Financial Performance - The company's operating revenue for Q1 2025 was CNY 10,443,348,725.55, a decrease of 1.56% compared to CNY 10,608,421,419.60 in the same period last year[5] - Net profit attributable to shareholders increased by 30.78% to CNY 828,950,797.39 from CNY 633,874,951.26 year-on-year[5] - The net profit after deducting non-recurring gains and losses was CNY 807,548,478.82, reflecting a 27.04% increase compared to CNY 635,653,852.60 in the previous year[5] - Basic and diluted earnings per share increased by 34.98% to CNY 0.2670 from CNY 0.1978 year-on-year[6] - The company's total equity rose to CNY 58,567,661,040.90 in Q1 2025, compared to CNY 53,220,678,207.27 in Q1 2024[18] - The company reported a total comprehensive income of CNY 1,415,467,971.26 for Q1 2025, slightly up from CNY 1,403,452,665.74 in Q1 2024[22] Cash Flow - The net cash flow from operating activities rose significantly by 47.53% to CNY 2,734,097,037.01, up from CNY 1,853,199,657.17 in the same period last year[5] - Cash flow from operating activities for Q1 2025 was CNY 2,734,097,037.01, a 47.4% increase from CNY 1,853,199,657.17 in Q1 2024[25] - The company generated CNY 1,099,352,202.34 in cash from sales in Q1 2025, up from CNY 875,296,711.62 in Q1 2024[34] - The cash flow from financing activities netted CNY 2,106,763,635.19 in Q1 2025, compared to CNY 1,801,141,230.73 in Q1 2024, marking a rise of 16.9%[26] - The net cash flow from investing activities for Q1 2025 was -CNY 2,364,407,384.11, worsening from -CNY 1,764,144,880.71 in Q1 2024[25] Assets and Liabilities - Total assets at the end of the reporting period were CNY 193,949,878,412.36, a 2.41% increase from CNY 189,377,708,919.86 at the end of the previous year[6] - Total current assets as of March 31, 2025, amount to ¥42,425,752,909.94, an increase from ¥37,845,088,998.22 as of December 31, 2024[15] - Total liabilities decreased to CNY 135,382,217,371.46 in Q1 2025 from CNY 136,157,030,712.59 in Q1 2024[18] - The company reported a total debt of CNY 36,635,501,560.81 as of the latest reporting period, slightly down from CNY 36,742,630,066.15[30] Shareholder Information - Total number of common shareholders at the end of the reporting period is 145,477[12] - The largest shareholder, State Power Investment Corporation, holds 1,251,588,074 shares, representing 44.43% of total shares[12] - The second largest shareholder, China Power International Development, holds 363,292,165 shares, accounting for 12.90%[12] Operational Efficiency - The increase in net profit was primarily driven by a decrease in coal costs and financial expenses[10] - Total operating costs for Q1 2025 were CNY 8,981,830,459.25, down 3.11% from CNY 9,268,176,810.71 in Q1 2024[20] - Research and development expenses for Q1 2025 were CNY 7,424,157.96, significantly lower than CNY 30,151,259.87 in Q1 2024[21] - The company absorbed investments totaling CNY 3,765,056,706.00 in Q1 2025, a substantial increase from CNY 151,524,099.44 in Q1 2024[26] - The company reported an increase in management expenses to CNY 118,068,695.11 in Q1 2025 from CNY 81,720,434.73 in Q1 2024, reflecting a rise of 44.4%[32]

均 衡 增 长 向 新 求 质 环境、社会及治理 2024（ESG）报告 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 报告说明 参照依据 本报告编制遵循如下标准指南： 报告范围 称谓说明 为方便阐述和阅读，"上海电力股份有限公司"在本报告中也以"上海电力""公司"和"我们"表示。 发布周期 本报告为年度报告，公司于 2014 年 3 月 25 日发布首份企业社会责任报告，本报告是第十二份报告， 也是第三份环境、社会及治理（ESG）报告。 时间范围 报告时间范围为 2024 年 1 月 1 日至 2024 年 12 月 31 日，必要时溯及以往重要年份。 内容范围 如无特别说明，报告信息数据均源自公司年度报告、正式文件、统计报告与财务报告，以及经由公 司统计、汇总与审核的分、子公司及直属机构的 ESG 实践情况。 指标选择 在披露指标选择上，本报告聚焦指标的相关性、实质性和可获得性，确保既能精准呈现公司环境、 社会及治理（ESG）实践绩效，又能依托现有管理体系实现数据有效收集。 报告获取 以"上海电力股份有限公司"为主体，包括所属分、子 ...

