智通财经APP讯，浙能电力(600023.SH)披露2025年半年度报告，报告期公司实现营收354.72亿元，同比 下降11.68%;归母净利润35.12亿元，同比下降10.57%;扣非净利润33.63亿元，同比下降7.17%;基本每股 收益0.26元。公司拟向全体股东按每10股派发现金股利0.5元(含税)。 ...

Core Viewpoint - Zhejiang Energy Power (600023.SH) reported a decline in both revenue and net profit for the first half of 2025, indicating potential challenges in its financial performance [1] Financial Performance - The company achieved an operating revenue of 35.472 billion yuan, representing a year-on-year decrease of 11.68% [1] - The net profit attributable to shareholders was 3.512 billion yuan, down 10.57% compared to the previous year [1]

Financial Performance - The company's operating revenue for the first half of 2025 was CNY 35.47 billion, a decrease of 11.68% compared to CNY 40.16 billion in the same period last year[21]. - Total profit for the first half of 2025 was CNY 4.25 billion, down 16.01% from CNY 5.06 billion year-on-year[21]. - Net profit attributable to shareholders was CNY 3.51 billion, a decline of 10.57% from CNY 3.93 billion in the previous year[21]. - Basic earnings per share for the first half of 2025 were CNY 0.26, down 10.34% from CNY 0.29 in the same period last year[22]. - The weighted average return on net assets decreased by 0.99 percentage points to 4.69% compared to the previous year[22]. - The company achieved a net profit attributable to shareholders of RMB 3.512 billion, with a significant narrowing of the decline compared to the first quarter[29]. - The company's operating revenue decreased by 11.68% to RMB 35.47 billion, primarily due to a lower electricity selling price and a decline in photovoltaic product sales[33]. - The company reported a total investment in stocks of CNY 6.78 billion, with a fair value increase of CNY 446.04 million during the period[44]. Cash Flow and Assets - The net cash flow from operating activities increased by 3.73% to CNY 5.53 billion, compared to CNY 5.33 billion in the same period last year[21]. - The company's total assets at the end of the reporting period were CNY 157.62 billion, reflecting a 2.29% increase from CNY 154.09 billion at the end of the previous year[21]. - The company's cash and cash equivalents at the end of the period amounted to ¥20,580,841,370.73, representing 13.06% of total assets, an increase of 26.90% compared to the previous year[35]. - Accounts receivable decreased by 25.09% to ¥8,818,613,402.06, primarily due to a reduction in electricity sales prices[36]. - Inventory decreased by 20.85% to ¥4,658,527,827.30, mainly due to a decline in coal prices and reduced stockpiling[36]. - The company's long-term equity investments reached ¥37,387,261,012.99, accounting for 23.72% of total assets, with significant increases in investments in thermal and nuclear power enterprises[40]. Investments and Future Plans - The company plans to invest in nuclear fusion energy, indicating a forward-looking approach to future energy sources[29]. - The company is focusing on high-quality development and investment value enhancement, with ongoing projects such as the Zhenhai Gas Unit 4 and Jia Electric Unit 9 being brought online[53]. - The company is expanding its market presence by investing in new energy sectors such as energy storage and virtual power plants[53]. - The company has completed significant equity investments in nuclear power projects, including an investment of ¥75,750,000.00 in Guohe Zhejiang Nuclear Power Co., Ltd.[41]. Dividends and Shareholder Returns - The company proposed a cash dividend of CNY 0.5 per 10 shares for the 2025 interim period[6]. - The company plans to distribute a cash dividend of 0.05 CNY per share (including tax) for the 2025 interim period, totaling 670 million CNY, which represents 50.15% of the net profit attributable to shareholders[54]. - The company is committed to maintaining a stable cash dividend policy to enhance long-term returns for investors[54]. Governance and Compliance - There were no significant risks or non-operational fund occupation issues reported during the period[8]. - The company has eliminated the supervisory board to further streamline its governance structure[54]. - The company is subject to the relevant laws and regulations issued by the China Securities Regulatory Commission and the Shenzhen Stock Exchange[64]. - There are no significant lawsuits or arbitration matters affecting the company during the reporting period[71]. - The company has not received any penalties or corrective actions related to violations of laws or regulations during the reporting period[71]. Related Party Transactions - The company reported a total of 1,029,969,066.34 RMB in related party transactions for the procurement of natural gas, which was approved at the 2024 fourth extraordinary shareholders' meeting[72]. - The company engaged in related party transactions amounting to 2,798,922,095.20 RMB for energy service cooperation, with an expected upper limit of 10 billion RMB for 2025[74]. - The total related party transactions for coal and transportation services reached 976,535,898.71 RMB, with a projected upper limit of 5.5 billion RMB for 2025[76]. Financial Management and Risk - The company plans to continue its focus on capital management and risk mitigation strategies moving forward[124]. - The company has faced risks related to macroeconomic downturns, competition in the electricity market, and fluctuations in raw material prices[52]. - The company recognizes estimated liabilities when there is a present obligation that is likely to result in an outflow of economic benefits and can be reliably measured[37]. Accounting Policies - The company's financial statements are prepared based on the going concern principle[132]. - The accounting policies comply with the requirements of the enterprise accounting standards[134]. - The company uses a perpetual inventory system and applies a moving weighted average method for inventory valuation upon issuance[161]. - The company recognizes provisions for inventory write-downs based on individual inventory items or categories for low-value items[163].

