1 持匠心 追求卓越品质 目 录 CONTENTS | 卷首语 | 02 | | --- | --- | | 关于我们 | 04 | | 关于本报告 | 08 | | ESG 管理 | 10 | | 责任专题 | 22 | | 聚心护生态 共建绿色家园 | 30 | | 聚力同发展 共创美好社会 | 58 | | 聚智强治理 共谋永续未来 | 88 | | 未来展望 | 104 | | 附录 | 106 | 科技创新驱动 布局绿色产业 推进绿色运营 32 40 46 聚心护生态 聚力同发展 聚智强治理 共建绿色家园 共创美好社会 共谋永续未来 | 增进员工福祉 | 60 | | --- | --- | | 优化客户服务 | 70 | | 携手伙伴共赢 | 74 | | 至情奉献社会 | 80 | E S G | 优化公司治理 | 90 | | --- | --- | | 恪守商业道德 | 96 | | 筑牢安全防线 | 101 | 应对气候变化 51 卷首语 以绿色发展为驱动，积极践行"双碳"使命。我们坚持以科技创新为核心动力，加大科研投 入，聚焦关键技术攻关，多项装备制造核心技术取得重要突破。我们积极布局绿 ...

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 东方电气股份有限公司（以下简称"公司"或"东方电气"）于 2025 年 4 月 29 日召开董事会十一届九次会议，审议通过了调整募投项目拟投入募集资金 金额及使用募集资金置换预先投入募投项目自筹资金的议案，同意公司使用募集 资金置换预先投入募投项目的自筹资金。公司监事会及保荐人中信证券股份有限 公司（以下简称"保荐人"）对前述事项发表了明确的同意意见，立信会计师事 务所（特殊普通合伙）出具了《关于东方电气股份有限公司以募集资金置换预先 投入募投项目的自筹资金的鉴证报告》。现将有关情况公告如下： 一、募集资金基本情况 经中国证券监督管理委员会《关于同意东方电气股份有限公司向特定对象发 行股票注册的批复》（证监许可〔2024〕1610 号）同意注册，公司向特定对象 发行人民币普通股（A 股）272,878,203 股，每股面值人民币 1.00 元，发行价格 为每股 15.11 元，募集资金总额为 4,123,189.647.33 元，本次发行费用仅包括保 荐承销费，募集资金总额扣除发 ...

东方电气（600875）公告，2025年第一季度营收为165.48亿元，同比增长9.93%；净利润为11.54亿元， 同比增长27.39%。 ...

Group 1: Nuclear Power Projects Approval - The State Council approved several nuclear power projects, including the Zhejiang Sanmen Phase III, marking the first approval of domestic nuclear power projects in 2025, with a total investment exceeding 200 billion yuan [1] - A total of five projects and ten new units were approved, maintaining a consistent approval pace with over ten units approved annually since 2022 [1] - The new projects will utilize domestically developed third-generation nuclear technology, including eight Hualong One units [1] Group 2: Nuclear Power Industry Growth - China has the largest operational and under-construction nuclear power capacity globally, with 58 operational units and a total installed capacity of 60.96 million kilowatts [2] - In 2024, the investment in nuclear power construction reached 146.9 billion yuan, a historical high, reflecting a growth of 52 billion yuan from the previous year [2] - Nuclear power contributes significantly to electricity supply, especially in coastal regions, with five provinces generating over 20% of their electricity from nuclear power [2] Group 3: Global Nuclear Energy Trends - Major tech companies, including Google and Amazon, have committed to tripling global nuclear energy generation by 2050, highlighting the growing importance of nuclear energy in meeting future electricity demands [3] - The demand for electricity from data centers, particularly for AI operations, is expected to increase significantly, making nuclear energy a viable option for stable and clean power supply [3] Group 4: Investment Opportunities in Nuclear Sector - Companies involved in nuclear technology and equipment are expected to benefit from the accelerated approval of third-generation nuclear units and ongoing developments in fourth-generation and SMR technologies [4] - Specific companies to watch include Dongfang Electric, which is poised to benefit from the upcoming nuclear construction cycle, and China National Nuclear Corporation, which has a comprehensive nuclear technology industrial system [5][6] - China General Nuclear Power Corporation reported a revenue increase of 4.06% in the first three quarters of 2024, indicating stable performance amid rising operational costs [6]

