Group 1 - The stock price of Ming Star Power (600101) closed at 9.79 yuan, down 1.11% from last week's 9.9 yuan, with a market cap of 5.391 billion yuan, ranking 79th in the power sector and 3134th in the A-share market [1] - The highest price during the week was 10.05 yuan on September 9, and the lowest was 9.75 yuan on September 11 [1] Group 2 - The company plans to amend its articles of association and various governance rules, expanding the board size by adding one employee director and one independent director, while abolishing the supervisory board [2][3] - The supervisory board's responsibilities will be taken over by the audit committee of the board [3] - Due to the capital reserve fund conversion into share capital, the total share capital will increase to 547,862,471 shares [2][3]

Core Viewpoint - Sichuan Mingstar Power Co., Ltd. has signed a cooperation framework agreement with Tsinghua Sichuan Energy Internet Research Institute to enhance collaboration in energy technology and innovation [2][3][15] Group 1: Agreement Overview - The cooperation agreement is a framework agreement, and specific projects will be determined later, without requiring board or shareholder approval [2][3] - The agreement aims to establish a solid partnership based on mutual benefits, focusing on accelerating the transformation and application of scientific research results [6][15] - The agreement is effective for five years from the date of signing [13] Group 2: Cooperation Objectives - The collaboration aims to promote technological innovation in the power industry, particularly in new energy and artificial intelligence applications [7][11] - The agreement includes plans for upgrading the company's information management systems and optimizing business processes [7][12] - A joint technology innovation management committee will be established to oversee project decisions and coordination [8] Group 3: Responsibilities and Contributions - Tsinghua Sichuan Energy Internet Research Institute will provide consulting and technical services for digital transformation and technological innovation [11] - The company will allocate necessary resources and funding for research projects, while the institute will offer technical support and integrate university resources [9][10] - All intellectual property generated during the cooperation will be jointly owned or shared according to pre-agreed terms [10] Group 4: Impact on the Company - The agreement does not specify any financial commitments and its impact on the company's performance will depend on the execution of future projects [15] - The cooperation is expected to enhance the company's market competitiveness and align with its long-term development strategy [15]

（文章来源：证券日报） 证券日报网讯 9月12日晚间，明星电力发布公告称，2025年9月12日，公司与清华四川能源互联网研究 院签署了《合作协议》。 ...

证券代码：600101 证券简称：明星电力 公告编号：2025-026 四川明星电力股份有限公司 关于与清华四川能源互联网研究院签订《合作协议》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： 清华四川能源互联网研究院系清华大学与四川省政府为推动 能源互联网技术进步与产业发展，依托清华大学电机工程与应用电子 技术系，在四川省、成都市和四川天府新区的支持下建立的高层次科 研机构。根据《上海证券交易所股票上市规则》相关规定，公司与清 华四川能源互联网研究院不构成关联关系。 因本协议仅为框架协议，尚未构成交易的实质，无需经过公司 董事会及股东大会审议。待开展具体合作项目时，公司或公司控制的 子公司将与清华四川能源互联网研究院单独签署具体单项合作协议， 公司将依法履行相应的决策程序；达到法定信息披露标准的，将依法 1 / 6 履行信息披露义务。 本协议的履行不影响公司业务的独立性，公司主要业务不会因 为履行本协议而对合作方形成依赖。 本次签署的协议不涉及具体金额，对公司当期及期后经营业绩 的影响，需视未来具体 ...

清华四川能源互联网研究院负责为公司提供企业的数字化转型规划、科技创新规划以及信息化建设规 划，为公司提供涵盖数字化转型、科技创新及信息化建设的全流程咨询与技术服务，包括不限于：1.新 型电力系统技术研发与应用：开展新能源发电、储能技术优化，研发电力行业专用大模型，部署新型传 感器，提升能源利用效率与系统智能化水平。2.电力基建工程智能化升级：研发并实施自动化、智能化 装置，运用AI视觉识别等技术，实现基建工程全流程智能化管理与本质安全。3.人工智能电力场景应用 拓展：推动人工智能在电网运行、客户服务、运维管理中的应用，打造智能调度、AI客服等平台，助 力业务数字化转型。4.企业信息化系统升级改造：升级ERP、CRM等核心系统，优化架构与功能，实现 数据整合分析，提升企业运营管理效能。 智通财经APP讯，明星电力(600101.SH)发布公告，2025年9月12日，公司与清华四川能源互联网研究院 签署了《合作协议》。双方本着平等互利、携手共进、优势互补与协同发展的核心理念，开展相关业务 合作。 ...

Core Viewpoint - The company has signed a cooperation agreement with Tsinghua Sichuan Energy Internet Research Institute to enhance its digital transformation and technological innovation efforts in the power industry [1] Group 1: Cooperation Agreement - The agreement emphasizes mutual benefits, collaboration, and complementary advantages between the company and the research institute [1] - The partnership aims to provide comprehensive consulting and technical services covering digital transformation, technological innovation, and information system construction [1] Group 2: Key Areas of Focus - Development and application of new power system technologies, including optimization of renewable energy generation and storage technologies, and deployment of new sensors to improve energy efficiency and system intelligence [1] - Intelligent upgrades of power infrastructure projects through the development and implementation of automation and intelligent devices, utilizing AI visual recognition for comprehensive management and safety [1] - Expansion of artificial intelligence applications in power grid operations, customer service, and maintenance management, including the creation of intelligent scheduling and AI customer service platforms [1] - Upgrading and transforming enterprise information systems such as ERP and CRM to optimize architecture and functionality, enabling data integration and analysis to enhance operational efficiency [1]

