Core Viewpoint - Shanghai Electric's stock has experienced significant volatility, with a year-to-date increase of 118.11%, but a recent decline of 10.56% over the past five trading days [1] Financial Performance - For the first half of 2025, Shanghai Electric reported 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, reflecting a year-on-year growth of 43.85% [2] - Cumulative cash dividends since the A-share listing amount to 6.821 billion yuan, with 1.451 billion yuan distributed over the past three years [3] Shareholder Information - As of June 30, 2025, the number of shareholders is 144,000, a decrease of 1.03% from the previous period, while the average circulating shares per person increased by 1.04% to 18,177 shares [2] - The top ten circulating shareholders include Southern CSI 500 ETF, which increased its holdings by 2.9551 million shares, and Hong Kong Central Clearing Limited, which reduced its holdings by 623.95 thousand shares [3] Stock Market Activity - On September 22, Shanghai Electric's stock price fell by 2.02% to 19.39 yuan per share, with a trading volume of 1.630 billion yuan and a turnover rate of 2.93% [1] - The stock has appeared on the "Dragon and Tiger List" six times this year, with the most recent net purchase of 321 million yuan on September 11 [1]

Group 1 - The board meeting of Shanghai Electric Power Co., Ltd. was held in accordance with relevant laws and regulations [2] - The meeting was notified and materials were sent electronically on September 12, 2025 [3] - The meeting took place on September 19, 2025, in a hybrid format with both in-person and video attendance [4] Group 2 - A total of 12 directors were expected to attend, with 10 present; two directors delegated their voting rights [4] - The meeting was chaired by the general manager, Huang Chen, with senior management in attendance [5] - The board approved the performance evaluation results and salary payout plan for the management team for the year 2024, with Huang Chen abstaining from the vote [6] Group 3 - The proposal received 11 votes in favor, with no votes against or abstentions [7] - The proposal was previously reviewed and approved by the company's remuneration and assessment committee [8] - The announcement was made by the board of directors on September 20, 2025 [9]

二〇二五年第三次临时股东会 会议资料 二○二五年九月 2025 年第三次临时股东会 会议资料 现场会议开始时间：2025 年9 月26 日（周五） 下午14 时整 网络投票起止时间：自2025 年9 月26 日 至2025 年9 月26 日 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会召开当日的9:15-15:00。 现场会议地点：上海天诚大酒店 8 楼第二会议室 （上海市徐家汇路 585 号） 1 2025 年第三次临时股东会 会议资料 资 料 目 录 | 一、会 | 议 | 议 | 程 1 | | | --- | --- | --- | --- | --- | | 二、关于终止并核销巴基斯坦 | KE | 公司股权收购事项的议案 2 | | | | 三、关于修订《上海电力股份有限公司章程》的议案 | 7 | | | | | 附件 | 1：《上海电力股份有限公司章程》修订对比表 8 | | | | | 附件 | 2：《上海电力股份有限公司章程》（2025 ...

证券简称：上海电力 证券代码：600021 编号：临 2025-090 上海电力股份有限公司 董事会 2025 年第八次临时会议公告 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 关联董事黄晨回避表决。 该议案 11 票同意，0 票反对，0 票弃权。 （一）上海电力股份有限公司董事会 2025 年第八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 9 月 12 日以电子方式发出。 （三）本次董事会会议于 2025 年 9 月 19 日以现场结合视频的方式召开。 （四）会议应到董事 12 名，亲自出席董事 10 名，张启平董事委托岳克胜董 事行使表决权，王卫东董事委托周志炎董事行使表决权，符合《公司法》和《公 司章程》规定。 （五）会议由公司董事（代行董事长职责）、总经理黄晨主持，公司高级管 理人员列席了会议。 二、董事会审议及决议情况 同意关于上海电力经理层成员 2024 年度经营业绩考核结果和绩效年薪兑现 方案的议 ...

Company Overview - Shanghai Electric held its eighth board meeting for 2025 on September 19, 2025, discussing the performance assessment results and annual salary payout plan for the management team for 2024 [1] - As of the report, Shanghai Electric's market capitalization is 55.7 billion yuan [1] Industry Insights - For the first half of 2025, the revenue composition of Shanghai Electric shows that the power industry accounts for 98.98%, while other industries contribute 1.02% [1]

