安徽省皖能股份有限公司董事会 关于独立董事独立性自查情况的专项意见 安徽省皖能股份有限公司董事会 2025 年 4 月 23 日 根据《上市公司独立董事管理办法》《深圳证券交易所 股票上市规则》《深圳证券交易所上市公司自律监管指引第 1 号——主板上市公司规范运作》等要求，安徽省皖能股份 有限公司（以下简称"公司"）董事会，就公司在任独立董 事张云燕、谢敬东、姚王信和孙永标的独立性情况进行评估 并出具如下专项意见： 经核查独立董事张云燕、谢敬东、姚王信、孙永标的任 职经历以及签署的相关自查文件，上述人员未在公司担任除 独立董事以外的任何职务，也未在公司主要股东公司担任任 何职务，与公司以及主要股东之间不存在利害关系或其他可 能妨碍其进行独立客观判断的关系，因此，公司独立董事符 合《上市公司独立董事管理办法》《深圳证券交易所上市公 司自律监管指引第 1 号——主板上市公司规范运作》中对独 立董事独立性的相关要求。 ...

第一章 总则 第一条 为维护公司、股东、职工和债权人的合法权益，规范公司的组织和行 为，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》（以下简称《证券法》）和其他有关规定，制定本章程。 第二条 公司系依照国家体改委体改生字〔1992〕31 号文发布的《股份有限公 司规范意见》和其他有关规定成立的股份有限公司（以下简称公司）。 公司经安徽省人民政府皖政秘〔1993〕165 号文批准，并经中国证监会证监发 审字〔1993〕29 号文复审同意，以社会募集方式设立；1993 年 12 月 13 日公司在 安 徽 省 市 场 监 督 管 理 局 注 册 登 记 ， 取 得 营 业 执 照 ， 统 一 社 会 信 用 代 码 913400001489495895。 | 第一章 总则 | ----------------------------------------------------------------------------------------------------------2 | | | --- | --- | --- | | 第二章 经营宗旨和范围 | ------ ...

Group 1 - The core point of the article is that WanNeng Electric Power (000543) reported a decline in both revenue and net profit for the first quarter of 2025 [1] Group 2 - The company's operating revenue for Q1 2025 was 6.42 billion yuan, representing a year-on-year decrease of 8.10% [1] - The net profit for the same period was 444 million yuan, showing a year-on-year decline of 1.98% [1]

Financial Performance - The company's operating revenue for Q1 2025 was ¥6,419,690,208.37, a decrease of 8.10% compared to ¥6,985,247,161.67 in the same period last year[5] - Net profit attributable to shareholders was ¥443,609,385.72, down 1.98% from ¥452,572,336.21 year-on-year[5] - Basic and diluted earnings per share were both ¥0.1957, reflecting a decrease of 1.95% from ¥0.1996 in the same period last year[5] - Net profit for the current period is ¥713,255,463.19, an increase of 7.5% compared to ¥663,610,803.54 in the previous period[24] - The profit attributable to the parent company's shareholders is ¥443,609,385.72, a slight decrease of 2.1% from ¥452,572,336.21[24] - The company reported a total comprehensive income of ¥556,502,839.21, slightly down from ¥579,621,151.34 in the previous period[24] Cash Flow - The net cash flow from operating activities increased significantly by 87.48%, reaching ¥2,205,193,871.70 compared to ¥1,176,248,496.92 in the previous year[5] - Operating cash inflow for the current period was ¥8,571,582,368.98, a decrease of 4.34% from ¥8,961,788,062.66 in the previous period[26] - Cash outflow from investment activities totaled ¥874,041,346.28, down 27.14% from ¥1,198,826,914.71 in the previous period[28] - Net cash flow from financing activities was -¥672,894,478.12, compared to a positive cash flow of ¥879,943,106.95 in the previous period[28] - Cash and cash equivalents at the end of the period reached ¥3,119,650,029.92, an increase from ¥2,851,386,574.22 in the previous period[28] - Total cash inflow from financing activities was ¥2,832,511,138.21, down 37.83% from ¥4,556,748,250.87 in the previous period[28] - Cash received from other operating activities increased to ¥262,240,294.68, up 150.00% from ¥104,857,890.58 in the previous period[26] Assets and Liabilities - Total assets at the end of the reporting period were ¥67,234,618,625.79, representing a 0.95% increase from ¥66,601,515,587.62 at the end of the previous year[5] - The total liabilities decreased from ¥45,453,768,218.37 to ¥43,280,629,082.49, a reduction of approximately 4.8%[19] - The total liabilities amount to ¥43,319,812,474.39, showing a marginal increase from ¥43,295,605,887.26[21] - The total equity attributable to shareholders increased by 2.00% to ¥16,138,087,251.43 from ¥15,822,330,214.54 at the end of the previous year[5] Research and Development - The company reported a significant