Core Viewpoint - The company has signed a cooperation agreement with Tsinghua Sichuan Energy Internet Research Institute to enhance research and development collaboration, aiming to accelerate the transformation and application of scientific research achievements [1] Group 1 - The cooperation agreement was signed on September 12, 2025, and will be effective for five years [1] - The partnership focuses on promoting technological innovation and upgrading information technology infrastructure [1] - The joint goal is to contribute to the long-term development of both parties and the continuous progress of society [1]

四川明星电力股份有限公司 四川明星电力股份有限公司 2025 年第一次临时股东大会议程 600101 2025 年第一次临时股东大会会议资料 2025 年 9 月 17 日 | | | 2025 年第一次临时股东大会会议资料 四川明星电力股份有限公司（简称"公司"）本次股东大会所采用 的表决方式是现场投票和网络投票相结合的方式。 一、现场会议时间：2025 年 9 月 17 日 9:00。 二、现场会议地点：四川省遂宁市开发区明月路 56 号，明星康 年大酒店 2 楼康年厅。 三、网络投票系统和投票时间：采用上海证券交易所网络投票系 统，通过交易系统投票平台的投票时间为 2025 年 9 月 17 日的交易时 间段，即 9:15-9:25，9:30-11:30，13:00-15:00；通过互联网投票平台 的投票时间为 2025 年 9 月 17 日的 9:15-15:00。 公司还将使用上证所信息网络有限公司（简称"上证信息"）提供 的股东会提醒服务，委托上证信息通过智能短信等形式，根据股权登 记日的股东名册主动提醒股东参会投票，向每一位投资者主动推送参 会邀请、议案情况等信息。投资者在收到智能短信后，可根据 ...

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [7][58]. Core Insights - The company is a state-controlled enterprise engaged in electricity and water supply, with a comprehensive service network. It has a 100% market share in electricity supply and nearly 90% in water supply within its jurisdiction as of 2025H1 [4][17]. - The company has shown steady long-term growth, with a 10-year CAGR of 8.6% in revenue and 7.9% in net profit from 2014 to 2024 [4][22]. - The ongoing energy reform and integration of generation, transmission, and sales are expected to enhance the company's comprehensive energy services [5][6]. Summary by Sections Company Overview - The latest closing price is 10.05 yuan, with a total market capitalization of 55 billion yuan and a PE ratio of 26.30 [3]. - The company has a low debt ratio of 27.1%, indicating a stable financial position [3][33]. Business Performance - In 2025H1, the company reported revenues of 1.52 billion yuan and a net profit of 70 million yuan, reflecting a year-on-year growth of 13.7% in revenue but a decline of 13.1% in net profit due to reduced water inflow [22]. - The company’s electricity and water sales have shown robust growth, with a CAGR of 12.9% and 5.5% respectively from 2015 to 2024 [50]. Financial Forecast - Projected revenues for 2025-2027 are 3.13 billion, 3.40 billion, and 3.65 billion yuan, with net profits of 210 million, 220 million, and 220 million yuan respectively. The net profit CAGR for this period is estimated at 4.6% [7][57]. - The diluted EPS for the same period is forecasted to be 0.38, 0.39, and 0.41 yuan [7][57]. Valuation - The PE multiples based on the current stock price for 2025-2027 are projected to be 27, 25, and 24 times respectively [7][58]. - The report references comparable companies for valuation, considering the company's active expansion into comprehensive energy services [58].

Financial Performance - The company reported a total revenue of 1.524 billion yuan for the first half of 2025, an increase of 13.73% year-on-year, while the net profit attributable to shareholders was 73.72 million yuan, a decrease of 13.08% year-on-year [1] - In Q2 2025, the total revenue was 747 million yuan, up 16.28% year-on-year, but the net profit attributable to shareholders dropped significantly to 953,100 yuan, down 93.65% year-on-year [1] - Key financial metrics include a gross margin of 9.37%, down 15.03% year-on-year, and a net margin of 4.84%, down 23.57% year-on-year [1] Cost and Expenses - Total selling, administrative, and financial expenses amounted to 46.91 million yuan, accounting for 3.08% of revenue, which is an increase of 1.69% year-on-year [1] - The company's operating cash flow per share was 0.13 yuan, a significant decrease of 59.73% year-on-year [1] Business Segmentation - The company's main business segments include electricity, tap water, and comprehensive energy services, with electricity and tap water production and supply being the core operations [5] - The company has been expanding its market-oriented electricity sales and value-added services, adapting to the rapid marketization of electricity in the region [8] Debt and Assets - The company reported cash assets of 844 million yuan, a decrease of 5.75% year-on-year, and accounts receivable of 60.14 million yuan, an increase of 5.45% year-on-year [1] - Interest-bearing debt decreased to 254 million yuan, down 6.08% year-on-year [1] Research and Development - The company plans to focus its R&D expenses on three main areas: information technology for business process optimization, high-tech and smart manufacturing product development, and artificial intelligence applications [10] Market Strategy - The company aims to strengthen its electricity and water services while expanding its comprehensive energy service business, including smart operations and market-oriented electricity sales [11] - The company has established a professional electricity trading team to enhance its market-oriented electricity sales, which has exceeded 80 billion kilowatt-hours annually [12] Dividend Policy - The company has maintained a consistent dividend policy, having distributed a total of 388 million yuan in dividends since 2009, with a cash dividend payout ratio increasing from 21.18% to 31.41% in recent years [14]