浙江省能源集团财务有限责任公司风险评估报告 （2025年上半年度） 一、财务公司基本情况 （一）基本信息 成员单位票据承兑；从事固定收益类有价证券投资；对金融机构的股权投资；法律 法规规定或银行保险监督管理机构批准的其他业务。 二、财务公司内部控制的基本情况 （一）控制环境 财务公司已按照《浙江省能源集团财务有限责任公司章程》中的规定建立了股 东会、董事会和高级管理层的"两会一层"治理架构。2025年4月30日，财务公司 召开股东会，作出了关于修改公司章程及撤销公司监事会的有关决议，由审计委员 会行使新《公司法》和监管制度规定的监事会职权；财务公司治理结构健全，按照 决策系统、监督反馈系统、执行系统互相制衡的原则，建立了分工合理、职责明确、 报告关系清晰的组织结构，为内部控制有效性提供了必要的前提条件。财务公司组 织架构图如下： 2 浙江省能源集团财务有限责任公司（以下简称"财务公司"）是于2006年8月 经原中国银行业监督管理委员会（现"国家金融监督管理总局"）批准成立的一家 非银行金融机构，法定代表人：卢钢；现住所：浙江省杭州市西湖区紫荆花路36号 浙能源力科创中心A楼2层（201-226）、A楼3层（3 ...

证券代码：600023 证券简称：浙能电力 公告编号：2025-028 浙江浙能电力股份有限公司 关于召开 2025 年半年度业绩说明会的公告 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： 浙江浙能电力股份有限公司（以下简称"公司"）于 2025 年 08 月 29 日发 布公司 2025 年半年度报告，为便于广大投资者更全面深入地了解公司 2025 年半 年度经营情况，公司计划于 2025 年 09 月 05 日（星期五）15:00-16:00 举行 2025 年半年度业绩说明会，就投资者关心的问题进行交流。 一、说明会类型 公司董事长、董事会秘书、独立董事参加本次业绩说明会，具体参会人员以 实际出席为准。 四、投资者参加方式 （一）投资者可在 2025 年 09 月 05 日（星期五）15:00-16:00，通过互联网 登录上证路演中心（https://roadshow.sseinfo.com/），在线参与本次业绩说明会， 公司将及时回答投资者的提问。 （二）投资者可于 2025 年 08 月 29 日（ ...

