证券代码：001289 证券简称：龙源电力 公告编号：2025-072 | 超短期融资券全称 | 龙源电力集团股份有限公司 | | 2025 | | 年度第八期超短期融资券 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 主承销商 | 中国工商银行股份有限公司、渤海银行股份有限公司 | | | | | | | | | | 超短期融资券简称 | 龙源电力 25 SCP008 | | 期限 | 天 180 | | | | | | | 超短期融资券代码 | 012582813 | | 发行日 | 2025 | 年 | 月 11 | 19 | 日 | | | 起息日 | 2025 月 20 日 | 年 11 | 兑付日 | 2026 | 年 | 5 月 | 19 | | 日 | | 计划发行总额 | 20 亿元人民币 | | 实际发行总额 | 20 | | 亿元人民币 | | | | | 发行价格 | 100 票面利率 | 元/张 | | 1.56% | | | | | | 1 本 期 发 行 超 短 期 融 资 券 ...

证券代码：001289 证券简称：龙源电力 公告编号：2025-073 本 期 发 行 超 短 期 融 资 券 的 相 关 文 件 已 在 中 国 货 币 网 （ http://www.chinamoney.com.cn ） 和 上 海 清 算 所 网 站 （http://www.shclearing.com.cn）上刊登。 特此公告。 龙源电力集团股份有限公司 本公司及董事会全体成员保证信息披露内容真实、准确和完整，没有虚假记载、误导 性陈述或者重大遗漏。 龙源电力集团股份有限公司（以下简称"公司"）于 2025 年 6 月 17 日召开 的 2024 年度股东大会审议通过了《关于龙源电力集团股份有限公司在境内申请 注册及发行债务融资工具一般性授权的议案》，批准并同意授权董事会决定及处 理公司以一次性或分期的形式通过中国证监会、深圳证券交易所、国家发展改革 委、中国保险资产管理业协会等机构审批、注册、登记、发行或设立债务融资工 具，新增规模合计不超过人民币 500 亿元（含 500 亿元）；以统一注册或分品种 注册的形式向中国银行间市场交易商协会注册债务融资工具，可采取分期方式发 行，新增规模合计不超过人民 ...

Core Viewpoint - Longyuan Power (00916.HK) maintains a "Buy" rating despite a year-on-year decline in net profit due to high base effects from last year's asset disposals and fluctuations in green electricity prices, while revenue increased in Q3 2025 [1] Financial Performance - Q3 2025 revenue increased year-on-year, but net profit attributable to shareholders decreased due to high base effects from last year's thermal power asset disposals [1] - Operating cash flow significantly improved by 53.33% driven by accelerated recovery of national subsidies [1] - Wind power generation showed steady growth, while solar power generation saw a remarkable year-on-year increase [1] Market Position and Ratings - As of November 20, 2025, Longyuan Power's stock closed at HKD 6.99, with a trading volume of 12.49 million shares and a turnover of HKD 87.46 million [1] - The stock has received "Buy" ratings from six investment banks in the past 90 days, with an average target price of HKD 9.43 [1] - Longyuan Power's market capitalization is HKD 23.258 billion, ranking 7th in the power industry [1][2] Key Financial Metrics - Return on Equity (ROE): 8.08%, compared to the industry average of 0.1% [2] - Market capitalization: HKD 23.258 billion, above the industry average of HKD 18.23 billion [2] - Revenue: HKD 28.143 billion, slightly below the industry average of HKD 29.099 billion [2] - Net profit margin: 26.66%, higher than the industry average of 25.47% [2] - Debt ratio: 67.27%, compared to the industry average of 61.72% [2]

