Financial Performance - The company's operating revenue for Q3 2024 was ¥7,466,991,164.99, a decrease of 9.87% compared to the same period last year[2] - Net profit attributable to shareholders was ¥1,647,528,480.81, representing a significant increase of 41.58% year-over-year[2] - The net profit excluding non-recurring gains and losses was ¥1,364,432,303.83, which is an increase of 16.00% compared to the previous year[2] - Basic earnings per share for Q3 2024 was ¥0.1957, up 45.94% from the same period last year[2] - The company's total operating revenue for the current period is CNY 26,350,264,346.95, a decrease of 6.36% from CNY 28,150,208,082.59 in the previous period[26] - The net profit for the current period is CNY 6,149,387,746.44, down 13.00% from CNY 7,058,358,194.50 in the previous period[27] - The company's operating profit for the current period is CNY 7,465,786,605.94, a decrease of 10.39% from CNY 8,329,694,673.99 in the previous period[27] - The total profit for the current period is CNY 7,576,762,880.15, down 9.59% from CNY 8,381,179,966.56 in the previous period[27] - The basic earnings per share for the current period is CNY 0.6490, compared to CNY 0.7143 in the previous period[27] - The diluted earnings per share for the third quarter were 0.6490, compared to 0.7143 in the previous period[28] Cash Flow - The net cash flow from operating activities for the year-to-date period was ¥9,759,653,524.12, showing a substantial increase of 62.01%[2] - Cash inflow from operating activities totaled ¥27,019,245,019.03, an increase from ¥25,971,187,531.31 in the prior year[28] - Net cash flow from operating activities reached ¥9,759,653,524.12, up from ¥6,024,191,313.28 year-over-year[28] - Cash outflow from investment activities was ¥16,536,547,545.32, slightly down from ¥16,849,556,984.67 in the previous year[29] - Net cash flow from financing activities was ¥4,343,030,879.76, a significant improvement from a net outflow of -¥368,534,670.01 in the same period last year[29] - The company received cash from investment recovery amounting to ¥1,042,604,829.70, a significant increase from ¥42,000,000.00 in the previous year[29] Assets and Liabilities - Total assets at the end of the reporting period were ¥240,354,335,108.90, reflecting a 4.51% increase from the previous year[2] - Total assets increased to CNY 240.35 billion, up from CNY 229.99 billion year-over-year, representing a growth of approximately 4.4%[24] - Current assets totaled CNY 49.01 billion, an increase from CNY 45.76 billion, reflecting a growth of about 4.9%[24] - Non-current assets rose to CNY 191.34 billion, compared to CNY 184.23 billion, marking an increase of approximately 3.0%[24] - Total liabilities increased to CNY 156.07 billion, up from CNY 147.46 billion, indicating a growth of around 5.5%[24] - The total current liabilities decreased to CNY 71.07 billion from CNY 72.17 billion, reflecting a reduction of about 1.5%[24] Investments and Expenses - Research and development expenses increased by 34.76% year-on-year, attributed to the increase in R&D projects and personnel during the reporting period[10] - Research and development expenses increased to CNY 105,423,410.32, up 34.77% from CNY 78,230,184.95 in the previous period[26] - The company's financial expenses for the current period are CNY 2,491,271,586.30, slightly down from CNY 2,501,336,536.43 in the previous period[26] - The tax expenses for the current period are CNY 1,427,375,133.71, an increase from CNY 1,322,821,772.06 in the previous period[27] - The company's investment income for the current period is CNY 674,419,399.77, significantly up from CNY 10,510,752.36 in the previous period[26] - Investment income surged by 6,316.47% year-on-year, mainly due to the disposal of subsidiary Jiangyin Sulong Thermal Power Co., Ltd. and increased investment income from joint ventures and associates[10] Operational Metrics - The company experienced a 58.12% decrease in trading financial assets, primarily due to the exclusion of a subsidiary from the consolidation scope[7] - The group completed the transfer of equity in Jiangyin Sulong Thermal Power Co., Ltd., and will no longer account for its power generation from September 2024[22] - The total power generation for the group was 56,846,592 MWh, representing a year-on-year growth of 2.42%[19] - Wind power generation was 43,861,535 MWh, a decrease of 1.82% from 44,673,091 MWh in the previous year[20] - The generation from other renewable energy sources increased by 82.76% to 5,822,066 MWh, with solar power contributing 5,817,665 MWh, up 82.88% year-on-year[20] Capacity and Utilization - As of September 30, 2024, the total installed capacity of the group reached 37,010.40 MW, an increase of 12.80% compared to 32,809.50 MW in the same period last year[18] - The wind power installed capacity increased to 28,380.64 MW, up 6.01% from 26,771.69 MW year-on-year[18] - The installed capacity of other renewable energy sources surged by 91.45% to 7,969.76 MW from 4,162.81 MW year-on-year[18] - The thermal power installed capacity decreased significantly by 64.80% to 660.00 MW from 1,875.00 MW in the previous year[18] - The average utilization hours for wind power decreased to 1,607 hours, down 108 hours compared to the same period last year[19]

