Market Performance - The controllable nuclear fusion concept sector declined by 0.87%, ranking among the top losers in the concept sector, with *ST Lihang hitting the limit down [1] - Among the stocks in this sector, 27 stocks saw price increases, with Xinhongye, Yingliu Co., and HuoDuan Intelligent leading the gains at 6.83%, 3.70%, and 3.20% respectively [1] Capital Flow - The controllable nuclear fusion concept sector experienced a net outflow of 277 million yuan, with 35 stocks seeing net outflows, and 16 stocks with outflows exceeding 10 million yuan [1] - The stock with the highest net outflow was XueRen Co., with a net outflow of 47.1 million yuan, followed by LanShi Heavy Industry, China Energy Construction, and China Nuclear Power with net outflows of 40.3 million yuan, 36.3 million yuan, and 32.4 million yuan respectively [1] Top Gainers and Losers - The top gainers in the controllable nuclear fusion concept sector included Shanghai Electric, HaiLu Heavy Industry, and Yingliu Co., with net inflows of 50.2 million yuan, 31.7 million yuan, and 28.6 million yuan respectively [1][3] - The top losers included XueRen Co. (-3.24%), LanShi Heavy Industry (-5.64%), and China Energy Construction (-0.45%) [2][3]

Investment Rating - The investment rating for the company is "Buy" with a target price of 6.89 RMB [7]. Core Views - The company reported a revenue of 88.003 billion RMB for 2024, a year-on-year decrease of 8.31%, while the net profit attributable to shareholders was 7.753 billion RMB, an increase of 18.92% [1]. - The company has a strong dividend capability with a dividend per share (DPS) of 0.29 RMB (including tax) for 2024, resulting in a dividend payout ratio of 50.15% and a dividend yield of 4.97% [1]. - The first quarter of 2025 saw a revenue decline of 12.09% year-on-year to 17.602 billion RMB, with a net profit decrease of 40.81% to 1.074 billion RMB, primarily due to a larger-than-expected decline in investment income from joint ventures [1][3]. Revenue and Profitability - The company's controllable and joint venture thermal power net profit for 2024 is estimated at approximately 6 billion RMB, a year-on-year increase of 45%, driven by a 94% increase in controllable thermal power net profit [2]. - The estimated net profit per kilowatt-hour for controllable thermal power in 2024 and Q1 2025 is 3.5 and 1.2 fen respectively, with a year-on-year increase of 1.7 fen and a decrease of 1.2 fen [2]. Investment Income - The investment income from joint ventures for 2024 was 3.766 billion RMB, a year-on-year decrease of 11%, with significant contributions from nuclear power, gas turbines, and coal machines [3]. - In Q1 2025, the investment income from joint ventures dropped by 32% to 841 million RMB, mainly due to pressure on the utilization hours and electricity prices of some joint venture power plants [3]. Valuation and Forecast - The target price has been adjusted to 6.89 RMB, down from a previous value of 7.23 RMB, reflecting a 13x PE for 2025E, considering the company's higher dividend payout ratio compared to peers [4]. - The forecast for net profit attributable to shareholders for 2025 and 2026 has been reduced by 12.0% and 13.3% to 7.105 billion RMB and 7.199 billion RMB respectively [4].