increase in research and development expenses, which rose by 195.6% to ¥84,388,174.29 from ¥28,544,631.41 in the previous year[9] - Research and development expenses increased significantly to ¥84,388,174.29, up from ¥28,544,631.41, indicating a focus on innovation[22] Shareholder Information - The total number of common shareholders at the end of the reporting period is 55,537[12] - Anhui Energy Group Co., Ltd. holds 54.93% of shares, totaling 1,245,208,342 shares[12] Other Financial Metrics - The investment income decreased by 42.1%, amounting to ¥179,427,287.91 compared to ¥309,889,804.09 in the same period last year[9] - The company experienced a 12097.7% increase in credit impairment losses, totaling ¥41,172,001.56, primarily due to the reversal of bad debts[9] - The company reported a 73.9% decrease in asset disposal gains, which were ¥3,065.33 compared to ¥11,746.45 in the previous year[9] - Cash paid for purchasing goods and services was ¥5,342,536,313.47, a decrease of 21.56% from ¥6,812,694,519.57 in the previous period[26] - Cash paid for employee compensation rose to ¥403,955,840.00, an increase of 19.45% from ¥338,242,354.81 in the previous period[26] Acquisitions and Restructuring - The company completed the acquisition of Xinjiang Lu'an Xiexin Zhuandong Energy Co., Ltd., now holding 53% of the shares[15] - The company has restructured its subsidiary, now named Xinjiang Waneng Jiangbufa Power Generation Co., Ltd.[15]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company's performance meets expectations, with new projects continuously contributing incremental growth [5] - The company reported a revenue of 30.094 billion yuan for 2024, a year-on-year increase of 7.99%, and a net profit attributable to shareholders of 2.064 billion yuan, up 44.36% year-on-year [7] - The company is the largest thermal power operator in Anhui Province, with a projected 23.7% share of the province's controlled thermal power units by the end of 2024 [7] Financial Performance Summary - Revenue forecast for 2023 to 2027 shows a steady increase, with 2025 expected revenue at 30.516 billion yuan, a 1.40% growth year-on-year [6] - Net profit attributable to shareholders is projected to grow from 2.064 billion yuan in 2024 to 2.205 billion yuan in 2025, reflecting a 6.85% increase [6] - Earnings per share (EPS) is expected to rise from 0.91 yuan in 2024 to 0.97 yuan in 2025 [6] Operational Highlights - The company achieved a 23% increase in installed capacity by the end of 2024, with new projects contributing significantly to growth [7] - The average on-grid electricity price for 2024 is 449.1 yuan per megawatt-hour, a decrease of 6.5 yuan compared to 2023 [7] - The company plans to distribute a cash dividend of 0.319 yuan per share, totaling 7.23 billion yuan, which is 35.04% of the net profit [7]

Investment Rating - The report maintains a "Buy" rating for WanNeng Electric Power [1][6] Core Views - The company's performance in 2024 met expectations, with significant growth in revenue and net profit driven by new power generation units coming online and favorable electricity pricing [1][3][6] - The overall performance is supported by a 7.99% year-on-year increase in operating revenue to CNY 30.094 billion and a 44.36% increase in net profit attributable to shareholders to CNY 2.064 billion [1][3] - The report highlights the strong contribution from new power generation units, particularly in Xinjiang, and the improvement in profitability from domestic power plants [3][4][6] Summary by Sections Performance Overview - In 2024, the company benefited from the operation of new power plants, leading to a 17.34% year-on-year increase in electricity generation to 601.5 billion kWh [3][4] - The average on-grid electricity price remained