Summary of Dongfang Electric's Conference Call Company Overview - **Company**: Dongfang Electric - **Period**: First half of 2025 Key Financial Metrics - **Revenue**: 35.081 billion CNY, up 14.03% year-on-year [3] - **Total Profit**: 2.494 billion CNY, up 18.38% year-on-year [3] - **Net Profit Attributable to Shareholders**: 1.91 billion CNY, up 12.91% year-on-year [3] - **Return on Equity**: 4.74% [2] Order and Revenue Insights - **New Social Orders**: 65.5 billion CNY, up 16.78% year-on-year [2] - **Coal Power Sector**: - Gross Margin: Approximately 19% in H1, 20.4% in Q2, slightly higher than last year [2][5] - New Orders: 176 million CNY, up nearly 7% [7] - **Nuclear Power Sector**: - New Orders: 4.9 billion CNY, up nearly 17% [7] - Annual New Orders: Expected to be around 8-10 billion CNY [4][11] - **Wind Power Sector**: - New Orders: 13.6 billion CNY, up 64% [7] - Gross Margin: 9.23% in H1, over 10% in Q2, with a target of over 15% next year [6] - **Hydropower Sector**: - New Orders: 5.8 billion CNY, up 17% [7] - **Gas Sector**: - New Orders: 2.1 billion CNY, down over 50% [7] Sector Performance and Trends - **Coal Power**: Stable development trend expected, with annual approvals for 60-70 million kW, slightly lower than last year [5] - **Wind Power**: Price increase for onshore wind power by 100-200 CNY per kW, with a target gross margin of over 10% for the year [6] - **Nuclear Power**: Fluctuating gross margins due to product structure; expected to recover to previous levels of 10%-19% [4][14] - **Pumped Storage**: Construction speed expected to remain high until 2029 or 2030, with a shift in revenue contribution from conventional hydropower to pumped storage [9][12] Growth and Future Outlook - **Emerging Growth Industries**: Overall growth of 22%, with power electronics growing by 70% and energy conservation by 14% [20] - **Dividend Policy**: Plans to gradually increase the dividend payout ratio to around 50% over the next few years [4][21] Additional Insights - **Tax Growth**: Significant increase in income tax for H1 2025, further investigation needed [10] - **Gas Turbine Exports**: Limited to domestic sales; some international market expansion for self-developed small gas turbines [18] - **Trade Sector**: Business significantly reduced due to national policy changes [19] This summary encapsulates the key points from Dongfang Electric's conference call, highlighting financial performance, sector-specific insights, and future growth strategies.

