Group 1 - The core point of the article is the resignation of Wang Qi, the Deputy General Manager of Longyuan Power, due to job changes, effective November 21, 2025 [1] - Longyuan Power's revenue composition for the first half of 2025 shows that the power industry accounts for 99.22% of its total revenue, while other sectors contribute 0.78% [2] - As of the report, Longyuan Power has a market capitalization of 135.2 billion yuan [3]

Core Points - Longyuan Power announced the resignation of Vice President Wang Qi due to job changes, effective November 21, 2025 [1] Company Summary - The sixth board of directors of Longyuan Power received Wang Qi's written resignation report on November 21, 2025 [1] - After his resignation, Wang Qi will not hold any positions in the company or its subsidiaries [1]

证券代码：001289 证券简称：龙源电力 公告编号：2025-074 龙源电力集团股份有限公司 龙源电力集团股份有限公司（以下简称"公司"）第六届董事会于 2025 年 11 月 21 日收到公司副总经理王琦先生的书面辞任报告。因工作变动，王琦先生 申请辞去公司副总经理职务，辞任后不在公司及控股子公司担任任何职务。 根据法律、法规、其他规范性文件和《龙源电力集团股份有限公司章程》的 相关规定，王琦先生的辞任自其辞任报告送达公司时生效。 王琦先生在任职期间，与公司及董事会无任何意见分歧，亦不存在任何与其 辞任有关的其他需要通知证券交易所和公司股东注意之事项。截至本公告日，王 琦先生未持有公司股票。 公司董事会对王琦先生任职期间勤勉尽责地工作以及为公司发展所做出的 贡献表示衷心感谢！ 关于副总经理辞任的公告 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、副总经理辞任情况 特此公告。 龙源电力集团股份有限公司 董 事 会 2025 年 11 月 24 日 二、备查文件 王琦先生辞任报告。 1 ...

Core Points - Longyuan Power Group Co., Ltd. announced the resignation of Vice President Wang Qi due to job changes, effective November 21, 2025 [1] Summary by Sections - **Company Announcement** - Longyuan Power's sixth board received a written resignation report from Vice President Wang Qi [1] - Wang Qi will not hold any position in the company or its subsidiaries after his resignation [1]

Core Viewpoint - Longyuan Power Group Co., Ltd. announced the resignation of its Deputy General Manager Wang Qi due to job changes, effective November 21, 2025, after which he will not hold any positions in the company or its subsidiaries [1] Company Summary - Longyuan Power's Board of Directors received a written resignation report from Deputy General Manager Wang Qi [1] - Wang Qi's resignation is attributed to work changes, indicating a shift in his professional responsibilities [1] - Post-resignation, Wang Qi will not serve in any capacity within Longyuan Power or its controlling subsidiaries [1]

Core Points - Longyuan Power Group Co., Ltd. announced the resignation of Vice President Wang Qi due to job changes, effective November 21, 2025, and he will not hold any positions in the company or its subsidiaries after his resignation [1] Summary by Category - **Company Announcement** - Longyuan Power's board received a written resignation report from Vice President Wang Qi [1] - Wang Qi's resignation is attributed to work changes [1] - Post-resignation, Wang Qi will not hold any positions within the company or its subsidiaries [1]

海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條而作出。 茲 載 列 在 深 圳 證 券 交 易 所 網 站（http://www.szse.cn）刊 登 的 龍 源電力集團股 份有限公司 關於副總經理辭任的公告，僅 供 參 考。 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不就因本公告全部或任何部分內容而產生或因倚賴該等內容而引致之 任 何 損 失 承 擔 任 何 責 任。 特 此 公 告。 承董事會命 龍源電力集團股份有限公司 China Longyuan Power Group Corporation Limited* 宮宇飛 董事長 中 國 北 京，2025年11月24日 於 本 公 告 日 期，本 公 司 的 執 行 董 事 為 宮 宇 飛 先 生 和 王 利 強 先 生；非 執 行 董 事 為 王 雪 蓮 女 士、張 彤 先 生、王 永 先 生 和 劉 勁 濤 先 生；及 獨 立 非 執 行 董 事 為 魏 明 德 先 生、高 德 步 先 生 ...

