Financial Performance - The company achieved a net profit of CNY 406,306,798.56 for the fiscal year 2024, with a distributable profit of CNY 365,676,118.70 after statutory reserve allocation [7]. - The proposed cash dividend is CNY 0.40 per share, totaling approximately CNY 75,727,652.52, which represents 24.45% of the net profit attributable to shareholders [8]. - The company faced a notable decline in performance in 2024, marking the first significant drop in earnings since the major asset restructuring in 2020 [19]. - The company's operating revenue for 2024 was approximately ¥10.32 billion, a decrease of 7.65% compared to ¥11.18 billion in 2023 [38]. - The net profit attributable to shareholders for 2024 was approximately ¥309.71 million, down 39.94% from ¥515.66 million in 2023 [38]. - The net cash flow from operating activities decreased by 29.07% to approximately ¥898.32 million in 2024 from ¥1.27 billion in 2023 [38]. - The basic earnings per share for 2024 was ¥0.16, a decline of 40.74% from ¥0.27 in 2023 [39]. - The weighted average return on equity decreased to 2.78% in 2024, down 1.84 percentage points from 4.62% in 2023 [39]. Revenue and Sales - The company reported a significant increase in electricity sales, growing from 400 million kWh to 14.25 billion kWh over the past 30 years [16]. - The company's total revenue for the first quarter was approximately CNY 2.47 billion, with a sequential increase to CNY 2.89 billion in the third quarter, but a decline to CNY 2.22 billion in the fourth quarter [42]. - Net profit attributable to shareholders was CNY 11.88 million in the first quarter, peaking at CNY 217.16 million in the second quarter, but showing a significant loss of CNY -73.50 million in the fourth quarter [42]. - The revenue from electricity sales was CNY 6,956,055,927.21, with a gross margin of 10.56%, reflecting a 0.65% increase in revenue and a 1.34% increase in costs compared to the previous year [96]. - The company achieved a historic high in electricity sales volume at 142.5 billion kWh, marking a 1.94% increase from 139.749 billion kWh in the previous year [53]. Business Strategy and Development - New business segments, including energy storage and renewable energy, have seen operational scales of nearly 1 GWh and 61,000 kW respectively, indicating a shift towards diversified energy solutions [16]. - The management acknowledges the need to enhance core competencies in new business investments to support future profitability [19]. - The company aims to focus on business concentration and quality improvement to unlock future growth opportunities [23]. - The company plans to enhance its core competencies in digital energy management systems and smart grid technologies to capitalize on the ongoing digital transformation in the energy sector [24]. - The company aims to expand its integrated energy business model, focusing on large projects and major users to optimize resource allocation [24]. - The company is actively exploring new business models that integrate multiple energy sources, including hydropower, wind, and solar [24]. Investments and Assets - The total assets increased by 7.07% to approximately ¥25.20 billion at the end of 2024, compared to ¥23.54 billion at the end of 2023 [38]. - The company has invested approximately 3 billion CNY in comprehensive energy projects, with a projected business profit of 106.07 million CNY in 2024 [59]. - The company is actively expanding its energy projects, with significant investments in new power generation and renewable energy initiatives totaling approximately 5 billion yuan for the Wanzhou Economic Development Zone project [57]. - The fair value of trading financial assets increased significantly from CNY 293.77 million at the beginning of the year to CNY 973.38 million by the end of the year, reflecting a change of CNY 679.61 million [49]. - The total amount of receivables financing rose from CNY 151.59 million to CNY 163.57 million, indicating a change of CNY 11.98 million [49]. Risk Management and Governance - The overall governance and management practices have been recognized, receiving the highest A-class rating for information disclosure for three consecutive years [16]. - The company is enhancing its safety management systems and risk control measures in new business areas such as energy storage and photovoltaic projects [58]. - The company is enhancing its risk management culture and compliance systems to prevent violations and improve risk control effectiveness [169]. - The company is actively monitoring macroeconomic fluctuations that could impact electricity demand, adjusting operational strategies accordingly to ensure stable production [171]. - The company faces operational risks due to insufficient self-owned power sources and challenges in purchasing electricity, which may negatively affect power supply and profitability [172]. Shareholder and Management Practices - The company has cumulatively distributed over CNY 1.8 billion in cash dividends over the past 30 years, reflecting a commitment to shareholder returns [16]. - The total pre-tax remuneration for the board members and senior management during the reporting period amounted to 975.34 million yuan [190]. - The company held 4 shareholder meetings during the reporting period, ensuring compliance with relevant regulations and timely disclosure of resolutions [180]. - The board of directors convened 8 times, approving key matters including the annual profit distribution plan and buyback management system [181]. - The company operates independently from its controlling shareholder, with a complete business and industry system, ensuring self-reliance in operations [186]. Market Outlook and Projections - In 2024, the national GDP is projected to be 134.9 trillion CNY, with a growth rate of 5.0% compared to the previous year [63]. - The total electricity consumption in 2024 is expected to reach 9.85 trillion kWh, reflecting a year-on-year growth of 6.8% [64]. - The newly installed power generation capacity in 2024 is expected to reach 430 million kW, with wind and solar power accounting for 82.6% of this new capacity [67]. - The comprehensive energy service market is projected to reach 0.8-1.2 trillion yuan by 2025 and 1.3-1.8 trillion yuan by 2035 [72]. - The company plans to achieve a sales volume of 14.587 billion kWh and generate revenue of 11.99 billion yuan by 2025 [165].