Company Overview - Shanghai Electric Power Co., Ltd. is located at No. 1, Gaoke West Road, Pudong New District, Shanghai, established on June 4, 1998, and listed on October 29, 2003. The company's main business includes power generation, heating, and electricity services, with revenue composition being 92.90% from electricity, 5.49% from heating, and 1.61% from other services [1]. Stock Performance - As of September 19, Shanghai Electric's stock price increased by 2.03% to 20.13 CNY per share, with a trading volume of 561 million CNY and a turnover rate of 1.00%, resulting in a total market capitalization of 56.701 billion CNY [1]. - Year-to-date, the stock price has risen by 126.43%, with a recent decline of 9.32% over the last five trading days, a 46.29% increase over the last 20 days, and a 129.01% increase over the last 60 days [1]. Financial Performance - For the first half of 2025, Shanghai Electric reported a revenue of 20.475 billion CNY, representing a year-on-year growth of 1.76%, and a net profit attributable to shareholders of 1.909 billion CNY, which is a 43.85% increase compared to the previous year [2]. 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, with an average of 18,177 circulating shares per person, an increase of 1.04% [2]. - The company has distributed a total of 6.821 billion CNY in dividends since its A-share listing, with 1.451 billion CNY distributed over the last three years [3]. Institutional Holdings - As of June 30, 2025, the top ten circulating shareholders include the Southern CSI 500 ETF, which holds 20.9028 million shares, an increase of 2.9551 million shares from the previous period. In contrast, Hong Kong Central Clearing Limited holds 20.8154 million shares, a decrease of 623.95 thousand shares [3].

■ 本期超短期融资券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，募集资金主要用于归 还金融机构借款。 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- 089 上海电力股份有限公司2025年度 第十一期超短期融资券发行结果公告 上海电力股份有限公司于2025年9月16日发行了2025年度第十一期超短期融资券，现将发行结果公告如 下： 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。 二〇二五年九月十八日 ...

证券简称：上海电力 证券代码：600021 编号：临 2025- 089 | 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SCP011 | | --- | --- | --- | --- | | 具名称 | 度第十一期超短期融资券 | 简称 | | | 代码 | 012582225 | 债务融资工具 期限 | 79日 | | 计息方式 | 付息固定利率 | 发行总额 | 10亿元/人民币 | | 起息日 | 2025年9月17日 | 兑付日 | 2025年12月5日 | | 发行价格 | 100元/百元 | 票面利率 （年化） | 1.63% | | 承销商 | 中国光大银行股份有限公司 | | | 本期超短期融资券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，募集资金主要用于归还金融机构借款。 特此公告。 上海电力股份有限公司董事会 二〇二五年九月十八日 上海电力股份有限公司 2025 年度 第十一期超短期融资券发行结果公告 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。 上海 ...

Core Viewpoint - Shanghai Electric has become a strong performer in the new energy sector since early August, but it faced a setback with the termination of a nearly decade-long overseas asset acquisition plan [2][4]. Group 1: Termination of Acquisition - The termination of the acquisition is linked to changes in the local electricity pricing mechanism in Pakistan, which affected the profitability and valuation of K-Electric Limited [4][5]. - The acquisition plan dates back to October 2016, when Shanghai Electric announced a cash purchase of 66.40% of K-Electric for $1.77 billion, with potential additional payments of up to $27 million based on performance [4]. - The decision to terminate the acquisition was made after careful analysis, as the seller failed to meet the closing conditions and the business environment in Pakistan changed [4][5]. Group 2: Impact on Company Strategy - Despite the termination, Shanghai Electric stated that it would not affect its overseas strategic layout, highlighting its significant investments in Japan, Hungary, and Turkey [5]. - The company remains committed to its strategy of strengthening its domestic operations while pursuing international growth [5]. Group 3: Corporate Structure and Management - The establishment of a wholly-owned subsidiary, "Electric Power International," with a registered capital of 1 billion yuan, was announced by the controlling shareholder, State Power Investment Corporation [2][8]. - The management of Shanghai Electric clarified that its senior executives do not hold any administrative positions in "Electric Power International" beyond being directors or supervisors [10].

Core Viewpoint - Shanghai Electric has become a strong performer in the new energy sector since early August, but it faced a setback by terminating a nearly ten-year overseas asset acquisition plan [1][3]. Group 1: Termination of Acquisition - The termination of the acquisition is linked to changes in the local electricity pricing mechanism in Pakistan, which affected the profitability and valuation of K-Electric Limited [3][4]. - The acquisition plan, initiated in October 2016, involved a cash purchase of 66.40% of K-Electric for $1.77 billion, with potential additional payments based on performance [3][4]. - The decision to terminate was made after the seller failed to meet the conditions for closing the deal and due to adverse changes in the business environment in Pakistan [3][4]. Group 2: Impact on Company Strategy - Despite the termination, the company reassured investors that it would not affect its overseas strategic layout, highlighting its significant investments in Japan, Hungary, and Turkey [4]. - The company remains committed to its strategy of strengthening its domestic operations while pursuing international growth [4]. Group 3: Corporate Structure and Management - The establishment of a wholly-owned subsidiary, "Electric Power International," with a registered capital of 1 billion yuan, was noted, and its board includes members overlapping with Shanghai Electric's management [1][6]. - The management of Shanghai Electric confirmed that they do not hold any administrative positions in "Electric Power International" beyond their roles as directors or supervisors [6]. Group 4: Stock Performance - Following the announcement of the acquisition termination, Shanghai Electric's stock experienced a temporary drop but quickly rebounded, indicating continued investor interest [4][5].