Trading Information - As of August 20, 2025, Longyuan Power (001289) closed at 16.62 yuan, down 0.12%, with a turnover rate of 0.13%, trading volume of 65,400 shares, and a transaction amount of 107 million yuan [1] - On the same day, the fund flow for Longyuan Power showed a net inflow of 8.81 million yuan from main funds, a net inflow of 1.36 million yuan from retail funds, and a net outflow of 10.17 million yuan from individual investors [1] Performance Disclosure Highlights - Longyuan Power's mid-year report for 2025 indicated a main revenue of 15.657 billion yuan, a year-on-year decrease of 18.61% [2][3] - The net profit attributable to shareholders was 3.375 billion yuan, down 13.79% year-on-year [2][3] - The net profit excluding non-recurring items was 3.287 billion yuan, a decrease of 12.26% year-on-year [2][3] - In Q2, the main revenue was 7.517 billion yuan, down 18.18% year-on-year, while the net profit attributable to shareholders was 1.473 billion yuan, a slight decrease of 0.07% [2] - The net profit excluding non-recurring items for Q2 was 1.426 billion yuan, an increase of 5.64% year-on-year [2] - The debt ratio stood at 67.13%, with investment income of 120 million yuan and financial expenses of 1.719 billion yuan, while the gross profit margin was 40.87% [2] Company Announcements Summary - Longyuan Power plans to distribute a cash dividend of 1.00 yuan (pre-tax) for every 10 shares, with a total cash dividend amounting to approximately 835.98 million yuan, pending shareholder approval [4][6] - The board approved the mid-year profit distribution plan, which represents 24.77% of the net profit [6][8] - The company reported a net cash flow from operating activities of 6.673 billion yuan, down 8.49% year-on-year [3] - Total assets reached approximately 269.1 billion yuan, a year-on-year increase of 4.55%, while the net assets attributable to shareholders grew by 2.11% to approximately 74.83 billion yuan [3]

Summary of Longyuan Power's Conference Call Industry Overview - The renewable energy market is undergoing significant reforms, transitioning from policy-driven to market-driven dynamics, as indicated by Document 2 and Document 4. The issuance of Document 136 in February 2025 allows renewable energy to enter the electricity market fully, establishing a new pricing and trading framework. Over ten provinces have already implemented detailed rules. Key Company Insights - **Renewable Energy Generation**: In the first half of 2025, Longyuan Power generated 39.652 billion kWh of renewable energy, a year-on-year increase of 12.73%. Wind power contributed 33.503 billion kWh (up 6.07%), while solar power reached 6.147 billion kWh (up 71.37%) [2][5]. - **Project Development**: The company is advancing major projects in Ningxia and Gansu, with a total development target of 4.75 million kW, including 2.98 million kW from wind and 1.77 million kW from solar [2][6]. - **Financial Performance**: Revenue for the first half of 2025 was CNY 15.657 billion, down 18.6% year-on-year, primarily due to the divestment of thermal power assets. Excluding thermal power, renewable energy revenue grew by 3.1% [2][13]. - **Net Profit**: The net profit attributable to equity holders was CNY 3.519 billion, a decrease of 14.4% year-on-year, influenced by lower utilization hours and electricity prices [2][14]. Financial Management - **Debt Issuance**: The company issued CNY 22 billion in bonds at an average financing cost of 2.31%, a reduction of 0.37 percentage points from the previous year [2][11]. - **Asset Management**: As of June 2025, total assets reached CNY 269.167 billion, a 4.47% increase from the end of 2024. The net debt-to-equity ratio was 63%, up 0.61 percentage points [2][16]. Market Strategies - **Pricing and Sales**: The average bidding price for wind power was CNY 0.422 per kWh, down 1.6 cents year-on-year, while solar prices remained stable at CNY 0.273 per kWh. Green certificate transactions reached 4.1 billion kWh, a 41% increase [2][9]. - **Marketing Initiatives**: The company is enhancing its marketing strategies to adapt to the accelerated market environment, focusing on optimizing subsidy recovery and improving marketing processes [2][9]. Technological Innovations - Longyuan Power is committed to technological advancements, with significant projects in areas such as underwater monitoring systems and ice prevention technologies. The company has filed 56 patent applications related to its innovations [2][10]. Future Outlook - **Sustainable Growth**: The company aims to maintain sustainable growth and high-quality development, focusing on enhancing core competitiveness and transitioning towards a green, market-oriented model [2][17]. - **Market Adaptation**: Longyuan Power is actively responding to the challenges posed by the 136 document, implementing cost control strategies and enhancing digital capabilities to improve operational efficiency [2][22]. Challenges and Opportunities - The implementation of the 136 document is expected to reduce guaranteed revenue for renewable projects, increasing market price volatility. Longyuan Power is preparing to adapt its strategies accordingly [2][20][21]. Conclusion Longyuan Power is navigating a transformative period in the renewable energy sector, focusing on project development, financial management, and technological innovation to sustain growth and adapt to market changes. The company is well-positioned to leverage emerging opportunities while addressing the challenges presented by regulatory reforms.