股票代码：600116 股票简称：三峡水利 编号：临 2025-015 号 重庆三峡水利电力（集团）股份有限公司 第十届监事会第二十一次会议决议公告 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。 一、监事会会议召开情况 重庆三峡水利电力（集团）股份有限公司第十届监事会第二十一次会议通知 及会议材料以网络传输的方式于 2025 年 4 月 11 日发出。2025 年 4 月 23 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，应到监事 5 人，亲自出席会议监事 5 人。会议的召开符合《公司法》 和《公司章程》等有关规定，会议由监事会主席张娜主持。 二、监事会会议审议情况 会议审议通过了以下事项： 1.《公司监事会 2024 年度工作报告》； 表决结果：同意 5 票，回避 0 票，反对 0 票，弃权 0 票。 2.《关于公司 2024 年度计提减值准备的议案》； 根据相关会计制度的要求，会议同意公司 2024 年计提各项减值准备 16,114 万元，转回各项减值准备 95 ...

股票代码：600116 股票简称：三峡水利 编号：临 2025-014 号 重庆三峡水利电力（集团）股份有限公司 第十届董事会第二十九次会议决议公告 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。 3.《公司董事会审计委员会对会计师事务所 2024 年度履行监督职责情况报 告》（详见 2025 年 4 月 25 日上海证券交易所网站）； 一、董事会会议召开情况 表决结果：同意 13 票，回避 0 票，反对 0 票，弃权 0 票。 重庆三峡水利电力（集团）股份有限公司第十届董事会第二十九次会议通知 及会议材料以网络传输的方式于 2025 年 4 月 11 日发出。2025 年 4 月 23 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： 4.《2024 年度会计师 ...

三峡水利（600116）公告，2024年营业收入103.22亿元，同比下降7.65%。归属于上市公司股东的净利 润3.1亿元，同比下降39.94%。公司拟向全体股东每10股派发现金红利0.4元(含税)，预计共计派发现金 红利7572.77万元(含税)，约占当期合并报表中归属于上市公司股东的净利润的24.45%。本次拟派发的现 金红利和2024年前三季度已派发的现金红利共计1.7亿元(含税)，约占当期合并报表中归属于上市公司股 东的净利润的55.02%。 ...

三峡水利（600116）公告，2025年第一季度营收为22.71亿元，同比下降7.92%；净亏损432.75万元，去 年同期净利润1187.5万元。 ...

重庆三峡水利电力（集团）股份有限公司 关于 2024 年度担保计划的进展公告 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。 股票代码：600116 股票简称：三峡水利 编号：临 2025-013 号 公司分别于 2024 年 4 月 23 日、6 月 20 日召开第十届董事会第二十二次会 议及 2023 年年度股东大会，审议通过了《关于公司 2024 年度担保计划的议案》， 会议同意公司 2024 年度担保计划新增担保总额不超过 36.335 亿元，并同意授 权总经理办公会具体负责处理上述担保事宜，适用期限为股东大会批准之日至 下一次股东大会重新核定担保额度之前。公司 2024 年度担保计划中被担保方是 公司全资子公司、控股子公司以及合营公司，其中全资子公司 6 家，担保金额 20.68 亿元；控股子公司 1 家，担保金额 4.08 亿元；合营公司 1 家，担保金额 1.575 亿元；开展票据池业务，公司及公司全资或持股比例 80%以上的控股公司、 子公司之间互相担保累计发生额不超过 10 亿元。上述内容详见公司分别于 20 ...

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、公司 2025 年一季度发电量及上网电量完成情况 2025 年第一季度，公司下属全资及控股公司水电站累计完成发电量 2.7684 亿 千瓦时，同比下降 7.10%；其中：重庆地区 2.7334 亿千瓦时，同比下降 7.10%；芒 牙河二级电站所处云南地区 0.0350 亿千瓦时，同比下降 7.41%。公司下属全资及 控股公司水电站累计完成上网电量 2.7241 亿千瓦时，同比下降 7.17%；其中：重 庆地区 2.6892 亿千瓦时，同比下降 7.16%；云南地区 0.0349 亿千瓦时，同比下降 7.43%。鱼背山电厂、双河电厂、赶场电厂、长滩电厂、瀼渡电厂、双泉水电站、 大河口水电站为公司自有电厂未核定上网电价，其他电站发电上网均价为 0.2892 元/千瓦时（不含税）。现将公司下属全资及控股公司各水电站 2025 年一季度发电 量及上网电量完成情况公告如下： 股票代码：600116 股票简称：三峡水利 编号：临 2025-012 号 | 序 | 电厂名称 | 装机容量 ...

