Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Views - The company's main operations are under pressure, but non-operating income supports growth. In the first half of 2025, the company achieved total revenue of 23.334 billion yuan, a year-on-year increase of 2.01%. The net profit attributable to the parent company was 1.635 billion yuan, up 42.56% year-on-year, while the net profit excluding non-recurring items decreased by 66.18% to 383 million yuan [2][6] Summary by Sections Business Performance - In the first half of 2025, the company's thermal power generation volume decreased by 15.16% year-on-year to 7.022 billion kWh, with revenue from the thermal power segment dropping by 22.66% to 3.384 billion yuan. The average on-grid electricity price fell by 0.050 yuan/kWh to 0.4958 yuan/kWh. Despite a decrease in costs due to lower coal prices, the thermal power segment reported a total profit loss of 313 million yuan due to asset impairment losses [11] New Energy Growth - The company's new energy installed capacity reached 5.813 million kW by the end of June 2025, with an increase of approximately 900,000 kW in the first half of the year. The on-grid electricity volume for wind and solar power increased by 23.11% and 68.48% year-on-year, respectively. The new energy segment achieved total profit of 495 million yuan, a year-on-year increase of 10.76% [11] Gas and Logistics Business - The company completed sales of pipeline gas and LNG totaling 1.813 billion cubic meters, a decrease of 3.67% year-on-year. The gas business reported total profit of 381 million yuan, down 48.41% year-on-year, primarily due to rising procurement costs. The energy logistics segment reported a total profit loss of 138 million yuan, a decrease of 2.56 million yuan year-on-year [11] Non-Operating Income - The company benefited from land transfer income, with asset disposal income increasing by 1.667 billion yuan year-on-year. This contributed to the overall net profit growth despite weak performance across various business segments [11] Financial Projections - The company is projected to have EPS of 0.59 yuan, 0.42 yuan, and 0.51 yuan for 2025, 2026, and 2027, respectively, with corresponding PE ratios of 11.18, 15.63, and 12.87 [11]

登录新浪财经APP 搜索【信披】查看更多考评等级 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： ● 会议召开时间：2025年9月12日（星期五）16:00-17:00 一、说明会类型 本次业绩说明会以网络互动方式召开，公司将针对2025年半年度经营成果及财务指标的具体情况与投资 者进行互动交流和沟通，在信息披露允许的范围内就投资者普遍关注的问题进行回答。 二、说明会召开的时间、地点 （一）会议召开时间：2025年9月12日（星期五）16:00-17:00 董事长：蔡瑞雄 副总经理：朱桦 ● 会议召开地点：上海证券交易所上证路演中心（网址：https://roadshow.sseinfo.com/） ● 会议召开方式：上证路演中心网络互动 ● 投资者可于2025年9月5日(星期五)至9月11日(星期四)16:00前登录上证路演中心网站首页点击"提问预 征集"栏目或通过公司邮箱600098@gdg.com.cn进行提问。公司将在本次说明会上对投资者普遍关注的 问题进行回答。 广州发展集团股份有限公司（以下简称"公 ...

证券日报网讯 9月4日晚间，广州发展（600098）发布公告称，公司2025年半年度业绩说明会定于2025 年9月12日召开。 ...

电话：020-37850968 股票简称：广州发展 股票代码：600098 公告编号：临 2025-059 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年半年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： ? 会议召开时间：2025年9月12日（星期五）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： https://roadshow.sseinfo.com/） ? 会议召开方式：上证路演中心网络互动 ? 投资者可于2025年9月5日(星期五)至9月11日(星期四)16:00前登录 上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 遍关注的问题进行回答。 广州发展集团股份有限公司（以下简称"公司"）已于 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 ...

广州发展集团股份有限公司（以下简称"公司"）已于 2025 年 8 月 30 日发布公司 2025 年半年度报告，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 年半年度经营成果、财务状况，公 司拟于 2025 年 9 月 12 日 16:00-17:00 举行 2025 年半年度业 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9月12日（星期五）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 ： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于2025年9月5日(星期五)至9月11日(星期四)16:00前登录 上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 600098@gdg.com.cn进行提问。公司将在本次说明会上对投资者普 遍关注的问题进行回答。 一、说明会类型 本次业绩说明会以网络互动方式召开，公司将针对 2025 年半年度经营成果及财务指标的具体情况与投资者进行互 动交流和沟通 ...

