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]

证券简称：上海电力 证券代码：600021 编号：2025-101 上海电力股份有限公司 董事会 2025 年第十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 年第十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 10 月 23 日以电子方式发 出。 （三）本次董事会会议于 2025 年 10 月 29 日以通讯会议方式召开。 该议案 12 票同意，0 票反对，0 票弃权。 该议案已经公司董事会审计与风险委员会会议审议通过。 详见公司于 2025 年 10 月 30 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 2025 年第三季度报告》。 （二）同意关于上海电力继续为上海能科提供新能源项目管理服务的议案。 6 名关联董事：黄晨、田钧、唐俊、于海涛、余国君、胡祥回避表决。 该议案 6 票 ...

Core Viewpoint - Shanghai Electric reported a decline in revenue for Q3 2025, while net profit showed a slight increase, indicating mixed financial performance [2] Financial Performance - The company achieved an operating revenue of 11.679 billion yuan in Q3 2025, representing a year-on-year decrease of 6.15% [2] - The net profit attributable to shareholders was 1.141 billion yuan, reflecting a year-on-year increase of 0.80% [2] - Basic earnings per share stood at 0.3776 yuan [2]

Core Viewpoint - Shanghai Electric announced the convening of its 10th board meeting for 2025 on October 29, 2025, via teleconference, where it reviewed the Q3 report for 2025 [1] Company Summary - For the first half of 2025, Shanghai Electric's revenue composition was 98.98% from the power industry and 1.02% from other industries [1] - As of the report date, Shanghai Electric's market capitalization was 85 billion yuan [1]

Core Viewpoint - Shanghai Electric reported a decline in operating revenue for Q3 2025, while net profit showed a slight increase, indicating mixed financial performance [2] Financial Performance - Operating revenue for Q3 2025 reached 11.679 billion yuan, representing a year-on-year decrease of 6.15% [2] - Net profit attributable to shareholders was 1.141 billion yuan, reflecting a year-on-year increase of 0.80% [2] - Basic earnings per share stood at 0.3776 yuan [2]