Investment Rating - The report gives a "Cautious Recommendation" rating for the company, marking its first coverage [6]. Core Viewpoints - The company is positioned as a comprehensive energy service provider, leveraging its electricity sales business as a foundation while focusing on the critical transformation of its energy-saving business [3][11]. - The electricity consumption demand is steadily increasing, with a significant rise in electricity sales volume contributing to performance growth [2][46]. - The company is actively expanding its distribution network energy-saving business, which is expected to benefit from the growth of the State Grid's comprehensive energy services [3][54]. Summary by Relevant Sections 1. Business Overview - The company primarily engages in electricity supply and sales, power dispatch, and energy-saving services, with a well-established supply network mainly in the Fuling District of Chongqing [11][12]. - The energy-saving business has expanded to cover 20 provinces, municipalities, and autonomous regions across China [11]. 2. Financial Analysis - From 2020 to 2024, the company's revenue and net profit attributable to shareholders are projected to grow at CAGRs of 4.09% and 6.46%, respectively [17]. - In 2024, the company reported revenues of 3.117 billion yuan, a decrease of 9.46% year-on-year, and a net profit of 514 million yuan, down 2.07% year-on-year [17]. - The first quarter of 2025 saw revenues of 709 million yuan, a decline of 4.09% year-on-year, with net profit dropping 16.29% to 90 million yuan [17]. 3. Electricity Sales and Energy-Saving Business - The total electricity sales volume in 2024 reached 346,384 million kWh, an increase of 7.71% year-on-year, with a stable average selling price of 643.65 yuan per MWh [2][38]. - The direct sales volume accounted for 94.94% of total sales, reflecting a growth of 8.05% year-on-year, while the bulk sales volume decreased by 5.68% [2][38]. - The energy-saving business is crucial for the company's transformation, with new contracts expected to drive additional revenue [48][54]. 4. Profit Forecast and Investment Recommendations - The forecast for net profit attributable to shareholders for 2025-2027 is 524 million, 555 million, and 603 million yuan, with year-on-year growth rates of 1.9%, 5.8%, and 8.8%, respectively [3][67]. - The estimated PE ratios for 2025-2027 are 28x, 27x, and 25x, indicating a relatively low valuation compared to peers [3][71].

Market Overview - As of 13:59 today, the Shanghai Composite Index is at 3372.33 points, with a slight decline of -0.23% [1] - The total trading volume of A-shares today is 838.849 billion yuan [1] Stocks Breaking Annual Line - A total of 68 A-shares have surpassed their annual line today, with notable stocks including: - Puris (乖离率 6.48%) - Aisen Co., Ltd. (乖离率 5.81%) - Fosa Technology (乖离率 4.02%) [1] Stocks with Significant Deviation - The stocks with the largest deviation from the annual line include: - Puris: Today's price increased by 7.19% to 30.70 yuan - Aisen Co., Ltd.: Today's price increased by 7.47% to 42.00 yuan - Fosa Technology: Today's price increased by 4.30% to 32.71 yuan [1] Additional Stocks with Positive Performance - Other stocks showing positive performance and their respective deviations include: - Yao Stone Technology: 3.77% increase, 3.51% deviation - Fuling Power: 6.24% increase, 3.42% deviation - Yingjie Electric: 5.37% increase, 3.38% deviation [1] Summary of Stocks with Minor Deviations - Stocks with minor deviations from the annual line include: - Huayang Intelligent: 4.58% increase, 2.48% deviation - Boying Special Welding: 2.32% increase, 2.06% deviation - Stone Technology: 2.02% increase, 1.96% deviation [1]

Meeting Overview - The annual general meeting of Chongqing Fuling Power Industry Co., Ltd. was held on May 21, 2025, at the company's conference room in Fuling District, Chongqing [2] - The meeting was convened by the board of directors and chaired by Chairman Ma Wenhai, complying with relevant laws and regulations [2][3] Attendance and Voting - The meeting had attendance from 5 out of 9 current directors and 2 out of 3 current supervisors, with some members unable to attend due to personal matters [4][5] - All resolutions were passed with more than half of the voting rights held by attending shareholders [6] Resolutions Passed - The following key resolutions were approved: - 2024 Annual Board Work Report [4] - 2024 Annual Supervisory Board Work Report [4] - 2024 Annual Financial Settlement Report [5] - 2024 Annual Profit Distribution Proposal [5] - 2024 Annual Report and Summary [5] - Confirmation of 2024 and 2025 Salary Plans for Directors, Supervisors, and Senior Management [5] - Authorization for the Board to formulate the 2025 Mid-Year Dividend Plan [5] - Reappointment of the financial and internal control audit firm for 2025 [5] - Approval of the contract energy management project and related transactions [6] Legal Compliance - The meeting was witnessed by Chongqing Yuanwei Law Firm, confirming that the convening and proceedings of the meeting complied with the Company Law and relevant regulations [6]

