Financial Performance - The net profit attributable to shareholders for 2023 is RMB 6,200,378,263, with a proposed cash dividend of RMB 1,860,113,479, representing 30% of the net profit[2]. - The planned cash dividend per share is RMB 0.2225 (before tax), based on a total of 8,359,816,164 shares issued[2]. - The profit distribution proposal is subject to approval at the shareholders' meeting[2]. - The company's operating revenue for 2023 was approximately ¥37.64 billion, a decrease of 5.57% compared to ¥39.86 billion in 2022[15]. - Net profit attributable to shareholders for 2023 reached approximately ¥6.25 billion, representing an increase of 22.27% from ¥5.11 billion in 2022[15]. - The net cash flow from operating activities was approximately ¥13.88 billion, a significant decrease of 53.10% compared to ¥29.61 billion in 2022[16]. - Basic and diluted earnings per share for 2023 were both ¥0.7272, reflecting a 24.54% increase from ¥0.5840 in 2022[16]. - The total assets of the company at the end of 2023 were approximately ¥229.26 billion, an increase of 2.67% from ¥222.90 billion at the end of 2022[16]. - The net assets attributable to shareholders at the end of 2023 were approximately ¥77.09 billion, an increase of 3.07% from ¥68.81 billion at the end of 2022[16]. - The company's return on equity (ROE) for 2023 was 9.11%, up from 8.10% in 2022[16]. Operational Highlights - The company's operating revenue for the fourth quarter was CNY 9,533,265,683.10, with a total annual revenue of CNY 37,682,913,685.70, reflecting a year-on-year increase of approximately 5.2%[22]. - The net cash flow from operating activities for the fourth quarter was CNY 7,893,465,269.34, showing a significant recovery compared to a negative cash flow of CNY -2,038,280,879.22 in the third quarter[22]. - The company reported a total of CNY 36,818,764.51 in government subsidies for the current year, an increase from CNY 26,798,416.82 in the previous year, indicating a growth of approximately 37.5%[24]. - The total non-operating income for the current year amounted to CNY 6,483,088.63, a significant recovery from a loss of CNY -633,224,850.27 in the previous year[24]. - The company recorded a total electricity consumption of 92,241 billion kWh in 2023, representing a year-on-year growth of 6.7%[26]. - The average utilization hours of power generation equipment in large power plants decreased by 101 hours year-on-year to 3,592 hours, with coal-fired power generation increasing by 92 hours to 4,685 hours[26]. Renewable Energy Development - The newly added power generation capacity in 2023 was 370 million kilowatts, with wind power and solar power accounting for 58.5% of the total new capacity[27]. - By 2030, the goal is for renewable energy to account for over 40% of installed capacity and over 20% of power generation[27]. - The National Energy Administration aims for annual new solar thermal power installations to reach approximately 3 million kilowatts during the 14th Five-Year Plan period[28]. - The renewable energy power consumption responsibility weight for 2023 is set as a binding indicator, with provinces required to ensure compliance[29]. - The issuance of green certificates for renewable energy will cover all renewable energy projects, with one certificate corresponding to 1,000 kilowatt-hours of renewable energy[29]. - The company achieved a significant increase in renewable energy generation, with other renewable sources generating 4,553,052 MWh, a year-on-year increase of 159.83%[33]. Market and Strategic Initiatives - The company plans to continue expanding its market presence and investing in new technologies to enhance operational efficiency[12]. - The company is focusing on digital transformation and has built the largest digital platform for renewable energy production globally, managing over 580 billion data points daily[49]. - The company is actively pursuing new energy and hydrogen-based energy projects, leveraging the trend in hydrogen industry development[47]. - The company plans to enhance operational efficiency, targeting a 5% reduction in operational costs through process optimization[120]. - The company is considering strategic acquisitions to enhance its portfolio, with potential targets identified in the renewable energy sector[120]. Governance and Management - The company has a clear and independent governance structure, ensuring compliance with relevant laws and regulations, and maintaining operational independence from its controlling shareholder[104]. - The company has established a robust investor communication mechanism, including monthly power generation announcements and annual performance briefings[100]. - The company has maintained a strong focus on corporate governance, with all directors fulfilling their duties diligently and in accordance with legal requirements[133]. - The company reported a significant increase in user data, with a year-over-year growth of 25% in active users, reaching a total of 5 million[120]. - The company has experienced a significant management turnover, with multiple appointments and resignations in 2023[115]. Environmental Responsibility - The company adheres to strict environmental regulations, ensuring that all major pollutants meet the standards set by Jiangsu Province[156]. - The company has completed ultra-low emission transformations for sulfur dioxide, nitrogen oxides, and particulate matter across all its coal-fired units, passing environmental inspections[159]. - The company is committed to green and low-carbon development, aligning with national environmental protection policies[156]. - The company has established a comprehensive environmental management system to fulfill its environmental responsibilities and improve data quality[161]. - The company conducted effective monitoring of various environmental parameters in compliance with national and industry standards[162]. Future Outlook - Future outlook indicates a projected revenue growth of 15% for the next fiscal year, driven by new product launches and market expansion strategies[120]. - The company plans to enhance its support for Youyu County in 2024, focusing on rural infrastructure and agricultural quality improvement[164]. - The company anticipates that the installed capacity of renewable energy will exceed 200 million kilowatts in 2024, indicating a strong growth trajectory[86]. - The company plans to start new renewable energy projects with a total capacity of 10 million kW and to put into operation 7.5 million kW in 2024[94].