一、聚焦主责主业，经营业绩和资产质量进一步提升 2024 年度，公司全年实现利润总额 51.96 亿元，同比增长 18%；归母净利润 20.46 亿元，同比增长 28.46%；加权平均净资产收益率 9.33%，同比上升 1.19 个百分点。基本每股收益 0.6172 元。 一是发电供热持续增长。2024 年公司完成合并口径发电量 771.47 亿千瓦 时，同比上升 2.27%，其中煤电完成 519.79 亿千瓦时，同比下降 0.71%，气电 完成 90.98 亿千瓦时，同比上升 15.43%，风电完成 96.67 亿千瓦时，同比上 升 1.59%，光伏发电完成 64.03 亿千瓦时，同比上升 12.58%。公司累计供热 1988.19 万吉焦，同比增长 6.16%。 二是提质增效扎实开展。燃料成本压降取得实效，入厂标煤单价（含税）降 至 1072.41 元/吨，同比下降 7.32%。通过发行债券、存量债务优化等方式积极 压降融资成本，截至 2024 年底，公司综合资金成本 2.96%，同比下降 0.51 个百 分点。 三是能源结构持续优化。截至 2024 年底，公司控股装机容量 2465.31 万千 瓦，清洁 ...

近日，由上海电力股份有限公司（以下简称"公司"）全资子公司甘肃申贤 新能源有限公司投资建设的陇南市宕昌县一期 20 万千瓦风力发电项目（以下简 称"宕昌一期项目"）全容量并网发电。 宕昌一期项目位于甘肃省陇南市宕昌县，总装机容量 20 万千瓦，投产后预 计年平均发电量为 3.9 亿千瓦时。宕昌一期项目的投产对公司进一步加快清洁低 碳转型，实现高质量发展具有积极意义。 证券简称：上海电力 证券代码：600021 编号：2025-042 上海电力股份有限公司 关于甘肃宕昌一期风力发电项目 全容量并网的公告 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。 二〇二五年四月二十九日 1 特此公告。 上海电力股份有限公司董事会 ...

Core Viewpoint - Shanghai Electric Power Co., Ltd. is set to hold a performance briefing for the fiscal year 2024 and the first quarter of 2025 on May 8, 2025, to enhance investor understanding of its operational results and financial status [2][3][4]. Group 1: Meeting Details - The performance briefing will take place on May 8, 2025, from 10:00 AM to 11:30 AM [4]. - The meeting will be conducted via video live streaming and online interaction through the Shanghai Stock Exchange Roadshow Center [4][5]. - Investors can submit questions from April 28, 2025, to May 7, 2025, before 4:00 PM [2][5][6]. Group 2: Participants and Contact Information - Key attendees include Chairman Lin Hua, Independent Director Yue Kesheng, Vice General Manager and Chief Accountant Xie Jing, and Secretary of the Board Zou Yi [4][5]. - For inquiries, investors can contact Liao Wenjing or Cen Yao at 021-23108718 or via email at shanghaipower@spic.com.cn [7]. Group 3: Shareholders' Meeting Outcomes - The 2024 Annual General Meeting was held on April 23, 2025, with no resolutions rejected [9]. - The meeting was presided over by Vice General Manager and Chief Accountant Xie Jing, following legal and procedural compliance [9][10]. - All proposed resolutions, including the 2024 Annual Report and financial budget for 2025, were approved [10][11].

证券代码：600021 证券简称：上海电力 公告编号：2025-038 上海电力股份有限公司 2024年年度股东大会决议公告 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。 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 4 月 23 日 (二)股东大会召开的地点：上海天诚大酒店 9 楼 905 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 | 1,274 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 1,696,047,943 | | 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 | 60.2131 | | 份总数的比例（%） | | (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次大会由公司董事会召集，受公司董事长林华先生委托，由公司副总经理、 总会计师谢晶先生主持。本次会议采用现场表决和 ...