Summary of Dongfang Electric's Conference Call Company Overview - **Company**: Dongfang Electric - **Industry**: Energy Equipment Manufacturing Key Points Financial Performance - In the first half of 2025, Dongfang Electric achieved a revenue of **38.151 billion yuan**, a year-on-year increase of **4.03%** [4] - The total profit reached **12.494 billion yuan**, up **18.38%** year-on-year, with a net profit attributable to shareholders of **1.91 billion yuan**, increasing by **12.91%** [4] - New effective orders amounted to **65.485 billion yuan**, reflecting a **16.78%** year-on-year growth [4] Business Segments Performance - **Renewable Energy Equipment**: Significant growth with new orders reaching **20 billion yuan**, up from **14 billion yuan** year-on-year, particularly in wind power [6] - **Nuclear Power**: Revenue increased but gross margin declined due to project margin differences; efforts are ongoing to reduce manufacturing costs from **18,000 yuan** to **15,000 yuan** per kilowatt [8][9] - **Wind Power**: Both revenue and gross margin increased, attributed to high order volumes and improved pricing conditions; the company expects strong competitiveness to continue in the second half of the year [10][12] - **Hydropower**: Improved order quality with new effective orders of **6.1 billion yuan** and new bids of **7.3 billion yuan**, although gross margin declined due to revenue recognition timing [14] - **Coal Power**: Gross margin improved to **19.13%** in the first half, with expectations to maintain around **20%** for the year as low-margin orders have been largely digested [15][25] Cash Flow and Asset Management - Operating cash flow was negative, decreasing by over **4 billion yuan** year-on-year, primarily due to increased procurement expenses and cash outflows for wind power projects [7] - The company is taking measures to enhance cash collection to mitigate cash flow issues [7][18] Research and Development - R&D expenses increased by **16%**, focusing on motors, turbines, and boilers, with hydrogen energy revenue approaching **100 million yuan** [5][17] - The company is actively exploring new fields such as small reactors and advanced nuclear technologies [8][11] Market Outlook - The coal power sector is expected to see stable growth, with a projected annual issuance of over **6,000 megawatts** for desulfurization and denitrification equipment [20] - The hydropower sector is anticipated to maintain a positive trend, with improved order quality and pricing [14] - The gas power segment is facing challenges with a **40%** year-on-year decline in orders, but remains above average levels [5][20] Strategic Initiatives - The company is focusing on high-quality order acquisition and enhancing internal management to improve efficiency [27] - Plans to maintain a dividend payout ratio of around **46%**, with an increase of at least one percentage point annually [22] Additional Insights - The company is optimistic about the future of pumped storage and expects steady growth in bidding volumes [21] - The overall market environment is favorable for the energy equipment sector, with a focus on sustainable and efficient energy solutions [20][21] This summary encapsulates the key insights from Dongfang Electric's conference call, highlighting financial performance, segment-specific developments, cash flow management, R&D focus, market outlook, and strategic initiatives.

FF301 備註： | 本月底結存 | | 340,000,000 | RMB | | 1 RMB | | 340,000,000 | | --- | --- | --- | --- | --- | --- | --- | --- | | 2. 股份分類 | 普通股 | 股份類別 A | | 於香港聯交所上市 (註1) | | 否 | | | 證券代號 (如上市) | 600875 | 說明 | 於上海證券交易所 （「上交所」）上市之A股 | | | | | | | | 法定/註冊股份數目 | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | 3,050,360,326 | RMB | | 1 RMB | | 3,050,360,326 | | 增加 / 減少 (-) | | | 0 | | RMB | | 0 | | 本月底結存 | | 3,050,360,326 | RMB | | 1 RMB | | 3,050,360,326 | I. 法定/註冊股本變動 1. 股份分類 普通股 股份類別 H 於香港聯交所上市 (註1) 是 證券代號 (如上市) 01072 說明 法定/註冊股份數目 面 ...

Group 1 - The board of directors of Dongfang Electric Corporation held its 12th meeting of the 11th session on August 28, 2025, with 7 directors present, including 5 in person and 2 by proxy [1] - The board approved the special report on the use of raised funds for the first half of 2025, which will be disclosed according to procedures [2] - The board also approved the risk assessment report for Dongfang Electric Group Finance Company for the first half of 2025, which will be disclosed according to procedures [2] - The financial report for the first half of 2025 was approved by the board and will be disclosed according to procedures [2] - The board approved the half-year report for 2025, which will also be disclosed according to procedures [2] - The board approved the revision of the management regulations for the division of responsibilities between the parent and subsidiary companies [3] - The board approved the revision of the president's work rules [3]

Group 1 - The Supervisory Board of Dongfang Electric Corporation held its 11th eighth meeting on August 2025, in accordance with relevant laws and regulations [1] - The Supervisory Board approved the special report on the storage and actual use of raised funds for the first half of 2025, with a unanimous vote of 3 in favor and no opposition or abstentions [1][2] - The Supervisory Board also approved the financial report for the first half of 2025, affirming that it complies with relevant regulations and accurately reflects the company's financial status and operating results [2]