重庆源伟律师事务所 关于重庆涪陵电力实业股份有限公司 2024 年年度股东大会的法律意见书 致:重庆涪陵电力实业股份有限公司 根据《中华人民共和国公司法》(以下简称"《公司法》")、《中华人民共 和国证券法》、中国证券监督管理委员会发布的《上市公司股东会规则》(以下 简称"《股东会规则》")和《上海证券交易所上市公司自律监管指引第1号一 规范运作》等法律、行政法规、规范性文件以及《重庆涪陵电力实业股份有限 公司章程》(以下简称"《公司章程》")的规定,重庆源伟律师事务所(以下简 称"本所")接受重庆涪陵电力实业股份有限公司(以下简称"公司")的委 托,指派程源伟、邢恩田律师出席公司于 2025年 5 月 21 日 15 点 00 分在重庆 市涪陵区望州路 20 号公司会议室召开的 2024 年年度股东大会(以下简称"本次 股东大会"),对本次股东大会的召集、召开程序的合法性、召集人和出席会议 人员资格的合法有效性、会议表决程序和表决结果的合法有效性出具法律意见 书。 为出具本法律意见书,本所律师对本次股东大会所涉及的有关事项进行了审 查,查阅了本所律师认为出具法律意见所必须的文件、资料,并对有关事实进行了 必 ...

证券代码：600452 证券简称：涪陵电力 公告编号：2025-023 重庆涪陵电力实业股份有限公司 2024年年度股东大会决议公告 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。 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)股东大会召开的时间：2025 年 5 月 21 日 (二)股东大会召开的地点：重庆市涪陵区望州路 20 号公司会议室 (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 | 993 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 766,923,605 | | 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（%） | 49.9123 | (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次股东大会由公司董事会召集，会议由公司董事长马文海先生主持；本次会 议的召集、召开符合《公司法》《重庆涪陵电力实业股份有限公司公司章程》《重庆 涪陵电力实业 ...

Group 1 - The Central Meteorological Administration issued a yellow high-temperature warning, predicting temperatures of 35-36°C in various regions including Inner Mongolia, Gansu, Ningxia, and parts of Shaanxi, Shanxi, Hebei, and others, with some areas reaching 37-39°C and localized spots exceeding 40°C [1] - The Shandong Provincial Meteorological Administration also issued an orange high-temperature warning, forecasting temperatures above 35°C in several regions, with specific areas expected to reach 40-42°C [1] - In Henan, temperatures surged to 40°C and above, with Linzhou hitting a record 43.2°C, and surface temperatures exceeding 70°C in some locations [2] Group 2 - The power sector saw significant stock movements, with companies like Leshan Electric hitting the daily limit, and others such as Hunan Development and Xichang Electric also experiencing gains [2] - According to Minsheng Securities, the decline in coal prices and steady growth in thermal power performance in Q1 2023 suggest that the upcoming peak electricity usage season in Q2 and Q3 could lead to continued performance improvements for companies, especially those investing in wind power and cogeneration [2] - Huayuan Securities noted that while thermal power operators are expected to see improved performance in Q1 2025, there is a growing disparity in profitability, with northern units performing better than those in the Yangtze River Delta region [3]

2024年度暨2025年第一季度集体业绩说明会的公告 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。 重要内容提示： 会议主题："价值引领发展 创新电亮未来"国家电网有限公司控股上市 公司2024年度暨2025年第一季度集体业绩说明会 会议召开时间：2025年5月23日（星期五）14：00-17：00 网络直播地址：上海证券交易所上证路演中心(https://roadshow.ssein fo.com/) 会议召开方式：现场交流、视频直播、网络文字互动 证券代码：600452 证券简称：涪陵电力 公告编号：2025-022 重庆涪陵电力实业股份有限公司 关于参加国家电网有限公司控股上市公司 董事长：马文海 董秘兼财务总监：刘薇 预征集投资者提问的相关安排：投资者可于2025年5月16日（星期五）至 5月22日（星期四）16:00前登录上证路演中心网站首页点击"提问预征集"栏目 （https://roadshow.sseinfo.com/preCallQa），根据活动时间，选中本次活动 或通过公告中的电子邮箱进行提问。公司将在说 ...

