Core Viewpoint - Guangzhou Industrial Investment Holding Group Co., Ltd. and its concerted party, the private equity fund "Investment Value No. 1," are increasing their stake in Guangzhou Development Group Co., Ltd. and are exempt from making a mandatory offer [1][11]. Group 1: Background Information - Guangzhou Industrial Investment Holding Group is a limited liability company established on September 26, 1989, with a registered capital of approximately 65.26 billion yuan [5][8]. - The private equity fund "Investment Value No. 1" is managed by Guangzhou Industrial Investment Private Equity Fund Management Co., Ltd. and has been legally registered with the China Securities Investment Fund Association [9][6]. Group 2: Shareholding Situation - Prior to the increase, Guangzhou Industrial Investment Holding Group held 2,019,111,863 shares of Guangzhou Development, accounting for 57.59% of the total shares, while its concerted action party held 11,515,387 shares, representing 0.33% [7][10]. - The increase plan involves acquiring between 100 million yuan and 200 million yuan worth of shares over a six-month period starting January 3, 2025 [10]. Group 3: Implementation of the Increase - The increase has been executed through the Shanghai Stock Exchange, with a total of 12,529,300 shares acquired, amounting to approximately 126.89 million yuan, exceeding the lower limit of the planned increase [10][11]. - The increase does not affect the listing status of Guangzhou Development, as the total shares held by Guangzhou Industrial Investment Group and its concerted parties exceed 50% of the total issued shares [11]. Group 4: Legal Compliance and Disclosure - The increase complies with the relevant laws and regulations, including the Company Law and the Securities Law, and has met the necessary disclosure obligations [11][12]. - Guangzhou Development has published announcements regarding the increase plan and its progress in accordance with the Securities Law and self-regulatory guidelines [11][12].

Summary of Key Points Core Viewpoint - The controlling shareholder of Guangzhou Development Group Co., Ltd. has successfully completed a share buyback plan, demonstrating confidence in the company's future stability and value [1][2][3]. Group 1: Buyback Plan Overview - The buyback plan was initiated by Guangzhou Industrial Investment Holding Group Co., Ltd. and its action group, intending to purchase between RMB 100 million and RMB 200 million worth of A-shares over a six-month period starting from January 3, 2025 [1][2]. - The maximum purchase price was set at RMB 7.41 per share, funded by the shareholders' own funds or other legal sources [2][3]. Group 2: Implementation Results - As of July 2, 2025, the buyback plan resulted in the acquisition of 12,529,300 shares, totaling RMB 12,688.86 million (excluding transaction fees) [2][3]. - The total shares acquired during the buyback amounted to 20,547,374 shares, representing 0.59% of the company's total equity [3][4]. Group 3: Shareholding Structure Post-Buyback - Following the buyback, Guangzhou Industrial Investment Holding Group's shareholding increased from 57.59% to 57.94%, while the total shareholding of the action group rose from 57.91% to 58.50% [3][4]. - The action group did not hold any shares prior to the buyback, and the buyback did not trigger a mandatory tender offer or alter the company's controlling shareholder [5]. Group 4: Legal Compliance - The buyback was conducted in accordance with relevant laws and regulations, including the Securities Law and the Management Measures for the Acquisition of Listed Companies [4][5]. - The legal firm confirmed that the buyback was executed by qualified entities and complied with all necessary disclosure obligations [4].

股票简称：广州发展 股票代码：600098 公告编号：临 2025-040 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控股股东 及其一致行动人增持公司股份结果公告 本公司董事会、全体董事及相关股东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、增持主体的基本情况 （一）增持主体名称及与公司的关系：公司控股股东广 州产投及其一致行动人产投证投-价值1号。 （二）本次增持计划公告前增持主体持有本公司股份数 量及占比情况：本次增持公告前，广州产投直接持有公司 2,019,111,863股A股股份，占公司总股本的57.59%；广州产 投及其一致行动人广州产发企业发展有限公司（简称"广州 产发"）合计持有公司2,030,627,250股A股股份，占公司总股 本的57.91%；产投证投-价值1号未持有公司股份。 二、本次增持计划的主要内容 基于对公司未来持续稳定发展的信心以及对公司价值 的认可，广州产投及其一致 ...

广东省广州市天河区珠江新城华夏路 10 号富力中心 23 楼整层及 31 楼 01、04 单元 邮编：510623 23/F, Units 01 & 04 of 31/F, R&F Center, 10 Huaxia Road, Zhujiang New Town, Tianhe District Guangzhou, Guangdong 510623, P. R. China 电话/Tel : +86 20 2826 1688 传真/Fax : +86 20 2826 1666 www.zhonglun.com 北京市中伦（广州）律师事务所 关于广州产业投资控股集团有限公司及其一致行动人 增持广州发展集团股份有限公司股份的 专项核查意见 致：广州产业投资控股集团有限公司 北京市中伦（广州）律师事务所（以下简称"本所"）受广州产业投资控股集 团有限公司（以下简称"广州产投集团"）委托，根据《中华人民共和国公司法》 （以下简称"《公司法》"）、《中华人民共和国证券法》（以下简称"《证券法》"）、 《上市公司收购管理办法》、《上海证券交易所上市公司自律监管指引第 8 号—— 股份变动管理（2025 年 4 月修订 ...