智通财经APP获悉，大和发布研报称，龙源电力(00916)公布第二季业绩，并派发首次中期股息。虽然该 行看好其资本分配的改善，但管理层的回应可能指向全年派息持平。对于下半年，该行认为龙源电力缺 乏正面催化因素，维持"持有"评级，目标价就由6.5港元升至7.3港元。该行指，第二季电价及利用率仍 处于跌势，下半年前景不乐观。而随着下半年煤价反弹，电价跌幅将缓和，但快速回升的可能性不大。 ...

2025年以来，龙源电力牢牢把握生态文明建设和能源转型机遇，主动应对市场环境变化带来的困难挑 战，贯彻落实一系列固根本、利长远的工作，稳中求进、精准施策，加快融入国家新能源发展大局大 势。 2025年是"十四五"规划收官之年，也是"十五五"规划谋篇之年。今年以来，龙源电力紧密跟踪各省新能 源上网电价市场化改革实施方案发布情况，积极应对电力市场建设全面加速和新能源全面入市形势，深 化"六位一体"营销体系，重点关注机制电量纳入规模、增量项目竞价安排、现货价格上下限等关键内 容，踊跃参与各省区市场化改革方案规则制定，争取有利政策。动态优化交易策略，统筹中长期交易与 月度、月内、多日等短周期交易调仓，实现中长期交易与现货交易精准衔接，确保交易量价最优。积极 争取储能充放电计划，大力开拓绿证外销市场，寻找发电效益最优解。 除此之外，在科技创新赛道上，龙源电力持续加码发力，依托新能源数字化平台与AI大模型，搭建"三 比三看"对标体系。积极投身国家重点项目，国家重点专项"多场景风电场规划设计关键技术及软件开 发"、国家自然基金项目"风机叶片与光伏板表面防冰涂层的制造与应用"成功获批。国家科技重大专 项"多类构网型设备接入下 ...

Core Viewpoint - Daiwa released a report indicating that Longyuan Power (001289)(00916) announced its second-quarter performance and declared its first interim dividend. While the firm is optimistic about the improvement in capital allocation, management's response may suggest that the annual dividend will remain flat. For the second half of the year, Daiwa believes that Longyuan Power lacks positive catalysts and maintains a "Hold" rating, raising the target price from HKD 6.5 to HKD 7.3 [1] Group 1 - Longyuan Power's second-quarter electricity prices and utilization rates are still on a downward trend, with an unfavorable outlook for the second half of the year [1] - The rebound in coal prices in the second half is expected to moderate the decline in electricity prices, but a rapid recovery is unlikely [1] - The management's indication of potentially flat annual dividends raises concerns about future capital distribution [1]

净利减少主要由于新投产项目转固导致经营成本增加及处置火电分部导致。 此外，公司将于2025年12月30日派发中期股息每股0.1元。 智通财经获悉，龙源电力(00916)绩后跌近5%，截至发稿，跌4.96%，报6.71港元，成交额1.41亿港元。 消息面上，8月19日，龙源电力公布2025年中期业绩，持续经营收入人民币156.57亿元，同比增长 3.1%；公司权益持有人应占净利润人民币35.19亿元，同比下降14.4%；每股盈利人民币0.42元。 公告称，营业收入增长的主要原因为：风电分部2025年上半年的销售电力及其他收入为人民币138.26亿 元，比2024年同期的人民币140.51亿元减少人民币2.25亿元，降幅1.6%。主要由于平均利用小时数及平 均上网电价下降所致；光伏分部2025年上半年售电收入及其他收入为人民币17.02亿元，比2024年同期 人民币10.28亿元增加6.74亿元，增幅65.6%，主要由于装机容量及发电量增加所致。 本文源自：智通财经网 ...

Investment Rating - The investment rating for the company is "Buy" for both A-shares and H-shares, maintained from previous assessments [7]. Core Views - The company reported better-than-expected performance in its interim results, with a proposed interim dividend of 0.1 CNY per share, totaling 836 million CNY, representing a payout ratio of 24.77% [1]. - The company anticipates a revaluation of its value due to the compliance and confirmation of national subsidies [4]. - The company has adjusted its profit forecasts slightly downward for 2025-2027, with a projected compound annual growth rate (CAGR) of 10.1% for net profit [5]. Summary by Sections Financial Performance - In the first half of 2025, the company achieved revenue of 15.657 billion CNY, a year-on-year decrease of 18.6%, and a net profit attributable to shareholders of 3.375 billion CNY, down 13.8% year-on-year [1]. - The second quarter saw revenue of 7.517 billion CNY, a year-on-year decrease of 18.2% and a quarter-on-quarter decrease of 7.7% [1]. Installed Capacity and Generation - The company added 2,053.54 MW of installed capacity in the first half of 2025, bringing the total to 43.197 GW, with wind power contributing 986.95 MW and solar power 1,096.59 MW [2]. - The company's electricity generation increased by 12.7% year-on-year, with wind power generation up 6.1% to 33,502 GWh, primarily due to new installations [2]. Profitability Analysis - The operating profit from the wind power segment decreased by 11% year-on-year to 6.213 billion CNY, with a corresponding profit per MWh down 16% to 185 CNY/MWh [3]. - The photovoltaic segment saw a 51% increase in operating profit to 550 million CNY, with a profit per MWh of 89 CNY/MWh, down 12% year-on-year [3]. Cash Flow and Receivables - As of June 2025, the company's receivables financing increased by 5.96 billion CNY compared to the beginning of the year, accounting for 55.7% of net assets, indicating a rising trend since the end of 2022 [4]. - The operating cash flow for the first half of 2025 decreased by 8.5% year-on-year to 6.673 billion CNY, but the second quarter saw a year-on-year increase of 7.3% to 3.977 billion CNY [4]. Valuation Adjustments - The target price for A-shares is adjusted to 18.72 CNY, down from 18.96 CNY, based on a 24x PE for 2025, while the target price for H-shares is adjusted to 7.63 HKD from 7.73 HKD, based on a 9x PE for 2025 [5].

