Core Viewpoint - Dongfang Electric (600875.SH) is responding to policy changes and market competition by forming a joint venture with external strategic partners to enhance its wind farm operational capabilities and manage investment risks [1] Group 1: Joint Venture Formation - Dongfang Wind Power plans to invest in a joint venture by acquiring 100% equity of Muli Dongji, aiming to advance the 1 million kilowatt technology innovation experimental wind farm project [1] - The joint venture will be established with Waneng Energy, where Dongfang Wind Power will hold 49% and Waneng Energy will hold 51% [1]

Core Viewpoint - Dongfang Electric (600875.SH) is responding to policy changes and market competition by forming a joint venture with external strategic partners to enhance its wind farm operational capabilities and manage investment risks [1] Group 1: Joint Venture Formation - Dongfang Wind Power plans to invest in a joint venture by acquiring 100% equity of Muli Dongji, aiming to establish a partnership to advance the 1 million kilowatt technology innovation experimental wind farm project [1] - The joint venture will be established with Waneng Energy, where Dongfang Wind Power will hold a 49% stake and Waneng Energy will hold a 51% stake [1] Group 2: Strategic Objectives - The collaboration aims to achieve resource complementarity and shared risk management in the wind energy sector [1] - The initiative is part of Dongfang Electric's strategy to adapt to changing policies and enhance its market competitiveness [1]

Core Viewpoint - Dongfang Electric (600875.SH) is responding to policy changes and market competition by forming a joint venture with Waneng Energy to enhance its wind farm operational capabilities and manage investment risks [1] Group 1: Joint Venture Formation - Dongfang Wind Power plans to invest in a joint venture by contributing 100% equity of Muli Dongji, aiming to establish a partnership that promotes resource sharing and risk management [1] - The joint venture will be co-established with Waneng Energy, where Dongfang Wind Power holds a 49% stake and Waneng Energy holds a 51% stake [1] Group 2: Financial Details - The registered capital of the joint venture is 185,683.0205 thousand yuan [1] - The total assessed value of Muli Dongji's equity, as per the asset evaluation report dated June 30, 2025, is 90,984.68 thousand yuan [1] - Waneng Energy will contribute 94,698.3405 thousand yuan in cash to the joint venture [1]

证券代码：600875 股票简称：东方电气 编号：2025-056 东方电气股份有限公司 关于子公司对外投资的公告 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。 重要内容提示： 一、对外投资概述 （一）对外投资的基本情况 1 投资标的名称：木垒皖东新能源有限公司（最终以市场监管部门登记的名称为准， 以下简称合资公司） 投资概况及金额：东方电气股份有限公司（简称东方电气或公司）的控股子公司 东方电气风电股份有限公司（简称东方风电）与安徽省皖能能源交易有限公司（简 称皖能能源）共同成立合资公司，东方风电持股 49%，皖能能源持股 51%。合资公 司注册资本为：185,683.0205 万元，东方风电以木垒东吉新能源有限公司（简称 木垒东吉）100%股权作价出资，根据北京天健兴业资产评估有限公司出具的资产 评估报告，基于评估基准日 2025 年 6 月 30 日，木垒东吉新能源有限公司评估后 的股东全部权益价值为 90,984.68 万元，皖能能源以 94,698.3405 万元现金出资。 投资实施尚需履行的审批及其他相关程 ...

证券代码：600875 证券简称：东方电气 公告编号：2025-055 东方电气股份有限公司 董事会十一届十五次会议决议公告 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。 一、董事会会议召开情况 东方电气股份有限公司（以下简称公司）董事会十一届十五次会议通知于 2025年11月14日发出，会议于2025年11月19日在本公司会议室召开。应出席本次 董事会的董事7人，实际出席董事7人，董事长罗乾宜主持会议。公司部分监事、 高管列席会议。本次董事会会议按照有关法律、行政法规及公司章程的规定召开， 会议及通过的决议合法有效。 本次董事会会议形成如下决议： （一）审议通过东方风电以木垒东吉新能源有限公司 100%股权作价参股投 资成立合资公司的议案 公司控股子公司东方电气风电股份有限公司（简称东方风电）以木垒东吉新 能源有限公司 100%股权作价参股投资成立合资公司已经董事会战略发展委员会 审议通过并同意提交董事会审议。董事会同意东方风电以木垒东吉新能源有限公 司 100%股权作价参股投资成立合资公司，投资金额 90,984. ...

