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]

Summary of Electric Power Industry Q3 2025 Earnings Call Industry Overview - The electric power sector experienced an overall profit growth of 3.3% year-on-year, with varied performance across sub-sectors: thermal power benefited from declining coal prices, while hydroelectric power remained stable, and both renewable energy and nuclear power faced challenges due to costs and subsidy reductions [1][2][3]. Key Insights and Arguments Thermal Power - Thermal power's competitive advantage lies in cost control, with average coal prices dropping nearly 200 RMB to approximately 674 RMB, significantly enhancing profitability. Despite a nearly 6% decline in revenue, profits grew over 12% year-on-year [3][5]. - Companies like Huaneng and Huaren achieved a profit per kilowatt-hour of 1/5, indicating resilience against price pressures [3]. Hydroelectric Power - Hydroelectric power's stability is affected by regional water flow variations. The Yangtze River basin remained stable, while the Lancang River basin saw a 12% increase, and the Yarlung Tsangpo River basin experienced a 16% decline [4][7]. - The market is increasingly focusing on undervalued hydroelectric assets, with attractive interest rate spreads compared to ten-year government bonds [8]. Renewable Energy - The renewable energy sector faced profit declines due to rising depreciation costs and unfavorable market conditions, with a year-on-year profit drop of about 2%. Nuclear power profits fell by 15% due to reduced taxes and subsidies [5][9]. - The market's response has been cautious, with public fund holdings in the public utility sector reaching a historical low of 0.3%, primarily increasing positions in thermal power while significantly reducing stakes in hydro and renewable energy [5][10]. Nuclear Power - The nuclear power sector's holding proportion dropped to 2.7%, largely due to market risk aversion and negative performance from Southern Nuclear's interim results. However, long-term prospects remain strong, with the expected launch of the CNNC Zhangzhou Unit 2 in 2026 marking a new production cycle [11]. - The nuclear sector is viewed as a favorable investment option due to its anticipated growth over the next three to five years [12]. Additional Important Insights - The Hong Kong stock market pricing for thermal power is driven by long-term capital, focusing on high dividend yields, with leading companies offering yields exceeding 6% [6]. - The current investment environment is seen as a good configuration window for the electric power sector, with public fund holdings at a low of 1.6%. There is a recommendation to prioritize investments in nuclear power and consider undervalued renewable energy assets with alpha characteristics [12].

Core Viewpoint - The company reported a decline in revenue and net profit for the first three quarters of 2025, primarily due to the divestment of thermal power assets in the previous year, although there was slight growth in continuous operating income [1][2]. Financial Performance - For the first three quarters of 2025, the company achieved revenue of 22.2 billion yuan, a year-on-year decrease of 17.29%, and a net profit attributable to shareholders of 4.393 billion yuan, down 21.02% [1]. - In Q3 alone, revenue was 6.564 billion yuan, a decline of 13.98%, with net profit dropping 38.19% to 1.018 billion yuan [1]. - The company’s operating costs in Q3 decreased by approximately 300 million yuan compared to Q2, mainly due to the depreciation of old units reaching maturity [1]. Power Generation and Capacity - The total power generation for the first three quarters was 56.5 billion kWh, a slight decrease of 0.53%, but a 13.81% increase when excluding thermal power impacts [2]. - Wind and solar power generation reached 46.2 billion kWh and 10.4 billion kWh, respectively, with year-on-year growth of 5.3% and 77.98% [2]. - As of September 30, 2025, the company’s installed capacity reached 43.42 million kW, a year-on-year increase of 17%, with wind and solar capacities growing by 11% and 49% respectively [1]. Pricing and Market Conditions - The wind power on-grid price for Q3 was 0.4283 yuan/kWh (including tax), showing a slight increase from Q2, while the solar power price was 0.2627 yuan/kWh (excluding tax), indicating a slight decrease [2]. - The decline in wind utilization hours was attributed to reduced wind speeds, with the average utilization at 1511 hours, down 95 hours year-on-year [2]. Financing and Investment - The company plans to issue A-shares to raise 5 billion yuan, aimed at funding wind power projects, which is expected to alleviate investment pressures in the wind sector [3]. - The current A-share valuation at 1.87x PB is significantly higher than the H-share valuation of 0.74x PB, suggesting a more efficient fundraising opportunity through A-shares [3]. Profit Forecast - The company forecasts net profits attributable to shareholders of 6.2 billion yuan, 6.3 billion yuan, and 6.9 billion yuan for 2025, 2026, and 2027 respectively, with corresponding PE ratios of 9, 9, and 8 times [3].

公司名稱: 龍源電力集團股份有限公司（於中華人民共和國註冊成立的股份有限公司） 呈交日期: 2025年11月4日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00916 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 3,317,882,000 | RMB | | 1 RMB | | 3,317,882,000 | | 增加 / 減少 (-) | | | | | | RMB | | | | 本月底結存 | | | 3,317,882,000 | RMB | | 1 RMB | | 3,317,882,000 | FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年10月31日 狀態: 新提交 致：香港交易及結算所有限公司 ...

Core Viewpoint - The China Three Gorges Corporation (CTG) has significantly contributed to the development of clean energy in Fujian Province over the past decade, focusing on offshore wind and solar energy projects, which are expected to enhance the region's economic growth and energy capacity [2][19]. Group 1: Offshore Wind Energy Development - CTG established the world's first international large-capacity offshore wind power test field in Fuzhou, Fujian, in 2017, involving 14 wind turbines from eight major manufacturers [3]. - The company has achieved record-breaking single-unit capacity in offshore wind turbines, with the latest 16 MW turbine capable of supplying power to 36,000 households annually [8]. - The Fujian Offshore Wind Power International Industrial Park has become a hub for innovation in offshore wind equipment, with a focus on high-quality development and local manufacturing [8][19]. Group 2: Solar Energy Initiatives - The East Mountain Bay offshore solar project has met its design target of 299 million kWh by October 2025, showcasing the potential of solar energy in high-wind coastal areas [2]. - Innovative construction techniques, such as the "double pile + K brace" structure, have been implemented to enhance stability against typhoons in the East Mountain solar project [9]. - The cost of solar panels has significantly decreased, from 1.8 yuan per watt to 0.65 yuan per watt, resulting in substantial savings for projects [14]. Group 3: Industry Collaboration and Future Plans - CTG has fostered collaboration with local enterprises, such as the joint development of construction vessels and distributed solar projects on rooftops, enhancing resource utilization [16]. - The company aims to develop a trillion-yuan offshore wind power industry cluster in Fujian, focusing on advanced technologies like floating wind power and offshore hydrogen production [19]. - CTG's efforts have led to a comprehensive ecosystem in Fujian's renewable energy sector, attracting major manufacturers and enhancing the region's clean energy capacity [19].