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]

打造省级虚拟电厂"示范样板" 浙能集团立足浙江能源结构特点，以"资源聚合、智慧调控、市场运营"为主线，构建起覆盖技术研发、 标准制定、商业模式创新的立体化发展框架。 技术路线上，浙能虚拟电厂采用"云—边—端"三级架构，平台层开发具备"六大功能模块"的自主可控能 量管理平台，支持资源"可观、可测、可控、可调"，并接入浙江省电力调度中心与电力交易平台，实现 资源统一调度与市场交易；通讯层采用无线专网与专线结合的安全通信体系，保障指令传输安全高效； 终端层部署智能控制设备，采用"连续控制"技术，将弱可控资源改造为强连续调节单元，实现资源的秒 级响应。 浙能虚拟电厂创新"类型+能力分级"资源管理模式，按调节速率、精度等指标将资源划分为储能、光 伏、风电、水电、火电、负荷六大聚合虚拟机组，实现源网荷储全覆盖。虚拟电厂具有很强的灵活性和 可靠性，可提供连续24小时的兆瓦级调频能力，响应速度达秒级，已成为调峰调频的新势力。 在浙能虚拟电厂建设和运营管理过程中，浙能集团还主导编制相关国家标准2项、团体标准4项，填补了 行业空白；先后形成多项核心技术成果，获得2项国际发明专利，10余项国家发明专利，为行业树立标 杆；对外培训近 ...

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 ...

浙江浙能电力股份有限公司 审计报告及财务报表 二〇二四年度 否由且有拉业许可 您可使用手机"扫一扫"或进入"注册会 ar 浙江浙能电力股份有限公司 审计报告及财务报表 (2024 年 01 月 01 日至 2024 年 12 月 31 日止) | 目录 | 页次 | | --- | --- | | 审计报告 | 1-6 | | 财务报表 | | | 合并资产负债表和母公司资产负债表 | 1-4 | | 合并利润表和母公司利润表 | 5-6 | | 合并现金流量表和母公司现金流量表 | 7-8 | | 合并所有者权益变动表和母公司所有者权益变动表 | 9-12 | | 财务报表附注 | 1-179 | 立信会计师事务所(特殊普通合伙) BDO CHINA SHU LUN PAN CERTIFIED PUBLIC ACCOUNTANTS LLF 审计报告 信会师报字[2025]第 ZF10702 号 浙江浙能电力股份有限公司全体股东: 一、审计意见 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") 财务报表,包括2024年12月31日的合并及母公司资产负债表,2024 年度的合并及母公司利润表、合并及母 ...

浙江浙能电力股份有限公司 2024 年度独立董事述职报告 （王智化） 各位董事、监事： 根据中国证监会《上市公司独立董事管理办法》、《上海证 券交易所上市公司自律监管指引》以及《公司章程》、《公司独 立董事制度》的有关规定，现将本人 2024 年履职情况报告如下： 一、基本情况 本人王智化，现任浙江大学能源工程学院热能工程研究所教 授，博士生导师；能源清洁利用国家重点实验室副主任。现任浙 能电力独立董事，董事会战略委员会、审计委员会、薪酬与考核 委员会委员。 经自查，本人符合中国证监会《上市公司独立董事管理办法》 中关于独立性的规定，不存在与上市公司及其主要股东、实际控 制人有亲属、持股、任职、重大业务往来等影响独立性的情形。 二、年度履职情况 2024 年，公司共召开 5 次股东大会、11 次董事会、7 次独 立董事专门会议、4 次审计委员会会议、1 次薪酬与考核委员会 会议，本人均亲自出席。在董事会及其专门委员会、独立董事专 门会议上，对相关议案均表示同意。 每次会议召开前，我均认真审阅所有议案，在详细了解情况 三、年度履职重点关注事项的情况 （一）应当披露的关联交易 2024 年，公司发生的关联交易按规 ...