Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Views - The company's hydropower generation in the third quarter reached 42.188 billion kWh, a year-on-year increase of 9.67%. Excluding the newly commissioned Tobar and Hard Beam Power Stations, the original hydropower generation still reached 38.272 billion kWh, a year-on-year increase of 3.35%. In addition to the growth in hydropower generation, the company's renewable energy projects also maintained rapid growth, with photovoltaic power generation reaching 1.295 billion kWh, a year-on-year increase of 58.70%. However, due to weak wind conditions, the generation from Xiangyun Wind Power was only 0.031 billion kWh, a year-on-year decrease of 35.42%. Overall, despite some pressure from market electricity prices, the company's third-quarter performance outlook remains positive due to the year-on-year growth in electricity generation and continuous optimization of financial costs [2][13] Summary by Sections Company Performance - In the first three quarters of 2025, the company completed a total electricity generation of 96.266 billion kWh, a year-on-year increase of 11.90%, with grid electricity reaching 95.490 billion kWh, a year-on-year increase of 12.02% [6] Hydropower and Renewable Energy Growth - The company benefited from abundant water supply in the Lancang River basin, with water supply in the first three quarters being 0.9 times higher year-on-year. The overall hydropower generation for the first three quarters was 96.266 billion kWh, a year-on-year increase of 11.90% [13] - The company is expanding its hydropower capacity with the construction of the RM Power Station, which is expected to significantly enhance the overall efficiency of the hydropower stations in the upper reaches of the Lancang River [13] Financial Projections - The company’s earnings per share (EPS) for 2025-2027 are projected to be 0.49 yuan, 0.53 yuan, and 0.55 yuan, with corresponding price-to-earnings (PE) ratios of 19.87 times, 18.53 times, and 17.88 times respectively [13][17]

数据来源：国家统计局，智研咨询整理 附注 统计范围： 上市企业：华能水电（600025） 相关报告：智研咨询发布的《2026-2032年中国能源行业市场研究分析及投资前景评估报告》 2025年8月，云南省发电481.6亿千瓦时，同比下滑7.2%。2025年1-8月，云南省发电2959.8亿千瓦时，同 比增长1.5%。分品种看，2025年1-8月，云南省火力发电量392.8亿千瓦时，占总发电量的13.3%，同比 增长0.2%；云南省水力发电量2059.4亿千瓦时，占总发电量的69.6%，同比增长0.6%；云南省风力发电 量244.9亿千瓦时，占总发电量的8.3%，同比下滑15.9%；云南省太阳能发电量262.71亿千瓦时占总发电 量的8.9%，同比增长40.4%。 2018-2025年1-8月云南省各品种发电量累计产量统计图 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 报告中的产量数据统计口径均为规模以 ...

Group 1 - The hydropower sector experienced a significant surge, with Meiyan Jixiang (600868) hitting the daily limit up, indicating strong market interest [1] - Other companies in the hydropower sector, such as Huaneng Hydropower (600025), Mindong Electric Power (000993), Chuan Investment Energy (600674), Guotou Electric Power (600886), and Yangtze Power (600900), also saw notable increases in their stock prices [1]

格隆汇10月15日｜水电板块直线拉升，其中，梅雁吉祥触及涨停，华能水电、闽东电力、川投能源、国 投电力、长江电力等纷纷走高。 ...

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： 一、 召开会议的基本情况 (一)股东会类型和届次 2025年第三次临时股东会 证券代码：600025 证券简称：华能水电 公告编号：2025-072 华能澜沧江水电股份有限公司 关于召开2025年第三次临时股东会的通知 (二)股东会召集人：董事会 (三)投票方式：本次股东会所采用的表决方式是现场投票和网络投票相结合的方 式 (四)现场会议召开的日期、时间和地点 召开的日期时间：2025 年 10 月 30 日 14 点 30 分 召开地点：云南省昆明市官渡区世纪城中路 1 号公司一楼报告厅 (五)网络投票的系统、起止日期和投票时间。 股东会召开日期：2025年10月30日 本次股东会采用的网络投票系统：上海证券交易所股东会网络投票系统 网络投票系统：上海证券交易所股东会网络投票系统 网络投票起止时间：自2025 年 10 月 30 日 至2025 年 10 月 30 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， ...

