三峡水利（SH 600116，收盘价：6.8元）8月21日晚间发布公告称，公司第十届第三十一次董事会会议 于2025年8月20日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。 会议审议了《公司"提质增效重回报"专项行动方案2025年半年度执行情况评估报告》等文件。 2024年1至12月份，三峡水利的营业收入构成为：电力行业占比67.39%，其他主营业务占比16.89%，综 合能源占比15.27%，其他业务占比0.45%。 （文章来源：每日经济新闻） ...

人民财讯8月21日电，三峡水利（600116）8月21日晚间披露2025年半年度报告，上半年实现营业收入 48.96亿元，同比下降6.1%；归母净利润4793.28万元，同比下降79.07%；基本每股收益0.03元。业绩变 动主要原因是：一是本期公司所属水电站流域来水偏枯，自发水电上网电量同比有一定幅度下降，导致 电力业务利润贡献同比减少；二是全资子公司重庆白涛化工园电力有限公司和重庆乌江正阳供电有限公 司补缴2021—2023年期间享受的西部大开发企业所得税优惠税款及滞纳金；三是部分重要参股企业因业 绩下滑，导致确认的投资收益同比减少；四是本期线路迁改和变电站等资产处置收益同比减少；五是农 网还贷补助资金未按期到账，导致其他收益减少。 ...

格隆汇8月21日丨三峡水利(600116.SH)公布2025年半年度报告，报告期实现营业收入48.96亿元，同比下 降6.10%；归属于上市公司股东的净利润4793.28万元，同比下降79.07%；归属于上市公司股东的扣除非 经常性损益的净利润3465.9万元，同比下降83.49%；基本每股收益0.03元。 ...

股票代码：600116 股票简称：三峡水利 编号：临 2025-042 号 重庆三峡水利电力（集团）股份有限公司 关于"提质增效重回报"专项行动方案 2025 年半年度执行情况评估报告 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。 为深入贯彻落实党中央、国务院关于提高上市公司质量、保护投资者合法权 益的有关工作部署，积极响应上海证券交易所"提质增效重回报"专项行动倡议， 践行以"投资者为本"的上市公司发展理念，以实际行动切实提升公司发展质量、 增强投资者回报、提升投资者获得感，重庆三峡水利电力（集团）股份有限公司 （以下简称"公司"）结合公司战略发展规划和经营发展实际，编制并发布了 《"提质增效重回报"专项行动方案》，现将方案 2025 年半年度执行情况公告如 下： 一、聚焦主业创新发展，稳步提升规范运营质量 2025 年上半年，公司坚持以习近平新时代中国特色社会主义思想为指导， 全面贯彻落实党的二十大、二十届二中三中全会及中央经济工作会议精神，积极 践行国家能源转型发展战略，坚持依法合规经营，聚焦主责主业创新发展，补短 板 ...

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三十一次会议通知 及会议材料以网络传输的方式于 2025 年 8 月 8 日发出。2025 年 8 月 20 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： （一）《公司"提质增效重回报"专项行动方案 2025 年半年度执行情况评 估报告》（详见 2025 年 8 月 22 日上海证券交易所网站）； 股票代码：600116 股票简称：三峡水利 编号：临 2025-041 号 重庆三峡水利电力（集团）股份有限公司 第十届董事会第三十一次会议决议公告 表决结果：同意 13 票，回避 0 票，反对 0 票，弃权 0 票。 （二）《公司 2025 年 ...