Group 1 - The A-share market's three major indices closed mixed, with the CSI 300 Power Index at 2638.31 points [1] - The CSI 300 Power Index has decreased by 0.46% over the past month, 4.42% over the past three months, and 4.39% year-to-date [1] - The CSI 300 Index categorizes its 300 sample companies into 11 primary industries, 35 secondary industries, over 90 tertiary industries, and more than 200 quaternary industries [1] Group 2 - The top ten weights in the CSI 300 Power Index are: Changjiang Power (48.33%), China Nuclear Power (10.63%), Three Gorges Energy (8.61%), Guodian Power (5.99%), State Power Investment (4.98%), Huaneng International (4.57%), Chuanwei Energy (4.24%), China General Nuclear Power (4.19%), Zhejiang Energy (2.94%), and Huadian International (2.81%) [1] - The market share of the CSI 300 Power Index is 95.46% from the Shanghai Stock Exchange and 4.54% from the Shenzhen Stock Exchange [1] Group 3 - In terms of industry composition within the CSI 300 Power Index, hydropower accounts for 59.91%, thermal power for 16.31%, nuclear power for 14.82%, and wind power for 8.97% [2] - The index sample is adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [2] - Weight factors are generally fixed until the next scheduled adjustment, with temporary adjustments made when the CSI 300 Index samples are modified [2]

Investment Rating - The report maintains a "Buy" rating for the industry, indicating a positive outlook for investment opportunities in the power sector [6]. Core Views - Leading power companies have announced dividend commitments, enhancing expectations for shareholder returns and reinforcing the dividend advantage of the power sector, which is considered to have long-term investment value [4][16]. - In July, solar power installations added 11 GW, while wind and solar installations saw a continued decline compared to June. As of the end of July, the total installed power generation capacity in the country reached 3.67 billion kilowatts, a year-on-year increase of 18.2% [4][16]. Summary by Sections Industry Outlook - Leading power enterprises have released dividend plans, strengthening dividend expectations and enhancing the high dividend value of the power sector. For instance, Changjiang Power announced a profit distribution plan for 2026-2030, committing to a cash dividend of no less than 70% of the net profit attributable to shareholders, with an expected dividend yield of 3.5% for 2025 [4][16]. - Guodian Power also announced a cash dividend plan for 2025-2027, committing to distribute at least 60% of the net profit attributable to shareholders, with a minimum cash dividend of 0.22 RMB per share, leading to an expected dividend yield of 5.3% for 2025 [4][16]. Market Performance - The Shanghai Composite Index closed at 3825.76 points, up 3.49%, while the CSI 300 Index closed at 4378.00 points, up 4.18%. The CITIC Power and Utilities Index closed at 3051.63 points, up 1.59%, underperforming the CSI 300 Index by 2.58 percentage points [54][55]. Key Company Recommendations - The report recommends focusing on undervalued green power sectors, particularly in Hong Kong and wind power operators. Specific companies to watch include Xintian Green Energy (H), Zhongmin Energy, and Funeng Shares. It also suggests monitoring flexible thermal power companies such as Huaneng International and Huadian International, as well as leaders in thermal power flexibility transformation like Qingda Environmental Protection and Huaguang Huaneng [4][16]. Installed Capacity Data - As of the end of July, the cumulative installed capacity for solar power reached 1.11 billion kilowatts, a year-on-year increase of 50.8%, while wind power capacity reached 570 million kilowatts, up 22.1% year-on-year. However, the monthly additions for solar and wind power saw a decline compared to June [4][16].

