Core Viewpoint - Shanghai Electric Power Co., Ltd. issued its sixth medium-term note for the year 2025 on October 28, 2025, primarily to repay maturing bonds [1] Group 1: Issuance Details - The medium-term note was publicly issued through a book-building method in the national interbank bond market [1] - The funds raised from this issuance will mainly be used for repaying maturing bonds [1] Group 2: Company Assurance - The company's board of directors guarantees that the announcement does not contain any false records, misleading statements, or significant omissions, and they assume legal responsibility for the authenticity, accuracy, and completeness of the content [1]

Core Viewpoint - Shanghai Electric's recent quarterly report for Q3 2025 shows significant changes in its top shareholders, particularly the entry of Zhao Liqian, a well-known investor, who now holds 63.26 million shares, representing 2.24% of the circulating shares, ranking third among the top shareholders [2][6]. Shareholder Changes - Zhao Liqian's investment strategy includes frequent adjustments, with a notable increase in his holdings in Shanghai Electric while reducing his stake in Zhejiang Medicine [6]. - Another individual investor, Zhang Yi, has also entered the top shareholder list with 8.70 million shares, although it is unclear if this was a recent purchase [16]. Financial Performance - For the first three quarters of 2025, Shanghai Electric reported total revenue of 32.154 billion yuan, a year-on-year decrease of 1.26%, while net profit attributable to shareholders reached 3.05 billion yuan, an increase of 24.04% [16]. - The company's net profit for the first three quarters has already surpassed the total for the entire previous year, indicating strong performance compared to peers in the electricity sector [16]. Strategic Developments - Shanghai Electric is involved in the integration of resources under the State Power Investment Corporation (SPIC), focusing on international platform construction and asset restructuring [7][12]. - The establishment of the "State Power Investment Group International Energy Co., Ltd." aims to consolidate overseas energy assets and support the group's strategic goals [11][12]. - Future projects may include offshore wind power development and green hydrogen production, aligning with national energy strategies [16]. Stock Performance - As of October 31, 2023, Shanghai Electric's stock price was 29.69 yuan per share, reflecting a year-to-date increase of 234.03% and a 120-day increase of 236.97% [13][14].

Core Viewpoint - Shanghai Electric's recent quarterly report for Q3 2025 shows significant changes in its top shareholders, particularly the entry of Zhao Liqian, a well-known investor, who now holds 63.26 million shares, representing 2.24% of the circulating shares, ranking third among the top shareholders [1][3]. Group 1: Shareholder Changes - Zhao Liqian has made notable adjustments to his portfolio, increasing his stake in Shanghai Electric while reducing his holdings in Zhejiang Pharmaceutical [3]. - Another investor, Zhang Yi, has also entered the top shareholder list with 8.70 million shares, although it is unclear if this was a recent purchase [11]. Group 2: Company Performance - For the first three quarters of 2025, Shanghai Electric reported total revenue of 32.154 billion yuan, a year-on-year decrease of 1.26%, while net profit attributable to shareholders increased by 24.04% to 3.05 billion yuan [11]. - The company's performance is considered strong compared to peers in the electric power sector, with net profits for 2022, 2023, and 2024 recorded at 321 million yuan, 1.593 billion yuan, and 2.046 billion yuan, respectively [11]. Group 3: Strategic Developments - The establishment of the National Power Investment Group International Energy Co., Ltd. aims to integrate overseas energy assets and build an international green energy platform, supporting the group's strategic goals [7]. - Shanghai Electric is exploring projects related to offshore wind power and green hydrogen production, aligning with national energy strategies for the upcoming "14th Five-Year Plan" period [11]. Group 4: Market Performance - As of October 31, 2023, Shanghai Electric's stock price was 29.69 yuan per share, reflecting a year-to-date increase of 234.03% and a 120-day increase of 236.97% [8][9].

上海电力股份有限公司于2025年10月28日发行了2025年度第六期中期票据，现将 发行结果公告如下： | 债务融资工 | 上海电力股份有限公司2025年 | 债务融资工具 | 25沪电力MTN006 | | --- | --- | --- | --- | | 具名称 | 度第六期中期票据 | 简称 | | | 代码 | 102584548 | 债务融资工具 期限 | 3+N年 | | 票面利率 | 2.09% | 起息日 | 2025年10月30日 | | 发行总额 | 16亿元/人民币 | 发行价格 | 100元/百元 | | 承销商 | 招商银行股份有限公司 | | | 本期中期票据通过簿记建档集中配售的方式在全国银行间债券市场公开发行，募 集资金主要用于偿还到期债券。 特此公告。 上海电力股份有限公司董事会 证券简称：上海电力 证券代码：600021 编号：临 2025-103 上海电力股份有限公司 2025 年度第六期中期票据发行结果公告 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法律责任。 二〇二五年十月三十一日 ...