Investment Rating - The report maintains a "Cautious Recommendation" rating for the company, with a target price of 23.75 CNY per share based on a PE valuation of 25.0 times for 2024 [5][3]. Core Views - The company reported a revenue of 37.642 billion CNY in 2023, a decrease of 5.57% year-on-year, while the net profit attributable to shareholders increased by 22.27% to 6.249 billion CNY [2][4]. - The company plans to distribute a cash dividend of 0.2225 CNY per share, totaling 1.86 billion CNY, representing a cash dividend payout ratio of approximately 30.60% [2]. - The wind power segment faced challenges due to cost expansion and impairment losses, with a revenue of 27.361 billion CNY, a year-on-year increase of 2.1%, but operating profit decreased by 5.3% to 11.011 billion CNY [2][3]. - The company has significant growth potential in the solar energy sector, with installed capacity reaching 5.9643 million kW and a generation increase of 159.8% year-on-year [3][4]. Summary by Sections Financial Performance - In 2023, the company achieved total revenue of 37.642 billion CNY, with a year-on-year growth rate of -5.57% [4]. - The net profit attributable to shareholders was 6.249 billion CNY, reflecting a growth rate of 22.27% [4]. - The company expects EPS of 0.95 CNY for 2024 and 0.99 CNY for 2025, with corresponding PE ratios of 24.4 and 19.1 [4][9]. Operational Highlights - The company added 1.5626 million kW of wind power capacity in 2023, with total wind power generation reaching 61.353 billion kWh, a growth of 5.2% [2][3]. - The average on-grid electricity price for wind power decreased by 0.024 CNY/kWh to 0.457 CNY/kWh, a decline of 5.0% [2]. - The solar energy segment saw a significant increase in generation and revenue, with a total generation of 4.553 billion kWh and revenue of 1.408 billion CNY, representing growth rates of 159.8% and 114.4%, respectively [3][4]. Future Outlook - The company has secured new energy development indicators totaling 19.84 GW, with significant reserves in both wind and solar resources [3]. - The report anticipates continued improvements in profitability for the fire power segment due to declining fuel costs and increased market trading volumes [2][3].