Core Viewpoint - The report maintains a "Buy" rating for Longyuan Power (001289)(00916), highlighting revenue growth in Q3 2025 but a decline in net profit due to fluctuations in green electricity prices and high base effects from last year's disposal of thermal power assets [1] Performance Summary - In the first three quarters, Longyuan Power achieved operating revenue of 22.221 billion yuan, a year-on-year increase of 17.29%, and a net profit attributable to shareholders of 4.393 billion yuan, a year-on-year decrease of 21.02%. Operating cash flow increased significantly by 53.33% to 15.784 billion yuan [2] - In Q3 alone, the company reported operating revenue of 6.564 billion yuan, a year-on-year decrease of 13.98%, and a net profit of 1.018 billion yuan, down 38.19% year-on-year. The gross margin for Q3 was 34.91%, up 2.64 percentage points year-on-year but down 4.09 percentage points quarter-on-quarter [2] Operational Data - The wind power utilization hours for the first three quarters were 1511 hours, a decrease of 95 hours year-on-year. The company added 1.13 million kW of wind and 1.17 million kW of solar capacity in the first three quarters, with slower growth rates [3] - Total electricity generation was 56.547 billion kWh, a slight decrease of 0.53% year-on-year, with wind power generation up 5.30% and solar power generation up 77.98% year-on-year. In Q3, wind power generation increased by 3.33% and solar power generation surged by 88.61% [3] - Revenue from the wind and solar segments for the first three quarters was 19.144 billion yuan and 2.806 billion yuan, respectively, with year-on-year changes of -1.82% and +64.82% [3] Profit Forecast - Short-term performance is under pressure due to fluctuations in green electricity prices and high base effects from last year's thermal power asset disposal. However, the company’s offshore wind and large-scale projects are expected to support long-term growth. The company is anticipated to benefit from industry valuation recovery [4] - The forecast for net profit attributable to shareholders for 2025-2027 is 5.690 billion yuan, 6.130 billion yuan, and 6.592 billion yuan, reflecting year-on-year changes of -11.4%, +7.7%, and +7.5%, respectively [4]

Core Viewpoint - The report from Xingzheng International maintains a "Buy" rating for Longyuan Power (00916), highlighting revenue growth in Q3 2025 but a decline in net profit due to fluctuations in green electricity prices and high base effects from last year's disposal of thermal power assets [1] Performance Summary - In the first three quarters, Longyuan Power achieved operating revenue of 22.221 billion yuan, a year-on-year increase of 17.29%, while net profit attributable to shareholders was 4.393 billion yuan, a year-on-year decrease of 21.02%. Operating cash flow increased significantly by 53.33% to 15.784 billion yuan [1] - In Q3 alone, the company reported operating revenue of 6.564 billion yuan, a year-on-year decrease of 13.98%, and net profit of 1.018 billion yuan, down 38.19%. The gross margin for Q3 was 34.91%, up 2.64 percentage points year-on-year but down 4.09 percentage points quarter-on-quarter [1] - The investment income for Q3 was -11 million yuan, compared to 514 million yuan in the same period last year due to the disposal of thermal power assets [1] Operational Data - In the first three quarters, the wind power utilization hours were 1511 hours, a decrease of 95 hours year-on-year. The newly installed wind and solar capacity was 1.13 million kW and 1.17 million kW, respectively, with a slowdown in growth [2] - The total electricity generation was 56.547 billion kWh, a slight decrease of 0.53% year-on-year. Excluding the impact of thermal power asset disposal, wind power generation increased by 5.30%, and solar power generation surged by 77.98% [2] - For Q3, wind power generation increased by 3.33% year-on-year, while solar power generation saw an impressive increase of 88.61% [2] Profit Forecast - Short-term performance is under pressure due to fluctuations in green electricity prices and high base effects from last year's thermal power asset disposal. However, the company’s offshore wind and large-scale projects are expected to support long-term growth [3] - The forecast for net profit attributable to shareholders for 2025-2027 is 5.690 billion yuan, 6.130 billion yuan, and 6.592 billion yuan, reflecting a year-on-year change of -11.4%, +7.7%, and +7.5%, respectively [3] - The corresponding price-to-earnings ratios for the Hong Kong stock market as of November 18 are projected at 9.5x, 8.8x, and 8.2x for the respective years [3]

