股票简称：广州发展 股票代码：600098 公告编号：临 2025-076 号 公司债券简称：21 穗发 01、21 穗发 02、22 穗发 01、22 穗发 02 公司债券代码：188103、188281、185829、137727 广州发展集团股份有限公司关于 2025年第三季度业绩说明会召开情况的公告 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。 广州发展集团股份有限公司（以下简称"公司"）于 2025 年 11 月 12 日在上证路演中心以网络文字互动方式召开 2025 年第三季度业绩说明会，现将说明会召开情况公告如下： 一、本次业绩说明会召开情况 时间：2025 年 11 月 12 日 16:00-17:00 地点：上证路演中心网站 方式：网络文字互动 公司参会人员：董事长蔡瑞雄、独立董事曾萍、总会计 师马素英、财务总监梁建、副总经济师李云龙、董事会秘书 姜云、财务部总经理张立更及相关人员。 二、本次业绩说明会投资者提出的问题及公司回复情况 1.根据东吴电新报告，AI 发展驱动海外储能需求爆发， 未来三年海外储能 ...

Core Insights - Guangzhou Development reported a revenue of 37.934 billion yuan for the first nine months of 2025, representing a year-on-year growth of 5.46%, and a net profit attributable to shareholders of 2.159 billion yuan, up 36.05% year-on-year [1] Group 1: Business Strategy and Operations - The company aims to build a leading green and low-carbon comprehensive smart energy enterprise group, with a full energy industry chain covering power, energy logistics, gas, new energy, energy storage, and energy finance, expanding its business to 26 provinces and 11 countries [1] - In the coal and natural gas sectors, the company is enhancing market analysis and management of upstream and downstream sales, optimizing inventory, and improving turnover efficiency to mitigate price volatility risks [1] - The company is actively adapting to new power market reforms and leveraging its integrated coal-gas-electricity industry chain to enhance competitiveness in coal and gas power generation [1] Group 2: Renewable Energy and Investment - The company's investment in the new energy business grew by 105.60% year-on-year in the third quarter [2] - The company is focusing on the construction of a new energy system and new power system, prioritizing efficiency and risk control in investments in new energy and energy storage [2] - The company is planning to issue public REITs based on three wind power projects in Shandong, with a total scale of 250 MW, to support sustainable equity funding [2] Group 3: Financial Health and Shareholder Returns - The company's asset-liability ratio is at a relatively low level within the industry, with controllable financial leverage and over 70% of installed capacity being green and low-carbon [3] - The company has maintained a cash dividend for 26 consecutive years, with an average dividend payout ratio exceeding 40% of net profit attributable to shareholders [3] - The company plans to increase the cash dividend ratio in its future three-year shareholder return plan, with a profit distribution ratio exceeding 50% for 2025 and plans for mid-term dividends [3] Group 4: Energy Storage Initiatives - The company's subsidiary, Guangzhou Energy Storage Group, is the first mixed-ownership enterprise in the domestic energy storage industry, contributing to the development of a new energy storage industry cluster in Guangzhou [3] - As of October 2025, the company has a total operational and under-construction project scale of approximately 579 MW/1244 MWh, covering key areas in Guangdong, Jiangsu, and Hebei [3] - The largest independent energy storage project in the province, the Foshan Gaoming project (208 MW/416 MWh), is set to commence operations soon [3]

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Insights - The company's total revenue for Q3 2025 reached 14.631 billion yuan, representing a year-on-year growth of 11.36%. The net profit attributable to shareholders was 524 million yuan, up 19.06% year-on-year [6][14]. - The growth in revenue was primarily driven by a significant increase in pipeline gas and LNG sales, which rose by 34.22% year-on-year, reversing the negative growth seen in the first half of the year. Additionally, coal sales increased by 21.68% year-on-year, contributing positively to revenue [2][14]. - Despite the revenue growth, the average on-grid electricity price fell by 8.73% year-on-year, leading to pressure on the thermal power business revenue. The company's thermal power generation increased by 4.77% year-on-year, totaling 5.036 billion kWh [2][14]. Summary by Sections Revenue Performance - The company reported a total revenue of 14.631 billion yuan in Q3 2025, marking an 11.36% increase year-on-year. The net profit attributable to shareholders was 524 million yuan, reflecting a 19.06% increase year-on-year [6][14]. - The sales volume of pipeline gas and LNG reached 1.479 billion cubic meters, up 34.22% year-on-year, while coal sales reached 13.72 million tons, increasing by 21.68% year-on-year [2][14]. Cost Structure and Profitability - The gross profit for Q3 was 1.303 billion yuan, down 5.58% year-on-year, primarily due to the low-margin nature of the new revenue streams from gas and coal [14]. - The company successfully optimized its cost structure, with management expenses down 6.98%, R&D expenses down 5.22%, and financial expenses down 7.24% year-on-year [14]. Future Outlook - The company is transitioning towards a comprehensive energy service model, integrating traditional and new energy sources, which aligns with industry trends. The planned mid-term cash dividend of 1 yuan per 10 shares reflects the company's commitment to shareholder returns [14]. - The projected EPS for 2025-2027 is 0.68 yuan, 0.52 yuan, and 0.65 yuan, with corresponding PE ratios of 10.31, 13.29, and 10.79 [14].

