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]

Core Insights - Guangzhou Development reported a third-quarter revenue of 14.621 billion yuan, representing a year-on-year increase of 11.42% [1] - The net profit attributable to shareholders for the third quarter was 524 million yuan, showing a year-on-year growth of 19.06% [1] - For the first three quarters, the company achieved a total revenue of 37.934 billion yuan, up 5.46% year-on-year [1] - The net profit attributable to shareholders for the first three quarters reached 2.159 billion yuan, reflecting a significant year-on-year increase of 36.05% [1]

股票简称：广州发展 股票代码：600098 公告编号：临 2025-068 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 关于股权激励限制性股票 回购注销的实施公告 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 整性承担个别及连带责任。 重要内容提示: 回购注销原因:公司2021年限制性股票激励计划授予的6名激励 对象达到法定退休年龄正常退休、1名激励对象因担任公司企业负责 人职务不能持有公司限制性股票，1名激励对象2024年度个人绩效考 核结果为不称职，上述8人均不再具备激励对象资格及条件，根据《广 州发展集团股份有限公司2021年限制性股票激励计划（草案）》的相 关规定，公司将对上述人员已获授但尚未解除限售的限制性股票进行 回购注销。另有2名激励对象2024年度个人绩效考核结果为基本称职， 根据《广州发展集团股份有限公司2021年A股限制性股票激励计划实 施考核管理办法》的相关规定，公司对上述人员已获 ...

广州金鹏律师事务所 法律意见书 广州金鹏律师事务所 关于广州发展集团股份有限公司 2021 年限制性股票激励计划部分限制性股票回购 注销实施 之 法律意见书 广州金鹏律师事务所 Kingpound Law Firm 广州天河区珠江新城兴民路 222 号之三天盈广场（东塔）37、45 层 电话：020-38390333 传真：020-38390218 电子邮件：kingpound@kingpound.com 网址：http://www.kingpound.com/ 广州金鹏律师事务所 法律意见书 广州金鹏律师事务所 关于广州发展集团股份有限公司 针对本法律意见书，本所经办律师特作如下声明： 1. 本所经办律师在工作过程中，已得到公司的保证：即公司向本所经办律 师提供了本所经办律师认为制作本法律意见书所必需的原始书面材料、副本材料、 扫描件、复印件和口头证言，其所提供的文件和材料是真实、准确和完整的，且 无隐瞒、虚假和重大遗漏之处。 2. 本所及经办律师依据《证券法》《律师事务所从事证券法律业务管理办 法》和《律师事务所证券法律业务执业规则（试行）》等规定及本法律意见书出 具之日以前已经发生或者存在的事实，严格履 ...

Investment Rating - The report maintains a positive outlook on the power and gas sectors, indicating a "Buy" recommendation for several companies within these industries [3][4]. Core Insights - The second industry is the main driver of electricity consumption growth, with a notable increase in electricity demand due to seasonal factors and high temperatures in Q3 [4][9]. - Global gas prices are rebounding, and expectations of a cold winter may enhance gas sales growth [18][19]. - The report highlights various investment opportunities across different energy sectors, including hydropower, green energy, nuclear power, thermal power, and gas [16][40]. Summary by Sections 1. Electricity: Q3 Second Industry Drives National Electricity Consumption - In September, total electricity consumption reached 888.6 billion kWh, a year-on-year increase of 4.5% [10]. - The second industry contributed significantly to this growth, with a 5.1% increase in electricity consumption, accounting for 51% of the total growth [4][9]. - The cumulative electricity consumption from January to September was 7767.5 billion kWh, reflecting a 4.6% year-on-year growth [13]. 2. Gas: Global Gas Price Rebound and Cold Winter Expectations - As of October 24, the Henry Hub spot price was $3.21/mmBtu, showing a weekly increase of 13.96% [19][20]. - The report notes a seasonal demand increase and geopolitical factors supporting gas prices, particularly in Europe [25][37]. - The anticipated La Niña phenomenon may lead to colder winter conditions, potentially boosting gas consumption [37]. 3. Weekly Market Review - The report indicates that the power equipment sector outperformed the Shanghai and Shenzhen 300 index, while the public utility, gas, and environmental protection sectors lagged [42]. 4. Company and Industry Dynamics - The report discusses significant developments in the energy sector, including the launch of innovative products in wind energy and updates on national energy policies [50][51]. - It highlights the performance of major companies, such as Huadian International, which reported a decrease in electricity generation due to increased renewable energy capacity [57].

Group 1 - The combustible ice concept sector rose by 3.86%, ranking second among concept sectors, with 10 stocks increasing, including DeSheng Co., which hit the daily limit, and ShenKong Co. and Petrochemical Machinery also reaching the limit [1] - Leading stocks in the combustible ice sector included QianNeng HengXin, HaiMo Technology, and XinJin Power, which rose by 3.63%, 3.57%, and 2.21% respectively [1] - The stocks with the largest declines included NanSteel Co., Guangzhou Development, and China International Marine Containers, which fell by 0.58%, 0.14%, and 0.12% respectively [1] Group 2 - The combustible ice sector saw a net inflow of 305 million yuan from main funds today, with six stocks receiving net inflows, and five stocks exceeding 10 million yuan in net inflow [2] - ShenKong Co. led the net inflow with 161 million yuan, followed by China Petroleum & Chemical Corporation, Petrochemical Machinery, and DeSheng Co. with net inflows of 65.33 million yuan, 51.01 million yuan, and 42.43 million yuan respectively [2] - The net inflow ratios for ShenKong Co., Petrochemical Machinery, and DeSheng Co. were 44.51%, 24.72%, and 17.80% respectively [3] Group 3 - The top stocks in the combustible ice sector based on net inflow included ShenKong Co. with a daily increase of 10.04% and a turnover rate of 10.98%, followed by Petrochemical Machinery with a 10.03% increase and a turnover rate of 3.25% [3] - Other notable stocks included China Petroleum & Chemical Corporation, which increased by 1.11% with a turnover rate of 0.15%, and DeSheng Co., which increased by 19.98% with a turnover rate of 8.25% [3] - Stocks with declines included NanSteel Co. with a decrease of 0.58% and a turnover rate of 0.50%, and Guangzhou Development with a decrease of 0.14% and a turnover rate of 0.76% [4]

Core Insights - Guangzhou Development reported significant growth in power generation and grid-connected electricity sales for the third quarter of 2025, with a year-on-year increase of 8.31% and 8.60% respectively [2] - For the first nine months of 2025, the company achieved a total power generation of 189.15 billion kWh, reflecting a 1.70% increase compared to the same period last year [2] Group 1 - In the period from July to September 2025, the company's consolidated power generation reached 70.68 billion kWh [2] - The total grid-connected electricity sales, including photovoltaic power sales, amounted to 67.80 billion kWh during the same period [2] - The year-on-year growth rates for power generation and grid-connected electricity sales in Q3 2025 were 8.31% and 8.60% respectively [2] Group 2 - For the first nine months of 2025, the cumulative power generation was 189.15 billion kWh [2] - The grid-connected electricity sales for the same period totaled 181.53 billion kWh [2] - The year-on-year growth for power generation and grid-connected electricity sales in the first nine months was 1.70% and 2.05% respectively [2]