证券代码：600025 证券简称：华能水电 公告编号：2025-013 华能澜沧江水电股份有限公司 关于召开 2025 年第一次临时股东大会的通知 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) 股东大会类型和届次 2025 年第一次临时股东大会 召开的日期时间：2025 年 3 月 18 日 9 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。 股东大会召开日期：2025年3月18日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 (二) 股东大会召集人：董事会 (三) 投票方式：本次股东大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 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自 2025 年 3 月 18 日 至 2025 年 3 月 18 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 ...

证券代码：600025 证券简称：华能水电 公告编号：2025-005 华能澜沧江水电股份有限公司 关于第四届监事会第五次会议决议公告 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）华能澜沧江水电股份有限公司（以下简称公司）第四届监事会第五次 会议（以下简称本次会议）于 2025 年 2 月 18 日以书面和电子邮件方式发出会议 通知，并于 2025 年 2 月 28 日在公司办公楼会议室以现场和通讯表决方式召开。 （三）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、监事会会议审议情况 （一）审议通过《关于延长公司 2024 年度向特定对象发行 A 股股票股东大 会决议有效期的议案》。 鉴于本次发行股票股东大会决议有效期即将届满，为保证本次发行工作的延 续性和有效性，确保相关工作顺利进行，监事会同意将公司向特定对象发行 A 股股票的股东大会决议有效期延长 12 个月，即有效期延长至 2026 年 3 月 18 日。 表决结果：同意 5 票，反对 0 ...

证券代码：600025 证券简称：华能水电 公告编号：2025-004 华能澜沧江水电股份有限公司 关于第四届董事会第五次会议决议公告 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）华能澜沧江水电股份有限公司（以下简称公司）第四届董事会第五次 会议（以下简称本次会议）于 2025 年 2 月 18 日以书面和电子邮件方式发出会议 通知，并于 2025 年 2 月 28 日在公司办公楼会议室以现场和通讯表决方式召开。 （二）本次会议应出席董事 15 人，实际以现场和通讯表决方式出席会议的 董事 15 人。公司董事长孙卫主持会议，公司部分监事和高级管理人员列席了会 议。 （三）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 （一）审议通过《关于延长公司 2024 年度向特定对象发行 A 股股票股东大 会决议有效期的议案》。 根据公司 2024 年 3 月 19 日召开的 2024 年第一次临时股东大会决议，《公司 2024 年度向特定对 ...

交易还是产业交易但是这个也是延续了2024年点对网的交易那个协议里面的就是210地线以内的还是三毛协议210度以外是一个现在的一个挂钩的一个波动的基本的原则熟练的然后就西面东宋西面东宋简体电量的话我们判断是今年2025年和2024年相比的话基本上是持平的 因为省内的需求还是要保证的应该是还是优先保证省内的发电用的需求在这个枯期的时候我们还是进行一个尤其是年初的时候进行一个全发电那么一个东西所以今年的可能发电的这个枯性期的一个战可能会比2024年会稍微好一点这样的话2025年或者中和中和天下可能没有 大家预期的电量那么多了说到这个电价可能大家也会问到我们今年2025年的一个长鞋的一个前景的一个情况给大家报告一下对对对到目前为止公司的长鞋的发电量全军率约80%以上电价是同比2024年确实是下跌了但是比原先优步策的 预计降七分的这个是打了不少的折扣现在是降一分钱就同比2024年降一分钱这个这个是有什么概念的就相当于是2023年的水平了这个是全年拉平均了 但是我今年的性能是比去年增加的也就是说我有可能会在高电价这部分会多出一部分电来这个的话也是有利于整体整个上市公司电量的电价的一个节奏的一个调整这个可能会是一个好事情 ...

Investment Rating - The investment rating for Huaneng Hydropower is "Buy" and is maintained [7]. Core Views - The company is expected to achieve a net profit attributable to shareholders of approximately 7.848 billion to 9.087 billion yuan in 2024, representing a year-on-year increase of 2.75% to 18.97% [2][5]. - The company's hydropower generation is projected to reach 107.929 billion kWh in 2024, a year-on-year growth of 2.53%, driven by improved water inflow and new unit commissioning [2][10]. - The renewable energy generation is expected to grow significantly, with a forecast of 112.012 billion kWh in 2024, an increase of 4.62% year-on-year, supported by a substantial increase in installed capacity [2][10]. Summary by Sections Performance Outlook - The hydropower generation is expected to benefit from slightly improved water inflow, with the Lancang River basin showing a 0.5% increase compared to the same period last year [10]. - The company’s new units, including the Toba and Huanliangbao power stations, are expected to contribute to the overall generation capacity [10]. - The overall generation volume is anticipated to be supported by both volume and price increases, with market prices in Yunnan expected to rise due to ongoing supply-demand tensions [10]. Financial Projections - The company’s earnings per share (EPS) for 2024-2026 are projected to be 0.46 yuan, 0.48 yuan, and 0.52 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 19.14, 18.40, and 16.91 [10]. - The total revenue for 2024 is estimated at 25.052 billion yuan, with a gross profit margin of approximately 56% [13]. Expansion and Growth Strategy - The company is expanding its hydropower capacity with the commissioning of new units, which is expected to enhance its long-term growth prospects [10]. - A joint venture with Huaneng International to develop an integrated coal and renewable energy project is also in the pipeline, which includes a coal power capacity of 2 million kW [10].

