股票代码：600116 股票简称：三峡水利 编号：临 2025-044 号 重庆三峡水利电力（集团）股份有限公司 关于吸收合并下属全资子公司的公告 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： 为进一步压缩重庆三峡水利电力（集团）股份有限公司（以下简称"公 司"）管理层级，持续优化公司组织架构，提升管理质效，公司拟对下属全资子 公司重庆长电联合能源有限责任公司（以下简称"联合能源"）进行吸收合并。 本次吸收合并完成后，联合能源法人资格将依法注销，其全部资产、债权债务、 业务等由公司依法承继。 本事项已经公司第十届董事会第三十二次会议审议通过，不构成关联交 易，也不构成《上市公司重大资产重组管理办法》规定的重大资产重组。按照《公 司法》《上海证券交易所股票上市规则》和《公司章程》等规定，该事项尚需提 交公司股东大会审议。 被合并方联合能源为公司全资子公司，其财务报表已纳入公司合并报表 范围，本次吸收合并不会对公司的财务状况和经营成果产生实质性影响，也不会 损害公司及全体股东的利益。 截至本公告披露日，本次事项尚 ...

证券代码：600116 证券简称：三峡水利 公告编号：临 2025-045 号 重庆三峡水利电力（集团）股份有限公司 关于召开2025年第二次临时股东大会的通知 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： 一、 召开会议的基本情况 (一)股东大会类型和届次 2025年第二次临时股东大会 (二)股东大会召集人：董事会 (三)投票方式：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 (四)现场会议召开的日期、时间和地点 召开的日期时间：2025 年 9 月 26 日 14 点 00 分 召开地点：重庆市渝北区金开大道 99 号升伟晶石公元 11 栋 4 楼会议室 (五)网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 股东大会召开日期：2025年9月26日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 网络投票起止时间：自2025 年 9 月 26 日 至2025 年 9 月 26 日 采用上海证券交易所网络投票系统，通过交易系统投票 ...

股票代码：600116 股票简称：三峡水利 编号：临 2025-043 号 重庆三峡水利电力（集团）股份有限公司 第十届董事会第三十二次会议决议公告 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。 一、董事会会议召开情况 重庆三峡水利电力（集团）股份有限公司第十届董事会第三十二次会议通知 及会议材料以网络传输的方式于 2025 年 9 月 3 日发出。2025 年 9 月 10 日，会 议在重庆市渝北区金开大道 99 号升伟晶石公元 11 栋 4 楼会议室以现场结合通讯 方式召开，应到董事 13 人，亲自出席会议董事 13 人，公司全体监事和部分高级 管理人员列席了会议。会议的召开符合《公司法》和《公司章程》等有关规定， 会议由董事长谢俊主持。 二、董事会会议审议情况 会议审议通过了以下事项： 易所网站披露的《关于召开 2025 年第二次临时股东大会的通知》（临 2025-045 号）。 表决结果：同意 13 票，回避 0 票，反对 0 票，弃权 0 票。 上述第一项议案需提交公司 2025 年第二次临时股东大会审议。 特此公 ...

Core Viewpoint - The company plans to absorb and merge its wholly-owned subsidiary, Chongqing Changdian United Energy Co., Ltd., which will result in the cancellation of the subsidiary's legal status and the transfer of all assets, debts, and business operations to the company [1] Group 1 - The merger has been approved by the company's 10th Board of Directors at its 32nd meeting and will be submitted for shareholder approval [1] - The financial statements of United Energy are already included in the company's consolidated financial statements, indicating that the merger will not have a substantial impact on the company's financial condition and operating results [1]

格隆汇9月10日丨三峡水利(600116.SH)公布，为持续优化公司组织架构，提升管理质效，公司拟对下属 全资子公司重庆长电联合能源有限责任公司（以下简称"联合能源"）进行吸收合并。本次吸收合并完成 后，联合能源法人资格将依法注销，其全部资产、债权债务、业务等由公司依法承继。 ...