high at CNY 449.10 per MWh, with a slight decrease of 1.43% year-on-year [3][4] - The cost of electricity generation materials decreased by 9.13% year-on-year to CNY 257.22 per MWh, contributing to improved margins [3][4] Profit Contribution - The Xinjiang power plants significantly boosted profits, with the WanNeng Jiangbu Power Plant achieving a comprehensive income of CNY 0.552 billion, up 406.42% year-on-year [3][4] - Domestic power plants also showed improved profitability, with notable recoveries in the Hefei and Ma'anshan plants [3][4] Growth Potential - The company is expected to continue its growth trajectory with ongoing investments in new power generation capacity, including projects set to come online in 2025 and 2026 [4][6] - Despite a projected decrease in electricity prices, the company is anticipated to maintain high utilization rates due to a power supply shortage in Anhui [4][6] Financial Projections - The report adjusts the forecast for net profit attributable to shareholders for 2025-2027 to CNY 2.079 billion, CNY 2.282 billion, and CNY 2.319 billion, respectively [6] - Corresponding P/E ratios are projected at 8.46, 7.71, and 7.59 for the same years [6]

Investment Rating - The report maintains a "Buy" rating for WanNeng Electric Power [1][6] Core Views - The company's performance in 2024 met expectations, with significant growth driven by new power generation units and stable electricity prices [1][3] - The overall revenue for 2024 reached 30.094 billion yuan, a year-on-year increase of 7.99%, while the net profit attributable to shareholders was 2.064 billion yuan, up 44.36% year-on-year [1][3] - The report highlights the continuous commissioning of new units, which supports future growth [1][3] Summary by Sections Performance Overview - In 2024, the company benefited from the commissioning of new power plants, leading to a 17.34% year-on-year increase in electricity generation, totaling 601.5 billion kWh [3][4] - The average on-grid electricity price was 449.10 yuan/MWh, showing a slight decrease of 1.43% year-on-year, while the cost of materials per kWh decreased by 9.13% to 257.22 yuan/MWh [3][4] Profit Contribution - The main profit growth driver was the full operation of the Xinjiang power plant, which contributed 552 million yuan in comprehensive income, a 406.42% increase year-on-year [3][4] - The report notes significant improvements in profits from domestic power plants, with several plants turning losses into profits [3][4] Growth Potential - The company is expected to see continued growth in installed capacity, with several projects set to be commissioned in 2025-2026 [4][6] - Despite a projected decrease in electricity prices, the company is anticipated to maintain high utilization hours due to a power supply shortage in Anhui [4][6] Financial Projections - The report adjusts the net profit forecasts for 2025-2027 to 2.079 billion, 2.282 billion, and 2.319 billion yuan, respectively, with corresponding P/E ratios of 8.46, 7.71, and 7.59 [6][5]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved a revenue of 30.094 billion RMB in 2024, representing a year-on-year increase of 7.99%, and a net profit attributable to shareholders of 2.064 billion RMB, up 44.36% year-on-year [1] - The company plans a cash dividend of 0.319 RMB per share for 2024, which is a 44.3% increase compared to the previous year, resulting in a current dividend yield of 4.1% [1] - The company is expected to see continued growth in net profit, with projections of 2.425 billion RMB, 2.459 billion RMB, and 2.461 billion RMB for 2025, 2026, and 2027 respectively [4] Summary by Sections Revenue and Profit Growth - The company’s power generation volume increased by 17.3% year-on-year in 2024, driven by new capacity