北京金杜（成都）律师事务所 关于东方电气股份有限公司 2024 年年度股东大会、 2025 年第一次 A 股类别股东会议 及 2025 年第一次 H 股类别股东会议 之法律意见书 致：东方电气股份有限公司 北京金杜（成都）律师事务所（以下简称本所）接受东方电气股份有限公司 （以下简称公司）委托，根据《中华人民共和国证券法》（以下简称《证券法》）、 《中华人民共和国公司法》（以下简称《公司法》）、中国证券监督管理委员会（以 下简称中国证监会）《上市公司股东会规则》（以下简称《股东会规则》）等中华人 民共和国境内（以下简称中国境内，为本法律意见书之目的，不包括中国香港特 别行政区、中国澳门特别行政区和中国台湾省）现行有效的法律、行政法规、规 章和规范性文件和现行有效的公司章程有关规定，指派律师出席了公司于 2025 年 6 月 24 日召开的 2024 年年度股东大会、2025 年第一次 A 股类别股东会议及 2025 年第一次 H 股类别股东会议（以下简称本次股东大会），并就本次股东大会 相关事项出具本法律意见书。 为出具本法律意见书，本所律师审查了公司提供的以下文件，包括但不限于： 1. 经公司 2021 年 ...

证券代码：600875 股票简称：东方电气 编号：2025-036 东方电气股份有限公司 董事会十一届十一次会议决议公告 1.战略发展委员会，召集人：罗乾宜，委员：张彦军、孙国君、黄峰、曾道荣、 陈宇 2.提名委员会，召集人：陈宇，委员：张少峰、黄峰、曾道荣 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）董事会十一届十一次会议通知于 2025 年 6 月 18 日发出，会议于 2025 年 6 月 24 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。公司部分高管列席会议。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。 二、董事会会议审议情况 本次董事会会议形成如下决议： （一）审议通过选举公司董事长的议案。 董事会同意选举罗乾宜为公司董事长。 本议案表决情况：本议案有效票 7 票，同意 7 票，反对 0 票，弃权 0 票。 （二）审议通过公司 2025 年董事会专门委员会成员调整方案的议案 ...

Investment Rating - The report maintains a "Hold" rating for both H and A shares of Dongfang Electric, with target prices raised to HKD12.30 and RMB19.30 respectively [5][9]. Core Insights - Dongfang Electric-H has significantly outperformed Dongfang Electric-A, with a year-to-date increase of 50% compared to 6% for A shares, attributed to improved sentiment towards global power equipment, particularly nuclear [2][9]. - The report indicates that the current share price has largely priced in the positive outlook for global nuclear investment, suggesting limited upside potential without meaningful earnings growth [2][5]. - The company anticipates a steady increase in revenue from nuclear equipment, projecting RMB5 billion in 2025, RMB6 billion in 2026, and RMB7 billion in 2027, which will account for 11% of total revenue by 2027 [3][22]. Summary by Sections Nuclear Power - Global nuclear investment is gaining momentum, with China expected to approve the construction of 10 nuclear plants annually from 2026 to 2030, leading to a projected revenue increase from nuclear equipment [3][22]. - The gross profit margin for nuclear equipment is expected to be between 18-20% from 2025 to 2027, down from previous estimates of 20-30% [3][22]. Coal Power - Orders for coal power equipment are expected to peak in 2026, with a decline in tender sizes from 100GW in 2023 to an anticipated average of 50GW from 2026 to 2030 [4][22]. - The company expects thermal equipment margins to gradually recover, reaching approximately 20% in 2025 [22]. Financial Estimates - Earnings estimates for 2025 have been cut by 9%, while estimates for 2026 and 2027 have been raised by 6% and 14% respectively, reflecting the latest order cycle for thermal and nuclear power equipment [5][25]. - The report highlights that the earnings estimates for 2025 are 12% below consensus, indicating a potentially overly optimistic market outlook [5][9]. Market Performance - The H/A discount for Dongfang Electric has reached a 10-year low of 26%, reflecting the strong performance of H shares compared to A shares [2][5]. - The report notes that the buoyant expectations for global nuclear investment have likely been factored into the recent rally in share prices, suggesting a cautious outlook moving forward [5][9].

