Investment Rating - The report maintains a positive outlook on the power and gas sectors, indicating a favorable investment environment for these industries [4]. Core Insights - In August, the average daily power generation exceeded 30 billion kilowatt-hours for the first time, with total industrial power generation reaching 936.3 billion kilowatt-hours, a year-on-year increase of 1.6% [9][57]. - The report highlights the continued growth of thermal power and the significant contribution of renewable energy sources, particularly wind and solar power, to the overall power generation increase [10][11]. - Global gas prices are experiencing narrow fluctuations, with a stable supply-demand balance in the market, particularly in the U.S. and Europe [20][29]. Summary by Sections 1. Power Generation - In August, the total power generation was 936.3 billion kilowatt-hours, with a daily average of 30.2 billion kilowatt-hours, marking a 1.6% increase year-on-year [9][57]. - The breakdown of power generation types shows thermal power at 6,274 billion kilowatt-hours (up 1.7%), hydropower at 1,479 billion kilowatt-hours (down 10.1%), nuclear power at 645 billion kilowatt-hours (up 5.9%), wind power at 738 billion kilowatt-hours (up 20.2%), and solar power at 538 billion kilowatt-hours (up 15.9%) [11][58]. - The report emphasizes the strong growth of renewable energy, with wind and solar power showing significant year-on-year increases of 20.2% and 15.9%, respectively [10][11]. 2. Natural Gas - As of September 19, the Henry Hub spot price was $2.89/mmBtu, reflecting a weekly decrease of 1.80%, while the TTF spot price in Europe remained stable at €32.00/MWh [20][21]. - The report notes that U.S. natural gas production remains high, contributing to a stable supply-demand balance and low price fluctuations [23][29]. - The LNG ex-factory price in China was 4,019 yuan/ton, with a weekly decrease of 0.84%, indicating a softening market due to weak domestic demand [41][44]. 3. Investment Recommendations - For hydropower, the report recommends companies like Guotou Power, Chuan Investment Energy, and Yangtze Power due to stable growth and financial benefits from interest rate cuts [18]. - In the renewable energy sector, companies such as Xintian Green Energy and Funi Co. are highlighted for their stable returns and high profitability [18]. - The report suggests focusing on integrated natural gas traders like New Hope Energy and Shenzhen Gas, as well as city gas companies benefiting from cost reductions [44].

Core Viewpoint - Longyuan Power Group Co., Ltd. is actively expanding its renewable energy projects, particularly in wind and solar power, while facing recent financial challenges reflected in its revenue and profit figures [2][7]. Company Overview - Longyuan Power's main business includes wind and solar power generation, with electricity and heat as its primary products [2]. - The company has signed a framework agreement with the People's Government of Tieli City, Heilongjiang Province, to develop a 3.53 million kW renewable energy project, including a 3 million kW pumped storage project [2]. - As of June 30, the company reported a total installed wind power capacity of 1.5908 million kW in Xinjiang [3]. Financial Performance - For the first half of 2025, Longyuan Power achieved operating revenue of 15.657 billion yuan, a year-on-year decrease of 17.09%, and a net profit attributable to shareholders of 3.375 billion yuan, down 11.82% year-on-year [7]. - 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 [8]. Market Activity - On September 22, Longyuan Power's stock price fell by 0.60%, with a trading volume of 80.0178 million yuan and a market capitalization of 139.609 billion yuan [1]. - The stock has seen a net inflow of 4.3813 million yuan from major investors today, with a total of 21.1085 million yuan in major transactions, accounting for 4.93% of total trading volume [4]. Shareholder Structure - As of June 30, the number of shareholders increased to 41,000, with an average of 0 circulating shares per person [7]. - Major shareholders include Hong Kong Central Clearing Limited and various ETFs, with notable increases in holdings among several institutional investors [9].

Group 1 - Longyuan Power experienced a decline of 0.59% on September 18, with a trading volume of 92.06 million yuan [1] - The financing buy amount for Longyuan Power on the same day was 7.739 million yuan, while the financing repayment was 7.066 million yuan, resulting in a net financing buy of 0.673 million yuan [1] - As of September 18, the total balance of margin trading for Longyuan Power was 65.4641 million yuan, with the financing balance accounting for 0.08% of the circulating market value, which is below the 20th percentile level over the past year [1] Group 2 - 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 related to power systems and electrical equipment [2] - As of June 30, Longyuan Power reported a revenue of 15.657 billion yuan for the first half of 2025, a year-on-year decrease of 17.09%, and a net profit attributable to shareholders of 3.375 billion yuan, down 11.82% year-on-year [2] Group 3 - Longyuan Power has distributed a total of 5.978 billion yuan in dividends since its A-share listing, with 4.746 billion yuan distributed in the last three years [3] - As of June 30, 2025, the number of shareholders for Longyuan Power increased to 41,000, with an average of 0 circulating shares per person [3] - The top ten circulating shareholders include several ETFs and investment funds, with notable increases in holdings from various institutional investors [3]