登录新浪财经APP 搜索【信披】查看更多考评等级 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假记载、误导性陈述或重大遗 漏。 特别提示： 1.本次解除限售股份数量为152,642,149股，占公司总股本的8.2681%； 本次解除限售的股东为东方电气股份有限公司和成都明永投资有限公司，其中东方电气持有公司 87,167,187股股份，占公司总股本的4.72%；成都明永持有公司65,474,962股股份，占公司总股本的 3.55%。 本次解除限售的股份数量为152,642,149股股份，占公司无限售条件股份的9.0133%，占总股本的 8.2681%，上述股份上市流通日为2025年4月29日。本次申请解除股份限售的股东人数 2 名，共涉及 2个 证券账户。 2.本次限售股份可上市流通日期为2025年4月29日(星期二)。 一、本次解除限售股份取得的基本情况 根据中国证券监督管理委员会《关于同意四川省新能源动力股份有限公司发行股份购买资产并募集配套 资金注册的批复》（证监许可〔2023〕2046号），并经深圳证券交易所同意，四川省新能源动力股份有 限公司（以下简称"公司"或"川能动力"）向东 ...

要点 可再生能源的快速发展暴露了电网瓶颈。通过核能提升基荷电力、利用煤炭增强灵活性，对中国的能源转型至关重要。 我们预计在可预见的未来，由于人工智能的普及和电气化进程，中国的电力需求增长将超过 GDP 增长。 我们首次覆盖中国核能行业的四只股票：中国核能电力股份有限公司(买入评级)、东方电气（600875）股份有限公司(买入评级)、中广核 矿业有限公司(买入评级)、中国广核（003816）电力股份有限公司(中性评级)。 快速发展的可再生能源暴露电网基础设施瓶颈 在过去十年间，中国可再生能源迅速扩张，太阳能和风能发电量增长了五倍，单位 GDP 能耗下降了 26%。然而，这种快速增长也暴露 了中国电网基础设施和运营灵活性方面的关键瓶颈。可再生能源发电能力与电网吸纳能力之间的不匹配，导致电力限发问题持续存在， 并威胁到电网的稳定性。 人工智能和电气化推动中国电力需求增长 自 2018 年以来，中国的电力需求增长一直超过 GDP 增长。展望未来，我们认为尽管经济转型和全球贸易动荡可能会减缓电力需求，但 电气化程度的提高(电动汽车的持续普及)和人工智能的进步(如悟道大模型的出现)将从结构上推动中国电力需求的增长。 首次 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：600875 股票简称：东方电气 编号：2025-013 东方电气股份有限公司 关于公司2024年度现金分红提议 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担个别及连带责任。 东方电气股份有限公司（以下简称公司）于2025年4月8日收到控股股东中国东方电气集团有限公司（以 下简称东方电气集团） 出具的《关于提议东方电气股份有限公司2024年度分红的函》。现将相关情况 公告如下： 一、提议情况 为提升公司投资价值，与全体股东共享公司经营发展成果，增强投资者获得感，基于对公司主业发展的 坚定信心，东方电气集团提议：公司2024年度派发现金股利为公司合并报表归母净利润的46.73%（以 公司当前总股本计算，每10股派发现金股利约为4.38元，共计派发现金股利约为13.65亿元，最终金额以 经审计的财务数据核算为准），分红比例相较于2023年度提升5.02个百分点。如实施权益分派股权登记 日公司总股本发生变动，公司拟维持分配总额不变，相应调整每股分配金额。 的公告 东方电气集团承诺将 ...

Financial Projections - The company expects Q1 2025 total revenue to be between 15.8 billion and 16.6 billion CNY, representing a growth of 5%-10% year-over-year[2] - The projected total profit for Q1 2025 is estimated to be between 1.37 billion and 1.48 billion CNY, indicating a growth of 20%-30% compared to the same period last year[2] - The anticipated net profit for Q1 2025 is expected to be between 1.13 billion and 1.23 billion CNY, reflecting a growth of 15%-25% year-over-year[2] - In the same period last year, the total revenue was 15.05 billion CNY, total profit was 1.14 billion CNY, and net profit was 0.98 billion CNY[4] Operational Improvements - The increase in profit is attributed to sufficient orders on hand and steady growth in new orders[5] - The company is advancing its smart transformation and digitalization, leading to improved production efficiency and increased sales scale[5] - Enhanced cost control measures have been implemented, focusing on reducing expenses and improving overall efficiency[6] Reporting and Audit - The reported figures are preliminary and have not been audited by certified public accountants, with final numbers to be confirmed in the official Q1 2025 report[7] - There are no significant uncertainties affecting the accuracy of the performance report[7] - The announcement was made by the company's board on March 31, 2025[9]