Investment Rating - The report provides a positive investment outlook for various sectors within the energy industry, particularly highlighting opportunities in hydropower, green energy, nuclear power, thermal power, and gas sectors [10][30]. Core Insights - The electricity market in the State Grid operating area has achieved near-complete coverage of the electricity spot market, with significant developments in provinces such as Shanxi, which has seen a 128.75% increase in new energy and clean energy installed capacity since the 14th Five-Year Plan [4][9]. - Natural gas prices have shown a divergent trend globally, with increases in Europe and the US, while prices in Asia remain stable due to ample supply [11][30]. Summary by Sections 1. Electricity - The State Grid has implemented a continuous settlement trial for the electricity spot market in Sichuan and Chongqing, marking a significant step towards full coverage [4][7]. - Shanxi's electricity spot market has recorded a total clearing volume of 156.23 billion kWh in the first half of 2025, with real-time average prices reflecting a "two peaks and one valley" pattern [9][10]. 2. Natural Gas - As of November 7, 2025, the Henry Hub spot price in the US reached $3.76/mmBtu, reflecting a weekly increase of 5.52%, while European prices also saw upward trends [11][12]. - The report notes that the LNG national ex-factory price in China is 4382 yuan/ton, with a slight weekly decrease of 0.57% [28][30]. 3. Investment Recommendations - Hydropower: Favorable conditions for winter and spring generation, recommending companies like Guotou Power and Chuan Investment Energy [10]. - Green Energy: Increased stability in returns for existing projects, suggesting attention to companies like New Energy and Longyuan Power [10]. - Nuclear Power: Long-term growth potential remains strong, with recommendations for China Nuclear Power and China General Nuclear Power [10]. - Thermal Power: Improved profitability due to lower fuel costs, recommending companies like Guodian Power and Huaneng International [10]. - Gas Sector: Favorable conditions for city gas companies, recommending Kunlun Energy and New Energy [30]. 4. Company and Industry Dynamics - As of September 2025, China's new energy storage capacity exceeded 100 million kW, accounting for over 40% of the global total [39]. - The report highlights the steady growth in electricity market transactions, with a total of 4.92 trillion kWh traded by September 2025, marking a 7.2% year-on-year increase [39].

Investment Rating - The report maintains a "Positive" outlook on the power and gas sectors, highlighting the full coverage of the electricity spot market in the State Grid operating area and the seasonal rise in gas prices in Europe and the US [1]. Core Insights - The electricity spot market in the State Grid operating area has achieved near-complete coverage, with 18 provincial-level markets in continuous settlement trial operation as of November 1, 2025. This includes the formal operation of inter-provincial markets and five provincial-level markets [4][8]. - In the gas sector, US Henry Hub spot prices rose to $3.76/mmBtu, reflecting a weekly increase of 5.52%, while European gas prices also saw increases due to seasonal demand [13][19]. Summary by Sections 1. Electricity - The State Grid operating area has nearly achieved full coverage of the electricity spot market, with significant developments in various provinces. As of November 1, 2025, the market has transitioned to continuous settlement trials in Sichuan and Chongqing [4][8]. - In Shanxi, the first province to fully implement the electricity spot market, the average spot price for electricity was recorded at 0.283 yuan/kWh, with a total of 156.23 billion kWh cleared in the first half of 2025 [10]. - The growth of renewable energy capacity in Shanxi has been substantial, with an increase of 128.75% since the 14th Five-Year Plan, leading to a significant impact on electricity pricing and market dynamics [10]. 2. Gas - The report notes a divergence in global gas prices, with US prices rising while Asian LNG prices remain stable due to ample supply. As of November 7, 2025, the Northeast Asia LNG spot price was $11.10/mmBtu, unchanged from the previous week [13][27]. - The report highlights the increase in US natural gas production and demand, with the Henry Hub futures price reaching $4.32/mmBtu, marking a 4.63% increase [14][19]. - Recommendations for investment in gas-related companies include those with integrated natural gas trading capabilities, such as Kunlun Energy and New Hope Energy, as well as city gas companies benefiting from cost reductions [31]. 3. Weekly Market Review - The report indicates that the electricity equipment, public utilities, environmental protection, and gas sectors outperformed the Shanghai and Shenzhen 300 index during the week of November 2 to November 9, 2025 [35]. 4. Company and Industry Dynamics - As of September 2025, China's new energy storage capacity exceeded 100 million kW, representing over 40% of the global total, with significant contributions from various regions [41]. - The report also notes that the National Energy Administration is actively promoting the construction of a unified national electricity market, with trading volumes and participants steadily increasing [41].