Core Points - The Shanghai Composite Index opened lower and the CSI 300 Utilities Index reported at 2662.05 points [1] - The CSI 300 Utilities Index has increased by 5.17% over the past month, 3.49% over the past three months, and has decreased by 1.65% year-to-date [1] Index Composition - The CSI 300 Utilities Index is composed of 11 primary industries, 35 secondary industries, over 90 tertiary industries, and more than 200 quaternary industries [1] - The top ten weights in the CSI 300 Utilities Index are: - Changjiang Electric Power (48.06%) - China Nuclear Power (10.21%) - Three Gorges Energy (8.19%) - Guodian Power (5.41%) - State Power Investment Corporation (4.87%) - Sichuan Investment Energy (4.38%) - Huaneng International (4.22%) - China General Nuclear Power (3.74%) - Zhejiang Energy Power (3.11%) - Huadian International (2.71%) [1] Market Distribution - The market distribution of the CSI 300 Utilities Index shows that the Shanghai Stock Exchange accounts for 95.91% and the Shenzhen Stock Exchange accounts for 4.09% [2] - In terms of industry composition within the index: - Hydropower accounts for 59.59% - Thermal power accounts for 15.45% - Nuclear power accounts for 13.96% - Wind power accounts for 8.54% - Gas accounts for 2.47% [2] Sample Adjustment - The index samples are adjusted every six months, with adjustments implemented on the next trading day following the second Friday of June and December each year [2] - Weight factors are generally fixed until the next scheduled adjustment, with temporary adjustments made in response to changes in the CSI 300 Index samples [2]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 6.89 [7][8]. Core Views - The company reported a revenue of RMB 88.003 billion for 2024, a year-on-year decrease of 8.31%, while the net profit attributable to shareholders was RMB 7.753 billion, an increase of 18.92% [1]. - The company has a strong dividend capability with a dividend per share (DPS) of RMB 0.29 (including tax), resulting in a dividend payout ratio of 50.15% and a dividend yield of 4.97% [1]. - The first quarter of 2025 saw a revenue decline of 12.09% year-on-year to RMB 17.602 billion, with a net profit decrease of 40.81% to RMB 1.074 billion, primarily due to a larger-than-expected decline in investment income from joint ventures [1][3]. Revenue and Profitability - The company's controllable and joint venture thermal power net profit for 2024 is estimated at approximately RMB 6 billion, a year-on-year increase of 45%, driven by a 94% increase in net profit from controllable thermal power [2]. - The estimated net profit per kilowatt-hour for controllable thermal power in 2024 and Q1 2025 is 3.5 and 1.2 cents respectively, with a year-on-year increase of 1.7% for 2024 and a decrease of 1.2% for Q1 2025 [2]. Investment Income - The investment income from joint ventures for 2024 was RMB 3.766 billion, a year-on-year decrease of 11%, with significant contributions from nuclear power, gas turbines, and coal machines [3]. - In Q1 2025, the investment income from joint ventures dropped by 32% to RMB 841 million, mainly due to pressure on the utilization hours and electricity prices of some joint venture power plants [3]. Financial Forecasts - The company’s average on-grid electricity price for 2025-2026 has been revised down by 11.0% and 11.3%, leading to a reduction in net profit forecasts for 2025 and 2026 by 12.0% and 13.3% to RMB 7.105 billion and RMB 7.199 billion respectively [4]. - The expected earnings per share (EPS) for 2025, 2026, and 2027 are RMB 0.53, 0.54, and 0.55 respectively, with a target price based on a 13x PE ratio for 2025 [4].

■ 除上述条款修订及条款序号同步更新外，《公司章程》其他内容不变。 浙能电力《股东会议事规则》修订对比表 ■ 除上述条款修订及条款序号同步更新外，《股东会议事规则》其他内容不变。 浙能电力《董事会议事规则》修订对比表 ■ 证券代码：600023 证券简称：浙能电力 公告编号：2025-008 浙江浙能电力股份有限公司 第五届监事会第四次会议决议公告 本公司监事会及全体监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、监事会会议召开情况 （一）浙江浙能电力股份有限公司（以下简称"公司"）第五届监事会第四次会议的召开符合《公司 法》、《公司章程》及有关法律、法规、规范性文件的规定，会议合法有效。 （二）本次会议通知于2025年4月17日以书面形式发出。 （三）本次会议于2025年4月27日在公司本部以现场结合通讯表决方式召开。 2.审议通过《2024年度财务决算报告》 表决情况：3票同意，0票反对，0票弃权 本议案需提交公司股东大会审议。 3.审议通过《2025年度财务预算报告》 表决情况：3票同意，0票反对，0票弃权 （四）会议应出席监事3人， ...