Core Viewpoint - Dongfang Electric experienced a stock price decline of 2.08% on August 29, with a trading volume of 6.81 billion yuan and a market capitalization of 67.095 billion yuan [1] Company Overview - Dongfang Electric, established on December 28, 1993, and listed on October 10, 1995, is located in Chengdu, Sichuan Province. The company specializes in the research, manufacturing, sales, and services of various power generation equipment, including thermal, hydro, wind, nuclear, and gas power generation [2] - The revenue composition of Dongfang Electric includes: 40.69% from clean and efficient energy equipment, 23.82% from renewable energy equipment, 16.00% from emerging growth industries, 10.85% from modern manufacturing services, and 8.64% from engineering and supply chain [2] - As of June 30, 2025, the number of shareholders was 92,000, a decrease of 10.68% from the previous period, with an average of 0 circulating shares per person [2] Financial Performance - For the first half of 2025, Dongfang Electric reported a revenue of 38.151 billion yuan, representing a year-on-year growth of 14.03%, and a net profit attributable to shareholders of 1.910 billion yuan, up 12.91% year-on-year [2] - The company has distributed a total of 8.575 billion yuan in dividends since its A-share listing, with 3.892 billion yuan distributed over the past three years [3] Shareholding Structure - As of June 30, 2025, the second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 338 million shares, a decrease of 100 shares from the previous period. Other notable shareholders include various ETFs, with increases in holdings for Huatai-PB CSI 300 ETF, E Fund CSI 300 ETF, and others [3]