Industry Overview - Manganese is a crucial strategic mineral resource, with China categorizing it as a scarce mineral. The country has a high dependence on imports, with 80%-90% of its manganese supply sourced from abroad, making it the largest manganese importer globally [2][3] - China's manganese ore production has been declining due to low ore grades, high impurities, and stringent mining regulations. The import volume and net import volume have consistently remained above 27 million tons, with projections for 2024 showing a decrease to approximately 29.29 million tons and 29.02 million tons, representing year-on-year declines of 6.28% and 7.14% respectively [2][3] Industry Chain - The manganese industry chain consists of three segments: upstream (exploration and mining), midstream (smelting and processing), and downstream (application in various industries). Key players in the upstream include companies like Western Gold, WISCO, and Southern Manganese, while midstream players include Tianyuan Manganese and Southern Manganese [4] - The downstream applications of manganese products span across steel, batteries, chemicals, construction, real estate, transportation, new energy vehicles, aerospace, and pharmaceuticals [4] Global Manganese Resources - Global manganese metal reserves are approximately 1.5 billion tons, with South Africa, Australia, China, and Brazil accounting for over 85% of total reserves. South Africa holds the largest share at around 32%, while China ranks third with about 15% [5] - High-grade manganese resources, with manganese content above 35%, are primarily found in South Africa, Gabon, Australia, and Brazil, while China mainly has low-grade resources with manganese content generally below 30% [5] Domestic Manganese Resources - China's manganese ore resources are predominantly composed of carbonate manganese ore, which constitutes about 55.8% of the total reserves. The distribution of manganese resources is uneven, with the highest concentration in Guangxi, accounting for 43.24% of the national reserves, followed by Guizhou at 17.83% [9] Market Report - The report titled "China Manganese Industry Market Operation Status and Future Strategic Analysis" provides a comprehensive analysis of the manganese industry's development environment, operational status, import and export dynamics, and competitive landscape, projecting trends for 2025 [11][13]

股票代码：600116 股票简称：三峡水利 编号：临 2025-011 号 截至 2025 年 2 月 28 日，公司及子公司累计担保余额为 124,472.85 万 元，公司及子公司担保总额为 488,944.97 万元【含 2024 年度担保计划中尚未 使用额度 353,699.12 万元以及公司下属全资子公司重庆涪陵聚龙电力有限公 司（以下简称"聚龙电力"）为其持股 31.5%的参股公司重庆市科尔科克新材 料有限公司（以下简称"科尔科克公司"）提供的担保总额中尚未使用额度10,773 万元】，占公司 2023 年度经审计归属于上市公司股东净资产的 43.80%。 （一）2024 年度担保计划概述 其他说明：本公告中担保余额、发生额、总额以及偿还额度合计数与分 项数之和尾数不符的情况，系四舍五入原因所致。 一、担保情况概述 公司分别于 2024 年 4 月 23 日、6 月 20 日召开第十届董事会第二十二次会 议及 2023 年年度股东大会，审议通过了《关于公司 2024 年度担保计划的议案》， 会议同意公司 2024 年度担保计划新增担保总额不超过 36.335 亿元，并同意授 权总经理办公会具体负责 ...

Investment Rating - The report maintains a rating of "Outperform the Market" for the electricity sector [6]. Core Insights - The Ministry of Industry and Information Technology has announced a target for renewable energy to account for 30% of computing power centers by 2026, emphasizing green and low-carbon computing. This is expected to increase the demand for renewable energy consumption in data centers, leading to sustained growth in green electricity and green certificate consumption [1][10]. - The report expresses optimism regarding the transformation of thermal power companies into renewable energy operators, recommending several companies such as Sheneng Co., Shanghai Electric, and Huaneng International [5][10]. Summary by Sections Market Performance - From February 14 to February 21, the electricity sector (882528.WI) declined by 0.12%, underperforming the CSI 300 index, which rose by 1.00%. Year-to-date, the electricity sector has fallen by 5.09%, while the CSI 300 index has increased by 1.11% [2][14]. - The sub-sectors of thermal power, hydropower, and gas power saw changes of -0.93%, -1.25%, and -1.07% respectively during the same period [14][22]. Coal Prices and Inventory - The spot price of thermal coal in Qinhuangdao decreased by 2.67% month-on-month and by 23.64% year-on-year, with a current price of 730 RMB/ton [3][31]. - Coal inventory at Qinhuangdao increased by 3.38% month-on-month and by 40.88% year-on-year, reaching 7.03 million tons as of February 21 [4][36]. Investment Recommendations - The report continues to favor companies transitioning from thermal power to renewable energy operations, including Wanan Electric, Sheneng Co., and Huaneng International. It also recommends stable companies like China Nuclear Power and Three Gorges Energy [5][10]. - Specific recommendations include Longjiang Electric, benefiting from the injection of the Wuhai Power Station, and Huaneng Hydropower, which is expected to benefit from improving provincial market electricity prices [5][10]. Key News and Announcements - Jiangsu Province is encouraging renewable energy hydrogen production projects to participate in the electricity market, aiming for innovative management models [48]. - The Chongqing electricity spot market is set to begin trial operations on March 11, 2025, with a focus on optimizing clearing results based on real-time market conditions [48].