Investment Rating - The report maintains a "Recommended" rating for Huaneng Hydropower [2][4]. Core Views - The company is expected to achieve a net profit attributable to shareholders of 82.30 to 90.87 billion yuan in 2024, representing a year-on-year increase of 2.75% to 18.97% [4]. - The total power generation for 2024 is projected to be 1120.12 billion kWh, an increase of 4.62% year-on-year, driven by robust hydropower generation and significant growth in renewable energy output [4]. - The commissioning of new units is anticipated to drive growth in power generation in 2025, with the TB hydropower station expected to contribute significantly to the incremental power generation [4]. Financial Forecasts Revenue and Profitability - Revenue is forecasted to grow from 23,461.33 million yuan in 2023 to 24,794.56 million yuan in 2024, reflecting a growth rate of 5.68% [2][6]. - Net profit attributable to shareholders is expected to rise from 7,638.07 million yuan in 2023 to 8,229.92 million yuan in 2024, with a growth rate of 7.75% [2][6]. - The gross margin is projected to remain stable around 56% over the forecast period [2][6]. Key Financial Ratios - The Price-to-Earnings (P/E) ratio is expected to decrease from 20.55 in 2023 to 19.27 in 2024, indicating improved valuation metrics [2][6]. - The Return on Equity (ROE) is forecasted to slightly increase from 11.34% in 2023 to 11.53% in 2024 [2][6]. Cash Flow and Capital Expenditure - Operating cash flow is expected to increase from 17,062.57 million yuan in 2024 to 22,030.11 million yuan in 2026 [5]. - Capital expenditures are projected to remain high, reflecting ongoing investments in new capacity [5]. Power Generation Insights - Hydropower generation is expected to grow by 2.53% to 1,079.29 billion kWh in 2024, supported by favorable water conditions and new unit commissioning [4]. - Renewable energy generation is anticipated to see a substantial increase of 127.09% year-on-year, reaching 40.83 billion kWh in 2024, with significant contributions from solar and wind energy [4]. Market Position and Strategy - The company is well-positioned to benefit from the increasing demand for renewable energy and the commissioning of new hydropower units, which will enhance its competitive edge in the market [4]. - The strategic focus on expanding renewable energy capacity aligns with national energy policies and market trends, providing a solid foundation for future growth [4].

Financial Projections - The estimated net profit attributable to shareholders for 2024 is projected to be between 7.848 billion and 9.087 billion CNY, an increase of 210 million to 1.449 billion CNY compared to the previous year, representing a year-on-year growth of 2.75% to 18.97%[3]. - The estimated net profit attributable to shareholders after deducting non-recurring gains and losses is expected to be between 7.882 billion and 9.122 billion CNY, an increase of 762 million to 2.002 billion CNY compared to the previous year, reflecting a year-on-year increase of 10.70% to 28.12%[4]. - The net profit for the previous year was 7.638 billion CNY, and the net profit after deducting non-recurring gains and losses was 7.120 billion CNY[5]. - The earnings per share for the previous year was 0.40 CNY[5]. Performance Overview - The company achieved a total power generation of 112.012 billion kWh in 2024, which is a year-on-year increase of 4.62%[6]. - The increase in performance is attributed to the growth in installed capacity of renewable energy, a 0.5% increase in water inflow in the Lancang River basin, and rising electricity demand in Yunnan Province[6]. Audit and Risks - The performance forecast data has not been audited by a registered accounting firm[4]. - The company assures that there are no significant uncertainties affecting the performance forecast[7]. - Investors are advised to pay attention to investment risks as the forecast data is preliminary and subject to change[8]. - The official audited financial data will be disclosed in the 2024 annual report[8].