Core Insights - The A-share market has seen a strong performance in the power sector, with several stocks reaching their daily limit up, indicating positive investor sentiment and potential growth in this industry [1]. Company Performance - Meiyan Jixiang (600868) experienced a 10% increase, with a total market capitalization of 6.264 billion and a year-to-date increase of 33.06% [2]. - Mindong Electric Power (000993) rose by 9.97%, with a market cap of 6.466 billion and a year-to-date increase of 69.10% [2]. - Leshan Electric Power (600644) saw an 8.05% increase, with a market cap of 7.293 billion and a year-to-date increase of 106.05% [2]. - Huayin Electric Power (600744) increased by 5.07%, with a market cap of 14.3 billion and a year-to-date increase of 126.69% [2]. - Datang Power (601991) rose by 4.61%, with a market cap of 71.4 billion and a year-to-date increase of 37.83% [2]. - Shanghai Electric (600021) increased by 4.41%, with a market cap of 84.9 billion and a year-to-date increase of 238.53% [2]. - Guangzhou Development (600098) saw a 3.53% increase, with a market cap of 2.57 billion and a year-to-date increase of 19.05% [2]. - Chuaneng Power (000155) rose by 3.05%, with a market cap of 2.31 billion and a year-to-date increase of 18.83% [2].

Core Viewpoint - The A-share market has seen a strong performance in the power sector, with several companies experiencing significant stock price increases [1] Company Performance - Meiyan Jixiang and Mindong Electric both reached the daily limit increase [1] - Leshan Electric surged by 8% [1] - Huayin Electric rose by 5% [1] - Datang Power and Shanghai Electric both increased by over 4% [1] - Guangzhou Development and Chuaneng Power both saw gains of over 3% [1]

Core Points - The company will hold a performance briefing on November 12, 2025, to discuss its Q3 2025 results and address investor questions [2][3][4] - The briefing will be conducted online via the Shanghai Stock Exchange Roadshow Center [4][5] - Investors can submit questions from November 5 to November 11, 2025, prior to the briefing [6] Group 1: Meeting Details - The performance briefing is scheduled for November 12, 2025, from 16:00 to 17:00 [2][4] - The location for the meeting is the Shanghai Stock Exchange Roadshow Center [5] - The meeting will be interactive, allowing for real-time communication with investors [3][4] Group 2: Participation Information - Investors can participate by logging into the Shanghai Stock Exchange Roadshow Center on the day of the event [4][5] - Questions can be submitted through the Roadshow Center's website or via the company's email before the deadline [6] - Contact information for inquiries includes a phone number and email address for the company's representatives [6]

股票简称：广州发展 股票代码：600098 公告编号：临 2025-075 号 公司债券简称：21 穗发 01、21 穗发 02、22 穗发 01、22 穗发 02 公司债券代码：188103、188281、185829、137727 广州发展集团股份有限公司 关于召开2025年第三季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： 广州发展集团股份有限公司（以下简称"公司"）已于 2025 年 10 月 31 日发布公司 2025 年第三季度报告，详见上 海证券交易所网站（www.sse.com.cn）。为便于广大投资者 更全面深入地了解公司 2025 年前三季度经营成果、财务状 况，公司拟于 2025 年 11 月 12 日 16:00-17:00 举行 2025 年第 三季度度业绩说明会，就投资者关心的问题进行交流。 1 会议召开时间：2025年11月12日（星期三）16:00-17:00 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： ...

Core Viewpoint - A new company, Jinan Qibu District Suifa New Energy Power Generation Co., Ltd., has been established, focusing on renewable energy services, including wind and solar power generation, and is fully owned by Guangzhou Development New Energy Group Co., Ltd. [1] Group 1 - The newly established company has a registered capital of 16 million yuan [1] - The business scope includes wind power generation technology services, solar power generation technology services, sales of charging piles, centralized fast charging stations, and energy storage technology services [1] - The legal representative of the company is Gao Peng [1] Group 2 - The company is fully owned by Guangzhou Development (stock code: 600098) [1]