Financial Performance - For the year ended December 31, 2023, revenue was RMB 37.638 billion, a decrease of 5.6% compared to the previous year[2]. - For the same period, profit before tax was RMB 8.398 billion, an increase of 9.3% year-on-year[4]. - Net profit attributable to equity holders was RMB 6.355 billion, reflecting a growth of 23.9% compared to last year[2]. - Earnings per share for the year was RMB 0.7398, an increase of RMB 0.1536 from the previous year[2]. - Total comprehensive income for the year was RMB 6.891 billion, compared to RMB 6.096 billion in 2022[6]. - The company reported a net financial expense of RMB 3.437 billion, down from RMB 3.800 billion in the previous year[4]. - The company’s coal sales cost decreased significantly to RMB 3.119 billion from RMB 6.275 billion in 2022[4]. - The company’s total revenue from technical service fees increased to RMB 387,004,000 in 2023, up from RMB 249,129,000 in 2022, representing a growth of approximately 55.41%[49]. - The company reported a net loss of RMB 28,596 thousand from the disposal of subsidiaries, indicating challenges in this area[44]. - The company achieved a net profit of RMB 6.868 billion in 2023, representing a 12.1% increase from RMB 6.128 billion in 2022[104]. Assets and Liabilities - Non-current assets increased to RMB 184.907 billion from RMB 170.707 billion in 2022[7]. - Current assets decreased to RMB 45.008 billion from RMB 52.905 billion in 2022[7]. - Total current liabilities decreased to RMB 71,254,606 thousand in 2023 from RMB 74,279,570 thousand in 2022, representing a reduction of approximately 2.8%[8]. - Total non-current liabilities increased to RMB 76,634,457 thousand in 2023 from RMB 69,536,675 thousand in 2022, reflecting an increase of about 10.1%[8]. - Total assets minus current liabilities rose to RMB 158,660,533 thousand in 2023, up from RMB 149,331,785 thousand in 2022, indicating an increase of approximately 6.8%[8]. - The company's total equity increased to RMB 82,026,076 thousand in 2023 from RMB 79,795,110 thousand in 2022, marking a growth of about 2.8%[8]. - The company's total liabilities increased to RMB 147,889,063 thousand in 2023 from RMB 143,816,245 thousand in 2022, reflecting an increase of approximately 2.9%[8]. - The company's reserves increased to RMB 60,232,203 thousand in 2023 from RMB 55,008,230 thousand in 2022, representing an increase of about 9.9%[8]. - The company's borrowings decreased from RMB 53,279,235 thousand in 2022 to RMB 49,498,691 thousand in 2023, a decline of approximately 7.5%[8]. - The company's total borrowings increased to RMB 72,780,016 thousand in 2023 from RMB 66,445,183 thousand in 2022, reflecting an increase of about 9.4%[8]. Segment Performance - The group reported total revenue of RMB 38,405,434,000 for the year ending December 31, 2023, with significant contributions from the wind power segment at RMB 27,496,401,000, thermal power at RMB 8,418,208,000, and photovoltaic power at RMB 1,408,072,000[26]. - The operating profit for the group was RMB 12,033,730,000, with the wind power segment contributing RMB 11,010,584,000, thermal power RMB 394,869,000, and photovoltaic power RMB 627,146,000[26]. - The profit from reportable segments increased to RMB 12,033,730,000 in 2023, compared to RMB 11,450,511,000 in 2022, reflecting a growth of 5.1%[30]. - The wind power segment's revenue for 2023 was RMB 27.496 billion, a growth of 0.9% from RMB 27.248 billion in 2022, attributed to increased installed capacity and electricity sales[124]. - The thermal power segment's revenue decreased by 28.1% to RMB 8.418 billion from RMB 11.716 billion in 2022, mainly due to reduced coal sales volume and average selling price[126]. - The photovoltaic segment's revenue surged by 114.3% to RMB 1.408 billion from RMB 0.657 billion in 2022, driven by increased installed capacity and electricity sales[129]. Cash Flow and Investments - The net cash inflow from operating activities in 2023 was RMB 13.884 billion, down RMB 15.684 billion from RMB 29.568 billion in 2022, mainly due to a decrease in receivables from electricity sales subsidies[152]. - The net cash outflow from investment activities in 2023 was RMB 21.434 billion, an increase of RMB 2.325 billion from RMB 19.109 billion in 2022, primarily for wind and photovoltaic power project construction[152]. - The net cash outflow from financing activities in 2023 was RMB 6.264 billion, a decrease of RMB 10.241 billion from a net inflow of RMB 3.977 billion in 2022, mainly due to loan repayments and interest payments[152]. - In 2023, the company's capital expenditures amounted to RMB 23.896 billion, a 33.1% increase from RMB 17.959 billion in 2022[145]. - Wind power project expenditures were RMB 10.469 billion, accounting for 43.8% of total capital expenditures, while photovoltaic project expenditures were RMB 12.014 billion, making up 50.3%[146]. Corporate Governance and Compliance - The company has consistently adhered to the corporate governance code as per the Hong Kong Stock Exchange rules throughout the year ending December 31, 2023[177]. - The company has adopted the standard code for securities trading for all directors and supervisors, confirming compliance during the reporting period[178]. - The audit committee has reviewed the group's performance for the year 2023 and the financial statements prepared in accordance with International Financial Reporting Standards[181]. - The company has appointed Ernst & Young as the auditor for the financial statements for the year ending December 31, 2023, with an audit fee of RMB 13.24 million (excluding tax)[179]. - The company has engaged Zhongshen Zhonghuan Certified Public Accountants as its Chinese auditor for the year 2023, with an audit fee of RMB 9.929 million (excluding tax)[180]. Future Outlook and Strategy - The company plans to accelerate the development of renewable energy, particularly wind and solar power, as part of the national energy strategy[69]. - The group is focusing on the development of offshore wind power projects in Jiangsu, Hainan, Shanghai, and Guangdong, achieving new breakthroughs[83]. - The group is enhancing strategic collaboration and leveraging integrated advantages to promote large-scale project development[83]. - The group has developed new models for long-term electricity price forecasting and multi-period trading strategy risk control[89]. - The group aims to improve local grid structures and expand consumption channels to address risks associated with weak grid infrastructure in certain regions[155].

