal power generation was 220 million kilowatt-hours, accounting for 3% of total generation, with a year-on-year increase of 18.6% [1] - Hydropower generation was 6.21 billion kilowatt-hours, making up 85.3% of total generation, with a slight year-on-year decrease of 0.3% [1] - Wind power generation reached 190 million kilowatt-hours, representing 2.6% of total generation, with a significant year-on-year increase of 102.9% [1] - Solar power generation was 661 million kilowatt-hours, accounting for 9.1% of total generation, with a year-on-year decline of 9.2% [1] Group 3 - The report's data is sourced from the National Bureau of Statistics and compiled by Zhiyan Consulting, focusing on industrial enterprises with annual main business income of 20 million yuan and above [1] - The statistical scope of the report ensures comparability of data year-on-year, despite changes in the range of large-scale industrial enterprises [1]

华能澜沧江水电股份有限公司 2024 年度向特定对象发行 A 股股票 募集说明书 （注册稿） 保荐人（主承销商） 股票简称：华能水电 股票代码：600025 广东省深圳市福田区中心三路 8 号卓越时代广场（二期）北座 二〇二五年八月 华能澜沧江水电股份有限公司 2024年度向特定对象发行A股股票募集说明书（注册稿） 声 明 本公司及全体董事、高级管理人员承诺本募集说明书内容真实、准确、完整，不存 在虚假记载、误导性陈述或重大遗漏，按照诚信原则履行承诺，并承担相应的法律责任。 本公司控股股东、实际控制人承诺本募集说明书内容真实、准确、完整，不存在虚 假记载、误导性陈述或重大遗漏，按照诚信原则履行承诺，并承担相应的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人保证募集说明书中财务会计资 料真实、完整。 中国证券监督管理委员会、上海证券交易所对本次发行所作的任何决定或意见，均 不表明其对申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对 发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。任何与之相 反的声明均属虚假不实陈述。 根据《证券法》的规定，证券依法发行后，发行人经 ...

Investment Rating - The report upgrades the investment rating of the company to "Buy" [12][33] Core Views - The company achieved a revenue of 12.959 billion yuan in the first half of 2025, representing a year-on-year growth of 9.08%, and a net profit attributable to shareholders of 4.609 billion yuan, up 10.54% year-on-year [6][12] - The increase in revenue is driven by a 12.97% rise in electricity generation, totaling 52.752 billion kWh, attributed to favorable water conditions and increased installed capacity [7][12] - The company maintains a competitive electricity price, 0.4 cents higher than the average market price in Yunnan province, ensuring a strong market position [7][12] - The company’s cash flow from operating activities increased by 14.3% year-on-year, reflecting improved sales revenue and reduced capital expenditures [8][12] - The company’s financial costs decreased by 1.39% to 1.319 billion yuan, with a financial cost rate of 10.23%, indicating improved debt structure [9][12] - The company plans to enhance its clean energy base, focusing on hydropower and new energy development, which is expected to contribute to revenue growth from 2025 to 2027 [12][13] Summary by Sections Financial Performance - In H1 2025, the company reported a basic earnings per share of 0.25 yuan, a 13.64% increase year-on-year [6][12] - The weighted average return on equity rose to 7.22%, an increase of 1.25 percentage points compared to the same period in 2024 [6][12] Revenue and Profitability - The company’s gross profit margin stands at 60%, with a net asset return rate of 6.19% [2][12] - The total installed capacity reached 33.5374 million kW, with a significant increase in new energy capacity [7][12] Future Outlook - The company forecasts net profits of 9.375 billion yuan, 9.893 billion yuan, and 10.390 billion yuan for 2025, 2026, and 2027 respectively, with corresponding earnings per share of 0.52, 0.55, and 0.58 yuan [12][13]

Group 1 - The report highlights that the high-interest fixed deposits maturing in 2025-2026 amount to 112 trillion yuan, with 72 trillion yuan being high-interest deposits and 40 trillion yuan low-interest deposits [2][37] - The renewal rate for banks facing a large volume of maturing high-interest deposits exceeds 100%, indicating strong demand for renewal [2][37] - The report discusses the impact of maturing high-interest deposits on banks' liability management, noting a trend of "maintaining end-of-month balances rather than daily averages" [2][37] Group 2 - The report on Anhui Energy (皖能电力) indicates that the company achieved a revenue of 13.185 billion yuan in H1 2025, a decrease of 5.83% year-on-year, while net profit increased by 1.05% to 1.082 billion yuan [3][27] - The decline in coal prices has positively impacted the company's profitability, with a gross margin increase of 4.06 percentage points to 16.25% in H1 2025 [3][27] - The report projects the company's net profit for 2025-2027 to be 2.18 billion, 2.34 billion, and 2.51 billion yuan, respectively, with corresponding PE ratios of 7.55, 7.03, and 6.55 [3][27] Group 3 - The report on China Oil Engineering (中油工程) outlines a plan to raise 5.9 billion yuan through a private placement to strengthen its position in the Middle East market [4][33] - The company has secured a contract for the Iraq seawater pipeline project, which is expected to enhance its international competitiveness [4][36] - The funds raised will be used for project construction and to supplement working capital, improving the company's financial structure and risk management [4][37] Group 4 - The report on Huace Testing (华测检测) shows a revenue of 2.96 billion yuan in H1 2025, a year-on-year increase of 6.05%, with net profit rising by 7.03% to 467 million yuan [6][21] - The company is focusing on enhancing operational efficiency in its life sciences segment and expanding its international presence through strategic acquisitions [6][22] - The projected net profit for 2025-2027 is 1.03 billion, 1.16 billion, and 1.29 billion yuan, with corresponding PE ratios of 21, 19, and 17 [6][24] Group 5 - The report on Western Cement (西部水泥) indicates a significant increase in overseas sales, with revenue reaching 5.42 billion yuan in H1 2025, a 46% year-on-year growth [7][29] - The company achieved a net profit of 750 million yuan, reflecting a 93% increase, driven by overseas capacity expansion and recovery in domestic prices [7][29] - The report projects net profits for 2025-2027 to be 1.58 billion, 2.13 billion, and 2.90 billion yuan, with a target PE of 12 times [7][30]

Investment Rating - The report maintains a "Buy" rating for Huaneng Hydropower, with an expected relative return of over 20% within the next six months [7]. Core Views - The company's revenue for the first half of 2025 reached 12.96 billion yuan, a year-on-year increase of 9.1%, while the net profit attributable to shareholders was 4.61 billion yuan, up 10.5% year-on-year [1]. - The increase in power generation, which reached 52.752 billion kWh, a 12.97% year-on-year growth, is attributed to the significant increase in new energy installed capacity and favorable water conditions in the Lancang River basin [2]. - The company’s photovoltaic projects saw a notable increase in generation, with 3.049 billion kWh produced, marking a 66.1% year-on-year growth [3]. - Future growth is expected to be supported by the full capacity operation of the Huaneng Hard Liangbao Power Station and the ongoing development of clean energy projects in the upper Lancang River region [4]. Financial Performance and Forecast - The company is projected to achieve net profits of 8.81 billion yuan, 9.20 billion yuan, and 9.67 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 18.7, 17.9, and 17.1 [5]. - The revenue forecast for 2025 is set at 26.617 billion yuan, with a growth rate of 6.98% [11]. - The EBITDA for 2025 is estimated to be 21.800 billion yuan, reflecting a steady growth trajectory [11].