Revenue and Profit - The group's revenue for the nine months ended September 30, 2024, was RMB 26.35 billion, a decrease of 6.37% compared to the same period last year[2]. - The net profit attributable to equity holders of the company was RMB 5.67 billion, representing a decline of 11.38% year-on-year[2][5]. - The group’s operating profit before tax was RMB 7.77 billion, down from RMB 8.67 billion in the previous year[5]. Installed Capacity - The total installed capacity of the group as of September 30, 2024, was 37,010.40 MW, with wind power capacity at 28,380.64 MW[3][8]. - The total installed capacity as of September 30, 2024, reached 37,010.40 GW, an increase of 12.80% compared to 32,809.50 GW in 2023[9]. - The group’s total installed capacity for photovoltaic projects included 567.70 MW from acquired projects[3]. - The installed capacity for other renewable energy sources increased significantly by 91.45%, from 4,162.81 GW in 2023 to 7,969.76 GW in 2024[9]. - The installed capacity in Guangxi province increased by 7.54%, from 991.35 GW in 2023 to 1,066.10 GW in 2024[9]. Power Generation - The group completed a total electricity generation of 56,846,592 MWh, an increase of 2.42% year-on-year, with renewable energy generation rising by 82.76%[4]. - The total power generation for the nine months ending September 30, 2024, was 56,846,592 MWh, reflecting a 2.42% increase from 55,504,550 MWh in 2023[11]. - The wind power generation decreased by 1.82%, from 44,673,091 MWh in 2023 to 43,861,535 MWh in 2024[10]. - The thermal power generation decreased by 6.32%, from 7,645,833 MWh in 2023 to 7,162,990 MWh in 2024[11]. - The power generation in Guizhou province saw a significant increase of 18.19%, from 1,224,043 MWh in 2023 to 1,446,750 MWh in 2024[10]. - The company reported a decrease in power generation in several regions, including Inner Mongolia (-12.13%) and Hebei (-15.05%) compared to the previous year[10]. Wind and Photovoltaic Segments - The wind power segment generated revenue of RMB 19.12 billion, down 8.35% year-on-year, while the photovoltaic segment saw revenue growth of 65.51% to RMB 1.57 billion[2][6]. - The average utilization hours for wind power decreased by 108 hours to 1,607 hours, primarily due to lower wind speeds[4]. Equity Transfer and Future Outlook - The group signed a share transfer agreement for the sale of 27% equity in Jiangyin Sulong Thermal Power Co., Ltd. for RMB 1.32 billion, which was included in other income[7]. - The company completed the equity transfer of Jiangyin Sulong, and its power generation will no longer be included from September 2024[12]. - Future outlook includes continued focus on expanding renewable energy capacity and improving operational efficiency[11].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company is set to enhance its performance through the acquisition of high-quality assets, with a focus on wind and solar energy projects, which are expected to significantly contribute to its profitability in the future [2] - The acquisition involves cash purchases of controlling stakes in eight renewable energy companies, with a total installed capacity of 2.0329 million kilowatts, at a transaction price of 1.686 billion yuan [1][2] - The expected increase in net profit for the company due to the acquisition is approximately 1.46 billion yuan for the year 2024, representing a 3% increase compared to 2023 [2] Summary by Sections Acquisition Details - The company plans to acquire stakes in eight renewable energy companies, with a total installed capacity of 2.0329 million kilowatts, for a price of 1.686 billion yuan [1] - The acquisition is valued at a price-to-book (PB) ratio of approximately 1.13 times, indicating reasonable pricing [1] Financial Performance - As of the first half of 2024, the company has a controlling wind power capacity of 28.35 GW and a photovoltaic capacity of 7.66 GW [2] - The expected net profit from the operational units acquired in the transaction is projected to be 1.41 billion yuan for the first half of 2024 [2] - The company's revenue for 2024 is forecasted to be 40.662 billion yuan, with a net profit of 5.951 billion yuan, reflecting a slight decrease of 4.77% compared to 2023 [3] Market Position and Future Outlook - The company is positioned as a leader in the green energy sector, with significant potential for future asset injections from its controlling shareholder, which holds approximately 40 GW of unlisted renewable energy assets [2] - The recent regulatory changes aimed at optimizing merger and acquisition processes are expected to enhance the company's valuation and market activity [2]