Meeting Details - The board of directors of Dongfang Electric Group Dongfang Boiler Co., Ltd. will hold the second shareholders' meeting of 2025 on July 11, 2025, at 14:00 in Chengdu, Sichuan Province [1] - The agenda includes the review and revision of the "Rules of Procedure for Board Meetings" and the "Rules of Procedure for Shareholders' Meetings" [1] Attendance Information - The registration date for the shareholders' meeting is July 9, 2025. Shareholders wishing to attend must register via phone or fax on this date [2] - Attendees must arrive 30 minutes before the meeting and present valid identification. Proxy representatives must provide original documents including the "Power of Attorney" [2] Contact Information - The contact address for the board office is No. 1 Tianlang Road, High-tech West District, Chengdu, Sichuan Province. The contact phone number is (028) 81267143 [3] Other Information - Attendees are responsible for their own accommodation and transportation costs, and the meeting will last half a day [3]

东方电气股份有限公司 2024年年度股东大会及类别股东会议 会 议 资 料 2025 年 6 月 — 1 — 目 录 | 审议及批准本公司 年度董事会工作报告的议案 | 2024 | 3 | | --- | --- | --- | | 审议及批准本公司 年度监事会工作报告的议案 | 2024 | 4 | | 审议及批准本公司 年年度报告的议案 | 2024 | 5 | | 审议及批准本公司 | 2024 | 年度利润分配的议案 6 | | 审议及批准本公司 | 2024 | 年度经审计的财务报告的议案 7 | | 审议及批准本公司 | 2025 | 年财务预算和投资计划的议案 8 | | 审议及批准聘任本公司 | | 2025 年度审计机构的议案 11 | | 审议及批准修订《公司章程》的议案 | | 12 | | 审议及批准修订《股东会议事规则》的议案 | | 87 | | 审议及批准修订《董事会议事规则》的议案 | | 99 | | 审议及批准免去非独立董事的议案 | | 107 | | 审议及批准选举非独立董事的议案 | | 108 | — 2 — 东方电气股份有限公司 议案 1 2024年年度股东大会 ...

Core Viewpoint - The article highlights the significant advancements and collaborations in the energy storage industry showcased at the recent "2025 Global User-side Energy Storage Industry Value Summit and Application Demonstration Exhibition," emphasizing the shift towards energy storage solutions and the introduction of innovative products and partnerships among leading companies in the sector [1][2]. Group 1: Industry Trends and Developments - The exhibition transformed from a photovoltaic focus to a dedicated energy storage event, with a notable increase in the number of storage companies and products presented [1]. - Several companies signed major cooperation agreements and secured GWh-level procurement orders during the event, indicating a robust market demand for energy storage solutions [1][2]. - The introduction of products responding to the 136 policy and market value transformation reflects the industry's adaptation to regulatory changes and market needs [1]. Group 2: Key Product Launches - Companies like采日能源 showcased advanced storage systems, including the Serlattice G3 10MWh intelligent storage system, which aims to reduce costs and expand application scenarios [5]. - 中车株洲所 presented its构网型储能系统 and the "云枢" storage inverter, emphasizing high power density and safety features [6][8]. - 华为数字能源 launched the FusionSolar9.0, a smart string-based energy storage solution that integrates various energy management capabilities [10][12]. Group 3: Notable Collaborations and Agreements - 采日能源 and other companies formed strategic partnerships to enhance their energy storage ecosystems, focusing on comprehensive energy solutions [3][18]. - 南都电源 signed a strategic cooperation agreement with 太蓝新能源 to explore solid-state battery applications in ultra-safe energy storage [23]. - 蜂巢能源 established significant strategic agreements with various industry leaders to enhance its market presence and technological capabilities [87]. Group 4: Company-Specific Innovations - 比亚迪储能 introduced several new products, including the MC Cube-T Pro BESS with a capacity of 6.4MWh, featuring advanced safety and operational efficiency [15]. - 亿纬锂能 launched the 836kWh modular cabinet, designed for flexibility and efficiency in commercial energy storage applications [24][27]. - 国轩高科 unveiled its 20MWh energy storage battery system, which received substantial orders and is designed for long-term reliability and safety [31][32]. Group 5: Emerging Technologies and Solutions - 海博思创 presented its "储能+X" full-scene solutions, integrating various storage technologies for diverse applications [16][18]. - 智光电气 showcased its liquid-cooled commercial storage unit, emphasizing high efficiency and safety in demanding environments [60][62]. - 永泰数能's Aurora 5015 system demonstrated high energy density and cost efficiency, marking a significant advancement in the industry [97]. Group 6: Market Outlook - The article indicates a strong growth trajectory for the energy storage market, driven by technological advancements, regulatory support, and increasing demand for sustainable energy solutions [1][2]. - The collaborations and innovations presented at the exhibition suggest a competitive landscape where companies are actively seeking to enhance their offerings and market positions [1][2].