Section I Definitions [Definitions of Common Terms](index=4&type=section&id=Definitions%20of%20Common%20Terms) This section defines common terms used in the report, such as "Sanxia Water Conservancy" and "Sanxia Group," ensuring clear understanding of the content - Defines common terms like **"Sanxia Water Conservancy"**, **"Sanxia Group"**, and **"Changjiang Electric Power"** for reader comprehension[16](index=16&type=chunk) Section II Company Profile and Key Financial Indicators [I. Company Information](index=4&type=section&id=I.%20Company%20Information) This section discloses the company's basic registration details, including its Chinese name, abbreviation, foreign name, and legal representative - Company Chinese Name: Chongqing Sanxia Water Conservancy and Electric Power (Group) Co., Ltd., Abbreviation: **Sanxia Water Conservancy**[13](index=13&type=chunk) - Legal Representative: **Xie Jun**[13](index=13&type=chunk) [II. Contact Person and Information](index=4&type=section&id=II.%20Contact%20Person%20and%20Information) This section provides contact information for the company's Board Secretary and Securities Affairs Representative, including names, addresses, phone numbers, faxes, and email addresses - Board Secretary: **Che Yaping**; Securities Affairs Representative: **Wang Jing**[14](index=14&type=chunk) - Contact Phone: **023-63801161**; Email: **sxsl600116@163.com**[14](index=14&type=chunk) [III. Brief Introduction to Changes in Basic Information](index=4&type=section&id=III.%20Brief%20Introduction%20to%20Changes%20in%20Basic%20Information) This section introduces the company's registered and office addresses, noting that the registered address has remained unchanged historically - Company registered address: **No. 85 Gaosuntang, Wanzhou District, Chongqing**, historically unchanged[15](index=15&type=chunk) - Company office address: **Building 11, Shengwei Jingshi Gongyuan, No. 99 Jinkai Avenue, Yubei District, Chongqing**, and **No. 85 Gaosuntang, Wanzhou District**[15](index=15&type=chunk) [IV. Brief Introduction to Changes in Information Disclosure and Document Custody Locations](index=5&type=section&id=IV.%20Brief%20Introduction%20to%20Changes%20in%20Information%20Disclosure%20and%20Document%20Custody%20Locations) This section lists the company's designated newspapers for information disclosure, website address, and locations for semi-annual report custody - Information disclosure newspapers: **"China Securities Journal"**, **"Shanghai Securities News"**, **"Securities Times"**, **"Securities Daily"**[17](index=17&type=chunk) - Website address for semi-annual report: **http://www.sse.com.cn**[17](index=17&type=chunk) [V. Company Stock Profile](index=5&type=section&id=V.%20Company%20Stock%20Profile) This section provides the company's stock type, listing exchange, abbreviation, and code - Stock Type: **A-share**; Listing Exchange: **Shanghai Stock Exchange**[18](index=18&type=chunk) - Stock Abbreviation: **Sanxia Water Conservancy**; Stock Code: **600116**[18](index=18&type=chunk) [VII. Company's Key Accounting Data and Financial Indicators](index=5&type=section&id=VII.%20Company's%20Key%20Accounting%20Data%20and%20Financial%20Indicators) During the reporting period, operating revenue and total profit significantly decreased, with a larger decline in net profit attributable to shareholders and non-recurring net profit, mainly due to low water levels, supplementary tax payments, reduced investment income, and decreased asset disposal gains [(I) Key Accounting Data](index=5&type=section&id=(I)%20Key%20Accounting%20Data) During the reporting period, the company's operating revenue and total profit significantly decreased year-on-year, with a larger decline in net profit attributable to shareholders and non-recurring net profit Major Accounting Data (Current Reporting Period Jan-Jun vs. Same Period Last Year) | Indicator | Current Reporting Period (CNY) | Same Period Last Year (CNY) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 4,896,320,166.22 | 5,214,595,710.20 | -6.10 | | Total Profit | 112,109,813.11 | 282,827,610.04 | -60.36 | | Net Profit Attributable to Listed Company Shareholders | 47,932,794.85 | 229,030,732.12 | -79.07 | | Net Profit Attributable to Listed Company Shareholders (Excluding Non-Recurring Gains/Losses) | 34,658,995.24 | 209,959,901.42 | -83.49 | | Net Cash Flow from Operating Activities | 236,578,351.65 | 331,459,810.79 | -28.63 | Major Accounting Data (End of Current Reporting Period vs. End of Last Year) | Indicator | End of Current Reporting Period (CNY) | End of Last Year (CNY) | Change (%) | | :--- | :--- | :--- | :--- | | Net Assets Attributable to Listed Company Shareholders | 11,017,571,517.30 | 11,030,038,526.48 | -0.11 | | Total Assets | 25,368,074,903.98 | 25,201,527,976.12 | 0.66 | [(II) Key Financial Indicators](index=5&type=section&id=(II)%20Key%20Financial%20Indicators) During the reporting period, basic EPS, diluted EPS, non-recurring basic EPS, and weighted average ROE all significantly decreased, mainly due to low water levels, supplementary tax payments, reduced investment income, and decreased asset disposal gains Major Financial Indicators (Current Reporting Period Jan-Jun vs. Same