Core Viewpoint - Longyuan Power has signed a framework agreement for a 353 MW renewable energy project with the government of Tieli City, Heilongjiang Province, which includes the development of a 300 MW pumped storage project [2] Company Overview - Longyuan Power Group Co., Ltd. primarily engages in wind and solar power generation, with its main products being electricity and heat [2][3] - The company is involved in the design, development, construction, management, and operation of wind farms [3] - As of now, Longyuan Power has an operational wind power capacity of 1,590,800 kW in Xinjiang [4] - The company was established on January 27, 1993, and listed on January 24, 2022, with its main business activities including technology services, project investment management, and sales of electrical equipment [8] Financial Performance - For the period from January to September 2025, Longyuan Power reported a revenue of 22.221 billion yuan, a year-on-year decrease of 15.67%, and a net profit attributable to shareholders of 4.393 billion yuan, down 19.76% year-on-year [9] - The company has distributed a total of 5.978 billion yuan in dividends since its A-share listing, with 4.746 billion yuan distributed over the past three years [10] Shareholder and Market Activity - As of September 30, 2025, the number of shareholders for Longyuan Power was 34,200, a decrease of 16.42% from the previous period [9] - The main net inflow of funds today was 2.7499 million yuan, accounting for 0.06% of the total, with the industry ranking at 10 out of 102 [5][6] - The average trading cost of the stock is 16.76 yuan, with the stock price nearing a resistance level of 17.66 yuan [7]

Core Viewpoint - Longyuan Power, the world's largest wind power operator, announced the transfer of its entire 30% stake in United Power Technology Co., Ltd. to State Energy Group New Energy Co., Ltd. for 1 yuan, aiming to optimize its asset structure and focus on core business development [3][4]. Group 1: Transaction Overview - Longyuan Power will transfer its 30% stake in United Power to State Energy Group New Energy for 1 yuan, with another shareholder, State Energy (Beijing) Electric Technology Co., Ltd., doing the same [7][8]. - United Power has been experiencing long-term losses, with a reported loss of 574 million yuan in the first three quarters of this year and a net asset value of -7.137 billion yuan as of September 2025 [3][4][19]. - Longyuan Power has already written down the entire investment loss for this stake in 2023, resulting in a book value of 0 for the long-term equity investment [3][4]. Group 2: Financial Performance - Longyuan Power reported a revenue of 22.221 billion yuan in the first three quarters of this year, a decrease of 17.29% year-on-year, and a net profit of 4.393 billion yuan, down 21.02% year-on-year [4]. - In the third quarter alone, the net profit dropped by 38.19% compared to the same period last year [4]. Group 3: Company Background - United Power, established in 2007 and headquartered in Beijing, is a well-known wind turbine manufacturer in China, consistently ranking in the top 10 for annual new installations [3][4]. - The company has seen a decline in its ranking and performance over the years, with significant financial struggles leading to its current state of insolvency [3][4][19].

Investment Rating - The report maintains a "Positive" outlook on the public utilities and environmental protection sectors [3] Core Insights - The report highlights a significant increase in electricity production in October, with total generation reaching 800.2 billion kWh, a year-on-year growth of 7.9% [4][11] - Hydropower and thermal power contributed the most to the increase in electricity generation, while wind power saw a decline of 11.9% compared to the previous year [4][10] - Natural gas prices showed mixed trends globally, with stable prices in Asia and fluctuations in Europe and North America [22][40] Summary by Sections 1. Electricity Production - In October, thermal power generation was 513.8 billion kWh, up 7.3% year-on-year, while hydropower generation reached 135.1 billion kWh, up 28.2% [4][11] - The total increase in electricity generation for October was approximately 58.6 billion kWh, with thermal power contributing 35 billion kWh and hydropower contributing 29.7 billion kWh [10][11] - The Three Gorges Reservoir achieved its water storage target of 175 meters, supporting future hydropower generation [10] 2. Natural Gas Market - As of November 14, the Henry Hub spot price in the U.S. was $3.49/mmBtu, a weekly decrease of 7.32% [22] - The TTF spot price in Europe was €30.80/MWh, showing a slight weekly change of 0.81% [22] - Northeast Asia's LNG spot price remained stable at $11.10/mmBtu, with domestic supply being sufficient [22][40] 3. Investment Recommendations - For hydropower, the report recommends companies like Guotou Power, Chuan Investment Energy, and Huaneng Hydropower due to favorable autumn water conditions [20] - In the green energy sector, companies such as Xintian Green Energy and Longyuan Power are suggested for their stable returns and high utilization hours [20] - For nuclear power, the report highlights China Nuclear Power and China General Nuclear Power as key players due to ongoing approvals for new units [20] - In the thermal power sector, companies like Guodian Power and Inner Mongolia Huadian are recommended due to decreasing fuel costs [20] - The report also suggests focusing on integrated natural gas companies like Kunlun Energy and New Hope Energy for their potential recovery in profitability [42][43]