Major Events - Sihuan Pharmaceutical Holdings Group Ltd. successfully administered the first human dose of the new radiopharmaceutical conjugate drug 3D1015 [1] - Shenzhen International's joint venture Shenzhen Airlines plans to raise a total of 16 billion yuan in a phased capital increase [1] - Kangzheng Pharmaceutical received clinical trial approval for its innovative oral small molecule JAK1 inhibitor Povorcitinib for indications of vitiligo and suppurative hidradenitis [1] - Ruihe Digital signed a framework agreement with Tielin Superlight Technology to jointly advance the business of real-world asset tokenization [1] - Zhongxu Future will operate and launch a new mobile game "Miracle MU" titled "New Moon Continent" [1] Financial Performance - Noah Holdings reported a net profit attributable to shareholders of 179 million yuan for Q2, a year-on-year increase of 79% driven by strong growth in investment product distribution [1] - Trip.com Group reported a net profit of 4.846 billion yuan for Q2, an increase of 26.43% year-on-year [1] - Shijiazhuang Pharmaceutical Group announced a mid-year profit attributable to equity holders of approximately 283.5 million HKD, a year-on-year decrease of about 58.7% [1] - Zhongsheng Holdings reported a mid-year profit attributable to shareholders of 1.011 billion yuan, a decrease of 36% year-on-year [1] - SF Express City reported an adjusted net profit of approximately 160 million yuan, a year-on-year increase of 139% [1] - Baidu's subsidiary reported a mid-year profit attributable to shareholders of 47.999 million yuan, returning to profitability [1] - Li Auto reported a net profit of 1.093 billion yuan for Q2, a decrease of 0.91% year-on-year [1] - Shanghai Industrial Holdings reported a mid-year profit attributable to shareholders of 1.042 billion HKD, with an interim dividend of 0.42 HKD per share [1] - Beijing Holdings reported a mid-year profit attributable to shareholders of 3.404 billion yuan, an increase of 8.07% year-on-year [1] - Qingdao Port reported a net profit of 2.842 billion yuan, a year-on-year increase of 7.58% [1] - New China Life Insurance reported a net profit of 14.799 billion yuan, a year-on-year increase of 33.5% [1] - China Galaxy Securities reported a net profit of 6.488 billion yuan, a year-on-year increase of 47.86% [1] - China Taiping reported a 12.2% increase in shareholder profit, with a nearly 23% high growth in life insurance new business value [1] - China Resources Gas reported a mid-year profit attributable to shareholders of 2.403 billion HKD, a year-on-year decrease of 30.5% [1] - SF Holding reported a net profit of 5.738 billion yuan, a year-on-year increase of 19.37%, with volume growth exceeding the overall express delivery industry [1] - SMIC reported a net profit of approximately 320 million USD, a year-on-year increase of 35.6% [1] - SenseTime reported a revenue growth of 35.6% year-on-year, reaching 2.358 billion yuan [1] - BeiGene reported a net profit of 95.59 million USD, returning to profitability [1] - Fubo Group reported a mid-year net profit exceeding 100 million, driven by AI [1] - CITIC Securities reported a net profit of 13.719 billion yuan, a year-on-year increase of 29.79% [1] - Huadian International Power reported a net profit of 3.904 billion yuan, a year-on-year increase of 13.15% [1] Additional Financial Performance - Zhou Hei Ya reported a mid-year profit attributable to shareholders of 108 million yuan, a year-on-year increase of 228% [2] - Haitian Flavoring reported a net profit of 3.91 billion yuan, a year-on-year increase of 13.3% [2] - Dasheng Holdings reported a mid-year adjusted net profit growth of 79.6% driven by store expansion and membership growth [2] - CITIC Securities reported a net profit of 4.509 billion yuan, a year-on-year increase of 57.77% [2] - Huitongda reported a mid-year profit attributable to shareholders of 13.9 million yuan, a year-on-year increase of 10.81% [2] - Yunfeng Financial reported a mid-year profit attributable to shareholders of 486 million HKD, a year-on-year increase of 142.04% [2] - Jiufang Zhitu reported a mid-year profit attributable to shareholders of 865 million yuan, returning to profitability [2] - Air China reported a net loss of approximately 1.806 billion yuan, a year-on-year narrowing of 35.11% [2] - ZTE reported a net profit of approximately 5.058 billion yuan, a year-on-year decrease of 11.77% [2] - China Merchants Securities reported a net profit of 5.186 billion yuan, a year-on-year increase of 9.23% [2] - Datang Power reported a net profit of approximately 4.874 billion yuan, a year-on-year increase of 50.3% [2] - China Pacific Insurance reported a net profit of 27.885 billion yuan, a year-on-year increase of 11% [2] - Beijing Capital International Airport reported a post-tax loss of 164 million yuan, a year-on-year narrowing of 56.48% [2] - Dongguan Rural Commercial Bank reported a mid-year net profit of 2.629 billion yuan [2] - Shenzhen Holdings reported a mid-year loss attributable to shareholders of 2.618 billion HKD, a year-on-year increase of 137.76% [2] - China Southern Airlines reported a net loss of 1.534 billion yuan, a year-on-year increase of 45.54% [2] - COSCO Shipping Holdings reported a profit attributable to shareholders of 17.528 billion yuan, a year-on-year increase of 3.9% [2] - Guofu Hydrogen Energy reported revenue of 10.9 million yuan, actively expanding overseas cooperation and business layout [2] - Kangsheng Global reported a mid-year gross profit of 197 million yuan, with stable progress across all businesses [2] - Dongfang Electric reported a net profit of 1.91 billion yuan, a year-on-year increase of 12.91%, maintaining the industry's leading market share in nuclear and gas power [2] - Eagle Eye Technology reported a profit of 443,000 yuan, returning to profitability [2] - Haier Smart Home reported a profit attributable to shareholders of 12.033 billion yuan, a year-on-year increase of 15.6% [2] - EDA Group Holdings reached a partnership agreement with UTCPAY to collaborate in digital asset trading, Web3 technology, and blockchain applications [2] - Gilead Sciences reported that ASC30 oral tablets showed good and differentiated pharmacokinetic characteristics in the U.S. Phase Ib multi-dose escalation study [2]