Core Viewpoint - The article discusses the ongoing efforts and measures taken by the disciplinary inspection team of China Eastern Electric Group to enhance the effectiveness of supervision and ensure the implementation of rectification following the group's first round of inspections in 2024 [1][2][3][4] Group 1: Supervision and Rectification Measures - The disciplinary inspection team emphasizes the importance of political leadership in rectification, treating supervision as a serious political task and aligning with central inspection requirements [1] - A mechanism for coordinated supervision has been established, integrating various forms of oversight to enhance the effectiveness of rectification efforts [2] - The team has implemented an innovative supervision approach, utilizing technology to create a supervision system platform that promotes regular and efficient oversight [3] Group 2: Accountability and Responsibility - The team focuses on enforcing accountability for rectification, clearly defining responsibilities and ensuring that all parties involved fulfill their roles [4] - Issues such as slow progress and low quality of rectification are addressed through timely notifications and recommendations, ensuring that responsible parties are held accountable [4] - Targeted discussions and reminders are conducted with leaders of units that show significant gaps in rectification efforts, enhancing the urgency and seriousness of the rectification process [4]

Core Viewpoint - The leadership change at China Dongfang Electric Corporation (CDEC) with Luo Qianyi appointed as the new chairman, while the chairman of its listed subsidiary, Dongfang Electric (SH600875), remains unchanged for now [1][2][5]. Group 1: Leadership Changes - Luo Qianyi has been appointed as the new chairman and party secretary of CDEC, replacing Yu Peigen, whose information has been removed from the company website [1][2]. - Yu Peigen's tenure as chairman began in May 2019 and was set to end in June 2027 [5]. Group 2: Company Overview - CDEC, founded in 1958, is a state-owned enterprise crucial for national energy security and is one of the largest energy equipment manufacturing groups globally [2]. - The group has a total asset value of 138.895 billion yuan as of the end of 2023, with a total operating revenue of 66.507 billion yuan and a net profit attributable to shareholders of 1.977 billion yuan for the same year [7]. Group 3: Financial Performance - Dongfang Electric's 2024 annual report indicates an operating revenue of 69.695 billion yuan, a year-on-year increase of 14.86%, while the net profit attributable to shareholders decreased by 17.7% to 2.922 billion yuan [9]. - The decline in net profit is attributed to a decrease in gross margin and significant impairment losses [9]. Group 4: Strategic Direction - CDEC is focusing on expanding its overseas market presence, actively participating in the Belt and Road Initiative, and providing complete equipment and engineering contracting services to over 110 countries and regions [9]. - The company aims to leverage strategic opportunities for high-quality development amid increasing competition and signs of overcapacity in the domestic power equipment industry [9].

【导读】中国海油集团、东方电气集团迎新董事长 中国基金报记者 含章 又有两家央企巨头董事长调整。 6月6日，据中国海油集团官网信息，张传江出任中国海洋石油集团有限公司董事长、党组书记。 东方电气集团董事长近日也出现调整，据官网信息，罗乾宜已出任东方电气集团董事长、党组书记。 中国海油集团迎新董事长 据中国海洋石油集团（以下简称中国海油集团）网站消息，6月6日，中国海油集团召开中层以上管理人员大会。中央组织部有关负责同志宣布了中央关于 中国海油集团董事长、党组书记任职的决定：张传江同志任中国海油集团董事长、党组书记，免去其中国大唐集团有限公司董事、总经理、党组副书记职 务。相关职务任免按有关法律和章程的规定办理。 图片来源：中国海油集团官网 公开资料显示，张传江出生于1968年，湖北荆门人，在能源行业工作多年，曾任国家能源集团宁夏煤业有限责任公司董事长等职。 2020年7月，张传江任中国大唐集团有限公司副总经理、党组成员；2024年4月，他接任中国大唐集团董事、总经理、党组副书记，直至此次履新中国海洋 石油集团。 据集团官网介绍，中国海油集团是1982年2月15日经国务院批准成立的特大型国有企业，是中国最大的海 ...

Core Viewpoint - The recent removal of Yu Peigen's information from the management team page of Dongfang Electric Group indicates significant changes within the company, which is one of the largest energy equipment manufacturing enterprises globally [1]. Group 1: Company Overview - Dongfang Electric Group, established in 1958, is a leading global manufacturer of energy equipment, producing a wide range of products including wind turbines, solar power equipment, hydroelectric units, nuclear power units, thermal power units, control systems, environmental protection equipment, industrial chemical equipment, hydrogen energy and fuel cells, energy storage equipment, and new materials [1]. Group 2: Leadership Changes - Yu Peigen, born in 1962 and a graduate of Zhejiang University, has a rich background in the energy and nuclear power sectors, having held various key positions in organizations such as Qinshan Nuclear Power Plant and China National Nuclear Corporation [2]. - Recently, Shenyanfeng has been appointed as the chairman and party secretary of China National Nuclear Corporation, succeeding Yu Jianfeng, who has not appeared in public activities for several months [3].