Core Viewpoint - Longyuan Power (00916) announced a projected decrease in power generation for October 2025, with a total of 5.6052 million MWh, representing a year-on-year decline of 4.95% compared to the same period in 2024 [1] Group 1: Power Generation Performance - In October 2025, the company's cumulative power generation reached 62.1519 million MWh, a year-on-year decrease of 0.94% compared to 2024 [1] - Excluding the impact of thermal power, the year-on-year growth in power generation was 11.82%, with wind power increasing by 3.44% and solar power surging by 75.45% [1] Group 2: Monthly Performance - The wind power generation for the month saw a year-on-year decline of 12.14% [1] - In contrast, solar power generation experienced a significant year-on-year increase of 52.86% [1]

Core Insights - Longyuan Power (001289)(00916) announced that it completed a total power generation of 5.6052 million MWh in October 2025, representing a year-on-year decrease of 4.95% compared to the same period in 2024 [1] - The company's wind power generation decreased by 12.14% year-on-year this month, while solar power generation increased by 52.86% [1] - As of October 31, 2025, the cumulative power generation reached 62.1519 million MWh, a year-on-year decline of 0.94% compared to 2024, but excluding the impact of thermal power, there was an increase of 11.82%, with wind power up by 3.44% and solar power up by 75.45% [1]

Core Insights - Longyuan Power Group Co., Ltd. reported a total electricity generation of 5,605,173 MWh for October 2025, representing a year-on-year decrease of 4.95% compared to the same month in 2024 [1] - The company's wind power generation saw a year-on-year decline of 12.14%, while solar power generation increased by 52.86% [1] - Cumulatively, as of October 31, 2025, the company achieved a total electricity generation of 62,151,880 MWh, which is a 0.94% decrease compared to the same period in 2024. Excluding the impact of thermal power, there was an 11.82% year-on-year increase, with wind power growing by 3.44% and solar power by 75.45% [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不對因本公告全部或任何部份內容而產生或因倚賴該等內容而引致的 任 何 損 失 承 擔 任 何 責 任。 截 至2025年10月31日，本 公 司2025年累計完成發電量62,151,880兆 瓦 時， 較2024年同期同比下降0.94%，剔除火電影響同比增長11.82%，其 中 風 電 同 比 增 長3.44%，光 伏 同 比 增 長75.45%。 – 1 – 2025年10月 本 集 團 發 電 量 詳 情 如 下： 業務板塊及地區分佈 2025年10月 發電量 2024年10月 發電量 10月同比 變化率 2025年 累計發電量 2024年 累計發電量 年累計發 電 量 同比變化率 （兆 瓦 時） （兆 瓦 時） (%) （兆 瓦 時） （兆 瓦 時） (%) 風電業務 4,607,716 5,244,503 -12.14 50,795,660 49,106,039 3.44 其 中：黑 龍 江 225,430 317,815 -29 ...

Core Insights - Longyuan Power (001289.SZ) reported a total power generation of 5,605,173 MWh for October 2025, representing a year-on-year decrease of 4.95% compared to the same month in 2024 [1] - The company's wind power generation in October decreased by 12.14% year-on-year, while solar power generation increased by 52.86% [1] - As of October 31, 2025, the cumulative power generation for the year reached 62,151,880 MWh, a year-on-year decline of 0.94% compared to 2024, but excluding the impact of thermal power, there was an increase of 11.82% [1] - Wind power generation for the year showed a year-on-year growth of 3.44%, while solar power generation increased significantly by 75.45% [1]

Core Insights - Longyuan Power (001289.SZ) reported a total power generation of 5,605,173 MWh for October 2025, representing a year-on-year decrease of 4.95% compared to the same month in 2024 [1] Summary by Category Power Generation Performance - The company's cumulative power generation for 2025 reached 62,151,880 MWh by October 31, 2025, which is a 0.94% decrease year-on-year compared to 2024 [1] - Excluding the impact of thermal power, the year-on-year growth in power generation is 11.82%, with wind power generation increasing by 3.44% and solar power generation rising significantly by 75.45% [1] Monthly Performance - In October 2025, wind power generation saw a year-on-year decline of 12.14%, while solar power generation experienced a substantial increase of 52.86% [1]