Core Viewpoint - Longyuan Power's stock dropped nearly 5% following the announcement of its mid-year results for 2025, reflecting concerns over declining net profit despite a slight increase in revenue [1] Financial Performance - The company reported a revenue of RMB 15.657 billion for the first half of 2025, representing a year-on-year growth of 3.1% [1] - Net profit attributable to equity holders was RMB 3.519 billion, a decrease of 14.4% compared to the previous year [1] - Earnings per share stood at RMB 0.42 [1] Segment Performance - Wind power segment revenue for the first half of 2025 was RMB 13.826 billion, down RMB 0.225 billion or 1.6% from RMB 14.051 billion in the same period of 2024, primarily due to a decrease in average utilization hours and average on-grid electricity prices [1] - Solar power segment revenue increased significantly to RMB 1.702 billion, up RMB 0.674 billion or 65.6% from RMB 1.028 billion in the previous year, driven by an increase in installed capacity and power generation [1] Cost and Dividend Information - The decline in net profit was attributed to increased operating costs from newly commissioned projects and the disposal of the thermal power segment [1] - The company announced an interim dividend of RMB 0.1 per share, to be distributed on December 30, 2025 [1]

智通财经APP获悉，龙源电力(00916)绩后跌近5%，截至发稿，跌4.96%，报6.71港元，成交额1.41亿港 元。 消息面上，8月19日，龙源电力公布2025年中期业绩，持续经营收入人民币156.57亿元，同比增长 3.1%；公司权益持有人应占净利润人民币35.19亿元，同比下降14.4%；每股盈利人民币0.42元。 公告称，营业收入增长的主要原因为：风电分部2025年上半年的销售电力及其他收入为人民币138.26亿 元，比2024年同期的人民币140.51亿元减少人民币2.25亿元，降幅1.6%。主要由于平均利用小时数及平 均上网电价下降所致；光伏分部2025年上半年售电收入及其他收入为人民币17.02亿元，比2024年同期 人民币10.28亿元增加6.74亿元，增幅65.6%，主要由于装机容量及发电量增加所致。 净利减少主要由于新投产项目转固导致经营成本增加及处置火电分部导致。 此外，公司将于2025年12月30日派发中期股息每股0.1元。 ...

Investment Rating - The report maintains a "Buy" rating for the company, with expected earnings per share (EPS) of 0.83, 0.91, and 1.00 RMB for 2025, 2026, and 2027 respectively, corresponding to price-to-earnings (PE) ratios of 8x, 7x, and 6x [4]. Core Insights - The company reported a revenue of 15.66 billion RMB for the first half of 2025, reflecting a 3.1% increase in continuing operations compared to the same period last year, while the net profit attributable to shareholders decreased by 14.4% to 3.52 billion RMB [2]. - The average on-grid electricity prices for wind and solar power decreased, with wind power at 422 RMB/MWh and solar power at 273 RMB/MWh, down by 16 RMB/MWh and 5 RMB/MWh respectively. Despite this, the company achieved a growth in electricity generation of 6.1% for wind and 71.4% for solar [2][3]. - The company plans to prioritize wind power development, focusing on high-capacity and high-price regions, and aims to return value to shareholders with a mid-term dividend of 0.1 RMB per share [3]. Performance Analysis - In the first half of 2025, the company’s capital expenditure was approximately 11.8 billion RMB, a decrease of 5.4% year-on-year, primarily due to reduced investment in new energy projects compared to the previous year [3]. - The installed capacity for wind and solar power increased by 10.8% and 54.8% respectively, although wind power utilization hours decreased by 68 hours due to unfavorable wind conditions [3]. - The company signed new development agreements totaling 1.24 GW during the period, with wind power accounting for 83.9% of this total [3]. Financial Forecast - The company is projected to achieve net profits of 6.97 billion RMB, 7.62 billion RMB, and 8.38 billion RMB for the years 2025, 2026, and 2027 respectively, with corresponding growth rates of 9.33%, 9.18%, and 9.28% [9].