Core Viewpoint - Zhejiang Zheneng Power Co., Ltd. is holding a shareholder meeting to discuss key agenda items, including the re-election of a director and adjustments to performance compensation payment methods due to unmet profit commitments from a subsidiary [1][2]. Group 1: Shareholder Meeting Details - The shareholder meeting is scheduled for August 29, 2025, at 14:00, in Hangzhou, Zhejiang Province, combining on-site and online voting [1]. - The agenda includes the introduction of shareholder attendance, the announcement of the meeting's start, deliberation of proposals, voting, shareholder inquiries, reading of resolutions, and legal opinions from the witnessing lawyer [1]. Group 2: Director Re-election Proposal - The proposal for the re-election of a director is necessitated by the resignation of Chairman Yu Guoping due to age, with Liu Weimin recommended as a candidate [1]. - Liu Weimin, born in 1967, holds a master's degree and is currently the General Manager and Party Secretary of the company, with prior experience in various leadership roles within the organization [1]. Group 3: Performance Compensation Adjustment - Due to Suzhou Zhonglai Photovoltaic New Materials Co., Ltd. failing to meet its profit commitments, a compensation of 148,260,767.22 yuan is required from Lin Jianwei [2]. - The payment method has been adjusted to allow Lin Jianwei to pay the compensation in four installments, with the first payment of at least 40 million yuan due by June 30, 2026 [2][3]. - The total profit achieved by Zhonglai from 2022 to 2024 was only 71,538,482.27 yuan, significantly below the promised 1.6 billion yuan [2]. Group 4: Revised Voting Procedures - A proposal to revise the "Cumulative Voting System Implementation Rules" has been made to align with new legal regulations and improve company governance [4][5]. - The revisions include changing "Shareholder Meeting" to "Shareholder Assembly" and removing references to the supervisory board [5].

现场会议地点：浙江省杭州市西湖区文二西路803号杭州西溪宾 馆集贤厅 参会人员：公司股东及股东代表，公司董事、高级管理人员及公 司聘请的律师 会议议程： 浙江浙能电力股份有限公司 2025 年第一次临时股东会会议资料 二零二五年八月 浙江浙能电力股份有限公司 2025 年第一次临时股东会议程 会议方式：现场会议和网络投票相结合 现场会议时间：2025年8月29日 14:00 （一）董事会秘书介绍股东出席情况； （二）会议主持人宣布会议开始； （三）审议议案； （四）现场投票表决及统计表决结果； （五）股东发言提问； （六）宣读股东会决议； （七）见证律师宣读法律意见书； （八）会议主持人宣布会议结束。 议案一：关于补选董事的议案 关于补选董事的议案 各位股东及股东代表： 公司董事长虞国平因年龄原因向董事会辞去公司董事、董事长、 董事会战略与投资委员会召集人职务。根据《公司法》《上海证券交 易所股票上市规则》及《公司章程》的相关规定，经公司控股股东浙 江省能源集团有限公司推荐，刘为民为公司第五届董事会董事候选人， 任期自本次股东会审议通过之日起至第五届董事会任期届满之日止。 本议案已经公司第五届董事会第九次会议 ...

Investment Rating - The investment rating for the electricity industry is "Positive" [2] Core Viewpoints - The report highlights the implementation of the "136" policy in five regions, leading to significant differentiation in the support for existing and new energy projects [7][10] - Future outlook indicates a need for clarity on pricing mechanisms, which will impact investment enthusiasm in the renewable energy sector [10] Summary by Sections Monthly Special Commentary - Five regions have introduced connection mechanisms, showing clear differentiation in support for existing and new energy projects. Shanxi has a robust protection for existing projects, while Hainan offers moderate support with lower guarantees for new projects. Liaoning provides good protection for existing projects but less favorable terms for new projects. Gansu has limited support for existing projects, and Ningxia offers the least protection overall [8][11] Monthly Sector and Key Listed Company Performance - In July, the electricity and public utilities sector fell by 0.8%, underperforming the broader market, while the Shanghai and Shenzhen 300 index rose by 3.54% [12][15] Monthly Electricity Demand Analysis - In June 2025, total electricity consumption reached 867 billion kWh, with a year-on-year growth of 5.40%. The growth rate for the secondary industry improved, while residential electricity consumption continued to rise [18][20] Monthly Electricity Supply Analysis - National electricity generation in June 2025 increased by 1.70% year-on-year, with coal power generation growing by 1.10% and solar power generation surging by 28.70% [39][40] Monthly Electricity Market Data Analysis - The average purchase price of electricity in August was 384.25 RMB/MWh, reflecting a 1.18% increase month-on-month [39] Investment Recommendations - The report suggests that the electricity sector is poised for profit improvement and value reassessment, particularly as the supply-demand balance stabilizes and new energy installations continue to grow [10][11]