挖掘海上风电巨大潜力，是落实新能源战略的重要抓手，也是推动产业向新向智的重要赛道。截至 今年9月底，我国海上风电累计装机容量达4461万千瓦。我国海上风电累计装机容量已连续四年位居全 球第一。 面向"十五五"，我国海上风电将步入发展的快车道，向深远海拓展是大势所趋，但也面临着产业链 韧性有待提高、关键部件技术仍需升级等难点。全链协同、技术攻关、融合创新是政策指向，也是业界 共识。 加快向深远海拓展 冬日暖阳下，2177公里海岸线蜿蜒曲折，超1300万千瓦海上风电项目建设正酣，辽宁这个"新中国 工业摇篮"正在"向海图强"中展现出新的"风光"。 放眼全国，山东昌邑、江苏如东、福建漳浦、广东阳江……更多的"蓝色增长极"崛起。我国海上风 电新增装机容量已连续七年全球第一，构建起覆盖设计、制造、施工、运维的全产业链体系，风电机组 产能占全球市场份额的60%。 "海上风电产业链条长、覆盖范围广、带动能力强，是推动海洋经济崛起，支撑海洋强国建设的重 要战略支点。"中国工程院院士汤广福说。 迈向"十五五"，新的蓝图已然浮现。日前在2025北京风能展上发布的《风能北京宣言2.0》提 出，"十五五"期间，我国海上风电年新增装机1 ...

Core Viewpoint - Longyuan Power Group Co., Ltd. announced the transfer of its entire 30% stake in United Power to State Energy Group New Energy Co., Ltd. for 1 yuan due to United Power's long-term losses, with the company's net assets reported at -7.137 billion yuan as of September 2025 [1][6][40]. Group 1: Announcement Details - Longyuan Power has recorded a complete impairment of its investment in United Power in 2023 due to ongoing losses [1]. - The transfer of shares will be executed through a non-public agreement, with both Longyuan Power and another shareholder, Guoneng (Beijing) Electric Technology Co., Ltd., each transferring 30% of their stakes for 1 yuan [1][5]. - The board of directors approved the transfer unanimously, with no objections or abstentions [7][8]. Group 2: Financial Performance of United Power - As of September 2025, United Power reported net assets of -7.137 billion yuan and a net profit of -574 million yuan for the first nine months of 2025 [1][23]. - The company's total assets were reported at 85.958 billion yuan, with total liabilities of 157.329 billion yuan as of September 2025 [23]. Group 3: Related Party Transactions - Both State Energy Group New Energy and Guoneng Electric are controlled by the same parent company, State Energy Investment Group, making this transaction a related party transaction [6]. - The total amount of related party transactions between Longyuan Power and State Energy Group from January 1 to October 31, 2025, was 2.564 billion yuan [41]. Group 4: Transaction Purpose and Impact - The purpose of the transaction is to divest from United Power, which will no longer be part of Longyuan Power's consolidated financial statements post-transaction [40]. - The transfer price of 1 yuan is expected to have no significant impact on the company's current profits, as the book value of the long-term equity investment in United Power was recorded as zero [40].

