Group 1 - The approval of 10 new nuclear power units reflects China's support and confidence in the nuclear power sector, indicating a growing importance of nuclear energy in the country's energy structure [1][2] - The new projects, which include five nuclear power projects with a total of 10 units, are expected to drive over 200 billion yuan in investments, showcasing the potential for industry growth [2][4] - China has maintained a consistent approval pace for nuclear power projects, approving 10 or more units annually for four consecutive years, which is expected to have a strong positive impact on the national economy [4] Group 2 - China's nuclear power capacity and generation continue to grow, with the country holding the largest operational and under-construction nuclear power capacity globally, totaling 60.96 million kilowatts [3] - The global natural uranium supply is facing a significant gap, with 2022 production at 49,355 tons and demand at 65,651 tons, indicating a long-term upward trend in uranium prices due to increasing demand from the nuclear sector [5]

东方电气(01072.HK)：第一季度营收162.91亿元，同比增长10.06%；归属于上市公司股东的净利润11.54 亿元，同比增长27.39%；基本每股收益0.37元。 ...

Financial Performance - Total operating revenue for Q1 2025 reached CNY 16.55 billion, a 9.93% increase compared to CNY 15.05 billion in the same period last year[7] - Net profit attributable to shareholders was CNY 1.15 billion, reflecting a significant growth of 27.39% from CNY 905.75 million year-on-year[7] - Basic earnings per share increased to CNY 0.37, up 27.59% from CNY 0.29 in the previous year[7] - Operating income for Q1 2025 was ¥16.29 billion, up from ¥14.80 billion in Q1 2024, reflecting a growth of 10.1%[29] - Net profit for Q1 2025 was ¥1.23 billion, representing a 24.7% increase compared to ¥0.99 billion in Q1 2024[31] - The total comprehensive income for Q1 2025 was ¥1.23 billion, an increase from ¥0.97 billion in Q1 2024[32] Cash Flow - The net cash flow from operating activities was negative at CNY -3.29 billion, a decline of 365.42% compared to a positive cash flow of CNY 1.24 billion in the same period last year[7] - Cash flow from operating activities decreased by 365.42%, primarily due to an increase in cash payments for goods purchased by RMB 40.21 billion and a decrease in net customer deposits and interbank placements by RMB 29.12 billion[15] - Operating cash inflow for Q1 2025 was CNY 17.68 billion, compared to CNY 16.54 billion in Q1 2024, representing an increase of 6.9%[36] - Cash outflow from operating activities in Q1 2025 was CNY 20.97 billion, up from CNY 15.30 billion in Q1 2024, indicating a significant increase of 37.6%[38] - The company’s cash inflow from operating activities included CNY 1,430,304,213.06 from sales of goods and services in Q1 2025, a substantial rise from CNY 549,304,216.73 in Q1 2024, reflecting an increase of approximately 160.1%[54] Assets and Liabilities - The company's total assets at the end of the reporting period were CNY 148.83 billion, representing a 4.80% increase from CNY 142.01 billion at the end of the previous year[7] - Total liabilities amounted to CNY 104.39 billion, compared to CNY 98.87 billion, marking an increase of around 5.7%[27] - Long-term borrowings increased by 61.11%, with new loans from external banks amounting to CNY 1.36 billion[13] - Current assets totaled CNY 103.78 billion, up from CNY 93.78 billion, indicating a significant increase of about 10.7%[24] - The total current liabilities reached CNY 93.03 billion, up from CNY 88.91 billion, indicating an increase of approximately 4.8%[26] Investments and Expenses - Research and development expenses increased to ¥705.99 million in Q1 2025, up 15.2% from ¥612.62 million in Q1 2024[29] - The company reported a total operating cost of ¥15.24 billion in Q1 2025, which is a 10.5% increase from ¥13.79 billion in Q1 2024[29] - The company reported a significant increase in asset impairment losses of CNY 120,767,659.84 in Q1 2025 compared to CNY 11,629,731.15 in Q1 2024[49] Shareholder Information - As of the end of the reporting period, the total number of common shareholders was 103,003[16] - The largest shareholder, China Eastern Electric Group Co., Ltd., holds 1,739,215,126 shares, accounting for 55.79% of total shares[17] Production and Orders - In Q1 2025, the company produced 17,909,400 kW of power generation equipment, including 695,000 kW of hydropower units and 1,390,300 kW of steam turbine generators[21] - The company secured new orders worth RMB 35.881 billion in Q1 2025, with clean and efficient energy equipment accounting for 44.56% of the total[21]

证券代码：600875 股票简称：东方电气 编号：2025-020 东方电气股份有限公司 监事会十一届七次会议决议公告 本公司监事会及全体监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。 如有监事对临时公告内容的真实性、准确性和完整性无法保证或存在异议的， 公司应当在公告中作特别提示。 一、监事会会议召开情况 东方电气股份有限公司（以下简称"公司"）监事会十一届七次会议于 2025 年 4 月 28 日在成都召开，本次会议应到监事 3 人，实到监事 3 人。本次会议的召开符 合《中华人民共和国公司法》《东方电气股份有限公司章程》及《监事会议事规则》 的有关规定。 二、监事会会议审议情况 （四）审议通过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。 经监事认真审议，形成以下决议： （一）审议通过公司 2024 年度内部控制评价报告及内部控制审计报告的议案。 监事会认为：公司 2024 年度内部控制评价报告及内部控制审计报告真实、客观 地反映了公司内部控制的建设及运行情况。公司建立了较为完善的内部控制制度， 内控制 ...