Financial Performance - The company reported total operating revenue of RMB 38.151 billion for the six months ending June 30, 2025, representing a year-on-year increase of 14.03% [1] - The net profit attributable to shareholders was RMB 1.910 billion, up 12.91% compared to the same period last year [1] - Earnings per share stood at RMB 0.60 [1] Industry Development - The quality of hydropower orders has significantly improved, while the company maintains the leading market share in nuclear and gas power [2] - The company achieved a breakthrough with overseas orders for 50-megawatt heavy gas turbines [2] - In the new energy sector, the company secured bulk orders for 20-megawatt offshore wind power and launched new energy equipment manufacturing bases [2] - The company reported newly effective orders amounting to RMB 65.485 billion in the first half of 2025, a year-on-year growth of 16.78% [2] - Among the new orders, clean and efficient energy equipment accounted for 37.59%, renewable energy equipment for 30.82%, and emerging growth industries for 11.27% [2] Technological Innovation - The company has seen a concentration of innovative achievements, including successful assembly acceptance of a 500-megawatt hydropower generator and stable operation of a 15-megawatt heavy gas turbine [3] - The company has developed key technologies in biomass gasification and has been recognized by the Ministry of Industry and Information Technology for its hydrogen industry technology pilot platform [3] - The integration of technological and industrial innovation is evident, with the development of marine anti-corrosion materials applied to offshore wind turbines [3]

Core Insights - The company reported a total revenue of RMB 38.151 billion for the six months ending June 30, 2025, representing a year-on-year growth of 14.03% [1] - The net profit attributable to shareholders was RMB 1.910 billion, an increase of 12.91% compared to the same period last year [1] - Earnings per share stood at RMB 0.60 [1] Industry Development - The quality of hydropower orders has significantly improved, while the company maintains the leading market share in nuclear and gas power [2] - The company achieved a breakthrough with overseas orders for 50-megawatt heavy gas turbines [2] - In the new energy sector, the company secured bulk orders for 20-megawatt offshore wind power and launched new energy equipment manufacturing bases in Ruoqiang and Burqin [2] - The company won a demonstration project for 30 heavy-duty hydrogen trucks in Panzhihua and achieved a breakthrough in orders for a 1,000 standard cubic meter alkaline electrolysis water system [2] - The company’s new effective orders reached RMB 65.485 billion in the first half of 2025, marking a year-on-year increase of 16.78% [2] - Among the new effective orders, clean and efficient energy equipment accounted for 37.59%, renewable energy equipment for 30.82%, engineering and international supply chain for 11.51%, modern manufacturing services for 8.80%, and emerging growth industries for 11.27% [2] Technological Innovation - The company has seen a surge in innovative achievements, including the successful assembly acceptance of the stator and rotor support for a 500-megawatt hydropower unit [3] - A 15-megawatt heavy gas turbine has been operating stably at design conditions, and a 26-megawatt semi-direct drive offshore wind turbine blade has passed static load testing [3] - The company has successfully completed a pilot study on key technologies for biomass gasification and has been included in the first batch of key cultivation lists by the Ministry of Industry and Information Technology for its megawatt-level chemical chain combustion pilot platform and hydrogen industry technology pilot platform [3] - The integration of technological and industrial innovation is evident, with the company independently developing marine anti-corrosion materials for use in 20-megawatt offshore wind turbines [3]

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。 東方電氣股份有限公司 馮 勇 聯席公司秘書 中國‧四川省‧成都 2025年8月28日 海外監管公告 2025年半年度報告 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。 茲載列東方電氣股份有限公司在上海證券交易所網站(www.sse.com.cn) 刊 登 之《東 方 電 氣 股 份 有 限 公 司2025年 半 年 度 報 告》，僅 供 參 閱。 承董事會命 於 本 公 告 刊 發 日 期，本 公 司 董 事 如 下： 非 執 行 董 事： 羅 乾 宜（董 事 長）及 張 少 峰 董 事： 張彥軍及孫國君 獨 立 非 執 行 董 事： 黃 峰、曾 道 榮 及 陳 宇 东方电气股份有限公司 2025 年半年度报告 公司代码：600875 公司简称：东方电气 东方电气股份有限公司 2025 年半年度报告 1 东方电 ...