东方电气11月19日公告，公司董事会同意控股子公司东方风电以木垒东吉新能源有限公司100%股权作 价参股投资成立合资公司，投资金额90,984.68万元，东方风电持股49%。此外，董事会还同意全资子公 司东方国际向公司无偿划转东方设计19.4289%股权，划转基准日为2025年3月31日。 ...

Core Viewpoint - The establishment of a joint venture between Dongfang Electric's subsidiary and Anhui Wannen Energy Trading Co., with a registered capital of 1.857 billion yuan, indicates a strategic move to enhance market presence in the renewable energy sector [1] Group 1 - Dongfang Electric's subsidiary, Dongfang Wind Power Co., holds a 49% stake in the newly formed joint venture, while Anhui Wannen Energy holds a 51% stake [1] - The joint venture's registered capital is set at 1.857 billion yuan, with Dongfang Wind Power contributing 100% equity of Muli Dongji New Energy Co., valued at 910 million yuan based on an asset appraisal [1] - Anhui Wannen Energy is contributing 947 million yuan in cash to the joint venture [1]

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。 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關於召開2025年 第 三 季度業績說明會的 公 告》，僅 供 參 閱。 承董事會命 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11月17日 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 海外監管公告 關於召開2025年 第 三季度業績說明會的公告 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。 本次投资者说明会以网络文字互动方式召开，公司将针对 2025 年第三季度 经营成果及财务指标的具体情况与投资者进行互动交流和沟通，在信息披露允许 的范围内就投资者普遍关注的问题进行 ...

证券代码：600875 证券简称：东方电气 公告编号：2025-054 东方电气股份有限公司关于召开 2025 年第三季度业绩说明会的公告 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。 重要内容提示： 三、参加人员 参加本次业绩说明会的人员为公司董事会秘书及相关部门负责人。 投资者可于 2025 年 11 月 17 日至 11 月 20 日 16:00 前通过公司邮箱 dsb@dongfang.com 进行提问。公司将在说明会上对投资者普遍关注的问题进行 回答。 东方电气股份有限公司（简称公司）于 2025 年 10 月 31 日披露公司 2025 年第三季度报告，为便于广大投资者更全面深入地了解公司 2025 年第三季度经 营成果、财务状况，公司计划于 2025 年 11 月 21 日上午 10:30-11:30 举行 2025 年第三季度业绩说明会，就投资者关心的问题进行交流。 一、说明会类型 本次投资者说明会以网络文字互动方式召开，公司将针对 2025 年第三季度 经营成果及财务指标的具体情况与投资者进行互动交流 ...

Investment Rating - The investment rating for the utility sector is "Positive" [2] Core Insights - The report highlights the release of the "Guiding Opinions on Promoting the Integrated Development of New Energy," aiming to enhance the reliability and market competitiveness of new energy by 2030 [5] - In October, the industrial natural gas output reached 22.1 billion cubic meters, marking a year-on-year increase of 5.9% [5] - The report indicates a potential for profit improvement and value reassessment in the power sector due to previous supply-demand tensions [5] Market Performance - As of November 14, the utility sector declined by 0.6%, underperforming the broader market, with the power sector down by 1.13% and the gas sector up by 4.48% [4][12] - The report notes that the coal prices have increased, with Qinhuangdao port coal prices at 827 RMB/ton, a week-on-week increase of 19 RMB/ton [4][22] Power Industry Data Tracking - The report tracks various metrics, including coal prices, inventory levels, and daily consumption rates, indicating a decrease in coal inventory at Qinhuangdao port to 5.5 million tons, down by 270,000 tons week-on-week [4][29] - The average daily consumption of coal in inland provinces increased to 3.364 million tons, up by 123,000 tons/day week-on-week [31] Natural Gas Industry Data Tracking - Domestic natural gas production in October was 22.1 billion cubic meters, a year-on-year increase of 6.0% [5] - The report notes that the average LNG ex-factory price in China was 4,357 RMB/ton, a decrease of 3.35% year-on-year [57] - The EU's natural gas supply for week 44 was 6.5 billion cubic meters, a year-on-year increase of 14.4% [64] Investment Recommendations - For the power sector, the report suggests focusing on leading coal power companies such as Guodian Power and Huaneng International, as well as hydropower operators like China Yangtze Power [5] - In the natural gas sector, companies with low-cost long-term gas sources and receiving station assets are expected to benefit from market conditions [5]