Core Viewpoint - Guangzhou Development (600098.SH) aims to align with national strategies and achieve "dual carbon" goals by engaging in the bidding for a 50% stake in China Electric Power Construction (Fumin) Pumped Storage Development Co., Ltd. [1] Group 1 - The company plans to secure quality pumped storage project resources to facilitate its industrial transformation and collaborative development [1] - The bidding price for the stake is set at a base price of 53.2284 million yuan [1]

Core Viewpoint - Guangzhou Development (600098.SH) aims to align with national strategies and achieve "dual carbon" goals by participating in the auction for a 50% stake in Fumin Company, thereby promoting the company's industrial transformation and collaborative development [1] Group 1: Company Actions - The company's wholly-owned subsidiary, Guangzhou Development Power Group Co., Ltd., plans to participate in the auction for a 50% stake in Fumin Company [1] - The board of directors has approved the proposal to sign an investment and development cooperation intention agreement based on an asset appraisal report [1] - The minimum transfer price for the stake is set at 53.2284 million yuan [1]

Core Viewpoint - Guangzhou Development (600098.SH) aims to accelerate the construction of a new power system and optimize its industrial structure by expanding into new areas of energy business, particularly focusing on increasing the proportion of renewable and green low-carbon energy [1] Group 1 - The company’s wholly-owned subsidiary has approved the acquisition of a 35% stake in China Electric Power Construction (Lufeng) Pumped Storage Development Co., Ltd. [1] - The acquisition will be conducted at a value not exceeding 53.7999 million yuan based on the asset appraisal report [1]

Core Viewpoint - The company intends to participate in the auction for a 35% stake in China Power Construction (Lufeng) Pumped Storage Development Co., Ltd., with a transfer base price of 53.2535 million yuan [1] Group 1: Company Actions - The company's wholly-owned subsidiary, Electric Power Group, has received approval from the board to proceed with the auction [1] - The auction does not constitute a related party transaction or a major asset restructuring [1] Group 2: Financial Information - As of July 31, 2025, Lufeng Company has a paid-in capital of 139.75 million yuan [1] - The net profit for Lufeng Company from January to September 2025 is 147,800 yuan [1] - The total investment for the Lufeng project is 8.108 billion yuan, with the main construction scheduled to start on December 1, 2025 [1] Group 3: Auction Details - The outcome of the auction is uncertain [1]

Core Viewpoint - Guangzhou Development Group Co., Ltd. reported a revenue of 37.965 billion yuan for the first three quarters of 2025, marking a year-on-year increase of 5.42%, while net profit attributable to shareholders rose by 36.05% to 2.159 billion yuan [1][4]. Financial Performance - The company achieved a total revenue of 37.965 billion yuan in the first three quarters, with a year-on-year growth of 5.42% [1][4]. - Net profit attributable to shareholders reached 2.159 billion yuan, reflecting a significant increase of 36.05% compared to the previous year [1][4]. - The company plans to distribute approximately 350 million yuan in mid-term dividends, which represents 16.24% of the net profit attributable to shareholders for the first three quarters [7]. Business Operations - Guangzhou Development is engaged in green low-carbon comprehensive smart energy, energy conservation, environmental protection, and energy finance, making it one of the key comprehensive energy enterprises in Guangdong Province [3]. - The company reported a decrease of 43.12% in net profit attributable to shareholders after deducting non-recurring gains and losses, attributed to lower profits from coal trading and reduced investment income from associated enterprises [4][6]. - The company completed a total power generation of 18.915 billion kWh and gas supply of 449.424 million cubic meters in the first nine months, with respective year-on-year growths of 1.70% and 1.83% [6]. Shareholder Activity - The controlling shareholder, Guangzhou Industrial Investment Holding Group Co., Ltd., increased its stake in Guangzhou Development by acquiring approximately 20.55 million shares, raising its total shareholding to 57.94% [3]. - The company appointed Jiang Yun as the secretary of the board and Xu Zilu as the securities affairs representative [7][8]. Strategic Initiatives - Guangzhou Development is actively pursuing the issuance of REITs and has accelerated the establishment of a green low-carbon industry fund to enhance resource integration and industrial collaboration [3]. - The company has made significant progress in its energy storage business, with a total installed capacity of new energy storage projects reaching 196 MW/345 MWh, a year-on-year increase of 830% [6][7].