coming online and a robust demand for electricity in Anhui, which grew at 11.9%, exceeding the national average by 5.1 percentage points [2] - The company’s revenue from power generation also rose by 16.1% year-on-year [2] Cost and Profitability - The average market coal price decreased by 11.4% to 856 RMB per ton in 2024, improving the profitability of thermal power generation [3] - The company’s gross margin for its power generation business improved to 13.9%, an increase of 6.2 percentage points year-on-year [3] Investment and Future Prospects - The company’s investments in joint ventures contributed significantly to its profits, with investment income from associates and joint ventures reaching 1.22 billion RMB, accounting for 35.4% of total profit [3] - The company has ongoing projects that are expected to contribute to future earnings, including the second phase of the Qianyingzi project and several renewable energy projects [3] Financial Projections - The company is projected to have earnings per share (EPS) of 1.07 RMB, 1.09 RMB, and 1.09 RMB for 2025, 2026, and 2027 respectively, with corresponding price-to-earnings (P/E) ratios of 7.25, 7.14, and 7.14 [4]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved a revenue of 30.094 billion RMB in 2024, representing a year-on-year increase of 7.99%, and a net profit attributable to shareholders of 2.064 billion RMB, up 44.36% year-on-year [1][4] - The company plans a cash dividend of 0.319 RMB per share for 2024, which is a 44.3% increase compared to the previous year, resulting in a current dividend yield of 4.1% [1] - The company is expected to continue its growth trajectory with projected net profits of 2.425 billion RMB, 2.459 billion RMB, and 2.461 billion RMB for 2025, 2026, and 2027 respectively, with corresponding EPS of 1.07, 1.09, and 1.09 RMB [4] Summary by Sections Revenue and Profitability - In 2024, the company’s electricity generation increased by 17.3% year-on-year, driven by new capacity coming online and a robust demand growth in Anhui province, which saw an electricity consumption growth rate of 11.9%, exceeding the national average by 5.1 percentage points [2] - The average selling price of electricity was 0.449 RMB/kWh, slightly down by 1.4% but still maintaining a premium of approximately 16.8% over the benchmark price [2] Cost Structure and Coal Prices - The average market coal price decreased by 11.4% to 856 RMB/ton in 2024, while the long-term contract coal price also fell by 1.8% to 701 RMB/ton, leading to an improvement in the company's profitability [3] - The company’s power generation business gross margin improved to 13.9%, an increase of 6.2 percentage points year-on-year, due to a favorable coal cost structure where long-term contracts account for about 75% of coal usage [3] Investment and Future Outlook - The company’s investments in joint ventures and associates contributed significantly to profits, with investment income from these entities reaching 1.22 billion RMB in 2024, accounting for 35.4% of total profit [3] - The company is expected to see continued growth from new projects, including the commissioning of additional power generation units and the expansion of renewable energy projects [2][4]

证券代码：000543 证券简称：皖能电力 公告编号：2025-08 一、召开会议基本情况 1．股东大会届次：2024 年度股东大会。 安徽省皖能股份有限公司 关于召开 2024 年度股东大会的通知 安徽省皖能股份有限公司（以下简称"公司"或"本公司"）及董事会全体 成员保证公告内容的真实、准确和完整，没有虚假记载、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个别及连带责任。 安徽省皖能股份有限公司（以下简称"公司"或"皖能电力"）董事会决定 于 2025 年 5 月 22 日召开公司 2024 年度股东大会，现就会议有关事项公告如下： 2．股东大会的召集人：公司董事会。 3．经公司 2025 年 4 月 23 日召开的第十一届董事会第六次会议通过决议， 决定召开 2024 年度股东大会。公司董事会召集本次股东大会会议符合有关法律、 行政法规、部门规章、规范性文件和《公司章程》的相关规定。 4．会议召开的日期、时间： （1）现场会议召开时间：2025 年 5 月 22 日 14:30； （2）网络投票时间：通过深圳证券交易所交易系统进行网络投票的具体时 间为 2025 年 5 月 22 日 ...