Core Viewpoint - Longyuan Power's stock experienced a slight decline of 0.35% on November 19, with a trading volume of 49.83 million yuan, indicating a low level of financing balance compared to historical data [1][2]. Financing Summary - On November 19, Longyuan Power had a financing buy amount of 3.87 million yuan and a financing repayment of 2.50 million yuan, resulting in a net financing purchase of 1.38 million yuan [1]. - The total financing and securities balance for Longyuan Power reached 64.87 million yuan as of November 19, with the financing balance accounting for 0.07% of the circulating market value, which is below the 20th percentile level over the past year [1]. Securities Lending Summary - On November 19, Longyuan Power repaid 400 shares in securities lending, with no shares sold, resulting in a selling amount of 0.00 yuan [1]. - The remaining amount of securities lent was 20,000 shares, with a balance of 342,600 yuan, which is above the 60th percentile level over the past year, indicating a relatively high level of securities lending [1]. Company Overview - Longyuan Power Group Co., Ltd. was established on January 27, 1993, and listed on January 24, 2022. The company specializes in power system and electrical equipment technology transformation, technical services, and production maintenance [2]. - The main business revenue composition includes 99.22% from power products and 0.78% from other sources [2]. Financial Performance - For the period from January to September 2025, Longyuan Power reported an operating income of 22.22 billion yuan, a year-on-year decrease of 15.67%, and a net profit attributable to shareholders of 4.39 billion yuan, down 19.76% year-on-year [2]. Dividend Information - Longyuan Power has distributed a total of 5.98 billion yuan in dividends since its A-share listing, with 4.75 billion yuan distributed over the past three years [3]. Institutional Holdings - As of September 30, 2025, Longyuan Power had 34,200 shareholders, a decrease of 16.42% from the previous period [2]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited and various ETFs, with notable reductions in holdings for some entities [3].

Core Points - Longyuan Power announced the transfer of its entire 30% stake in United Power to State Energy Group New Energy for 1 yuan, resulting in Longyuan no longer holding any equity in United Power [1][3] - United Power has been in a long-term loss situation, with a net asset value of -7.137 billion yuan and a net profit of -574 million yuan for the first nine months of 2025 [3] - Longyuan Power has already written down the entire investment loss in 2023, so the 1 yuan transfer is not expected to significantly impact current profits [3] Group 1 - Longyuan Power is simultaneously increasing its investment in offshore wind power by establishing new subsidiaries with State Energy Jiangsu Electric and other partners, contributing a total of 153 million yuan [4][6] - The new subsidiaries will focus on developing and operating several offshore wind projects in Jiangsu, including a 150,000 kW project in Rudong and a 400,000 kW project in Dafeng [6] - The establishment of these subsidiaries is aimed at leveraging local resource advantages and enhancing expertise in the offshore wind sector, which is expected to have a positive long-term impact on the company's operations [6]

来源：新浪证券-红岸工作室 2、龙源电力集团股份有限公司的主营业务是风力、光伏发电。公司的主要产品是电力、热力。 风力、 光伏发电。 3、公司主要从事风电场的设计、开发、建设、管理和运营。 4、公司在新疆的在运风电装机容量为159.08万千瓦。 (免责声明：分析内容来源于互联网，不构成投资建议，请投资者根据不同行情独立判断) 资金分析 今日主力净流入-91.24万，占比0.02%，行业排名40/102，该股当前无连续增减仓现象，主力趋势不明 显；所属行业主力净流入-4.23亿，连续3日被主力资金减仓。 11月19日，龙源电力跌0.35%，成交额4983.61万元，换手率0.06%，总市值1432.04亿元。 异动分析 抽水蓄能+绿色电力+风电+新疆振兴 1、龙源电力与黑龙江省铁力市人民政府签订353万千瓦新能源发电项目合作开发框架协议。根据合作协 议，由龙源电力与新农创投资发展有限公司联合成立龙源盛达合资公司，并与铁力市政府展开合作，共 同开发300万千瓦抽水蓄能项目。 龙源电力所属申万行业为：公用事业-电力-风力发电。所属概念板块包括：DeepSeek概念、大盘、抽水 蓄能、乡村振兴、基金重仓等。 截至9月 ...