Group 1 - The combustible ice concept sector declined by 1.21%, ranking among the top declines in concept sectors as of July 3 [1] - Major companies within the combustible ice sector that experienced significant declines include Qianeng Huanxin, Haimer Technology, and China International Marine Containers [1] - The top-performing concept sectors for the day included Tonghuashun Fruit Index with a gain of 4.73% and PCB concept with a gain of 3.27% [1] Group 2 - The combustible ice sector saw a net outflow of 483 million yuan from main funds, with 11 stocks experiencing net outflows and 8 stocks seeing outflows exceeding 10 million yuan [1] - The stock with the highest net outflow was ShenKai Co., with a net outflow of 218 million yuan, followed by Sinopec, China International Marine Containers, and Xinjin Power [1] - The detailed outflow data shows that ShenKai Co. had a turnover rate of 47% and a slight increase of 0.40%, while Sinopec had a turnover rate of 0.13% and a decline of 0.53% [1]

Core Viewpoint - The company has successfully completed the land transfer process and received compensation payments, which will positively impact its financial performance [1][2]. Summary by Sections Overview of Land Transfer - The company has agreed to transfer the Guangsheng (Luochongwei Power Plant) land as part of the urban renewal project in Baiyun District, Guangzhou, following the approval of the board [1][2]. - The company signed the compensation agreement with the Baiyun District People's Government, which outlines the terms for land transfer and compensation [1]. Progress of Land Transfer - As of the end of June 2025, all nine conditions for land transfer stipulated in the agreement have been met, and the site has been successfully handed over [2]. - The company has received a total of 1.37 billion yuan in compensation, with an outstanding amount of 457 million yuan to be paid upon the completion of land transfer procedures [2]. Impact on the Company - The land transfer aligns with government initiatives for urban development and resource optimization, and it is not expected to adversely affect the company's operations or shareholder interests [2]. - The transaction is anticipated to have a positive effect on the company's financial performance, with specific accounting treatment to be determined by an auditing firm [2].

股票简称：广州发展 股票代码：600098 公告编号：临 2025-039 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 关于公司土地交储的进展公告 本公司董事会、全体董事及相关股东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。 本事项会计处理及对公司业绩的影响以会计师事务所审计后 的结果为准。 一、交储事项概述 为贯彻落实广州市政府决策部署，配合城市建设总体规 划，推进片区更新改造和地块资源优化利用，公司第九届董 事会第六次会议审议通过了《关于公司广盛（罗冲围电厂） 地块交储的议案》，同意公司广盛（罗冲围发电厂）地块（简 称"广盛地块"）交储，并同意公司与广州市白云区人民政 府松洲街道办事处签署《广州市白云区螺涌村、松南村、松 北村城中村改造项目发电厂地块征收补偿协议书》。详见公 1 司于 2024 年 7 月 26 日披露的《广州发展集团股份有限公司 第九届董事会第六次会议决议公告》及《广州发展集团股份 ...

Group 1: Economic Indicators - In June 2025, the manufacturing PMI increased by 0.2 percentage points to 49.7%, supported by tariff delays and the implementation of existing policies [2][5] - The non-manufacturing business activity index rose to 50.5%, indicating a slight improvement in the service sector [2][7] - The comprehensive PMI output index was 50.7%, reflecting an overall acceleration in business activities [5][7] Group 2: Company Overview - Guangzhou Development (600098.SH) - Guangzhou Development is a comprehensive energy platform controlled by the Guangzhou Municipal Government, with a diversified energy industry system including power, energy logistics, gas, new energy, and energy finance [2][9] - As of the end of 2024, the total installed power capacity of the company was 10.26 GW, with significant contributions from coal, gas, wind, and solar power [2][9] - The company has maintained stable performance with continuous dividends for 26 years, achieving a net profit of 1.732 billion yuan in 2024, a year-on-year increase of 5.73% [2][9] Group 3: Business Segments - The company focuses on thermal power in the Greater Bay Area, benefiting from a decline in coal prices, which enhances the performance elasticity of thermal power [2][10] - The new energy business is rapidly developing, with plans to reach an installed capacity of 8 GW by the end of 2025 [2][10] - The gas segment, primarily in Guangzhou, has shown steady growth, with gas sales volume reaching 2.166 billion cubic meters in 2024, a year-on-year increase of 26.18% [2][11] Group 4: Financial Projections - The company is projected to achieve net profits of 1.849 billion, 2.120 billion, and 2.373 billion yuan for the years 2025 to 2027, with year-on-year growth rates of 6.74%, 14.70%, and 11.91% respectively [2][11] - The current stock price corresponds to a PE ratio of 12, 10, and 9 for the years 2025 to 2027 [2][11]