Financial Performance - The company achieved total operating revenue of RMB 69.695 billion in 2024, an increase of 14.86% compared to RMB 60.677 billion in 2023[3]. - The net profit attributable to shareholders was RMB 2.922 billion in 2024, a decrease of 17.70% from RMB 3.550 billion in 2023[3]. - The basic earnings per share for 2024 was RMB 0.94, down from RMB 1.14 in 2023[3]. - New orders amounted to approximately RMB 101.142 billion in 2024, reflecting a growth of 16.88% from RMB 86.532 billion in 2023[3]. - The total profit for the year was RMB 3.88 billion, a decrease of 3.04% compared to the previous year[32]. - The company reported a total comprehensive income of CNY 3.29 billion for 2024, compared to CNY 3.64 billion in 2023[13]. - The total comprehensive income for 2024 is approximately CNY 3.30 billion, a decrease from CNY 3.50 billion in 2023, representing a decline of about 5.8%[15]. - The net income attributable to the parent company for 2024 is approximately CNY 2.93 billion, down from CNY 3.42 billion in 2023, indicating a decrease of around 14.3%[15]. Assets and Liabilities - Total current assets as of December 31, 2024, reached RMB 93.780 billion, up from RMB 75.689 billion in 2023[6]. - Total assets increased to RMB 142.009 billion as of December 31, 2024, compared to RMB 121.108 billion in 2023[7]. - Current liabilities totaled RMB 88.913 billion as of December 31, 2024, compared to RMB 71.249 billion in 2023[8]. - Total liabilities increased to CNY 98.87 billion in 2024, up 23.7% from CNY 79.89 billion in 2023[10]. - Non-current liabilities totaled CNY 9.95 billion, an increase of 15.3% from CNY 8.64 billion in 2023[10]. - The company's asset-liability ratio for 2024 is 69.62%, calculated as total liabilities divided by total assets multiplied by 100%[68]. Cash Flow and Investments - The company reported cash and cash equivalents of RMB 26.856 billion as of December 31, 2024, up from RMB 17.129 billion in 2023[6]. - The net cash flow from operating activities was CNY 10.06 billion, a substantial improvement from a negative CNY 3.50 billion in the previous year[39]. - The company's cash flow from investment activities decreased due to increased outflows from the financial company's investment business[42]. - The company’s cash paid for investments increased by 41.36% to RMB 35.65 billion compared to RMB 25.22 billion last year[61]. Research and Development - Research and development expenses rose to CNY 3.01 billion, a 9.4% increase from CNY 2.75 billion in 2023[12]. - The company’s R&D expenditure intensity remained above 5%[32]. - Total R&D investment for the period amounts to RMB 3.816 billion, representing 5.48% of operating revenue[58]. Market and Orders - The order backlog reached a historical high of RMB 152.61 billion[32]. - The market share for pumped storage reached 41.6%, while conventional hydropower market share was 45%[33]. - The company’s wind power segment secured a market share exceeding 10% and ranked 6th in new installed capacity among manufacturers[33]. Dividends and Shareholder Proposals - The board proposed a cash dividend of RMB 4.38 per 10 shares for the 2024 fiscal year, subject to shareholder approval[3]. - The company plans to distribute a cash dividend of RMB 4.38 per 10 shares for the 2024 fiscal year[31]. Operational Efficiency and Management - The company is implementing a comprehensive risk management strategy, focusing on accounts receivable, contracts, and quality control[80]. - The company is enhancing its management level through lean operation management and improving marketing planning capabilities[79]. - The company is deepening reforms and optimizing its operational mechanisms to ensure continuous improvement in governance[79]. Future Outlook and Strategic Goals - By 2025, the total electricity consumption in China is expected to grow by approximately 6% compared to 2024, with new power generation capacity projected to exceed 450 million kW, including over 300 million kW from renewable sources[74]. - The company anticipates significant growth in renewable energy installations, which are becoming the main component of new power generation capacity in China[75]. - The company aims to achieve a power generation equipment output of 73 million kilowatts by 2025[78]. - The company is committed to building a green, low-carbon industrial ecosystem and promoting sustainable development[78]. Corporate Governance - The company has fully complied with the corporate governance code as per the Hong Kong Stock Exchange regulations during the reporting period[95]. - The company confirmed that all directors and supervisors adhered to the standards for securities trading as stipulated by the Hong Kong Stock Exchange as of December 31, 2024[96].