中国国际金融股份有限公司 关于龙源电力集团股份有限公司 控股股东出具附条件生效的承诺函的核查意见 中国国际金融股份有限公司（以下简称"中金公司"或"保荐机构"）作为龙 源电力集团股份有限公司（以下简称"龙源电力"、"公司"）的持续督导保荐机 构，根据《证券发行上市保荐业务管理办法》《深圳证券交易所股票上市规则 （2024年修订）》《深圳证券交易所上市公司自律监管指引第1号——主板上市公 司规范运作（2023年12月修订）》《深圳证券交易所上市公司自律监管指引第7号 ——交易与关联交易（2023年修订）》《深圳证券交易所上市公司自律监管指引第 13号——保荐业务》《上市公司监管指引第4号——上市公司及其相关方承诺》等 有关规定，就公司控股股东国家能源投资集团有限责任公司（以下简称"国家能源 集团"）拟出具附条件生效的《关于避免与龙源电力集团股份有限公司同业竞争的 补充承诺函（二）》（以下简称"《补充承诺函（二）》"）事项进行了核查，并 发表如下核查意见： 一、承诺背景、内容及期限 2021年12月8日，公司取得中国证券监督管理委员会（以下简称"中国证监 会"）出具的《关于核准龙源电力集团股份有限公司发行股份吸收 ...

证券代码：001289 证券简称：龙源电力 公告编号：2024-075 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。 一、关联交易概述 （一）关联交易基本情况 龙源电力集团股份有限公司（以下简称"本公司"或"龙源电力"）的控股 股东国家能源投资集团有限责任公司（以下简称"国家能源集团"）为落实《国 家能源投资集团有限责任公司关于避免与龙源电力集团股份有限公司同业竞争 的补充承诺函》约定，推动减少同业竞争，拟向本公司注入部分新能源资产。 经本公司结合业务发展规划、资金筹划安排、标的资产质量、合规性以及区 域协同性等因素充分研判，拟现金收购国家能源集团全资子公司国家能源集团资 产管理有限公司（以下简称"国能资产管理公司"）、国家能源集团甘肃电力有限 公司（以下简称"国能甘肃电力"）和国家能源集团广西电力有限公司（以下简 称"国能广西电力"）所持有的山东、江西、甘肃、广西区域共计 8 家新能源公 司股权，截至目前，初步预计本次交易标的公司股权转让对价合计为人民币 168,570.88 万元，最终将以至交割日的实际情况进行调整。上述标的公司在运和 在建装机容量合计 ...

中信证券股份有限公司 关于龙源电力集团股份有限公司 收购资产暨关联交易事项的核查意见 中信证券股份有限公司（以下简称"中信证券"或"保荐机构"）作为龙源电力集 团股份有限公司（以下简称"龙源电力"、"公司"）的持续督导保荐机构，根据《证 券发行上市保荐业务管理办法》《深圳证券交易所股票上市规则（2024年修订）》 《深圳证券交易所上市公司自律监管指引第1号—主板上市公司规范运作（2023年 修订）》《深圳证券交易所上市公司自律监管指引第7号—交易与关联交易（2023 年修订）》《深圳证券交易所上市公司自律监管指引第13号—保荐业务》等有关规 定，基于公司提供的相关资料，保荐机构对于龙源电力收购资产暨关联交易的事项 进行了审慎核查，并出具核查意见如下： 一、关联交易概述 （一）关联交易的基本情况 公司的控股股东国家能源投资集团有限责任公司（以下简称"国家能源集团"） 为落实《国家能源投资集团有限责任公司关于避免与龙源电力集团股份有限公司同 业竞争的补充承诺函》约定，推动减少同业竞争，拟向公司注入部分新能源资产。 经公司结合业务发展规划、资金筹划安排、标的资产质量、合规性以及区域协 同性等因素充分研判，拟现金收购 ...