证券代码：600875 股票简称：东方电气 编号：2025-021 东方电气股份有限公司 董事会十一届九次会议决议公告 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。 公司高管人员 2024 年业绩考核结果建议方案已经董事会薪酬与考核委员会审议 通过并同意提交董事会审议。董事会同意公司高管人员 2024 年业绩考核结果建议方 案。 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）董事会十一届九次会议通知于 2025 年 4 月 15 日发出，并于 2025 年 4 月 29 日召开，参会人数符合法律规定。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 （二）审议通过公司高管人员 2025 年业绩考核目标值建议方案的议案 公司高管人员 2025 年业绩考核目标值建议方案已经董事会薪酬与考核委员会审 议通过并同意提交董事会审议。董事会同意公司高管人员 2025 年业绩考核目标值建 议方案。 （三）审议通过公司 2024 年度财务决算报告的议案 本次董 ...

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。 重要内容提示： ●每 10 股派发现金红利 4.03 元（含税）。 ●本次利润分配以实施权益分派股权登记日登记的总股本为基数，具体 日期将在权益分派实施公告中明确。 ●在实施权益分派的股权登记日前公司总股本发生变动的，拟维持分配 总额不变，相应调整每股现金分红金额，并将另行公告具体调整情况。 ●不触及《上海证券交易所股票上市规则》（以下简称《股票上市规则》） 第 9.8.1 条第一款第（八）项规定的可能被实施其他风险警示的情形。 一、利润分配方案内容 证券代码：600875 证券简称：东方电气 公告编号：2025-022 东方电气股份有限公司 2024 年年度利润分配方案公告 | 项目 | 本年度 | 上年度 | 上上年度 | | --- | --- | --- | --- | | 现金分红总额（元） | 1,366,315,211.38 | 1,480,812,242.08 | 1,044,708,822.00 | | 回购注销总额（元） | | | | | 归属于上市公司股东 ...

Financial Performance - Total operating revenue for 2024 reached ¥69.70 billion, a 14.86% increase from ¥60.68 billion in 2023[14]. - Net profit attributable to shareholders decreased by 17.70% to ¥2.92 billion from ¥3.55 billion in 2023[14]. - Basic earnings per share fell to ¥0.94, down 17.54% from ¥1.14 in 2023[15]. - Cash flow from operating activities showed a significant improvement, reaching ¥10.06 billion compared to a negative cash flow of ¥3.50 billion in 2023[14]. - Total assets increased by 17.26% to ¥142.01 billion from ¥121.11 billion in 2023[14]. - The total profit for the year was RMB 3.884 billion, a decrease of 3.04% compared to the previous year[25]. - The company achieved new effective orders amounting to RMB 101.142 billion, representing a year-on-year growth of 16.88%[26]. - The company recorded non-recurring gains of ¥941.65 million in 2024, compared to ¥974.58 million in 2023[22]. Dividend and Shareholder Information - The board of directors proposed a cash dividend of RMB 4.03 per 10 shares for the 2024 fiscal year, down from RMB 4.75 in 2023, totaling approximately RMB 1.37 billion based on the total share capital of 3,390,360,326 shares[1]. - The company has no plans for capital reserve transfers or stock dividends for the 2024 fiscal year[1]. - The company held a total of 9 supervisory board meetings in 2024, discussing key proposals including the 2024 annual budget and 2023 financial statements[160]. - The company held 4 shareholder meetings during the reporting period, ensuring transparency and fairness in decision-making processes[176]. Corporate Governance - The company operates under the governance of the Company Law of the People's Republic of China and adheres to the corporate governance code[8]. - The board of directors consists of 7 members, including 3 independent non-executive directors, and held 13 meetings during the reporting period[177][179]. - The supervisory board comprises 3 members, including 2 shareholder representatives and 1 employee representative, and held 5 meetings during the reporting period[179]. - The company has established a performance evaluation mechanism for senior management, linking their compensation to company performance and individual responsibilities[180]. - The company is committed to maintaining high corporate governance standards and has adopted all applicable provisions of the Corporate Governance Code[183]. Research and Development - The company maintained a research and development expenditure intensity of over 5%[25]. - In 2024, the company invested RMB 3.816 billion in R&D, accounting for over 5.56% of its operating revenue, and added 507 new effective patents[40]. - The company achieved significant technological milestones, including the successful ignition of the first domestically developed 15 MW heavy gas turbine and the commissioning of the world's largest 26 MW offshore wind turbine[40]. - Research and development expenses grew by 9.44% year-on-year to RMB 3.01 billion, reflecting increased investment in R&D[51]. Market and Industry Position - The market share for pumped storage reached 41.6%, while conventional hydropower market share was 45%[26]. - The company has established a two-tier marketing system that enhances its domestic and international market presence, with ongoing expansion of overseas marketing institutions[43]. - The company maintains a diverse industrial structure, with a focus on six energy sectors: wind, solar, hydro, nuclear, gas, and coal, ensuring a robust support from traditional industries and strong momentum in emerging sectors[41]. Financial Health and Investments - The company's cash and cash equivalents reached RMB 26,855,949,069.93, representing 18.91% of total assets, a 56.78% increase compared to the previous period[97]. - The company reported a net cash flow from financing activities of RMB 1.09 billion, compared to a negative cash flow of RMB 497.10 million in the previous year[57]. - Long-term borrowings increased by 56.65% to CNY 2,167,176,895.80, making up 1.53% of total assets[100]. - The company has invested in several new energy companies, indicating a strategic focus on expanding its renewable energy portfolio[79]. Risk Management - The company plans to strengthen risk management by implementing a comprehensive risk control system across various business areas[126]. - The company faces significant international operational risks due to geopolitical tensions and global economic challenges, impacting its overseas market expansion efforts[130]. - The company has identified a need for risk identification and prevention in sensitive countries and regions as part of its international strategy[130]. Social Responsibility - The company donated approximately RMB 25.90 million in charitable contributions during the reporting period, an increase from RMB 24.27 million in the previous year[153]. - The company emphasizes the protection of stakeholder rights and social responsibility, aiming for a balance of interests among shareholders, employees, and society[179].