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [5][8][66] Core Views - The company is a comprehensive energy platform under the jurisdiction of Guangzhou, focusing on stable growth and high dividends. It has established a synergistic energy industry system encompassing power generation, energy logistics, gas, renewable energy, energy storage, and energy finance [7][10] - The company has maintained stable growth in net profit, with a projected net profit of 1.732 billion yuan in 2024, reflecting a year-on-year increase of 5.73% [7][27] - The company has a diversified business model that effectively smooths out performance fluctuations, with a consistent dividend payout ratio of around 50% over the years [10][32] Summary by Sections Market Performance - The closing price of the company's stock is 6.26 yuan, with a total market capitalization of approximately 21.95 billion yuan [3] Financial Data - The company has a total share capital of 3,506.31 million shares and a debt-to-asset ratio of 62.52% as of June 2025 [3] Profit Forecast and Valuation - Projected revenues for 2025 are 49.168 billion yuan, with a net profit forecast of 1.849 billion yuan, representing a year-on-year growth of 6.74% [6][8] - The price-to-earnings (P/E) ratios for 2025-2027 are estimated at 12, 10, and 9 times, respectively, indicating a favorable valuation compared to peers [8][66] Business Overview - The company has a total installed capacity of 10.26 GW as of the end of 2024, with a mix of coal, gas, wind, and solar power generation [7] - The energy logistics segment accounted for over 50% of the company's revenue in 2024, highlighting its importance in the overall business model [17] Dividend Policy - The company has a history of 26 consecutive years of stable dividends, with a dividend payout ratio of 54.67% in 2024, corresponding to a dividend yield of 4.21% [10][32] Growth Drivers - The company plans to increase its renewable energy capacity to 8 GW by the end of 2025, contributing to future revenue growth [7][47] - The gas segment is expected to see stable growth, with a projected gas sales volume of 2.166 billion cubic meters in 2024, up 26.18% year-on-year [54] Risk and Challenges - The company faces potential challenges from fluctuating electricity prices and rising coal and gas prices, which could impact profitability [6][11]

Core Viewpoint - Guangzhou Development is positioned as a comprehensive energy platform under the jurisdiction of the Guangzhou municipal government, demonstrating stable performance and a commitment to high dividends, with a buy rating assigned for investment potential [1][2]. Investment Highlights - The company has established a diversified energy industry system, including power generation, energy logistics, gas, new energy, energy storage, and energy finance, which enhances its operational stability [2]. - As of the end of 2024, the total installed power capacity is projected to reach 10.26 GW, comprising 3.14 GW from coal, 2.34 GW from gas, 2.44 GW from wind, and 2.35 GW from solar [2]. - The company has maintained stable growth in net profit since 2017, with a forecasted net profit of 1.732 billion yuan for 2024, reflecting a year-on-year increase of 5.73% [2]. - The company has a consistent dividend policy, with a dividend payout ratio around 50%, and a projected dividend ratio of 54.67% for 2024, resulting in an estimated dividend yield of 4.21% [2]. Sector Analysis - The thermal power segment, primarily located in the Guangdong-Hong Kong-Macao Greater Bay Area, is expected to show performance elasticity due to falling coal prices, despite a decline in utilization hours [3]. - The average spot price of 5500 kcal thermal coal has decreased by 214 yuan per ton since Q2 2025, which is anticipated to positively impact the company's thermal power performance [3]. - The new energy segment is rapidly expanding, with plans to reach an installed capacity of 8 GW by the end of 2025, contributing to increased power generation [3]. - The company’s new energy projects are primarily located in regions with high electricity prices, although the electricity prices for wind and solar are projected to decline in 2024 [3]. Gas Business Performance - The Guangzhou Gas Group, a subsidiary, is the sole entity responsible for high-pressure gas pipeline construction and natural gas procurement in Guangzhou, with stable growth in gas sales volume [4]. - The company is expected to achieve a pipeline gas sales volume of 2.166 billion cubic meters in 2024, marking a year-on-year increase of 26.18% [4]. - The completion of the LNG emergency peak-shaving gas source station in 2023 and the second phase of the Zhujiang LNG power plant are expected to enhance gas supply capacity [4]. Profit Forecast and Valuation - The projected net profits for 2025, 2026, and 2027 are 1.849 billion, 2.120 billion, and 2.373 billion yuan, respectively, with year-on-year growth rates of 6.74%, 14.70%, and 11.91% [4]. - The current stock price corresponds to a price-to-earnings ratio (PE) of 12, 10, and 9 times for the years 2025 to 2027 [4].