龙源电力 小白 众环审与 ■ 景 审计报告 | 财务报表 | | | --- | --- | | 合并资产负债表 | | | 合并利润表 | 3 | | 合并现金流量表 | ব | | 合并股东权益变动表 | ട് | | 资产负债表 | 7 | | 利润表 | 9 | | 现金流量表 | 10 | | 股东权益变动表 | 11 | | 财务报表附注 | 13 | 起始页码 还会计师愿务所(特殊禁通合伙) 8 166 星长江 2 リナ周 17-18 8 由注 Tel· 027-86791219 te Fay. 027-85424329 17-18/F. Yangtze River Industry Building 审计报告 众环审字(2024) 0200896 号 龙源电力集团股份有限公司全体股东: 一、审计意见 我们审计了龙源电力集团股份有限公司(以下简称"龙源电力")财务报表,包括 2023 年 12 月 31 日的合并及公司资产负债表,2023年度的合并及公司利润表、合并及公司现金流 量表、合并及公司股东权益变动表以及相关财务报表附注。 我们认为,后附的财务报表在所有重大方面按照企业会计准则的规定编制 ...

成立日期：中审众环会计师事务所始创于 1987 年，是 全国首批取得国家批准具有从事证券、期货相关业务资格及 金融业务审计资格的大型会计师事务所之一。根据财政部、 龙源电力集团股份有限公司审计会计师 事务所履职情况评估情况和审计委员会 履行监督职责情况报告 根据《中华人民共和国公司法》《中华人民共和国证券 法》《上市公司治理准则》《国有企业、上市公司选聘会计 师事务所管理办法》《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》《香港联合交易所有 限公司证券上市规则》《龙源电力集团股份有限公司章程》 （以下简称"《公司章程》"）《龙源电力集团股份有限公 司董事会审计委员会议事规则》（以下简称"《审计委员会 议事规则》"）等规定和要求，龙源电力集团股份有限公司 （以下简称"公司"）董事会审计委员会本着勤勉尽责的原 则，恪尽职守，认真履职。现将董事会审计委员会对会计师 事务所 2023 年度履职评估及董事会审计委员会履行监督职 责的情况汇报如下。 一、会计师事务所机构信息 （一）境内会计师事务所机构信息 机构名称：中审众环会计师事务所（特殊普通合伙）（以 下简称"中审众环会计师事务所"） 1 ...

第一条 为规范龙源电力集团股份有限公司（以下简称"公 司"）治理行为，明确独立董事的职责权限，充分发挥独立董事 的作用，根据《中华人民共和国公司法》（以下简称"《公司法》"） 《上市公司独立董事管理办法》（以下简称"《管理办法》"） 《上市公司治理准则》《深圳证券交易所股票上市规则》和《香 港联合交易所有限公司证券上市规则》（以下简称"《香港上市 规则》"）（前述上市规则以下统称"上市地上市规则"）等有 关法律、法规、部门规章及规范性文件的规定以及《龙源电力集 团股份有限公司章程》（以下简称"《公司章程》"），结合公 司实际，制定本制度。 龙源电力集团股份有限公司 独立董事工作制度 第一章 总则 第二条 独立董事是指不在公司担任除董事外的其他职务， 并与公司及其主要股东、实际控制人不存在直接或者间接利害关 系，或者其他可能影响其进行独立客观判断关系的董事。 独立董事应当独立履行职责，不受公司及其主要股东、实际 控制人等单位或者个人的影响。 第三条 独立董事对公司及全体股东负有忠实与勤勉义务， 应当按照法律、行政法规、中国证券监督管理委员会（以下简称 —1— "中国证监会"）规定、上市地上市规则、证券交易所业务 ...