Financial Performance - Operating revenue for the third quarter was CNY 14,096,935,685.58, a decrease of 3.28% compared to the same period last year[4] - Net profit attributable to shareholders was CNY 933,278,428.22, an increase of 2.60% year-on-year[4] - Net profit after deducting non-recurring gains and losses was CNY 834,545,141.09, a decrease of 4.07% compared to the previous year[4] - Total operating revenue for the first three quarters of 2024 reached CNY 47.85 billion, a 4.6% increase from CNY 44.77 billion in the same period of 2023[24] - Net profit attributable to shareholders for the first three quarters of 2024 was CNY 2.62 billion, down 9.9% from CNY 2.91 billion in the same period of 2023[26] - Basic and diluted earnings per share for the first three quarters of 2024 were both RMB 0.84, down from RMB 0.93 in the same period of 2023, indicating a decrease of about 9.7%[27] Cash Flow - Cash flow from operating activities was CNY 1,978,748,185.58, not applicable for year-on-year comparison[4] - The net cash flow from operating activities improved significantly, attributed to better collection during the period[12] - Cash flow from operating activities generated RMB 6,043,443,426.83 in the first three quarters of 2024, a significant improvement compared to a negative cash flow of RMB 3,057,215,771.23 in the same period of 2023[31] - Cash inflow from sales of goods and services amounted to RMB 48,872,580,166.62, an increase of approximately 22.5% from RMB 39,755,665,347.85 in the first three quarters of 2023[29] - Cash outflow for purchasing goods and services was RMB 38,228,218,875.65, up from RMB 33,516,189,303.92 in the same period of 2023, reflecting an increase of about 14.5%[31] - Cash flow from financing activities generated a net inflow of RMB 168,169,976.22 in the first three quarters of 2024, a recovery from a net outflow of RMB -775,647,631.52 in the same period of 2023[33] Assets and Liabilities - Total assets at the end of the reporting period reached CNY 138,723,736,913.90, an increase of 14.55% from the end of the previous year[4] - The company's total assets reached CNY 138.72 billion as of September 30, 2024, up from CNY 121.11 billion at the end of 2023, indicating a growth of 14.5%[23] - The company's current liabilities totaled RMB 86.18 billion as of September 30, 2024, compared to RMB 71.25 billion at the end of 2023, indicating a significant increase[22] - Total liabilities as of September 30, 2024, amounted to CNY 96.19 billion, up 20.4% from CNY 79.89 billion at the end of 2023[23] - The company's total equity increased to CNY 42.54 billion as of September 30, 2024, compared to CNY 41.22 billion at the end of 2023, representing a growth of 3.2%[23] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 99,561[14] - The largest shareholder, China Eastern Electric Group, holds 55.77% of the shares, totaling 1,738,670,126 shares[14] Investments and Expenses - Research and development expenses increased to CNY 1.99 billion in the first three quarters of 2024, compared to CNY 1.71 billion in the same period of 2023, reflecting a 17% increase[24] - Financial expenses surged by 234.09%, primarily due to a decrease in net foreign exchange gains compared to the previous period[12] - Other income rose by 286.92%, mainly from increased value-added tax deductions[12] - The company's investment activities generated a net cash outflow of -257.29%, mainly due to increased investments in interbank certificates of deposit by subsidiaries[12] Production and Orders - In the first three quarters of 2024, the company produced 40.44 million kilowatts of power generation equipment, including 2.50 million kilowatts of hydropower units and 32.43 million kilowatts of steam turbines[18] - The company reported a new order intake of RMB 81.25 billion in the first three quarters of 2024, with clean and efficient energy equipment accounting for 40.33% and renewable energy equipment accounting for 27.05%[18]