Meeting Overview - The Shanghai Electric Power Co., Ltd. held its second extraordinary general meeting of shareholders in 2025 on a specified date at the Shanghai Tiancheng Hotel [1] - The meeting was attended by shareholders representing 58.9147% of the total shares [1] Voting Results - All proposed resolutions were passed during the meeting, with significant support from shareholders [2] - For the first resolution, 99.2670% of A-shareholders voted in favor, while 0.6483% opposed [1] - The second resolution received 99.8742% approval from A-shareholders, with only 0.0792% against [1] - The third resolution saw 99.8725% support, with a minor opposition of 0.0729% [1] - The fourth resolution was also approved with 99.8683% of votes in favor [1] Legal Compliance - The meeting's procedures, including the qualifications of attendees and voting processes, complied with legal regulations and the company's articles of association [2] - The resolutions passed during the meeting were deemed legally valid by the witnessing lawyers [2]

证券代码：600021 证券简称：上海电力 公告编号：2025-080 上海电力股份有限公司 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东大会召开的时间：2025 年 8 月 29 日 2025年第二次临时股东大会决议公告 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法律责任。 (二)股东大会召开的地点：上海天诚大酒店 8 楼第二会议室（上海市徐家汇路 585 号） (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 2,822 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 1,659,475,642 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股份 | | | 总数的比例（%） | 58.9147 | 1、 议案名称：关于修订《上海电力股份有限公司章程》及取消监事会的议案 审议结果：通过 表决情况： | 股东类型 | 同意 | | 反对 | | 弃权 | | | --- | --- | ...

上海东方华银律师事务所 关于上海电力股份有限公司 2025 年第二次临时股东大会的法律意见书 本所律师根据法律法规和《公司章程》的要求，按照律师行业公认的业务标 准、道德规范和勤勉尽责精神，现出具法律意见如下： 一、本次股东大会召集、召开的程序 2025 年 8 月 8 日，公司第九届董事会第四次会议作出决议，决定召开 2025 年第二次临时股东大会。公司已于 2025 年 8 月 12 日将本次股东大会的召开时间、 地点及审议事项等相关公告、通知，公布在符合中国证监会规定条件的媒体和证 券交易所网站上告知全体股东，公告披露的日期距本次股东大会的召开日期已达 1 15 日。 本次股东大会采用现场投票与网络投票相结合的方式，现场会议于 2025 年 8 月 29 日 14:00 在上海天诚大酒店 8 楼第二会议室（上海市徐家汇路 585 号）举 行；网络投票时间为 2025 年 8 月 29 日，其中：采用上海证券交易所网络投票系 统，通过交易系统投票平台的投票时间为股东大会召开当日的交易时间段，即 9:15-9:25，9:30-11:30，13:00-15:00；通过互联网投票平台的投票时间为股东大 会召开当 ...

Market Overview - The electricity sector experienced a slight decline of 0.05% on the trading day, with Huayin Power leading the drop [1] - The Shanghai Composite Index closed at 3857.93, up 0.37%, while the Shenzhen Component Index closed at 12696.15, up 0.99% [1] Stock Performance - Notable gainers in the electricity sector included: - Hengtong Optic-Electric (600226) with a closing price of 3.69, up 10.15% and a trading volume of 1.8086 million shares, totaling 635 million yuan [1] - Yunnan Energy Investment (002053) closed at 6671, up 9.98% with a trading volume of 806,200 shares, totaling 1.17 billion yuan [1] - Zhaoxin Co., Ltd. (002256) closed at 3.22, up 9.90% with a trading volume of 322,000 shares, totaling 10.4 million yuan [1] - Conversely, Huayin Power (600744) saw a significant decline, closing at 7.81, down 5.79% with a trading volume of 1.9708 million shares, totaling 156.1 million yuan [2] - Other notable decliners included: - ST Lingda (300125) down 4.88% [2] - Banshen Energy (600726) down 3.45% [2] Capital Flow - The electricity sector experienced a net outflow of 2.928 billion yuan from institutional investors, while retail investors saw a net inflow of 1.885 billion yuan [2] - The capital flow for key stocks included: - Shanghai Electric (600021) had a net inflow of 214 million yuan from institutional investors, but a net outflow of 113 million yuan from retail investors [3] - Hengtong Optic-Electric (600226) saw a net inflow of 114 million yuan from institutional investors, with a net outflow of 57.6 million yuan from retail investors [3]

Core Viewpoint - In the first half of 2025, the company achieved operating revenue of 20.475 billion yuan, a year-on-year increase of 1.76%, and a net profit attributable to shareholders of 1.909 billion yuan, a year-on-year increase of 43.85% [1][2][3] Financial Performance - The company's revenue growth is primarily driven by an increase in electricity sales and heating volume [1][3] - The net profit increase is attributed to a decline in coal prices, which improved fuel costs, and enhanced internal cost management [1][3] - The average price of standard coal (including tax) was 936.14 yuan/ton, a year-on-year decrease of 12.7% [1][3] - The financial expenses decreased by 23.73% year-on-year due to reduced funding costs and foreign exchange gains [1][3] - As of June 2025, the company's comprehensive funding cost was 2.70%, down 0.50 percentage points year-on-year [1][3] Operational Metrics - As of June 2025, the company's installed capacity was 25.8013 million kilowatts, with clean energy accounting for 61.83% of the total capacity [4] - The company completed a total power generation of 37.848 billion kWh in the first half of 2025, a year-on-year increase of 5.48% [4] - The average on-grid electricity price in the first half of 2025 was 0.58 yuan/kWh, a decrease of 0.03 yuan/kWh compared to the same period last year [5] Future Outlook - The company expects net profits attributable to shareholders for 2025, 2026, and 2027 to be 3.573 billion yuan, 3.981 billion yuan, and 4.319 billion yuan, respectively, with corresponding EPS of 1.18 yuan/share, 1.32 yuan/share, and 1.43 yuan/share [1][5] - The company is progressing well with the construction of six 1 million kilowatt thermal power units, expected to be operational after 2026 [5] - The company is committed to a balanced growth strategy and is rapidly promoting the optimization and transformation of the energy structure [5]