中国国际金融股份有限公司 及重大资产出售及支付现金购买资产暨关联交易 2023 年度业绩承诺实现情况的核查意见 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"）换股吸收合并内 蒙古平庄能源股份有限公司（以下简称"平庄能源"）及重大资产出售及支付现 金购买资产暨关联交易（以下简称"本次交易"）的吸并方财务顾问及持续督导 保荐机构，根据《证券发行上市保荐业务管理办法》《上市公司重大资产重组管 理办法》《深圳证券交易所股票上市规则》《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》《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，中金公司对于本次交 易涉及的 2023 年度业绩承诺实现情况进行核查，如无特别说明，本核查意见中 所述的词语或简称与《龙源电力集团股份有限公司换股吸收合并内蒙古平庄能源 股份有限公司及重大资产出售及支付现金购买资产暨关联交易报告书》中"释义" 所定义的词语或简称具有相同的含义，具体核查情况及意见如下： 一、交易及其业绩承诺情况 （一）交易概述 公 ...

关于公司 2024 年第六期超短期融资券发行的公告 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。 证券代码：001289 证券简称：龙源电力 公告编号：2024-021 龙源电力集团股份有限公司 龙源电力集团股份有限公司 董 事 会 龙源电力集团股份有限公司（以下简称"公司"）于 2023 年 6 月 15 日召开 的 2022 年度股东大会审议通过了《关于龙源电力集团股份有限公司在境内申请 注册及发行债务融资工具一般性授权的议案》，批准并同意授权董事会决定及处 理公司以统一注册或分品种注册的形式在中国银行间市场交易商协会注册、发行 不超过人民币 800 亿元（含 800 亿元）的债务融资工具的相关事宜，类型包括但 不限于超短期融资券、短期融资券、中期票据（含中长期含权票据）、永续票据、 定向债务融资工具、资产支持票据、项目收益票据、权益出资型票据等在内的债 务融资工具；并同意董事会转授权公司经理层处理上述相关事宜。 2024 年 03 月 27 日 公司已于 2024 年 3 月 26 日发行 2024 年度第六期超短期融资券，所募集资 金将主要用于补充日 ...

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的內 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 不對因本公告全部或任何部份內容而產生或因倚賴該等內容而引致的 任 何 損 失 承 擔 任 何 責 任。 截 至2023年12月31日止之年度業績公佈 財務摘 要 龍 源 電 力 集 團 股 份 有 限 公 司（「本公司」或「公 司」）董 事 會（「董事會」）欣 然 宣 佈 本 公 司 及 其 子 公 司（「本集團」或「集 團」）截 至2023年12月31日止年度 之 經 審 核 綜 合 業 績，連 同2022年 同 期 的 比 較 數 字。該 業 績 乃 按 照 國 際 會 計 準 則 理 事 會 頒 佈 的《國 際 財 務 報 告 準 則》以 及 香 港 法 例 第622章《公 司 條 例》 的 披 露 要 求 而 編 製。 – 1 – • 截 至2023年12月31日止年度，收入人民幣376.38億元，比去年下降5.6% • 截 至 2023年 12 月 31 日 止 年 度，除 稅 前 利 潤 人 民 幣 83.98 億 元，比 去 ...

龙源电力集团股份有限公司与 国家能源集团财务有限公司 关联存贷款等金融业务的风险评估报告 国家能源集团财务有限公司（以下简称"财务公司"） 由龙源电力集团股份有限公司（以下简称"本公司"）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）持有 60%股权，为本公司的关联方。本公司通过 查验财务公司的《营业执照》《金融许可证》等资料，并 审阅财务公司的财务报告及风险指标等信息，对其经营资 质、业务和风险状况进行了评估，现将有关风险评估情况 报告如下： 一、财务公司基本情况 国家能源集团财务有限公司，统一社会信用代码为 91110000710927476R，注册地址为北京市西城区西直门外 大街 18 号楼 2 层 7 单元 201、202，3 层 7 单元 301、302。 截至 2023 年 12 月 31 日，注册资本为 1,750,000 万元，其 中国家能源集团占比 60.00%；中国神华能源股份有限公司 占比 32.57%；国能朔黄铁路发展有限责任公司占比 2.86%； 神华准格尔能源有限责任公司占比 2.86%；国能包神铁路有 限责任公司占比 1.71%。财务公司为中国银行保险监督管理 ...