Core Viewpoint - Shanghai Electric (600021) reported a solid performance in its 2025 interim financial results, with notable increases in revenue and net profit, despite rising short-term debt pressure [1]. Financial Performance - Total revenue for the first half of 2025 reached 20.475 billion yuan, a year-on-year increase of 1.76% [1]. - Net profit attributable to shareholders was 1.909 billion yuan, up 43.85% year-on-year [1]. - In Q2 2025, total revenue was 10.032 billion yuan, reflecting a 5.45% increase compared to the same quarter last year [1]. - Q2 net profit attributable to shareholders was 1.08 billion yuan, showing a significant rise of 55.8% year-on-year [1]. - Gross margin improved to 28.26%, up 7.79% year-on-year, while net margin increased to 16.49%, a rise of 27.12% [1]. Cost and Efficiency Metrics - Total selling, administrative, and financial expenses amounted to 2.278 billion yuan, accounting for 11.12% of revenue, a decrease of 15.25% year-on-year [1]. - Earnings per share (EPS) increased to 0.62 yuan, a 49.59% rise compared to the previous year [1]. - Operating cash flow per share reached 2.18 yuan, up 41.59% year-on-year [1]. Balance Sheet and Debt Analysis - The current ratio stood at 0.68, indicating rising short-term debt pressure [1]. - Cash and cash equivalents increased to 9.648 billion yuan, a 15.54% increase year-on-year [1]. - Interest-bearing liabilities rose to 112.849 billion yuan, an 18.81% increase from the previous year [1]. Historical Performance and Business Model - The company's historical return on invested capital (ROIC) was 4.83%, indicating weak capital returns [3]. - The average ROIC over the past decade was 5.21%, with a notably low ROIC of 1.27% in 2021 [3]. - The business model relies heavily on capital expenditures, necessitating careful evaluation of capital projects and their financial viability [3]. Cash Flow and Debt Concerns - The cash flow situation is concerning, with cash and cash equivalents to current liabilities ratio at 16.99% [4]. - The interest-bearing debt ratio reached 51.82%, indicating significant leverage [4]. - Accounts receivable to profit ratio was alarmingly high at 1398.61%, suggesting potential collection issues [4]. Analyst Expectations - Analysts project the company's performance for 2025 to reach a net profit of 3.32 billion yuan, with an average EPS forecast of 1.14 yuan [5].

Core Viewpoint - Shanghai Electric Power Co., Ltd. reported a year-on-year increase in total assets and net profit for the first half of 2025, indicating a positive financial performance despite a slight increase in operating revenue [1]. Financial Performance - Total assets at the end of the reporting period reached approximately CNY 199.48 billion, up 5.34% from CNY 189.38 billion at the end of the previous year [1]. - Operating revenue for the reporting period was CNY 20.47 billion, reflecting a 1.76% increase compared to CNY 20.12 billion in the same period last year [1]. - Total profit amounted to CNY 4.05 billion, representing a significant increase of 27.47% from CNY 3.18 billion in the previous year [1]. - Net profit attributable to shareholders was CNY 1.84 billion, a 40.08% increase from CNY 1.32 billion in the same period last year [1]. Shareholder Information - The total number of shareholders as of the reporting period was 143,978 [2]. - Major shareholders include State Power Investment Corporation, China Power International Development, and Central Huijin Asset Management, all of which are state-owned enterprises [3]. Debt and Financing - The company has issued multiple medium-term notes and short-term financing bonds, indicating ongoing financing activities to support its operations [4][5]. - The debt-to-asset ratio at the end of the reporting period was 71.29%, slightly improved from 71.90% at the end of the previous year [5]. Operational Metrics - The EBITDA interest coverage ratio improved to 5.91 from 4.66 in the previous year, suggesting enhanced ability to cover interest expenses [5].

证券简称：上海电力 证券代码：600021 编号：2025-079 （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 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。 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 份 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [3][5][19] Core Views - The company achieved a significant increase in net profit due to a decrease in fuel costs and financial expenses, with a year-on-year growth of 43.85% in net profit for the first half of 2025 [1][6] - The construction of coal power projects is progressing smoothly, which is expected to further drive the company's performance after completion [2][18] - The company is steadily advancing its renewable energy projects, with a total installed capacity of 12.33 million kilowatts as of the first half of 2025, including 5.24 million kilowatts of wind power and 7.10 million kilowatts of solar power [2][19] Financial Performance Summary - In the first half of 2025, the company reported operating revenue of 20.475 billion yuan, a slight increase of 1.76%, and a net profit attributable to shareholders of 1.909 billion yuan, an increase of 43.85% [1][6] - The company’s coal price decreased by 12.7% year-on-year, contributing to the increase in net profit [1][10] - The company’s operating profit margin is projected to improve, with net profit expected to grow significantly in the coming years, reaching 3.067 billion yuan in 2025, a year-on-year increase of 49.9% [3][21] Project Development Summary - The company is advancing its coal power projects, with significant milestones achieved in the construction of multiple 1 million kilowatt units, expected to be operational after 2026 [2][18] - The company has also made progress in its renewable energy projects, with new installed capacity of 1.1482 million kilowatts in the first half of 2025, including 385,000 kilowatts of wind power and 763,200 kilowatts of solar power [2][19] Financial Forecasts - The company’s net profit forecasts for 2025-2027 are adjusted to 3.07 billion yuan, 3.42 billion yuan, and 3.54 billion yuan respectively, reflecting a strong growth trajectory [3][19] - Earnings per share (EPS) are projected to be 1.09 yuan in 2025, 1.22 yuan in 2026, and 1.26 yuan in 2027, with corresponding price-to-earnings (PE) ratios of 13.5, 12.1, and 11.7 [3][21]

关于上海电力股份有限公司 致：上海电力股份有限公司 上海东方华银律师事务所 一、本次股东大会召集、召开的程序 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 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 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 会召开当日的 9:15-15:00。会议召开的时间、地点均符合公告内容。 本所律师认为，本次股东大会召集、召开程序符合法律法规和《公司章程》 的规定。 上海东方华银律师事务所（以下简称"本所"）接受上海电力股份有限公司 （以下简称"贵司"或"公司"）委托，就贵司召开 2025 年第二次临时股东大 会的有关事宜，根据《中华人民共和国公司法》 《上市公司股东会规则》等法律、 法规和其他规范性文件以及《上海电力股份有限公司章程》（以下简称"《公司 章 ...

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]