华能澜沧江水电股份有限公司（以下简称公司）第四届董事会第十三次会议 于2025年10月9日以书面和电子邮件方式发出会议通知，并于2025年10月14日在 公司以通讯表决方式召开。公司董事长孙卫主持会议，应出席董事14人，实际出 席会议的董事14人，公司部分高级管理人员列席会议。本次会议的召集、召开、 表决程序符合《中华人民共和国公司法》和《公司章程》的有关规定。 二、董事会会议审议情况 证券代码：600025 证券简称：华能水电 公告编号：2025-071 华能澜沧江水电股份有限公司 关于第四届董事会第十三次会议决议公告 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）审议通过《关于提议召开公司2025年第三次临时股东会的议案》。 鉴于第四届董事会第十次会议审议通过的《关于选举公司非独立董事候选人 的议案》需提请股东会审议，董事会同意以现场和网络投票方式召开公司2025 年第三次临时股东会审议上述议案，股东会具体事宜将由公司董事会另行公告。 表决结果：同意14票，反对0票，弃权0票。 特此公告。 ...

Group 1: Financial Performance - Xinhua Insurance expects a net profit of 29.986 billion to 34.122 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 45% to 65% due to reforms and improved investment returns [2] - Feirongda anticipates a net profit of 275 million to 300 million yuan for the first three quarters of 2025, reflecting a growth of 110.80% to 129.96% driven by increased R&D in AI and cooling technologies [2] - Lingyi Zhizao forecasts a net profit of 1.890 billion to 2.120 billion yuan for the first three quarters of 2025, marking a growth of 34.10% to 50.42% attributed to new product launches and increased overseas revenue [5] - Yilake Co. expects a net profit of 4.300 billion to 4.700 billion yuan for the first three quarters of 2025, with a significant increase of 36.89% to 49.62% driven by rising potassium chloride prices [6] - Bojun Technology projects a net profit increase of 50% to 80% for the first three quarters of 2025 [9] Group 2: Regulatory and Corporate Actions - Fudan Zhangjiang's application for the drug Obeticholic Acid for primary biliary cholangitis was not approved by the National Medical Products Administration, with a total R&D investment of approximately 125 million yuan [3] - Northern Rare Earth received a warning letter from the Inner Mongolia Securities Regulatory Bureau for failing to disclose non-operating fund occupation by an affiliate, totaling 8.9485 million yuan [7] - Tianji Co. announced that its major shareholders reduced their holdings by 2.9996% and have terminated their reduction plan ahead of schedule [8] Group 3: Market Trends and Developments - The demand for AI server cooling solutions and related materials has increased, contributing to Feirongda's revenue growth [2] - The overall market for potassium chloride has seen price increases, positively impacting Yilake Co.'s profitability [6] - The consumer electronics market is recovering, leading to increased demand for thermal management materials, benefiting Feirongda's market share [2]

证券日报网讯 10月13日晚间，华能水电发布公告称，根据华能澜沧江水电股份有限公司（以下简称公 司）统计，截至2025年9月30日，公司2025年前三季度完成发电量962.66亿千瓦时，同比增加11.90%， 上网电量954.90亿千瓦时，同比增加12.02%。 （编辑 楚丽君） ...

证券代码：600025 证券简称：华能水电 公告编号：2025-070 华能澜沧江水电股份有限公司 2025 年前三季度发电量完成情况公告 | 序号 | 发电类型/ | | | 发电量（亿千瓦时） | | | | 上网电量（亿千瓦时） | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 电站名称 | 2025 | 年 | 2024 年 | 同比 | 2025 | 年 | 2024 | 年 | 同比 | | | | 前三季度 | | 前三季度 | | | 前三季度 | 前三季度 | | | | | 大型水电站（装机容量 | 25 | | 万千瓦及以上） | | | | | | | | 1 | 乌弄龙 | 31.42 | | 36.39 | -13.66% | | 31.25 | 36.18 | | -13.63% | | 2 | 里底 | 13.22 | | 15.06 | -12.22% | | 13.06 | 14.89 | | -12.29% | | 3 | 黄登 | 66.16 | | 69.04 | ...

华能水电(600025.SH)公告称，2025年前三季度完成发电量962.66亿千瓦时，同比增加11.90%，上网电量 954.90亿千瓦时，同比增加12.02%。主要原因包括新能源装机规模提升，TB水电站和硬梁包水电站全 容量投产，以及澜沧江流域糯扎渡断面来水同比偏丰。 ...