Investment Rating - The report maintains a "Buy" rating for the company, with expected earnings per share (EPS) of 0.50, 0.59, and 0.61 for 2025 to 2027, respectively, corresponding to price-to-earnings (P/E) ratios of 12x, 10x, and 10x [4] Core Views - The company reported a revenue of 88 billion yuan for 2024, a decrease of 8.3% year-on-year, while net profit attributable to shareholders increased by 18.9% to 7.75 billion yuan [2] - The first quarter of 2025 saw a revenue of 17.6 billion yuan, down 12.1% year-on-year, with a net profit of 1.07 billion yuan, reflecting a significant decline of 40.8% [2] - The company plans a cash dividend of 0.29 yuan per share for 2024, representing a 50.2% payout ratio, with a current dividend yield of approximately 5.0% [2] Summary by Sections Financial Performance - In 2024, the company achieved an on-grid electricity output of 164.7 billion kWh, up 6.6% year-on-year, primarily due to the commissioning of new power generation units [2] - The cost of fuel and spare parts per kWh decreased by 8.3%, which was greater than the average on-grid electricity price decline of 3.6% [2] Market Conditions - The decline in electricity prices in Q1 2025 was greater than the reduction in costs, leading to pressure on profitability, with a gross margin decrease of 2.3 percentage points to 7.1% [3] - The company expects marginal improvement in profitability as high coal inventory is consumed, potentially narrowing the performance decline in subsequent quarters [3] Capital Expenditure and Cash Flow - 2024 marked the peak construction period for the company's thermal power projects, resulting in a net cash outflow of 8.68 billion yuan from investment activities [4] - The company’s operating cash flow is expected to cover capital expenditures, reducing the debt-to-asset ratio from 45.7% at the end of 2023 to 42.3% in Q1 2025 [4] - The net cash outflow from investment activities in Q1 2025 decreased by 24.2% year-on-year, indicating improved cash flow health [4] Future Projections - The company is projected to achieve net profits of 6.63 billion yuan, 7.91 billion yuan, and 8.14 billion yuan from 2025 to 2027, with corresponding EPS estimates [4] - Revenue forecasts show a decline in 2025, with a projected revenue of 81.78 billion yuan, followed by slight growth in subsequent years [8]

Group 1 - The company proposes a cash dividend of 2.90 yuan (including tax) for every 10 shares for the year 2024, with remaining undistributed profits carried forward to future years [4] - The company achieved a total power generation of 1739.52 billion kWh and a grid-connected power generation of 1647.11 billion kWh in 2024, representing year-on-year increases of 6.56% and 6.60% respectively [8] - The company reported total assets of 1540.85 billion yuan and a net profit attributable to shareholders of 77.53 billion yuan, reflecting a year-on-year growth of 18.92% [8] Group 2 - The national electricity consumption is projected to reach 9.85 trillion kWh in 2024, with a year-on-year growth of 6.8%, slightly up by 0.1 percentage points from the previous year [4] - The total installed power generation capacity in the country is expected to reach 3.35 billion kW by the end of 2024, marking a year-on-year increase of 14.6% [4] - The share of coal-fired power generation in the total generation is projected to be 54.8% in 2024, with significant contributions from hydropower, nuclear power, wind, and solar energy [4] Group 3 - The photovoltaic industry in China is experiencing continuous growth, with polysilicon production reaching 1.82 million tons in 2024, a year-on-year increase of 23.6% [6] - The market share of n-type TOPCon solar cells has risen to 71.1%, while PERC cells have decreased to 20.5% in 2024 [7] - The prices of various photovoltaic products have significantly declined, with polysilicon prices dropping over 39% and silicon wafer prices falling over 50% in 2024 [8]

Investment Rating - The report maintains a "Buy" rating for the company, with expected earnings per share (EPS) of 0.50, 0.59, and 0.61 for 2025, 2026, and 2027 respectively, corresponding to price-to-earnings (P/E) ratios of 12x, 10x, and 10x [4]. Core Insights - The company reported a revenue of 88.0 billion yuan for 2024, a decrease of 8.3% year-on-year, while net profit attributable to shareholders was 7.75 billion yuan, an increase of 18.9% year-on-year. For Q1 2025, revenue was 17.6 billion yuan, down 12.1% year-on-year, and net profit was 1.07 billion yuan, down 40.8% year-on-year [2][3]. - The company achieved a significant improvement in thermal power profitability in 2024, with a total electricity generation of 164.7 billion kWh, up 6.6% year-on-year, primarily due to the full operation of the Six Horizontal Power Plant Phase II project and increased electricity demand in Zhejiang Province [2]. - The company plans a cash dividend of 0.29 yuan per share for 2024, representing a 50.2% payout ratio, with a current dividend yield of approximately 5.0% [2][4]. Summary by Sections Financial Performance - In 2024, the company experienced a revenue decline of 8.3% to 88.0 billion yuan, while net profit increased by 18.9% to 7.75 billion yuan. The projected revenues for 2025 and 2026 are 81.78 billion yuan and 83.14 billion yuan, respectively, with expected growth rates of -7.1% and 1.7% [8][10]. - The company’s operating cash flow remains healthy, covering capital expenditures, and reducing the debt-to-asset ratio from 45.7% at the end of 2023 to 42.3% in Q1 2025 [4]. Market Conditions - The decline in electricity prices in Q1 2025 was greater than the reduction in costs, leading to pressure on profitability. The average purchase price for industrial and commercial electricity in Zhejiang Province fell by 72 yuan/MWh year-on-year [3]. - The company’s coal inventory was high at the end of 2024, which has not yet reflected in the financial statements, contributing to the pressure on Q1 2025 earnings [3]. Future Outlook - The company is expected to see marginal improvements in profitability as high-cost inventory is consumed, with anticipated net profits of 6.63 billion yuan, 7.91 billion yuan, and 8.14 billion yuan for 2025, 2026, and 2027, respectively [4][8].