重庆涪陵电力实业股份有限公司 2024 年年度股东大会会议材料 重庆涪陵电力实业股份有限公司 2024 年年度股东大会 会 议 材 料 重庆涪陵电力实业股份有限公司 会 议 议 程 一、审议议案 （一）《关于公司 2024 年度董事会工作报告的议案》； （二）《关于公司 2024 年度监事会工作报告的议案》； （三）《关于独立董事 2024 年度述职报告的议案》； 董 事 会 2025 年 5 月 21 日 重庆涪陵电力实业股份有限公司 2024 年年度股东大会会议材料 （四）《关于公司 2024 年度财务决算报告的议案》； （五）《关于公司 2024 年度利润分配预案的议案》； 重庆涪陵电力实业股份有限公司 2024 年年度股东大会 （八）《关于提请股东大会授权董事会制定 2025 年度中期分 红方案的议案》； （九）《关于公司续聘 2025 年度财务和内部控制审计机构的 议案》； （十）《关于签订合同能源管理项目合同暨关联交易的议 案》。 二、议案表决 三、律师发表现场股东大会见证意见 - 1 - （六）《关于公司 2024 年年度报告及其摘要的议案》； （七）《关于确认董事、监事和高级管理人员 2024 ...

Core Viewpoint - Multiple listed companies in the Shanghai and Shenzhen markets announced significant updates, providing insights for investors [2] Company Announcements - Wolong Real Estate will change its stock name to "Wolong New Energy" effective May 15, 2025, while the stock code remains unchanged [3] - Ningbo Fuda has terminated its major asset restructuring plans due to a lack of agreement on the final transaction scheme, with no significant impact on its current operations or financial status [4] - Land usage rights for a site in Shanghai will be returned by Shanghai Xiba due to external economic conditions, expected to reduce profits by approximately 36.42 million yuan, which is about 85% of the previous year's audited net profit [7] - Blue Dai Technology plans to acquire an 18% stake in Chongqing Taiguan for 34.11 million yuan, resulting in full ownership of the subsidiary [6] Performance Metrics - China Merchants Shekou reported a sales amount of 14.764 billion yuan in April, with a cumulative sales area of 2.0594 million square meters for the first four months of 2025 [8] - Shoukai Co. achieved a sales amount of 1.46 billion yuan in April, with a 24.92% decrease in sales area compared to the previous month [9] - Tiankang Biological reported a sales revenue of 380 million yuan from pig sales in April, with a 1.06% increase from the previous month [10] - Longyuan Co. reported a sales revenue of 125 million yuan from pig sales in April, with a 14.59% increase from the previous month [11] - New Wufeng sold 408,100 pigs in April, marking a 36.31% year-on-year increase [13] - Guangqi Group's April automobile sales were 116,400 units, a 12.66% year-on-year decline [16] - Jianghuai Automobile reported April sales of 30,764 units, down 3.55% year-on-year [17] - Shunong Development achieved a sales revenue of 1.533 billion yuan in April, a 0.68% year-on-year increase [19] Contracts and Agreements - Fuling Electric plans to sign a contract for an energy management project in Anhui Province, with an estimated investment of 488 million yuan and projected returns of 790 million yuan over eight years [21] - *ST Weihai has been pre-selected for a construction project with a bid of 108 million yuan, which represents 4.33% of its audited revenue for 2024 [22] Shareholder Actions - Liyuan Technology's shareholder plans to reduce holdings by up to 3.04 million shares, representing no more than 2.0008% of total shares [23] - Baoli Food's shareholder intends to reduce holdings by up to 3% of total shares, equating to approximately 12 million shares [24] Share Buybacks - Hongta Securities' chairman proposed a share buyback plan with a total amount between 100 million and 200 million yuan [26]

Core Viewpoint - The company has established a value management system aimed at enhancing investment value and shareholder returns while protecting investor interests, particularly those of minority shareholders [1][2]. Group 1: General Principles - The value management system is designed to improve the company's quality as a foundation for enhancing investment value and shareholder returns [1]. - The company emphasizes the importance of shareholder return awareness and aims to enhance investor relations and information disclosure quality [1][2]. Group 2: Responsibilities and Governance - The board of directors is responsible for overseeing the enhancement of the company's investment value, considering investor interests in major decisions [2]. - The board should monitor market reflections of the company's value and take measures to ensure that the company's quality is accurately represented [2][3]. Group 3: Investor Relations and Communication - The company’s secretary is tasked with managing investor relations and ensuring transparent information disclosure, while also monitoring public sentiment and media reports [3][4]. - In case of significant market fluctuations, the company will analyze the causes and communicate with investors through various channels [5]. Group 4: Value Management Strategies - The company will focus on improving operational efficiency and profitability, utilizing strategies such as mergers and acquisitions, employee stock ownership plans, cash dividends, and share buybacks [4][5]. - Compliance is emphasized, prohibiting misleading practices in information disclosure and market manipulation [4]. Group 5: Monitoring and Emergency Measures - The company will monitor key financial indicators and set reasonable warning thresholds to manage market perceptions [5]. - In the event of significant stock price declines, the company will take immediate actions such as clarifying information, enhancing communication, and potentially implementing share buybacks [5][6].