目錄 | 中期業績主要數據 | 2 | | --- | --- | | 管理層討論與分析 | 6 | | 企業管治 | 67 | | 其他資料 | 69 | | 獨立審閱報告 | 74 | | 中期合併損益及其他綜合收益表 | | | （未經審計） | 76 | | 中期合併財務狀況表 | | | （未經審計） | 79 | | 中期合併權益變動表 | | | （未經審計） | 82 | | 中期簡明合併現金流量表 | | | （未經審計） | 84 | | 中期簡明合併財務信息附註 | 86 | | 境內外財務報表準則差異調節表 ... | 137 | | 名詞解釋 | 139 | | 公司資料 | 143 | 中期業績主要數據 龍源電力集團股份有限公司董事會在此宣佈其截至2025年6月30日止六個月未經審計的經營結果與 截至2024年6月30日止六個月（「2024年同期」）的經營結果的比較。截至2025年6月30日止六個月， 本集團取得合併經營收入人民幣156.57億元，比2024年同期的人民幣192.36億元（其中持續經營收 入人民幣151.86億元，非持續經營收入人民幣40.50億元）下降18.6%； ...

Interim Results Key Data [Financial Performance Overview](index=3&type=section&id=1.1%20Financial%20Performance%20Overview) In H1 2025, the Group's consolidated operating revenue, profit before tax, net profit, and basic EPS decreased year-on-year, impacted by lower revenue and increased operating costs. 2025 H1 Key Financial Data | Indicator | 2025 H1 (RMB '000) | 2024 H1 (RMB '000) | Change Rate | | :--- | :--- | :--- | :--- | | Revenue | 15,657,018 | 19,236,132 | -18.6% | | Profit Before Tax | 5,149,453 | 5,855,739 | -12.1% | | Profit for the Period | 4,174,485 | 4,864,018 | -14.2% | | Net Profit Attributable to Equity Holders of the Company | 3,519,492 | 4,074,861 | -13.6% | | Basic and Diluted Earnings Per Share (RMB cents) | 42.10 | 48.74 | -13.6% | - As of June 30, 2025, net assets per share (excluding non-controlling interests) were **RMB 8.91**[3](index=3&type=chunk) [Operational Data Overview](index=4&type=section&id=1.2%20Operational%20Data%20Overview) In H1 2025, the Group added 2,053.54 MW of new energy controlled installed capacity, with significant growth in wind and solar power, and total power generation increased year-on-year, especially for solar. Controlled Installed Capacity (As of June 30, 2025) | Energy Type | June 2025 (MW) | June 2024 (MW) | Change Rate | | :--- | :--- | :--- | :--- | | Wind Power | 31,396 | 28,349 | 10.75% | | Thermal Power | 0 | 1,875 | -100% | | Solar Power | 11,795 | 7,620 | 54.79% | | Other | 6 | 36 | -83.33% | | **Total** | **43,197** | **37,880** | **14.03%** | Electricity Sales (January-June 2025) | Energy Type | Jan-Jun 2025 (GWh) | Jan-Jun 2024 (GWh) | Change Rate | | :--- | :--- | :--- | :--- | | Wind Power | 32,676 | 31,992 | 2.14% | | Thermal Power | 0 | 3,674 | -100% | | Solar Power | 6,096 | 4,469 | 36.44% | | Other | 3 | 6 | -50% | | **Total** | **38,778** | **40,138** | **-3.39%** | Management Discussion and Analysis [Industry Review](index=7&type=section&id=2.1%20Industry%20Review) In H1 2025, China's economy showed stable and positive growth, with increases in electricity consumption and installed generation capacity, particularly rapid growth in new energy capacity, while power market reforms deepened. - National electricity consumption was **4,841.8 billion kWh**, a **3.7% year-on-year increase**; industrial power generation above designated size was **4,537.1 billion kWh**, a **2.3% year-on-year increase**[18](index=18&type=chunk) - As of June 30, 2025, national installed generation capacity reached **3.65 billion kW**, a **18.7% year-on-year increase**, with wind power at **570 million kW** (up **22.7%**) and solar power at **1.1 billion kW** (up **54.2%**)[18](index=18&type=chunk) - Cumulative market-based electricity transactions reached **2.95 trillion kWh**, a **4.8% year-on-year increase**, accounting for **60.9%** of total electricity consumption; green power transactions were **154 billion kWh**, up **49.3%** year-on-year[19](index=19&type=chunk) [Operating Environment](index=7&type=section&id=2.1.1%20Operating%20Environment) The national economy maintained overall stability and positive momentum, with steady growth in production demand, stable employment, increased resident income, and strong growth in new drivers. - The national average utilization hours of power generation equipment were **1,504 hours**, a decrease of **162 hours** compared to the same period last year[19](index=19&type=chunk) [Policy Environment](index=8&type=section&id=2.1.2%20Policy%20Environment) National policies emphasize market-based pricing for new energy, inclusion of new entities in auxiliary service markets, and accelerated development of spot electricity markets. - The "Notice on Deepening Market-Oriented Reform of New Energy On-grid Tariffs and Promoting High-Quality Development of New Energy" (Document No. 136) mandates that all new energy on-grid electricity enter the power market, with