Financial Performance Summary - WuXi AppTec reported a net profit of 3.672 billion yuan for Q1 2025, a year-on-year increase of 89.06% [5] - CICC announced a net profit of 2.042 billion yuan for Q1 2025, reflecting a year-on-year growth of 64.85% [9] - Jiangxi Copper achieved a net profit of 1.952 billion yuan for Q1 2025, up 13.85% year-on-year [3] - China Petroleum & Chemical Corporation (Sinopec) reported a net profit of 13.264 billion yuan for Q1 2025, a decrease of 27.6% year-on-year [13] - Shanghai Pharmaceuticals posted a net profit of 1.333 billion yuan for Q1 2025, down 13.56% year-on-year [8] - Transsion Holdings recorded a net profit of 490 million yuan for Q1 2025, a significant decline of 69.87% year-on-year [2] - Zhejiang Energy Power reported a net profit of 1.074 billion yuan for Q1 2025, down 40.81% year-on-year [2] - Shandong Gold achieved a net profit of 1.026 billion yuan for Q1 2025, an increase of 46.62% year-on-year [14] - New Hope Liuhe reported a net profit of 1.88 billion yuan for Q1 2025, a year-on-year increase of 116.18% [16] - Yunnan Baiyao posted a net profit of 1.935 billion yuan for Q1 2025, up 13.67% year-on-year [16] - Haitai Flavor reported a net profit of 2.202 billion yuan for Q1 2025, a year-on-year increase of 14.77% [11] - China Merchants Bank reported a net profit of 2.308 billion yuan for Q1 2025, reflecting a year-on-year growth of 6.97% [8] Corporate Actions - Saitex New Materials' chairman voluntarily waived his salary, and senior management agreed to a 20% salary reduction from April to December 2025 to optimize cost structure and enhance competitiveness [4] - Foton Motor plans to invest up to 2.5 billion yuan in subscribing to new shares of BAIC Blue Valley [12] - Jinwei Co. announced that some directors and senior management plan to increase their holdings in the company with an investment between 6 million to 7.7 million yuan [7] - China Merchants Life Science intends to increase its stake in Renfu Pharmaceutical by 0.5% to 1% within six months [10]

浙江浙能电力股份有限公司 内部控制审计报告 t 信 t , 目 录 页 日 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://acc.mof.gov.cn）"进行查验 ov.cn） 编码：沪25EJ74SDXB 内部控制审计报告 1-2 and and the . 立信会计师事务所(特殊普通合伙) oo china shu lun pan certified public accountants 内部控制审计报告 信会师报字[2025]第 ZF10703 号 浙江浙能电力股份有限公司全体股东; 按照《企业内部控制审计指引》及中国注册会计师执业准则的相 关要求,我们审计了浙江浙能电力股份有限公司(以下简称"浙能电 力")2024年12月31日的财务报告内部控制的有效性。 一、 企业对内部控制的责任 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企 业内部控制评价指引》的规定,建立健全和有效实施内部控制,并评 价其有效性是浙能电力董事会的责任。 二、 注册会计师的责任 我们的责任是在实施审计工作的基础上,对财务报告内部控制的 有效性发表审计意见,并对注意到的非财务报告内部控制的重 ...