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重要内容提示： 会议召开时间：2025年5月8日(星期四) 上午 10:00-11:30 会议召开方式：上证路演中心视频直播和网络互动 网 络 直 播 地 址 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） 投资者可于2025年4月28日(星期一) 至5月7日(星期三)16:00前登录上证路 演中心网站首页点击"提问预征集"栏目或通过公司邮箱shanghaipower@spic.com.cn 进行提问。公司将在说明会上对投资者普遍关注的问题进行回答。 上海电力股份有限公司已于2025年4月1日发布公司2024年年度报告，预计于2025 年4月29日发布公司2025年第一季度报告。为便于广大投资者更全面深入地了解公司 2024年度及2025年第一季度的经营成果、财务状况，公司计划于2025年5月8日上午 10:00-11:30举行2024年度暨2025年第一季度业绩说明会，就投资者关心的问题进行 交流。 一、 说明会类型 证券简称：上海电力 证券代码：600021 编号：临 2025- 039 上海电力股份有限公司 关于召开 ...

Investment Rating - The report maintains an "Outperform" rating for the public utility and environmental sectors [4][6]. Core Views - The report highlights that coal and electricity prices are declining simultaneously, which is expected to maintain reasonable profitability for thermal power companies. Recommendations include major thermal power enterprises such as Huadian International and Shanghai Electric [3][6]. - Continuous government policies supporting renewable energy development are anticipated to stabilize profitability in the renewable energy sector. Recommended companies include Longyuan Power, Three Gorges Energy, and regional offshore wind power companies like Guangxi Energy and Funiu Co [3][6]. - The growth in installed capacity and power generation is expected to offset the downward pressure on electricity prices, with nuclear power companies like China Nuclear Power and China General Nuclear Power projected to maintain stable profitability [3][6]. - High-dividend hydropower stocks are highlighted for their defensive attributes in a global interest rate decline context, with recommendations for Changjiang Electric Power [3][6]. - The environmental sector, particularly water and waste incineration industries, is entering a mature phase with significant improvements in free cash flow. Recommended companies include China Everbright Environment and Zhongshan Public Utilities [3][6]. Summary by Sections Market Review - The Shanghai Composite Index rose by 0.59%, while the public utility index increased by 1.77%. The environmental index saw a slight increase of 0.04% [12][19]. - In March, the total electricity consumption reached 828.2 billion kWh, marking a year-on-year growth of 4.8% [13][49]. Important Policies and Events - The report notes that in March, the first industry electricity consumption was 10.6 billion kWh (up 9.9%), the second industry was 557.8 billion kWh (up 3.8%), and the third industry was 148.4 billion kWh (up 8.4%) [13][52]. Key Company Profit Forecasts and Investment Ratings - Huadian International, Jin Kai New Energy, Shanghai Electric, Longyuan Power, and others are rated as "Outperform" with specific EPS and PE forecasts provided [6]. Industry Dynamics - The report discusses the decline in the import of mass spectrometers from the US, with a significant drop in both import value and quantity from 2020 to 2024 [15][17]. Sector Performance - The report indicates that the public utility and environmental sectors ranked 7th and 23rd respectively among 31 industry classifications in terms of performance [12][19]. Electricity Industry Data - The report provides detailed statistics on electricity generation, noting a 1.8% year-on-year increase in industrial electricity production in March, with specific growth rates for different energy sources [42][49]. Carbon Market Overview - The report includes insights into the domestic carbon market, highlighting recent price trends and trading volumes [86][87]. Coal Price Trends - The report notes that the price of thermal coal remained stable, with the price at the port reported at 678 RMB/ton [99].

证券代码：600021 证券简称：上海电力 编号：临 2025-037 上海电力股份有限公司 关于公司重大资产购买交割进展的公告 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。 重要内容提示 ◆本次交易尚未完成交割。 ◆巴基斯坦国家电力监管局（NEPRA）于 2017 年 10 月公布了 KE 公司新多年期 电价机制（MYT）的复议结果，复议结果仍未能达到预期。巴基斯坦政府相关主管部 门就 KE 公司的新 MYT 电价复议结果正式致函 NEPRA，要求其对电价复议结果进行 重新考虑。NEPRA 已公布了"重新考虑"后的 MYT。"重新考虑"后的 MYT 与《股 份买卖协议》中约定的交割先决条件仍有差异，公司正在与交易对方基于"重新考虑" 后的 MYT 开展谈判。本次交易仍存在因电价发生变化而影响标的公司盈利能力的可 能，或将导致本次交易终止的风险。 ◆鉴于本次交易条件一直未能落实，为确认本次交易是否仍具备实施条件，公司 正在组织相关方研究本次交易的相关事宜。 上海电力股份有限公司（以下简称"公司"）于 2016 年 10 月 ...