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 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].

Core Viewpoint - The conference held by Dongfang Electric on May 10 showcased its leading green low-carbon technologies and innovations, emphasizing the company's commitment to high-end, intelligent, and green development in the energy sector [1] Group 1: New Technologies and Products - Dongfang Electric introduced the 26 MW offshore wind turbine, the largest in the world, capable of generating over 100 million kWh of clean energy annually under optimal wind conditions [3] - The company unveiled the G50 heavy-duty gas turbine, which has a power output of over 70,000 kWh per hour, sufficient to meet the daily electricity needs of 7,000 households, and can reduce carbon emissions by approximately 500,000 tons annually [5] - Dongfang Electric has developed a complete set of key technologies for pumped storage, with an annual production capacity of 50 units, exceeding 1,500 MW [7] - The company is focused on tower-type solar thermal technology, participating in over 20 solar thermal projects, including the first domestic solar thermal demonstration projects [9] - Dongfang Electric has created a 12,000-meter intelligent drilling rig, leading in oil and gas exploration and development equipment [11] - The new generation of coal power technology has achieved breakthroughs in clean carbon reduction and flexible operation, enhancing the efficiency and reliability of power generation [13] - The 700 MW ultra-supercritical circulating fluidized bed boiler technology has improved thermal efficiency to 46.5%, saving over 175,000 tons of standard coal annually and reducing CO2 emissions by 500,000 tons [15] - The company has developed a green low-carbon power plant solution that significantly enhances the efficiency of traditional coal power units [17] - Dongfang Electric's smart products for coal power units are applied in numerous power plants, providing advanced operational support and maintenance recommendations [20]

Investment Rating - The investment rating for the company is "Outperform the Market" [6][4][28] Core Views - The company's net profit for 2024 is expected to decline by 17.7%, but there is a significant improvement in Q1 2025 with a net profit growth of 27% [1][9] - The company achieved a revenue of 69.7 billion yuan in 2024, representing a year-on-year increase of 14.9%, while Q4 2024 saw a revenue of 21.85 billion yuan, up 37% year-on-year and 52% quarter-on-quarter [1][9] - The company has a strong order backlog, with new orders exceeding 100 billion yuan in 2024 and a 36% year-on-year increase in Q1 2025 [3][23] Summary by Sections Financial Performance - The company's gross margin for 2024 was 14.2%, down 3.1 percentage points year-on-year, but improved to 16.6% in Q1 2025, indicating a recovery in profitability [2][15] - The total impairment loss for 2024 was 1.294 billion yuan, an increase of 620 million yuan from 2023, with a significant portion recognized in Q4 2024 [2][15] - The company’s revenue forecast for 2025 is set at 76.32 billion yuan, with net profit expected to reach 4.34 billion yuan, reflecting a growth of 48.5% year-on-year [5][31] Market Position and Orders - The company holds a market share of 41.6% in pumped storage and 45% in conventional hydropower, maintaining a leading position in the industry [3][24] - In 2024, the company secured new orders totaling 101.14 billion yuan, a 17% increase year-on-year, with a focus on clean and efficient energy equipment [3][23] - The company aims to achieve a power generation equipment output of 73 GW in 2025, up from 58.1 GW in 2024, indicating a growth of 26% [3][4] Profitability and Valuation - The company’s earnings per share (EPS) for 2025 is projected to be 1.28 yuan, with a price-to-earnings (P/E) ratio of 12.7 for the same year [5][29] - The forecast for net profit for 2026 and 2027 is 5.52 billion yuan and 6.09 billion yuan, respectively, with growth rates of 27.2% and 10.3% [5][31] - The current stock price corresponds to a P/E ratio of 12.7 for 2025, 10.0 for 2026, and 9.0 for 2027, indicating a favorable valuation [4][28]

Core Viewpoint - The article highlights the transformation of Dongfang Electric Group into a leader in intelligent manufacturing, showcasing advancements in technology and production processes that reflect China's evolution from a manufacturing follower to a leader in the global market [1][6]. Group 1: Technological Advancements - Dongfang Electric has implemented a digital transformation, exemplified by the "black light production line" and unmanned workshops, achieving full automation and data-driven processes in manufacturing [2][3]. - The company has developed a digital assembly prediction system that has reduced assembly cycles by 40% and increased production capacity by 60% [3]. - The introduction of a robotic welding system has created a "three zeros" digital welding scenario, achieving zero deformation, zero defects, and zero emissions [3]. Group 2: Carbon Capture Technology - Dongfang Electric is actively pursuing cutting-edge carbon capture technologies, achieving a carbon capture rate exceeding 95% with a new chemical looping combustion technology [4][5]. - The cost of carbon capture has been reduced to approximately 100 yuan per ton, with potential future reductions to the tens of yuan range, compared to traditional methods that exceed 300 yuan [4][5]. - The company plans to construct a 20-megawatt demonstration project, marking a shift from experimental leadership to industrial leadership in carbon capture technology [5]. Group 3: Company Spirit and Resilience - The "Dongqi Spirit," characterized by resilience and innovation, has been a driving force behind the company's recovery and transformation following the devastating 2008 Wenchuan earthquake [6]. - This spirit emphasizes the importance of self-reliance and determination in overcoming challenges, particularly during the digital transformation phase [6].

Core Viewpoint - The company's 2024 performance fell short of expectations, primarily due to significant asset impairment losses, while the first quarter of 2025 showed improvement in revenue and net profit growth [1][2]. Financial Performance - In 2024, total revenue reached 69.695 billion yuan, a year-on-year increase of 14.86%, while net profit attributable to shareholders was 2.922 billion yuan, a decrease of 17.7% due to asset impairment losses of approximately 1.15 billion yuan [1]. - For Q1 2025, total revenue was 16.548 billion yuan, up 9.93% year-on-year, and net profit attributable to shareholders was 1.154 billion yuan, an increase of 27.39% [1]. Business Segments - Clean and Efficient Energy: In 2024, revenue from coal, gas, and nuclear power increased by 17.8%, 87.6%, and 68.0% respectively, with gross margins slightly declining [1]. - Renewable Energy: In 2024, revenue from hydropower and wind power grew by 27.9% and 19.6% respectively, with the company ranking among the top three in offshore wind installations [1]. - Modern Manufacturing Services: Revenue from power station services surged by 61.9% in 2024, with a slight increase in gross margin [1]. Order Growth and Profitability - New effective orders increased by 17% in 2024 to 101.1 billion yuan, with Q1 2025 seeing a 36% rise to 35.88 billion yuan, driven by strong demand in clean and renewable energy equipment [2]. - In Q1 2025, the gross margin was 16.6%, a decrease of 0.7 percentage points year-on-year, while the net profit margin improved to approximately 7.1%, an increase of 1 percentage point [2]. Industry Trends - The company is expected to benefit from policy support for traditional energy sources, including coal, nuclear, and hydropower, with ongoing upgrades and approvals for new projects [3]. - Recent government initiatives aim to enhance the performance of existing coal power units and maintain a steady approval pace for nuclear power projects [3]. Profit Forecast and Valuation - The profit forecast for 2025 has been revised down by 11.1% to 4.16 billion yuan, with a new forecast for 2026 set at 5.01 billion yuan [4]. - Current A and H shares are valued at 12.4/10.3 times and 8.1/6.6 times P/E for 2025/2026, respectively, with target prices set at 17 HKD and 11.6 HKD, indicating potential upside [4].