Core Viewpoint - Longyuan Power (00916.HK) has signed investment agreements to establish three new subsidiaries in collaboration with State Power Investment Corporation Jiangsu Electric Power and other parties, with a total investment of RMB 153 million [1] Group 1: Investment Details - The total investment for the new subsidiaries, Rudong Longyuan, Yancheng Dafeng Longyuan, and Shuyang Longyuan, amounts to RMB 153 million [1] - The funding for this investment will come from the company's own resources, ensuring no adverse impact on the company's financials or operations [1] Group 2: Strategic Objectives - The establishment of these subsidiaries aligns with the company's operational development needs and aims to leverage local resource advantages from State Power Jiangsu Electric Power and other stakeholders [1] - The collaboration is intended to enhance the company's expertise in offshore wind power, facilitating the joint development, construction, and operation of several offshore wind projects in Jiangsu [1] Group 3: Future Impact - The newly established subsidiaries are currently in the planning stage and are not expected to have a significant short-term impact on the company's operations [1] - In the long term, these subsidiaries are anticipated to positively influence the company's operational development [1]

龙源电力（001289）(00916)公布，于2025年11月14日，该公司及其全资附属公司雄亚公司与国能江苏 电力及其他交易对方分别签订投资协议，共同出资设立如东龙源、盐城大丰龙源及射阳龙源。该公司及 其附属公司雄亚公司就本次交易合共出资人民币1.53亿元。本次交易完成后，如东龙源、盐城大丰龙源 及射阳龙源将为公司的附属公司。 ...

Core Viewpoint - Longyuan Power (00916.HK) has signed a transfer agreement to sell its 30% stake in United Power to Guoneng New Energy for a nominal price of RMB 1, resulting in Guoneng New Energy acquiring a total of 60% of United Power's shares [1] Group 1 - The transfer agreement involves Longyuan Power and Guoneng Electric, with both parties agreeing to transfer their respective stakes in United Power [1] - Following the completion of the transfer, Longyuan Power will no longer hold any shares in United Power, which will cease to be an associate company of Longyuan Power [1] - The decision to transfer the shares was made after considering the operational and developmental situation, and the transfer will not have a significant impact on the company's current profits due to prior impairment of the investment in United Power [1] Group 2 - The transfer aims to eliminate potential risks associated with United Power, which has been operating at a loss for an extended period [1] - Longyuan Power has already written off its entire investment in United Power in 2023, indicating a complete divestment from the loss-making entity [1] - The consolidation scope of Longyuan Power's financial statements will remain unchanged after the transfer is completed [1]

Core Viewpoint - Longyuan Power (00916.HK) has signed investment agreements to establish three new subsidiaries in collaboration with State Power Investment Corporation Jiangsu Electric Power and other parties, with a total investment of RMB 153 million [1] Group 1: Investment Details - The total investment for the new subsidiaries, Rudong Longyuan, Yancheng Dafeng Longyuan, and Shuyang Longyuan, amounts to RMB 153 million [1] - The funding for this investment will come from the company's own resources, ensuring no adverse impact on the company's financials or operations [1] Group 2: Strategic Objectives - The establishment of these subsidiaries aligns with the company's operational development needs and aims to leverage local resource advantages from State Power Jiangsu Electric Power and other stakeholders [1] - The collaboration is intended to enhance the company's expertise in offshore wind power, facilitating the joint development, construction, and operation of several offshore wind projects in Jiangsu [1] Group 3: Future Impact - The newly established subsidiaries are currently in the planning stage and are not expected to have a significant short-term impact on the company's operations [1] - In the long term, these subsidiaries are anticipated to positively influence the company's operational development [1]

智通财经APP讯，龙源电力(00916)公布，于2025年11月14日，该公司及其全资附属公司雄亚公司与国能 江苏电力及其他交易对方分别签订投资协议，共同出资设立如东龙源、盐城大丰龙源及射阳龙源。该公 司及其附属公司雄亚公司就本次交易合共出资人民币1.53亿元。本次交易完成后，如东龙源、盐城大丰 龙源及射阳龙源将为公司的附属公司。 ...