prices determined by market transactions[21](index=21&type=chunk) - The "Basic Rules for Power Auxiliary Service Market" includes new entities like energy storage companies, virtual power plants, and smart microgrids, following the principle of "whoever provides, profits; whoever benefits, bears the cost"[22](index=22&type=chunk) - The "Notice on Comprehensively Accelerating the Construction of Spot Electricity Markets" aims for national coverage of spot electricity markets by the end of 2025, with continuous settlement operations[23](index=23&type=chunk) - The "2025 Energy Work Guidance Opinion" outlines three main goals: enhancing energy supply security, deepening green and low-carbon transformation, and improving development quality and efficiency[25](index=25&type=chunk) - The "Opinions on Promoting High-Quality Development of Renewable Energy Green Certificate Market" aims to establish a green certificate market system by 2027 and achieve international application by 2030[26](index=26&type=chunk) - The "Notice on Orderly Promoting the Development of Green Power Direct Connection" defines green power direct connection as direct supply from new energy to a single user via dedicated lines, requiring new energy installed capacity to be determined by load[27](index=27&type=chunk) [Business Review](index=12&type=section&id=2.2%20Business%20Review) In H1 2025, the Group adhered to its "stability, safety, innovation, and high-quality development" strategy, adding 2,053.54 MW of new energy capacity, with growth in both wind and solar power generation, and made progress in safety, development, engineering, marketing, digitalization, financing, and overseas expansion. - In H1 2025, the Group's net new controlled installed capacity for new energy was **2,053.54 MW**, including **986.95 MW** of wind power and **1,096.59 MW** of solar power[29](index=29&type=chunk) - As of June 30, 2025, the Group's controlled installed capacity was **43,196.74 MW**, comprising **31,395.72 MW** of wind power and **11,794.92 MW** of solar power[29](index=29&type=chunk) - The Group's cumulative power generation in 2025 reached **39,652,477 MWh**, with wind power generation at **33,502,617 MWh** (up **6.07%** year-on-year) and solar power generation at **6,146,915 MWh** (up **71.37%** year-on-year)[29](index=29&type=chunk) - In H1 2025, the Group's average on-grid tariff for all power generation businesses was **RMB 399/MWh** (excluding VAT), a decrease of **RMB 23/MWh** compared to the same period in 2024[46](index=46&type=chunk) - In H1 2025, green power transactions totaled **4.14 billion kWh**, a **41.67% year-on-year increase**; green certificate transactions reached **4.232 million certificates**, an **81.46% year-on-year increase**[47](index=47&type=chunk) [Safety Operations](index=13&type=section&id=2.2.1%20Safety%20Operations) The Group is committed to a "zero-start, zero-effort" safety philosophy, aiming for zero casualties, zero accidents, and zero losses through comprehensive safety management. - The Group comprehensively promotes the construction of a safety production management system, firmly establishing the "starting from zero, striving for zero" safety philosophy, with goals of zero casualties, zero accidents, and zero losses[30](index=30&type=chunk) - Safety management is innovated through "three-one" regular education and training, "three rectifications" to strengthen civilized production, "three links" to strictly control outsourced operations, and "three lines of defense" to strictly control accident risks[30](index=30&type=chunk) - No general or above accidents or ecological environment incidents occurred in H1[30](index=30&type=chunk) [Early-Stage Development and Resource Layout](index=18&type=section&id=2.2.2%20Early-Stage%20Development%20and%20Resource%20Layout) The Group actively promotes large-scale wind and solar power bases in desert areas and expands offshore wind power, aiming to create national landmark new energy bases with Longyuan characteristics. - The Group is fully promoting "desert, Gobi, and barren land" wind and solar power bases, strengthening offshore wind power expansion, and building national landmark new energy bases with Longyuan characteristics[39](index=39&type=chunk) - In H1 2025, the Group signed new development agreements for **1.24 GW**, including **1.04 GW** for wind power and **0.2 GW** for energy storage[39](index