Core Viewpoint - Shanghai Electric's stock has shown significant growth this year, with a year-to-date increase of 62.20% and a recent surge in trading activity, indicating strong investor interest [1][2]. Financial Performance - For the first half of 2025, Shanghai Electric reported a revenue of 20.475 billion yuan, representing a year-on-year growth of 1.76% [2]. - The net profit attributable to shareholders for the same period was 1.909 billion yuan, reflecting a substantial year-on-year increase of 43.85% [2]. Stock Market Activity - As of August 29, Shanghai Electric's stock price was 14.42 yuan per share, with a market capitalization of 40.617 billion yuan [1]. - The stock experienced a trading volume of 477 million yuan on the same day, with a turnover rate of 1.15% [1]. - The stock has been active on the龙虎榜 (top trading list) twice this year, with the latest occurrence on August 19 [1]. Shareholder Information - As of June 30, 2025, the number of shareholders for Shanghai Electric was 144,000, a decrease of 1.03% from the previous period [2]. - The average number of circulating shares per shareholder increased by 1.04% to 18,177 shares [2]. Dividend Distribution - Since its A-share listing, Shanghai Electric has distributed a total of 6.821 billion yuan in dividends, with 1.451 billion yuan distributed over the past three years [3]. Institutional Holdings - As of June 30, 2025, the top ten circulating shareholders included the Southern CSI 500 ETF, which increased its holdings by 2.905 million shares to 20.903 million shares [3]. - The Hong Kong Central Clearing Limited reduced its holdings by 623.95 thousand shares, holding 20.815 million shares [3].

Core Insights - Shanghai Electric (600021.SH) reported a total operating revenue of 20.475 billion yuan for the first half of 2025, ranking 11th among disclosed peers, with a year-on-year increase of 0.176 billion yuan, representing a 1.76% growth compared to the same period last year [1] - The net profit attributable to shareholders reached 1.909 billion yuan, ranking 14th among peers, with a year-on-year increase of 0.582 billion yuan, achieving a 43.85% growth compared to the same period last year [1] - The net cash flow from operating activities was 6.149 billion yuan, ranking 10th among peers, with a year-on-year increase of 1.806 billion yuan, representing a 41.59% growth compared to the same period last year [1] Financial Ratios - The latest debt-to-asset ratio stands at 71.29% [2] - The latest gross profit margin is 28.26%, ranking 38th among peers, with a quarter-on-quarter increase of 2.37 percentage points and a year-on-year increase of 2.04 percentage points [2] - The latest return on equity (ROE) is 6.30%, ranking 13th among peers, with a year-on-year increase of 1.66 percentage points [2] Earnings Per Share and Efficiency - The diluted earnings per share (EPS) is 0.62 yuan, ranking 2nd among peers, with a year-on-year increase of 0.21 yuan, achieving a 49.59% growth compared to the same period last year [2] - The latest total asset turnover ratio is 0.11 times [2] - The latest inventory turnover ratio is 15.29 times, ranking 19th among peers, with a year-on-year increase of 1.43 times, representing a 10.34% growth compared to the same period last year [2]

Group 1 - The core viewpoint of the article highlights Shanghai Electric's financial performance for the first half of 2025, showing a revenue increase and significant growth in net profit and earnings per share [1] Group 2 - Shanghai Electric reported an operating revenue of approximately 20.475 billion yuan for the first half of 2025, representing a year-on-year increase of 1.76% [1] - The net profit attributable to shareholders of the listed company was approximately 1.909 billion yuan, reflecting a year-on-year increase of 43.85% [1] - The basic earnings per share reached 0.6232 yuan, which is a year-on-year increase of 49.59% [1]

格隆汇8月28日丨上海电力(600021.SH)披露半年报，公司上半年实现营业收入204.75亿元，同比增长 1.76%；归属于上市公司股东的净利润19.09亿元，同比增长43.85%；基本每股收益0.6232元/股。 ...

证券简称：上海电力 证券代码：600021 编号：2025-079 该议案 12 票同意，0 票反对，0 票弃权。 上海电力股份有限公司 董事会 2025 年第七次临时会议决议公告 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法律责任。 一、董事会会议召开情况 （一）上海电力股份有限公司董事会 2025 年第七次临时会议的召开符合有 关法律、行政法规、部门规章、规范性文件和公司章程的规定。 （二）本次董事会会议通知和会议材料于 2025 年 8 月 21 日以电子方式发出。 （三）本次董事会会议于 2025 年 8 月 27 日以通讯会议方式召开。 （四）会议应到董事 12 名，实到董事 12 名，符合《公司法》和《公司章程》 规定。 二、董事会审议及决议情况 （一）同意关于《公司 2025 年半年度报告》的议案。 该议案已经公司董事会审计与风险委员会和独立董事专门会议审议通过。 详见公司于 2025 年 8 月 29 日在上海证券交易所网站以及在《中国证券报》 《上海证券报》《证券时报》《证券日报》上刊登的《上海电力股份有限公司 2 ...