1 证券代码：001289 证券简称：龙源电力 公告编号：2025-068 龙源电力集团股份有限公司 2025年10月发电量数据公告 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"本公司"）2025 年 10 月按合并报 表口径完成发电量 5,605,173 兆瓦时，较 2024 年同期同比下降 4.95%。本月风电 发电量同比下降 12.14%，光伏发电量同比增长 52.86%。 截至 2025 年 10 月 31 日，本公司 2025 年累计完成发电量 62,151,880 兆瓦时， 较 2024 年同期同比下降 0.94%，剔除火电影响同比增长 11.82%，其中风电同比 增长 3.44%，光伏同比增长 75.45%。 3 业务板块及地区分布 2025 年 10 月 发电量 （兆瓦时） 2024 年 10 月 发电量 （兆瓦时） 10 月同比 变化率 （%） 2025 年 累计发电量 （兆瓦时） 2024 年 累计发电量 （兆瓦时） 年累计发 电量 同比变化 率 （%） 风电业务 4,607,716 5,244,50 ...

Group 1: Company Overview - Longyuan Power Group Co., Ltd. is engaged in the technical transformation, service, and maintenance of power systems and electrical equipment, as well as the development and production of new technologies, equipment, and materials related to electricity [2] - The company was established on January 27, 1993, and was listed on January 24, 2022 [2] - The main business revenue composition is 99.22% from power products and 0.78% from other income [2] Group 2: Financial Performance - For the period from January to September 2025, Longyuan Power achieved operating revenue of 22.221 billion yuan, a year-on-year decrease of 15.67% [2] - The net profit attributable to the parent company for the same period was 4.393 billion yuan, down 19.76% year-on-year [2] - Cumulative cash dividends since the A-share listing amount to 5.978 billion yuan, with 4.746 billion yuan distributed over the past three years [3] Group 3: Shareholder and Market Activity - As of September 30, 2025, the number of shareholders is 34,200, 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 [3] - On November 6, 2023, Longyuan Power's stock rose by 1.61%, with a trading volume of 136 million yuan [1]

Core Viewpoint - The successful implementation of the Palmera onshore wind power project by China Three Gorges Corporation in Brazil's Paraíba state not only provides clean energy but also fosters local economic development through the "goat milk economy" initiative, benefiting local farmers and communities [1][5]. Group 1: Wind Power Project - The Palmera onshore wind power project consists of 108 wind turbines with a total installed capacity of 648,000 kilowatts, designed to generate 2.554 billion kilowatt-hours annually, meeting the electricity needs of 720,000 local households [5]. - The project is expected to save approximately 779,000 tons of standard coal and reduce carbon dioxide emissions by about 2.125 million tons each year, contributing to a greener energy structure in northeastern Brazil [5]. - The project achieved full-capacity grid connection in October 2023, marking a significant milestone in enhancing local energy sustainability [5]. Group 2: Goat Milk Economy Initiative - The "goat milk entrepreneurship project" has expanded to cover five communities, involving 69 families and approximately 300 residents, significantly improving their income levels [4]. - The project includes three phases: providing technical training for scientific breeding and dairy processing, enhancing the industrial chain through resource integration, and introducing a digital management system for real-time production tracking [4]. - The income of participating families has nearly doubled, with the potential for daily milk production per household to increase by 2 to 2.5 liters in the future [4].

Core Viewpoint - The renewable energy sector in China is poised for significant growth, with projections indicating that renewable energy generation could double in the next five years, potentially replacing fossil fuels in the energy supply [2] Group 1: Industry Trends - The electricity sector is experiencing a transformation, with power operators gaining renewed vitality and intrinsic value being reassessed due to ongoing reforms [3] - The demand for electricity is robust, driven by the urgent need for smart grid upgrades and infrastructure improvements, leading to a high growth cycle in grid investment [5] - The photovoltaic (PV) industry is witnessing a trend of reducing losses, with the third quarter showing signs of recovery and a potential for performance improvement [5][6] Group 2: Investment Recommendations - Investors are encouraged to focus on high-quality thermal power operators such as Huaneng International and Datang Power, as well as major hydropower companies like Yangtze Power and Guotou Power [3] - The electricity sector's basic fundamentals are solidifying, with recommendations to pay attention to long-cycle growth areas such as ultra-high voltage and smart grid technologies [4] - The PV industry is expected to benefit from a dual boost of performance improvement and structural changes, suggesting a favorable environment for investment in this sector [5][6]