Core Viewpoint - The 11th Golden Unicorn Award for Outstanding Secretaries of the Board has been announced, highlighting the importance of board secretaries in corporate governance and capital market communication [1][2]. Group 1: Award Announcement - The 11th Golden Unicorn Award for Outstanding Secretaries of the Board was officially announced on September 1, with Wu Hong, Secretary of the Board of Guangzhou Development, receiving the Five-Year Achievement Award [1]. - The award aims to recognize the best capital brand representatives in A-shares, having evaluated over 900 outstanding secretaries since its inception [1]. Group 2: Role of Board Secretaries - Board secretaries serve as a crucial link between listed companies and capital markets, acting as gatekeepers for corporate governance and advisors for capital strategy [1]. - They are responsible for information disclosure and investor relations, building trust between companies, investors, regulatory bodies, and the media [2]. Group 3: Recognition of Wu Hong - Wu Hong's recognition reflects his exceptional capabilities in capital communication, compliance governance, and strategic collaboration [2]. - The award signifies market and investor acknowledgment of Guangzhou Development's governance standards and value growth [2].

Core Viewpoint - Guangzhou Development (600098) reported a revenue increase of 2.01% year-on-year for the first half of 2025, with a significant rise in net profit by 42.56% compared to the previous year [1] Financial Performance - Total revenue for the first half of 2025 reached 23.334 billion yuan, up from 22.874 billion yuan in 2024, reflecting a growth of 2.01% [1] - Net profit attributable to shareholders was 1.635 billion yuan, a 42.56% increase from 1.147 billion yuan in the same period last year [1] - The second quarter alone saw total revenue of 12.49 billion yuan, a 2.55% increase year-on-year, and net profit of 1.183 billion yuan, up 69.09% [1] - Gross margin decreased to 8.41%, down 18.26% year-on-year, while net margin improved to 7.20%, an increase of 37.11% [1] - Total expenses (selling, administrative, and financial) amounted to 986 million yuan, accounting for 4.22% of revenue, a decrease of 2.56% year-on-year [1] Key Ratios and Metrics - Earnings per share (EPS) increased to 0.47 yuan, up 42.58% from 0.33 yuan [1] - Operating cash flow per share rose significantly by 113.09% to 0.74 yuan [1] - The company's return on invested capital (ROIC) was reported at 4.67%, indicating historically low capital returns [2] Debt and Cash Flow Concerns - The company has a high level of accounts receivable, with accounts receivable amounting to 4.34 billion yuan, which is 250.62% of the net profit [1][2] - Cash flow situation is concerning, with cash and cash equivalents covering only 14.89% of current liabilities [2] - Interest-bearing debt reached 34.886 billion yuan, with a debt-to-asset ratio of 43.05% [2] Market Position and Analyst Expectations - Analysts expect the company's performance for 2025 to reach a net profit of 1.849 billion yuan, with an average EPS forecast of 0.53 yuan [2] - The largest fund holding Guangzhou Development shares is the Fortune Large Cap Value Quantitative Selected Mixed A Fund, which has reduced its holdings recently [3]

Core Viewpoint - Guangzhou Development (600098.SH) reported its mid-year results for 2025, showing a modest increase in revenue and a significant rise in net profit [1] Financial Performance - The company achieved an operating revenue of 23.334 billion yuan, representing a year-on-year growth of 2.01% [1] - The net profit attributable to shareholders reached 1.635 billion yuan, marking a substantial year-on-year increase of 42.56% [1] - Basic earnings per share were reported at 0.4668 yuan [1]

Group 1 - The company Guangzhou Development announced on August 30 that it will recognize an asset impairment provision, which will reduce the net profit attributable to the parent company by approximately 305 million yuan for the first half of 2025 [1] - The impairment amount is based on preliminary calculations by the company's finance department and is subject to final audit in the 2025 annual financial report [1] - For the year 2024, the revenue composition of Guangzhou Development is as follows: coal accounts for 50.72%, pipeline gas for 19.58%, coal power for 10.36%, gas power for 6.75%, and oil products for 4.21% [1]

一、《关于通过计提资产减值准备的决议》（应到会监事 3 名，实际参与表决监事 3 名，3 票同意通过） 广州发展集团股份有限公司 第九届监事会第十一次会议决议公告 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（以下简称"公司"）于2025 年8月18日向全体监事发出召开监事会会议的书面通知，并于 2025年8月28日以现场会议方式召开第九届监事会第十一次会 议，应到会监事3名，实际到会监事2名，陈茹岚监事委托陈旭 东监事出席会议并行使表决权,符合《公司法》和公司《章程》 的有关规定。会议形成以下决议： 股票简称：广州发展 股票代码：600098 公告编号：临 2025-053 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 三、《关于 2021 年限制性股票激励计划第三个解除限售期 限售条件成就的决议》（应到会监事 3 名，实际参与表决监事 3 名，3 票同意通过）。 鉴于公司本次激励计 ...