Summary of Conference Call Company/Industry Involved - The conference call primarily discusses the electricity market and power generation in Yunnan Province, China, focusing on hydropower and renewable energy sectors. Key Points and Arguments Market Dynamics - Negotiations in the Guangdong region are challenging, with initial expectations of a 70% consensus not being met, leading to fluctuating pricing and uncertainty in power generation agreements [1] - The framework agreements for power pricing and volume are stable, with no immediate impact from market fluctuations, but there is a potential for gradual price increases based on market conditions [2] - The expected surplus in power generation during the flood season contrasts with shortages during dry seasons, indicating a seasonal imbalance in supply and demand [4][5] Hydropower and Renewable Energy - The company anticipates a decrease in water levels compared to historical averages due to climate change, which may affect power generation capacity [6] - The integration of renewable energy sources has increased, but hydropower remains the primary source of electricity in Yunnan, with thermal power acting as a supplementary source [4] - The company is preparing for potential power shortages in 2025 by increasing reservoir capacity [5] Pricing and Agreements - The pricing mechanism for electricity is based on a mix of market rates and fixed agreements, with a significant portion of electricity priced according to coal benchmark rates [10] - Future negotiations for the next five-year plan (15th Five-Year Plan) are expected to begin later in the year, with the current agreements remaining in effect until new ones are established [7] - The company is exploring the impact of market pricing on its electricity sales, particularly in the context of inter-provincial trading [17] Capital Expenditure and Investment - The capital expenditure for 2025 is focused on ongoing projects and new renewable energy initiatives, with a similar scale to 2024 [12] - There is a potential for increased dividends if the company’s financial situation allows, although current cash flow is tied to self-built projects [13] - The company is considering financing options to support its growth, particularly in renewable energy and hydropower projects [19] Future Outlook - The company expects to maintain a stable electricity supply and pricing structure, with ongoing assessments of market conditions influencing future strategies [17][20] - The anticipated electricity pricing for 2025 is expected to be finalized soon, with indications of a downward trend in prices [21] Other Important but Overlooked Content - The company is actively involved in the trial runs of regional electricity markets, which may influence future pricing and operational strategies [9] - The integration of hydropower with wind and solar projects is being explored to optimize energy dispatch and pricing [14] - The company’s approach to asset management and depreciation differs from competitors, which may impact financial reporting and investor perceptions [16]

Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Views - The company's hydropower generation is expected to achieve a steady growth in 2024, with a total generation of 107.93 billion kWh, representing a year-on-year increase of 2.53%. Additionally, the new energy generation is projected to reach 112.01 billion kWh, an increase of 4.62% year-on-year [2][5] - The electricity price in Yunnan province is anticipated to rise due to the easing of previous price constraints and ongoing tight supply-demand conditions, which will support the company's overall performance in 2024 [2][10] - The company is expanding its installed capacity, with new units coming online, which will contribute to the growth in electricity generation [10] Summary by Sections Installed Capacity Expansion and Steady Growth - The company has seen a slight improvement in water inflow, with the hydropower generation reaching 107.93 billion kWh in 2024, a 2.53% increase year-on-year. The original hydropower generation, excluding new units, is expected to decrease slightly by 0.22% [10] - The company’s wind power generation is projected to reach 0.417 billion kWh, a 6.92% increase, while solar power generation is expected to surge by 160.37% to 3.666 billion kWh due to increased installed capacity [10] Positive Outlook for Annual Performance - The overall performance outlook for the company in 2024 is positive, supported by both volume and price increases. The expected rise in market transaction prices in Yunnan will further enhance revenue [10][11] Diversified Expansion for Long-term Growth - The company is actively expanding its capacity, with new units at the Toba and Huanliangbao hydropower stations now operational. Additionally, a joint venture is planned to develop an integrated coal and new energy project, which will further secure growth during the 14th Five-Year Plan period [10][11] Financial Projections - The company’s earnings per share (EPS) are projected to be 0.45 yuan, 0.46 yuan, and 0.55 yuan for 2024, 2025, and 2026 respectively, with corresponding price-to-earnings (PE) ratios of 19.92, 19.53, and 16.52 [10]

Investment Rating - The report maintains a "Hold" rating for Huaneng Hydropower [7][9]. Core Views - The company achieved a total power generation of 112.01 billion kWh in 2024, representing a year-on-year increase of 4.62%, with grid-connected power generation at 111.02 billion kWh, up 4.51% year-on-year [3][5]. - The increase in power generation is attributed to abundant water flow in the Lancang River basin, with a 0.5% year-on-year increase in water inflow, and a rise in electricity demand within Yunnan province [5][6]. - The company's new photovoltaic projects significantly boosted renewable energy output, with a total generation of 3.54 billion kWh in 2024, marking a substantial year-on-year increase of 177.07% [6]. Financial Projections - The adjusted revenue forecasts for 2024-2026 are 247.14 billion, 271.69 billion, and 284.70 billion yuan respectively, with net profits projected at 81.90 billion, 89.36 billion, and 92.84 billion yuan [7][8]. - Earnings per share (EPS) are expected to be 0.45, 0.50, and 0.52 yuan for the years 2024, 2025, and 2026, corresponding to price-to-earnings (P/E) ratios of 20.3, 18.6, and 17.9 [7][8].