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 2023 年 4 月—2025 年 4 月 信会师报字[2025]第 ZG219893 号 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 三、工作概述 我们按照《中国注册会计师其他鉴证业务准则第 3101 号-历史财务信 息审计或审阅以外的鉴证业务》的规定执行了鉴证业务。该准则要求我们 遵守职业道德规范，计划和实施鉴证工作，以对《东方电气股份有限公司 以自筹资金投入非公开发行 A 股股票投资项目的专项说明》是否不存在 重大错报获取合理保证。我们按照《上市公司监管指引第 2 号——上市公 司募集资金管理和使用的监管要求（2022 年修订）》（证监会公告〔2022〕 鉴证报告 第1页 信会师报字[2025]第ZG219893号 东方电气股份有限公司全体股东： 我们接受委托，对后附的东方电气股份有限公司（以下简称"东方电 气"）编制的截止 2025 年 04 月 07 日止《东方电气股份有限公司以自筹资 金投入非公开发行 A 股股票投资项目的专项说明》执行了合理保证的鉴 证业务。 一、管理层的责任 东方电气董事 ...

关于持续关联交易的鉴证报告 信会师报字[2025]第 ZG11808 号 东方电气股份有限公司董事会： 根据业务约定书约定﹐我们对后附的东方电气股份有限公司（以下 简称"贵公司"）及其附属公司 (以下统称为"贵集团")截至 2024 年 12 月 31 日止年度实施的持续关联交易执行了程序。贵公司董事 已告知我们贵公司截至 2024 年 12 月 31 日止的年度报告将披露上述 持续关联交易(以下简称"披露的持续关联交易")。 董事的责任 贵公司董事负责确保持续关联交易披露的完整性和准确性﹐以及确 保贵公司遵循香港联合交易所有限公司(以下简称"联交所") 所颁 布的香港联合交易所有限公司证券上市规则(以下简称"主板上市规 则")的相关规定。这种责任包括设计、执行和维护与识别、记录、 授权和报告所有持续关联交易有关的内部控制。 我们的独立性和质量管理 我们遵守了《中国注册会计师职业道德守则》（"守则"）中的独 立性及其他职业道德要求。守则以诚信、客观公正、专业胜任能力 及勤勉尽责、保密以及良好职业行为为基本原则。 东方电气股份有限公司 关于持续关联交易的鉴证报告 二○二四年度 信会师报字[2025]第 ZG11 ...

中信证券股份有限公司 关于东方电气股份有限公司 使用部分闲置募集资金进行现金管理的核查意见 中信证券股份有限公司（以下简称"中信证券"或"保荐人"）作为东方电 气股份有限公司（以下简称"公司"、"东方电气"或"发行人"）2023 年度向特 定对象发行 A 股股票的保荐人。根据《证券发行上市保荐业务管理办法》《上海 证券交易所股票上市规则》（2024 年 4 月修订）及《上海证券交易所上市公司自 律监管指引第 11 号——持续督导》等有关法律规定的要求，对公司使用部分闲 置募集资金进行现金管理的事项进行了审慎核查，核查情况及意见如下： 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，公司本次向特定对 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。本次发行募集资金总额为人民币 4,123,189,647.33 元，扣除 保荐承销费用人民币 7,021,741.38 元（含增值税）后公司实际收到的货币资金为 人民币 4,116,167,9 ...