Core Viewpoint - Shanghai Electric reported a slight decline in total revenue for the first three quarters of 2025, but significant growth in net profit, indicating strong profitability despite revenue pressures [1] Financial Performance - Total revenue for the first three quarters reached 32.154 billion yuan, a year-on-year decrease of 1.26% [1] - Net profit attributable to shareholders was 3.05 billion yuan, showing a substantial year-on-year increase of 24.04% [1] - Non-recurring net profit was 2.884 billion yuan, reflecting a year-on-year growth of 22.42% [1] - In Q3 alone, net profit was 1.141 billion yuan, achieving a 0.80% year-on-year growth despite revenue challenges [1] - Operating cash flow for the first three quarters surged to 12.429 billion yuan, a remarkable increase of 65.52% year-on-year, providing solid support for business transformation and debt optimization [1] Clean Energy Transition - The company has made significant progress in its clean energy transition, with wind power generation increasing by 15.90% year-on-year and solar power generation rising by 26.43% [1] - Clean energy installed capacity accounted for 61.80% of total capacity, an increase of 8 percentage points compared to the end of 2024 [1] - Market transactions for green electricity were strong, with transaction volume exceeding 76% of total grid-connected electricity, and green electricity prices rising 15%-20% above the benchmark price, expected to generate an additional revenue of 400-600 million yuan annually [1] - Total grid-connected electricity reached 57.634 billion kilowatt-hours, a year-on-year increase of 2.11%, with the average on-grid electricity price (including tax) stable at 0.58 yuan per kilowatt-hour, supporting overall performance [1]

Core Points - The Shanghai Composite Index fell by 0.73% on October 30, with six industries experiencing gains, led by steel and non-ferrous metals, which rose by 0.90% and 0.79% respectively [1] - The public utilities sector ranked third in terms of daily gains [1] - The main funds in the market saw a net outflow of 100.637 billion yuan, with only one industry, non-ferrous metals, experiencing a net inflow of 0.565 billion yuan [1] Industry Summary - The electronic industry had the largest net outflow of funds, totaling 23.126 billion yuan, followed by the communication industry with a net outflow of 12.065 billion yuan [1] - The public utilities sector saw a slight increase of 0.13% despite a net outflow of 1.750 billion yuan, with 49 out of 131 stocks in this sector rising, and one hitting the daily limit [1] - The public utilities sector had a mixed performance with significant outflows, indicating potential volatility in investor sentiment [1]

Core Insights - Shanghai Electric (600021.SH) reported a total operating revenue of 32.154 billion yuan for Q3 2025, ranking 9th among disclosed peers [1] - The net profit attributable to shareholders reached 3.050 billion yuan, marking a year-on-year increase of 24.04% and ranking 13th among peers [1] - The net cash inflow from operating activities was 12.429 billion yuan, up 65.52% year-on-year, ranking 9th among peers [1] Financial Performance - The latest debt-to-asset ratio is 69.80%, a decrease of 1.48 percentage points from the previous quarter and 0.23 percentage points from the same period last year [3] - The gross profit margin stands at 27.65%, an increase of 2.39 percentage points year-on-year, ranking 32nd among peers [3] - Return on equity (ROE) is 9.89%, up 1.61 percentage points year-on-year, ranking 9th among peers [3] Earnings Metrics - The diluted earnings per share (EPS) is 1.00 yuan, an increase of 0.21 yuan year-on-year, achieving a 26.52% rise and ranking 2nd among peers [3] - The total asset turnover ratio is 0.16 times, while the inventory turnover ratio is 25.22 times, ranking 14th among peers [3] Shareholder Structure - The number of shareholders is 189,500, with the top ten shareholders holding 1.793 billion shares, accounting for 63.56% of the total share capital [3] - The largest shareholder is State Power Investment Corporation with a holding of 44.31% [3]

Core Viewpoint - Shanghai Electric (600021.SH) reported a mixed financial performance for the first three quarters of 2025, with a slight decline in revenue but significant growth in net profit and earnings per share [1] Financial Performance - The company achieved a revenue of 32.154 billion yuan for the first three quarters, representing a year-on-year decrease of 1.26% [1] - The net profit attributable to shareholders was 3.05 billion yuan, showing a year-on-year increase of 24.04% [1] - The non-recurring net profit reached 2.884 billion yuan, reflecting a year-on-year growth of 22.42% [1] - Basic earnings per share stood at 1.0008 yuan [1]