Investment Rating - The report maintains a positive outlook on the power and gas sectors, recommending various companies within these industries based on their performance and market conditions [2]. Core Insights - The report highlights a significant increase in electricity consumption in October, with a year-on-year growth of 10.4%, driven primarily by the tertiary sector and residential usage [5][10]. - Natural gas prices exhibit mixed trends globally, with U.S. prices rising while European prices are stabilizing [22][30]. - The report provides specific investment recommendations across various segments, including hydropower, green energy, nuclear power, thermal power, and gas [20][21]. Summary by Sections 1. Electricity Sector - In October, total electricity consumption reached 857.2 billion kWh, marking a 10.4% increase year-on-year. The first, second, and third industries, along with residential consumption, saw growth rates of 13.2%, 6.2%, 17.1%, and 23.9%, respectively [12][10]. - The tertiary sector's electricity consumption grew the fastest, particularly in internet data services related to big data and AI, which surged by 46% [11]. - The report notes that the second industry contributes over 60% of total electricity consumption, with high-tech and equipment manufacturing showing significant growth [11][12]. 2. Gas Sector - As of November 21, U.S. Henry Hub spot prices were $4.13/mmBtu, reflecting an 18.33% weekly increase, while European gas prices showed slight declines [22][30]. - The report indicates that U.S. natural gas supply remains robust, with a notable increase in LNG demand, contributing to rising prices [24][25]. - Recommendations include focusing on integrated gas companies and those benefiting from cost reductions and increased sales, such as Kunlun Energy and New Hope Energy [44]. 3. Weekly Market Review - The report notes that the public utility, gas, and power equipment sectors underperformed compared to the Shanghai and Shenzhen 300 index during the week of November 17 to November 21 [47]. 4. Company and Industry Dynamics - The report discusses the commissioning of China's highest-altitude wind power project in Tibet, which is expected to provide significant clean energy and economic benefits to the local community [50][53]. - It also highlights various local government initiatives aimed at promoting green electricity and renewable energy projects, including direct connections for green electricity [54][55].

Core Viewpoint - Longyuan Power experienced a decline of 3.28% in stock price on November 21, with a trading volume of 92.04 million yuan, indicating potential market concerns regarding the company's performance and investor sentiment [1] Financing Summary - On November 21, Longyuan Power had a financing buy-in amount of 9.58 million yuan and a financing repayment of 6.16 million yuan, resulting in a net financing buy of 3.43 million yuan [1] - As of November 21, the total financing and securities lending balance for Longyuan Power was 67.49 million yuan, with the financing balance at 67.16 million yuan, accounting for 0.08% of the circulating market value, which is below the 30th percentile level over the past year, indicating a low financing level [1] - The company repaid 300 shares in securities lending and sold 100 shares on the same day, with a selling amount of 1,650 yuan, while the securities lending balance was 328,400 yuan, exceeding the 50th percentile level over the past year, indicating a relatively high level [1] Company Profile - 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] - The company's revenue composition is primarily from power products (99.22%), with other income accounting for 0.78% [2] - As of September 30, 2025, the number of shareholders was 34,200, a decrease of 16.42% from the previous period, with an average of 0 circulating shares per person [2] Financial Performance - For the period from January to September 2025, Longyuan Power reported operating revenue of 22.22 billion yuan, a year-on-year decrease of 15.67%, and a net profit attributable to shareholders of 4.39 billion yuan, down 19.76% year-on-year [2] - Since its A-share listing, the company has distributed a total of 5.98 billion yuan in dividends, with 4.75 billion yuan distributed over the past three years [3] Institutional Holdings - As of September 30, 2025, the top ten circulating shareholders included Hong Kong Central Clearing Limited, which held 3.05 million shares, a decrease of 819,900 shares from the previous period [3] - Other notable shareholders included Huatai-PB CSI 300 ETF and E Fund CSI 300 ETF, with slight changes in their holdings compared to the previous period [3]

Investment Rating - The report maintains a "Positive" investment rating for the utility sector [8] Core Insights - Guangdong has proposed a mechanism for sharing excess profits among electricity sales companies, which is expected to rationalize pricing behavior and reduce speculative pricing in the market [2][11] - The new policies aim to guide electricity sales companies to shift from a speculative pricing model to a service-oriented model, thereby stabilizing electricity prices and ensuring reasonable returns [11] - The report highlights that the profitability of independent electricity sales companies in Guangdong has increased, leading to a significant rise in the number of companies participating in the electricity market [11] Summary by Sections Electricity Sales Companies - Guangdong's new policy will share excess profits from electricity sales companies with retail users, compressing the arbitrage space and promoting rational pricing [2][11] - The shift in business model from arbitrage to providing value-added services is expected to stabilize market pricing and reduce irrational competition [11] Market Trends - The report notes that the average profit per kilowatt-hour for independent electricity sales companies in Guangdong reached 3.22 cents in the first half of 2025, an increase from 3.1 cents in 2024 [11] - The number of electricity sales companies in Guangdong rose from 257 in 2024 to 350 in 2025, a 36% increase, indicating strong market interest [11] Investment Recommendations - The report recommends focusing on quality coal-fired power operators such as Huaneng International, Datang Power, and Guodian Power, as well as hydropower companies like Yangtze Power and State Power Investment [11] - It also suggests investing in renewable energy companies like Longyuan Power and China Nuclear Power, which are expected to benefit from favorable policy changes [11]