Core Insights - The article highlights significant advancements in China's offshore wind power technology, marking a transition from nearshore to deep-sea leadership, driven by the "14th Five-Year Plan" and the establishment of a modern industrial chain alliance for offshore wind power [1][2][4]. Industry Development - The offshore wind power industry is crucial for energy security and optimizing energy structure, serving as a key driver for marine productivity and enhancing international competitiveness [2][3]. - China has the largest installed capacity of offshore wind power globally, with a cumulative capacity of 44.61 million kilowatts by September 2023, accounting for over half of the world's total [4][5]. Technological Advancements - The development of large-capacity offshore wind turbines has progressed from 3 MW to 20 MW, with expectations to reach nearly 50 million kilowatts of cumulative installed capacity by the end of 2025 [5]. - The levelized cost of electricity (LCOE) for offshore wind power in China is projected to decrease to $0.056 per kilowatt-hour by the end of 2024, reflecting a 22% reduction from 2023 and a 72% decrease since 2010 [5]. Collaborative Innovation - The establishment of the offshore wind power modern industrial chain alliance aims to address common challenges such as technological bottlenecks and supply chain risks through collaborative research and standardization [1][7]. - The industry is shifting towards multi-energy integration and collaborative development, with new business models emerging, such as "wind and fish" and "offshore energy islands" [6][7]. Future Projections - By 2030, the total installed capacity of offshore wind power in China is expected to reach 200 million kilowatts, with an estimated total investment of approximately 2.6 trillion yuan, driving a total industrial output value exceeding 15 trillion yuan [6][7]. Challenges and Solutions - The offshore wind power sector faces challenges related to market fluctuations and the need for breakthroughs in key technologies, including large turbine reliability and flexible direct current transmission systems [7][8]. - The "2025 Offshore Wind Power Modern Industrial Chain Collaborative Action Conference" has released a technology breakthrough list focusing on critical areas to enhance the industry's capabilities [7][8].

Core Viewpoint - Longyuan Power's stock experienced a slight decline of 0.12% on November 18, with a trading volume of 48.32 million yuan, indicating a challenging market environment for the company [1] Financing Summary - On November 18, Longyuan Power had a financing buy-in amount of 1.33 million yuan and a financing repayment of 3.82 million yuan, resulting in a net financing outflow of 2.49 million yuan [1] - As of November 18, the total margin balance for Longyuan Power was 63.50 million yuan, with the financing balance at 63.15 million yuan, accounting for 0.07% of the circulating market value, which is below the 20th percentile level over the past year, indicating a low financing level [1] - The company repaid 600 shares of margin loans on November 18, with no shares sold short, resulting in a short balance of 2.04 million shares and a short balance of 350,700 yuan, which is above the 60th percentile level over the past year, indicating a relatively high short position [1] Company Overview - Longyuan Power Group Co., Ltd. was established on January 27, 1993, and listed on January 24, 2022, with its main business involving technical transformation, services, and production maintenance of power systems and electrical equipment [2] - The company's revenue composition is primarily from power products (99.22%), with other income accounting for 0.78% [2] - As of September 30, the number of shareholders was 34,200, a decrease of 16.42% from the previous period, with an average of 0 circulating shares per shareholder [2] Financial Performance - For the period from January to September 2025, Longyuan Power reported a revenue of 22.22 billion yuan, a year-on-year decrease of 15.67%, and a net profit attributable to shareholders of 4.39 billion yuan, down 19.76% year-on-year [2] - Since its A-share listing, Longyuan Power has distributed a total of 5.98 billion yuan in dividends, with 4.75 billion yuan distributed over the past three years [3] Institutional Holdings - As of September 30, 2025, the top ten circulating shareholders included Hong Kong Central Clearing Limited as the fifth-largest shareholder with 3.05 million shares, a decrease of 819,900 shares from the previous period [3] - Other notable shareholders include Huatai-PB CSI 300 ETF and E Fund CSI 300 ETF, with slight changes in their holdings compared to the previous period [3]