Group 1: Guizhou Moutai - Guizhou Moutai reported a net profit of 646.27 billion yuan for the first three quarters of 2025, an increase of 6.25% year-on-year [1][2] - The company's revenue for the first three quarters reached 1,284.54 billion yuan, reflecting a growth of 6.36% compared to the previous year [1][2] Group 2: Midea Group - Midea Group achieved a net profit of 378.83 billion yuan for the first three quarters of 2025, marking a year-on-year increase of 19.51% [3][4] - The company's revenue for the same period was 3,630.57 billion yuan, up 13.82% year-on-year [3][4] Group 3: Mindray Medical - Mindray Medical reported a net profit of 75.7 billion yuan for the first three quarters of 2025, a decline of 28.83% year-on-year [5][6] - The company's revenue for the first three quarters was 258.34 billion yuan, down 12.38% compared to the previous year [5][6] Group 4: SanHuan Group - SanHuan Group's net profit for the first three quarters of 2025 was 19.59 billion yuan, reflecting a growth of 22.16% year-on-year [7][8] - The company's revenue for the same period reached 65.08 billion yuan, an increase of 20.96% year-on-year [7][8] Group 5: Longyuan Power - Longyuan Power reported a net profit of 43.93 billion yuan for the first three quarters of 2025, a decrease of 21.02% year-on-year [9][10] - The company's revenue for the same period was 222.21 billion yuan, down 17.29% compared to the previous year [9][10] Group 6: China Nuclear Power - China Nuclear Power's net profit for the first three quarters of 2025 was 80.02 billion yuan, a decline of 10.42% year-on-year [12][13] - The company's revenue for the same period reached 616.35 billion yuan, an increase of 8.16% year-on-year [12][13] Group 7: Fenjie Media - Fenjie Media reported a net profit of 42.40 billion yuan for the first three quarters of 2025, an increase of 6.87% year-on-year [14][15] - The company's revenue for the same period was 96.07 billion yuan, reflecting a growth of 3.73% year-on-year [14][15] Group 8: Tianfu Communication - Tianfu Communication achieved a net profit of 14.65 billion yuan for the first three quarters of 2025, marking a year-on-year increase of 50.07% [17][18] - The company's revenue for the same period was 39.18 billion yuan, up 63.63% year-on-year [17][18] Group 9: Lingyi Technology - Lingyi Technology reported a net profit of 19.41 billion yuan for the first three quarters of 2025, reflecting a growth of 37.66% year-on-year [19][20] - The company's revenue for the same period reached 375.90 billion yuan, an increase of 19.25% year-on-year [19][20] Group 10: Rongsheng Petrochemical - Rongsheng Petrochemical's net profit for the first three quarters of 2025 was 8.88 billion yuan, a growth of 1.34% year-on-year [21] - The company's revenue for the same period was 2,278.15 billion yuan, down 7.09% compared to the previous year [21] Group 11: ShenNan Circuit - ShenNan Circuit reported a net profit of 23.26 billion yuan for the first three quarters of 2025, an increase of 56.30% year-on-year [22] - The company's revenue for the same period was 167.54 billion yuan, reflecting a growth of 28.39% year-on-year [22] Group 12: Jiangbolong - Jiangbolong achieved a net profit of 7.13 billion yuan for the first three quarters of 2025, marking a year-on-year increase of 27.95% [23] - The company's revenue for the same period reached 167.34 billion yuan, up 26.12% year-on-year [23] Group 13: New Yisheng - New Yisheng reported a net profit of 63.27 billion yuan for the first three quarters of 2025, reflecting a growth of 284.37% year-on-year [24] - The company's revenue for the same period was 165.05 billion yuan, an increase of 221.70% year-on-year [24] Group 14: China Merchants Bank - China Merchants Bank achieved a net profit of 1,137.72 billion yuan for the first three quarters of 2025, marking a year-on-year increase of 0.52% [25] - The company's revenue for the same period was 2,514.2 billion yuan, down 0.51% compared to the previous year [25] Group 15: Zhongwei Company - Zhongwei Company reported a net profit of 12.11 billion yuan for the first three quarters of 2025, a growth of approximately 32.66% year-on-year [26] - The company's revenue for the same period reached 80.63 billion yuan, an increase of approximately 46.40% year-on-year [26] Group 16: Microchip Biotech - Microchip Biotech's non-public offering was approved, aiming to raise up to 9.5 billion yuan for innovative drug research and development [27] Group 17: Longyuan Power's Fundraising - Longyuan Power plans to raise up to 50 billion yuan through a private placement to invest in renewable energy projects [28] Group 18: North University Pharmaceutical - North University Pharmaceutical's chairman was detained for investigation, but the company's operations remain normal [29] Group 19: Deyang Shares - Deyang Shares reported a net profit of 23.47 billion yuan for the first three quarters of 2025, a growth of 4.79% year-on-year [30] Group 20: Xiechuang Data - Xiechuang Data achieved a net profit of 6.98 billion yuan for the first three quarters of 2025, marking a year-on-year increase of 25.30% [31] Group 21: Zhifei Biological - Zhifei Biological reported a net loss of 12.06 billion yuan for the first three quarters of 2025, primarily due to lower sales and increased provisions [32] Group 22: Softcom Power - Softcom Power achieved a net profit of 9.89 billion yuan for the first three quarters of 2025, reflecting a growth of 30.21% year-on-year [33] Group 23: Magmi Technology - Magmi Technology reported a net profit of 2.13 billion yuan for the first three quarters of 2025, a decline of 48.29% year-on-year [34] Group 24: Huali Group - Huali Group's net profit for the first three quarters of 2025 was 24.35 billion yuan, a decrease of 14.34% year-on-year [35]

Core Insights - Shanghai Electric (600021.SH) reported a revenue of 11.679 billion yuan for Q3 2025, representing a year-on-year decline of 6.15% [1] - The net profit attributable to shareholders of the listed company was 1.141 billion yuan, showing a year-on-year increase of 0.80% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 1.041 billion yuan, reflecting a year-on-year increase of 0.07% [1]