一、会议召开情况 龙源电力集团股份有限公司（"公司"）第五届董事会 2024 年第 5 次独立董事专门会议（"会议"）于 2024 年 10 月 22 日召开。会议应出席独立董事为 3 人，实际出席 3 人， 会议由魏明德先生主持，会议的召集和召开符合《公司章程》 及《独立董事工作制度》的有关规定。 二、会议审议情况 会议审议了 2 项议案。经表决，形成如下决议： 1．审议通过《关于公司现金收购控股股东部分新能源资 产的议案》 龙源电力集团股份有限公司 第五届董事会 2024 年第 5 次 独立董事专门会议决议 2．审议通过《关于公司控股股东出具附条件生效的避免 同业竞争补充承诺函（二）的议案》 会议认为，国家能源集团出具《补充承诺函（二）》是 基于客观情况审慎判断作出的决定，不涉及对《补充承诺函》 的撤销或豁免，国家能源集团将继续履行承诺，符合《上市 公司监管指引第 4 号——上市公司及其相关方承诺》等法律 法规的规定，不存在损害公司及中小股东利益的情形。同意 将此议案提交董事会审议。 表决情况：有权表决票 3 票，同意 3 票、反对 0 票、弃 权 0 票 龙源电力集团股份有限公司 2024 年 10 月 ...

本公司及监事会全体成员保证信息披露的内容真实、准确和完整，没有虚假记载、误 导性陈述或者重大遗漏。 一、监事会会议召开情况 龙源电力集团股份有限公司（以下简称"公司"）第五届监事会 2024 年第 4 次会议（以下简称"本次会议"）通知和材料已于 2024 年 10 月 18 日以电子 邮件等形式发出。本次会议于 2024 年 10 月 22 日在北京以现场方式召开。会议 应到监事 3 人，实到 3 人。本次会议由公司监事会主席刘晋冀先生主持，公司部 分高管人员列席会议。本次会议的召开及表决程序符合《中华人民共和国公司法》 《龙源电力集团股份有限公司章程》《龙源电力集团股份有限公司监事会议事规 则》等有关规定。 二、监事会会议审议情况 证券代码：001289 证券简称：龙源电力 公告编号：2024-074 龙源电力集团股份有限公司 第五届监事会 2024 年第 4 次会议决议公告 具体内容详见公司同日刊登在巨潮资讯网（www.cninfo.com.cn）上和《中 国证券报》《证券时报》《证券日报》《上海证券报》上披露的《龙源电力集团 股份有限公司关于国家能源投资集团有限责任公司出具附条件生效的<关于避免 与龙 ...

中信证券股份有限公司 关于龙源电力集团股份有限公司 控股股东出具附条件生效的承诺函的核查意见 中信证券股份有限公司（以下简称"中信证券"或"保荐机构"）作为龙源电力集 团股份有限公司（以下简称"龙源电力"、"公司"）的持续督导保荐机构，根据《证 券发行上市保荐业务管理办法》《深圳证券交易所股票上市规则（2024年修订）》 《深圳证券交易所上市公司自律监管指引第1号—主板上市公司规范运作（2023年 修订）》《深圳证券交易所上市公司自律监管指引第7号—交易与关联交易（2023 年修订）》《深圳证券交易所上市公司自律监管指引第13号—保荐业务》《上市公 司监管指引第4号——上市公司及其相关方承诺》等有关规定，就公司控股股东国 家能源投资集团有限责任公司（以下简称"国家能源集团"）拟出具附条件生效的 《关于避免与龙源电力集团股份有限公司同业竞争的补充承诺函（二）》（以下简 称"《补充承诺函（二）》"）事项进行了核查，并发表如下核查意见： 一、承诺背景、内容及期限 1.3 本集团及有关附属企业向龙源电力发出拟注入资产的通知或出具上述第1.1 条所述的专项说明后，龙源电力将于接获通知或专项说明后一星期内向其独立非执 行 ...

证券代码：001289 证券简称：龙源电力 公告编号：2024-073 1.审议通过《关于公司现金收购控股股东部分新能源资产的议案》 董事会同意公司以现金方式收购公司控股股东国家能源投资集团有限责 任公司（以下简称"国家能源集团"）全资子公司国家能源集团资产管理有限 公司（以下简称"国能资产管理公司"）持有的国家能源莒南新能源有限公司 64%股权、国能湖口风力发电有限公司 60%股权，国家能源集团甘肃电力有限 公司（以下简称"国能甘肃电力"）持有的甘肃国能风力发电有限公司 51%股 权、夏河国能新能源开发有限公司 100%股权、民勤国能风力发电有限责任公 司 51%股权、国能（武威）新能源有限公司 100%股权、金塔北山国能新能源 有限公司 100%股权，国家能源集团广西电力有限公司（以下简称"国能广西 电力"）持有的国能藤县能源发展有限公司 51%股权。交易价格以经国家能源 龙源电力集团股份有限公司 第五届董事会 2024 年第 9 次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假记载、误 导性陈述或者重大遗漏。 一、董事会会议召开情况 龙源电力集团股份有限公司（以下简称" ...