Core Insights - Guangzhou Development reported a revenue of 37.934 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 5.46% [1] - The net profit attributable to shareholders reached 2.159 billion yuan, showing a significant increase of 36.05% year-on-year [1] - In Q3 2025, the company achieved a revenue of 14.621 billion yuan, with a year-on-year growth of 11.42% [1] Financial Performance - The net profit for Q3 2025 was 524 million yuan, reflecting a year-on-year increase of 19.06% [1] - The net profit excluding non-recurring gains and losses for Q3 was 501 million yuan, up by 18.8% year-on-year [1] - The total revenue for the first three quarters of 2025 was 37.934 billion yuan, with a net profit of 2.159 billion yuan [1] Operational Data - The total power generation for the first three quarters was 189.15 billion kWh, marking a growth of 1.70% year-on-year [1] - The on-grid electricity (including photovoltaic power) reached 181.53 billion kWh, an increase of 2.05% year-on-year [1] - Natural gas supply amounted to 449,424 million cubic meters, up by 1.83% year-on-year [1] - Coal sales volume increased significantly by 16.35% year-on-year, totaling 35.96 million tons [1] R&D Investment - R&D expenses for the first three quarters of 2025 reached 492 million yuan, a year-on-year increase of 9.25% [2] - The company has established 18 municipal-level and above R&D platforms and collaborated with various universities and research institutions [2] - Focus areas include research and transformation of key topics such as combustible ice and hydrogen energy [2] Strategic Development - The company is actively building core competitiveness and optimizing its industrial structure to achieve high-quality development [2] - The "12218" modern industrial system is being promoted to enhance development vitality and quality [2] - The company aims to strengthen its technological capabilities and drive industrial transformation and upgrading [2]

股票简称：广州发展 股票代码：600098 公告编号：临 2025-070 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 第九届监事会第十二次会议决议公告 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。 广州发展集团股份有限公司于2025年10月20日向全体监 事发出召开监事会会议的通知，于2025年10月30日以现场会 议方式召开第九届监事会第十二次会议，应到会监事3名， 实际到会监事3名，符合《公司法》和公司《章程》的有关 规定。会议由监事会临时召集人罗志刚先生主持，形成以下 决议： 一、《关于通过<广州发展集团股份有限公司2025年第 三季度报告>的决议》（应到会监事3名，实际参与表决监事 3名，3票通过）。 全体监事一致认为： 公司2025年第三季度报告的编制和审核程序符合法律、 法规和公司管理制度的各项规定；2025年第三季度报告的内 容和格式符合中国证监会和上海证券交易所的各 ...

广州发展集团股份有限公司（简称"公司"）于 2025 年 10 月 20 日向全体董事发出召开董事会会议的书面通知，并于 2025 年 10 月 30 日以现场结合视频会议方式召开第九届董事会第十 九次会议，应到会董事 7 名，实际到会董事 5 名，曾志伟董事 委托李光董事、刘涛独立董事委托廖艳芬独立董事出席会议并 行使表决权，监事列席本次会议，符合《公司法》和公司《章 程》的有关规定。会议由董事长蔡瑞雄先生主持，形成以下决 议： 一、《关于通过<广州发展集团股份有限公司 2025 年第三季 度报告>决议》（应到会董事 7 名，实际参与表决董事 7 名，7 票通过）。 股票简称：广州发展 股票代码：600098 公告编号：临 2025-069 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 第九届董事会第十九次会议决议公告 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。 公司董事会审计委员 ...

重要内容提示： ●A股每股派发现金红利0.1元（含税）。 ●本次利润分配以实施权益分派股权登记日登记的总股本为基 数，具体日期将在权益分派实施公告中明确。在实施权益分派的股权 登记日前若公司总股本发生变动的，拟维持每股分配比例不变，相应 调整分配总额，并将在相关公告中披露。 一、利润分配方案内容 股票简称：广州发展 股票代码：600098 公告编号：临 2025-071 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 2025年中期利润分配方案公告 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。 如在本公告披露之日起至实施权益分派的股权登记日期 间，公司总股本发生变动的，拟维持每股分配比例不变，相 应调整分配总额，并将另行公告具体调整情况。 根据公司2024年年度股东大会审议通过的2025年中期利 润分配授权安排，本次利润分配方案无需提交公司股东大会 审议。 二、公司履行的决策程序 （一） ...