Core Insights - On August 25, 2023, brokerage firms issued target prices for listed companies a total of 63 times, with notable increases in target prices for Longping High-Tech, Xinjie Energy, and Beixin Building Materials, showing increases of 38.75%, 37.40%, and 36.57% respectively, across the agriculture, coal mining, and construction materials sectors [1][2]. Group 1: Target Price Increases - Longping High-Tech (000998) received a target price of 14.00 yuan with a target increase of 38.75% from China International Capital Corporation [2]. - Xinjie Energy (601918) was assigned a target price of 9.00 yuan with a target increase of 37.40% from CITIC Securities [2]. - Beixin Building Materials (000786) had a target price of 36.90 yuan with a target increase of 36.57% from Tianfeng Securities [2]. Group 2: Brokerage Recommendations - A total of 163 listed companies received brokerage recommendations on August 25, with Shede Spirits receiving 4 recommendations, Shuiyang Co. receiving 3, and Marubi Biological Technology receiving 3 [3]. - One company, Guodian Power (600795), had its rating upgraded from "Hold" to "Buy" by Huayuan Securities [4]. Group 3: Rating Adjustments - Three companies had their ratings downgraded on August 25, including Minhe Livestock (downgraded from "Buy" to "Hold"), Chifeng Gold (downgraded from "Buy" to "Hold"), and Silan Microelectronics (downgraded from "Buy" to "Hold") [4]. - Seven companies received initial coverage, including Ganhua Science and Technology (rated "Buy" by Dongwu Securities) and Wangneng Environment (rated "Buy" by Xinda Securities) [5].

Core Viewpoint - On August 25, 2023, brokerage firms provided target prices for listed companies, with notable increases in target prices for companies in the agriculture, coal mining, and construction materials sectors, indicating potential investment opportunities in these industries [1][2]. Target Price Increases - The companies with the highest target price increases were: - Longping High-Tech (隆平高科) with a target price increase of 38.75% to 14.00 CNY [2] - Xinji Energy (新集能源) with a target price increase of 37.40% to 9.00 CNY [2] - Beixin Building Materials (北新建材) with a target price increase of 36.57% to 36.90 CNY [2] Brokerage Recommendations - A total of 163 listed companies received brokerage recommendations on August 25, with notable mentions: - Shede Liquor (舍得酒业) received 4 recommendations [4] - Shuiyang Co. (水羊股份) and Marubi Biotechnology (丸美生物) each received 3 recommendations [4] Rating Adjustments - One company had its rating upgraded: - Guodian Power (国电电力) was upgraded from "Hold" to "Buy" by Huayuan Securities [5] - Three companies had their ratings downgraded: - Minhe Livestock (民和股份) from "Buy" to "Hold" [6] - Chifeng Gold (赤峰黄金) from "Buy" to "Hold" [6] - Silan Microelectronics (士兰微) from "Buy" to "Hold" [6] First-Time Coverage - Seven companies received first-time coverage with positive ratings: - Ganhua Science and Technology (甘化科工) received a "Buy" rating from Dongwu Securities [7] - Wangneng Environment (旺能环境) received a "Buy" rating from Xinda Securities [7] - Yingliu Co. (应流股份) received an "Increase" rating from Shanxi Securities [7] - New Clean Energy (新洁能) received an "Increase" rating from Industrial Securities [7] - Weijian Medical (稳健医疗) received a "Buy" rating from Northeast Securities [7]

Core Viewpoint - The company reported a significant decline in both revenue and net profit for the first half of 2025, primarily due to challenges in its power generation business and various operational factors [1][3]. Group 1: Financial Performance - In the first half of 2025, the company achieved operating revenue of 4.896 billion yuan, a year-on-year decrease of 6.10% [1]. - The net profit attributable to shareholders was 48 million yuan, down 79.07% year-on-year [1][3]. - The company's power business realized an operating profit of 171 million yuan, a decline of 44.87% year-on-year, indicating short-term pressure on profitability [2]. Group 2: Power Generation and Sales - The company's self-generated hydropower output was 967 million kilowatt-hours, a decrease of 23.05% year-on-year due to reduced water inflow in the river basin [2]. - Despite the challenges in self-generated power, the total sales volume reached 6.802 billion kilowatt-hours, an increase of 2.66% year-on-year, marking a historical high for the same period [2]. - The average selling price of electricity was 0.4877 yuan per kilowatt-hour, a slight decrease of 0.0033 yuan per kilowatt-hour year-on-year, indicating stable pricing [2]. Group 3: Segment Performance - The comprehensive energy segment achieved an operating profit of 62 million yuan, a year-on-year increase of 21.83%, driven by stable contributions from specific projects [3]. - The manganese and trading business reported a loss of 48 million yuan, although this was an improvement compared to the previous year, attributed to a slight increase in electrolytic manganese prices and higher ore extraction [3]. - Multiple factors negatively impacted overall performance, including losses in design and maintenance services and a significant decrease in other income and investment income [3]. Group 4: Future Growth Potential - The company is making significant progress in expanding its self-generated power capacity, with several projects nearing completion or in the operational phase [4]. - The comprehensive energy business continues to expand, with major projects nearing completion and new renewable energy initiatives being developed [4]. - The company maintains a solid growth outlook, supported by a rich pipeline of projects that will contribute to long-term growth [4]. Group 5: Investment Outlook - Based on the latest financial data, the company is projected to have earnings per share (EPS) of 0.12 yuan, 0.20 yuan, and 0.25 yuan for 2025-2027, with corresponding price-to-earnings (PE) ratios of 57.72, 33.85, and 27.67 [4]. - The investment recommendation remains "buy" based on the anticipated recovery and growth potential [4].

Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Views - The company's self-generated hydropower generation decreased by 23.05% year-on-year in the first half of 2025 due to insufficient water inflow, leading to a significant decline in operating profit for the power business, which fell by 44.95% year-on-year to 171 million yuan [2][6] - Despite the challenges in the power sector, the comprehensive energy segment showed steady growth with a 21.82% increase in operating profit, while the manganese and trading business reported a loss of 48 million yuan, although this was an improvement compared to the previous year [2][6] - Overall, the company achieved a net profit attributable to shareholders of 48 million yuan in the first half of 2025, a decrease of 79.07% year-on-year, primarily due to pressures on the power business and multiple factors affecting performance [2][6] Summary by Sections Financial Performance - In the first half of 2025, the company reported total revenue of 4.896 billion yuan, a decrease of 6.10% year-on-year, and a net profit of 48 million yuan, down 79.07% year-on-year [6] - The operating profit from the power business was 171 million yuan, down 44.87% year-on-year, while the comprehensive energy segment's operating profit was 62 million yuan, up 21.83% year-on-year [2][6] Business Segments - The self-generated hydropower generation was 967 million kWh, down 23.05% year-on-year, while total sales volume reached 6.802 billion kWh, an increase of 2.66% year-on-year [2][13] - The average selling price of electricity was 0.4877 yuan/kWh, a slight decrease of 0.0033 yuan/kWh year-on-year [13] - The comprehensive energy segment's growth was supported by stable contributions from projects like the thermal power generation in Wanzhou and the participation of energy storage stations in frequency modulation auxiliary services [13] Future Outlook - The company is focusing on expanding its self-generated power capacity with several projects making significant progress, including the thermal power project in Fuling and distributed photovoltaic projects in Wanzhou [13] - The company maintains a strong growth outlook with a projected EPS of 0.12 yuan, 0.20 yuan, and 0.25 yuan for 2025-2027, corresponding to PE ratios of 57.72, 33.85, and 27.67 respectively [13]

Core Viewpoint - The financial performance of Three Gorges Water Conservancy (600116) for the first half of 2025 shows significant declines in revenue and net profit, indicating potential challenges in operational efficiency and market conditions [1]. Financial Performance Summary - Total revenue for the first half of 2025 was 4.896 billion yuan, a decrease of 6.1% compared to the same period in 2024 [1]. - Net profit attributable to shareholders was 47.93 million yuan, down 79.07% year-on-year [1]. - The gross profit margin was 10.56%, reflecting a decrease of 10.99% year-on-year [1]. - The net profit margin fell to 0.71%, a decline of 83.02% compared to the previous year [1]. - Total accounts receivable reached 14.52 billion yuan, representing an increase of 3.76% year-on-year [1]. Cost and Expense Analysis - Total selling, administrative, and financial expenses amounted to 345 million yuan, accounting for 7.06% of revenue, which is an increase of 14.14% year-on-year [1]. - Research and development expenses decreased by 94.97%, indicating a reduction in investment in R&D projects [5]. Cash Flow and Debt Situation - Operating cash flow per share was 0.12 yuan, down 28.63% year-on-year [1]. - The company’s interest-bearing debt increased by 13.18% to 10.522 billion yuan [1]. - The cash flow from financing activities increased by 54.92%, attributed to increased borrowing [6]. Investment and Return Metrics - The return on invested capital (ROIC) for the previous year was 2.53%, indicating weak capital returns [10]. - The average operating cash flow over the past three years relative to current liabilities was only 14.41%, suggesting potential liquidity concerns [11]. Revenue and Profitability Drivers - The decline in revenue was primarily due to decreased income from manganese trading and comprehensive energy business [3]. - The company faced challenges in its electricity business due to reduced water flow in hydropower stations, leading to lower electricity generation [9].