Core Insights - The largest "linear Fresnel" solar thermal integrated energy demonstration project in China, the Three Gorges Group's Hami 1 million kilowatt "solar thermal + photovoltaic" project, has achieved full capacity grid-connected power generation, marking the official launch of a new collaborative operation model for "solar thermal + photovoltaic" [1] Project Overview - The project is located in Hami City, Xinjiang, with a total installed capacity of 1 million kilowatts, consisting of a 100,000 kilowatt solar thermal storage power station and a 900,000 kilowatt photovoltaic power station [1] - The solar thermal component utilizes 260,000 linearly arranged mirrors to concentrate sunlight, heating molten salt to store thermal energy [1] - The entire heat collection system can achieve up to 8 hours of energy storage, effectively enabling high-efficiency conversion and stable utilization of solar energy [1]

Core Viewpoint - The Hong Kong wind power stocks are showing significant activity, with notable increases in share prices for several companies [1] Company Performance - Goldwind Technology (02208.HK) has seen a rise of 4%, reaching a price of 12.47 HKD [1] - Datang Renewable (01798.HK) increased by 3.95%, with its share price at 2.63 HKD [1] - Longyuan Power (00916.HK) experienced a 3.11% increase, trading at 7.96 HKD [1]

Group 1 - Wind power stocks are mostly active, with Jin Feng Technology rising by 4% to HKD 12.47, Datang New Energy increasing by 3.95% to HKD 2.63, and Longyuan Power up by 3.11% to HKD 7.96 [1] - GF Securities indicates significant results from the wind power industry chain's internal competition, with profits from the complete machine and cable segments expected to continue rising in the first half of 2025, and leading companies seeing a year-on-year doubling of net profit excluding non-recurring items [1] - The industry's return on equity (ROE) is stabilizing and recovering, with the wind turbine and gearbox segments having reached the industry's bottom, likely to see the first signs of profit recovery [1] Group 2 - According to Huachuang Securities, the wind power industry saw a double increase in installation bidding in the first half of this year, with continued optimism for the second half [1] - Benefiting from strong demand for cumulative winning orders, the newly installed wind power capacity in the first half reached 51.4 GW, a year-on-year increase of 98.9%, with offshore and onshore installations contributing 2.5 GW and 48.9 GW respectively, marking increases of 200% and 95.5% year-on-year [1]

Core Viewpoint - The wind power sector is experiencing significant activity, with major stocks showing notable gains, indicating a positive market sentiment and potential growth in the industry [1] Group 1: Stock Performance - Goldwind Technology (02208) increased by 4%, reaching HKD 12.47 [1] - Datang New Energy (01798) rose by 3.95%, trading at HKD 2.63 [1] - Longyuan Power (00916) saw a 3.11% increase, priced at HKD 7.96 [1] Group 2: Industry Insights - GF Securities noted that the wind power industry is seeing significant improvements in profitability, particularly in the complete machine and cable segments, with leading companies experiencing a doubling of non-recurring net profits year-on-year [1] - The industry's return on equity (ROE) is stabilizing and recovering, with the wind turbine and gearbox segments having reached the bottom of the industry cycle, suggesting a potential turning point for profitability [1] Group 3: Installation and Demand - According to Huachuang Securities, the wind power sector has seen a double increase in installation tenders in the first half of the year, with continued optimism for the second half [1] - The total newly installed wind power capacity reached 51.4 GW in the first half of the year, marking a year-on-year increase of 98.9%, with offshore and onshore installations contributing 2.5 GW and 48.9 GW respectively, reflecting increases of 200% and 95.5% year-on-year [1]

Group 1 - Longyuan Power's stock price remained unchanged at 0.00% on September 17, with a trading volume of 76.74 million yuan [1] - The financing buy-in amount for Longyuan Power on the same day was 7.27 million yuan, while the financing repayment was 6.95 million yuan, resulting in a net financing buy-in of 318,800 yuan [1] - As of September 17, the total balance of margin trading for Longyuan Power was 64.77 million yuan, with the financing balance accounting for 0.08% of the circulating market value, indicating a low level compared to the past year [1] Group 2 - Longyuan Power Group Co., Ltd. was established on January 27, 1993, and listed on January 24, 2022, with its main business involving power system and electrical equipment technology transformation, service, and production maintenance [2] - As of June 30, Longyuan Power reported a revenue of 15.66 billion yuan for the first half of 2025, a year-on-year decrease of 17.09%, and a net profit attributable to shareholders of 3.38 billion yuan, down 11.82% year-on-year [2] Group 3 - 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] - As of June 30, 2025, the top ten circulating shareholders of Longyuan Power included Hong Kong Central Clearing Limited, which increased its holdings by 174,100 shares, and several ETFs that also saw increases in their holdings [3]