Financial Performance - The company's operating revenue for Q3 2025 reached ¥14,621,490,296.20, an increase of 11.42% compared to the same period last year[7] - The total profit for the period was ¥692,048,698.30, reflecting a growth of 11.47% year-on-year[7] - Net profit attributable to shareholders was ¥523,758,666.58, up 19.06% from the previous year[7] - The net profit excluding non-recurring gains and losses decreased by 43.12% year-on-year, amounting to ¥500,857,339.70[7] - Total operating revenue for the first three quarters of 2025 reached ¥37,965,444,214.52, an increase of 5.4% compared to ¥36,013,087,583.39 in the same period of 2024[24] - Operating profit for the first three quarters of 2025 was ¥2,805,150,019.29, compared to ¥2,067,345,588.03 in 2024, representing a growth of 35.7%[24] - Net profit for the first three quarters of 2025, after tax expenses of ¥499,741,419.29, totaled ¥2,267,266,647.40, compared to ¥1,717,912,263.03 in 2024[24] - The net profit for the first three quarters of 2025 reached CNY 2,267,266,647.40, an increase from CNY 1,717,912,263.03 in the same period of 2024, representing a growth of approximately 32%[25] - The net profit attributable to the parent company's shareholders was CNY 2,158,900,668.59, up from CNY 1,586,869,882.81, indicating a year-over-year increase of about 36%[25] - The total comprehensive income for the period was CNY 2,103,478,188.00, compared to CNY 2,260,176,699.98 in the previous year, reflecting a decrease of around 7%[25] Assets and Liabilities - The company's total assets increased by 7.54% to ¥82,271,086,374.24 compared to the end of the previous year[7] - Total assets increased to ¥82,271,086,374.24 in 2025 from ¥76,503,034,624.80 in 2024, marking a growth of 7.3%[21] - Total liabilities rose to ¥51,693,933,458.21 in 2025, up from ¥47,251,972,952.64 in 2024, indicating an increase of 9.2%[21] - Current assets totaled ¥16,395,717,067.95 in 2025, compared to ¥14,221,743,705.26 in 2024, reflecting a growth of 15.3%[21] - Long-term investments increased to ¥5,867,610,581.10 in 2025 from ¥5,582,479,746.09 in 2024, showing a rise of 5.1%[21] - The total assets as of the latest reporting period amounted to CNY 34,705,631,908.99, slightly up from CNY 34,536,102,281.77[33] - Total liabilities decreased to CNY 16,133,581,079.27 from CNY 16,964,401,636.77, reflecting a reduction of 4.9%[33] - The total equity increased to CNY 18,572,050,829.72 from CNY 17,571,700,645.00, marking a growth of 5.7%[33] Cash Flow - The cash flow from operating activities for the year-to-date was ¥4,749,373,269.12, reflecting a 27.14% increase compared to the previous year[7] - Operating cash flow for the first three quarters of 2025 was CNY 4,749,373,269.12, an increase from CNY 3,735,402,773.84 in 2024, marking a growth of approximately 27%[28] - Cash inflows from operating activities totaled CNY 43,141,842,567.23, compared to CNY 41,083,653,809.12 in the previous year, showing an increase of about 5%[28] - The company reported a net cash outflow from investing activities of CNY -6,535,408,704.85, worsening from CNY -2,422,281,229.22 in the same period last year[29] - The net cash flow from financing activities was CNY 1,602,927,472.79, a significant improvement compared to CNY -85,123,595.49 in the previous year[30] - As of September 30, 2025, the company's cash and cash equivalents totaled CNY 4,301,049,906.58, down from CNY 7,358,690,155.09 at the end of 2024[30] - The company's cash inflow from operating activities for the first three quarters of 2025 was CNY 23,825,378.22, down from CNY 38,499,253.91 in the same period of 2024[39] - The net cash flow from operating activities was -$93.86 million, compared to -$73.31 million in the previous period, indicating a decline in operational cash generation[40] - Total cash inflow from investment activities was $3.04 billion, down from $3.98 billion year-over-year, reflecting a decrease in investment returns[40] - The net cash flow from investment activities improved to $420.38 million, compared to a loss of $47.85 million in the previous period, showing a positive turnaround[40] - Cash inflow from financing activities was $5.90 billion, down from $8.95 billion, indicating reduced borrowing[40] - The net cash flow from financing activities was -$999.43 million, a significant decline from a positive $1.22 billion in the previous period, suggesting increased cash outflows for debt repayment[40] - The ending cash and cash equivalents balance decreased to $455.38 million from $2.18 billion, indicating a substantial reduction in liquidity[40] - Total cash outflow from operating activities was $155.97 million, compared to $137.14 million, reflecting increased operational expenses[40] - Cash paid for other investment activities was $2.45 billion, down from $4.00 billion, indicating a reduction in investment spending[40] - Cash received from the disposal of fixed assets was $608.78 million, significantly higher than $304.39 million in the previous period, showing improved asset management[40] Shareholder Information - The total number of common shareholders at the end of the reporting period is 50,343[14] - Guangzhou Industrial Investment Holding Group Co., Ltd. holds 57.94% of shares, totaling 2,031,641,163 shares[14] - The company plans to unlock 7,115,017 restricted stocks as part of its incentive plan[17] Strategic Focus - The company is focusing on building a leading green and low-carbon comprehensive intelligent energy enterprise group in China[3] - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[26] Investment and Compensation - The company has signed a compensation agreement for land acquisition with the local government, with an expected compensation amount of RMB 508 million[16] - The company has received partial compensation payments related to the land acquisition agreement[16] - Investment income from joint ventures and associates decreased by 44.40%, attributed to declining profits in these entities[11] - The company reported an investment income of CNY 881,685,264.75 for the first three quarters of 2025, down from CNY 1,094,178,823.48 in the same period of 2024[36] Research and Development - Research and development expenses for the first three quarters of 2025 were CNY 28,515.02, a significant decrease from CNY 328,865.13 in the previous year[36] Accounting Practices - The company will not apply new accounting standards starting in 2025, maintaining current reporting practices[41]