Period Last Year) | Indicator | Current Reporting Period | Same Period Last Year | Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (CNY/share) | 0.03 | 0.12 | -75.00 | | Diluted Earnings Per Share (CNY/share) | 0.03 | 0.12 | -75.00 | | Basic Earnings Per Share (Excluding Non-Recurring Gains/Losses) (CNY/share) | 0.02 | 0.11 | -81.82 | | Weighted Average Return on Net Assets (%) | 0.43 | 2.03 | Decreased by 1.6 percentage points | | Weighted Average Return on Net Assets (Excluding Non-Recurring Gains/Losses) (%) | 0.31 | 1.86 | Decreased by 1.55 percentage points | - Profit decline primarily due to **low water levels** at hydropower stations, leading to reduced power business profit; subsidiary supplementary payment of **2021-2023 Western Development corporate income tax preferential tax and late fees**; reduced investment income from some associate companies; decreased asset disposal gains from line relocation and substations; and delayed arrival of rural grid loan repayment subsidies[20](index=20&type=chunk)[21](index=21&type=chunk) - Net cash flow from operating activities decreased mainly due to **low water levels** at hydropower stations, resulting in reduced net cash flow from power business purchases and sales[21](index=21&type=chunk) [IX. Non-Recurring Gains and Losses Items and Amounts](index=6&type=section&id=IX.%20Non-Recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) The company's total non-recurring gains and losses for the reporting period amounted to **CNY 13,273,799.61**, primarily including government subsidies, fair value change gains/losses, reversal of impairment provisions for receivables, and non-operating income/expenses Non-Recurring Gains and Losses Items and Amounts | Non-Recurring Gains and Losses Item | Amount (CNY) | | :--- | :--- | | Gains/Losses from Disposal of Non-Current Assets | -939,393.54 | | Government Grants Included in Current Profit/Loss (Excluding Those with Continuous Impact) | 15,716,679.64 | | Gains/Losses from Fair Value Changes and Disposal of Financial Assets and Liabilities Held by Non-Financial Enterprises | 8,555,504.68 | | Reversal of Impairment Provisions for Accounts Receivable Subject to Individual Impairment Testing | 4,463,857.41 | | Other Non-Operating Income and Expenses Apart from the Above | -11,450,921.75 | | Less: Income Tax Impact | 2,194,367.34 | | Minority Interest Impact (After Tax) | 877,559.49 | | **Total** | **13,273,799.61** | - Gains/losses from disposal of non-current assets mainly represent **losses from disposal of substations and line relocation** by Chongqing Fuling Julong Electric Power Co., Ltd[24](index=24&type=chunk) - Government grants included in current profit/loss mainly consist of **immigration relocation compensation**, **energy storage power station construction subsidies**, **rural small hydropower efficiency improvement and capacity expansion subsidies** transferred from deferred income, and **support funds** received by some subsidiaries[24](index=24&type=chunk) - Fair value change gains/losses mainly include **fair value change gains from structured deposits and other trading financial assets**, and **gains from disposal of financial assets**; also **fair value change gains from secondary market stocks** and **trust product dividends** held by Chongqing Changdian United Energy Co., Ltd[24](index=24&type=chunk) - Other non-operating income and expenses mainly represent **late fees for supplementary tax payments for previous years' Western Development preferential tax policy** by Baitao Chemical and Zhengyang Power Supply[25](index=25&type=chunk) Section III Management Discussion and Analysis [I. Description of the Company's Industry and Main Business Operations During the Reporting Period](index=7&type=section&id=I.%20Description%20of%20the%20Company's%20Industry%20and%20Main%20Business%20Operations%20During%20the%20Reporting%20Period) This section details the company's main business, operating model, performance drivers, industry development, and market position during the reporting period [(I) Main Business and Operating Model](index=7&type=section&id=(I)%20Main%20Business%20and%20Operating%20Model) The company's main business is power generation, supply, and integrated energy services, with power generation and supply as core businesses; integrated energy services focus on user-side distributed energy stations, energy storage facilities, and energy performance contracting - During the reporting period, the company's main business remained unchanged, with core operations in **power generation, supply, and integrated energy services**[26](index=26&type=chunk) - Power generation model: The company primarily relies on **750 MW of hydropower capacity** and a small number of new energy generating units, selling electricity through its distribution network in Chongqing's Wanzhou, Fuling, and Qianjiang areas[27](index=27&type=chunk) - Power supply model: The company's backbone grid covers multiple districts and counties in Chongqing, connected to the Chongqing, Guizhou, Hunan, and Hubei grids, purchasing and selling electricity from various sources to end-users through its distribution network[27](index=27&type=chunk) - Integrated energy business: Focuses on investing in and operating **user-side distributed energy stations** (natural gas, distributed PV) and **energy storage facilities**, while also engaging in **energy performance contracting** for integrated energy supply and energy-saving renovations[28](index=28&type=chunk) [(II) Main Performance Drivers](index=7&type=section&id=(II)%20Main%20Performance%20Drivers) The company's power business performance is mainly driven by sales volume, self-owned power generation, and power purchase cost control; integrated energy services performance is driven by project investment and operational returns - Company power production and supply performance is primarily driven by **increased electricity sales**, **increased self-owned power generation**, and **controlled comprehensive power purchase costs**[29](index=29&type=chunk) - Company integrated energy services performance is primarily driven by **increased project investment income** and **increased operational income** during the operating period[29](index=29&type=chunk) [(III) Industry Overview](index=7&type=section&id=(III)%20Industry%20Overview) In H1 2025, the national economy grew steadily, with power generation up 0.8% and clean energy at 35.2%; integrated energy services rapidly developed under "dual carbon" goals, with significant growth in new energy storage installations; the company holds an important position in Chongqing's power supply market, with integrated energy business in its nascent stage, but with a clear "source-grid-load-storage integration" development model - In the first half of 2025, China's GDP reached **CNY 66,053.6 billion**, representing a **5.3% year-on-year increase** at constant prices[30](index=30&type=chunk) - In the first half of 2025, industrial enterprises above designated size generated **4,537.1 billion kWh** of electricity, a **0.8% year-on-year increase**; nuclear, wind, and solar power generation increased by **11.3%**, **10.6%**, and **20.0%** respectively[32](index=32&type=chunk) - China has built the world's largest clean energy power generation system, with hydropower, nuclear power, wind power, and solar power accounting for **35.2%** of industrial power generation above designated size, an increase of **2.1 percentage points** year-on-year[32](index=32&type=chunk) - Driven by national "dual carbon" goals, building a new power system is a key focus for promoting a new round of "energy revolution," vigorously developing integrated energy services, and fostering new market entities like integrated energy service providers, energy storage companies, and load aggregators[34](index=34&type=chunk) - In the first half of 2025, new energy storage installations in China reached **21.9 GW/55.2 GWh**, a year-on-year increase of **69.4%/76.6%**[35](index=35&type=chunk) - During the reporting period, the company owned approximately **2.207 GW** of dispatchable power capacity, accounting for about **10%** of Chongqing's average annual electricity consumption, holding a significant market position in its service areas[36](index=36&type=chunk)[37](index=37&type=chunk) - The company's integrated energy services have adopted a development model primarily based on **"source-grid-load-storage integration"**, but the business is generally in its nascent stage, positioning it as an emerging entity in the integrated energy sector[38](index=38&type=chunk) [II. Discussion and Analysis of Operations](index=9&type=section&id=II.%20Discussion%20and%20Analysis%20of%20Operations) In H1 2025, operating performance significantly declined due to low water levels, reduced asset disposal and investment income, and supplementary tax payments, but electricity sales reached a new high, and new integrated energy businesses released profitability, with standardized and efficient corporate governance - In the first half of 2025, the company completed **6.80199 billion kWh** of distributed and sold electricity, a **2.66% increase** from **6.62559 billion kWh** in the same period last year, setting a new historical high for the period[39](index=39&type=chunk) - From January to June 2025, the company achieved total operating revenue of **CNY 4.896 billion**, a **6.10% decrease** from **CNY 5.215 billion** in the same period last year; net profit attributable to listed company shareholders was **CNY 48 million**, a **79.07% year-on-year decrease**[39](index=39&type=chunk) - As of June 30, 2025, the company's total assets were **CNY 25.368 billion**, a **0.66% increase** from the beginning of the year; total liabilities were **CNY 14.139 billion**, a **1.33% increase** from the beginning of the year; net assets attributable to listed company shareholders were **CNY 11.018 billion**, a **0.11% decrease** from the beginning of the year[39](index=39&type=chunk) [(I) Main Profit Composition](index=9&type=section&id=(I)%20Main%20Profit%20Composition) During the reporting period, power business and integrated energy business were the main profit sources, but manganese trade and other businesses incurred losses, and credit impairment losses and asset impairment losses negatively impacted profit - Achieved **CNY 170.64 million** in power business profit, accounting for **138.21%** of operating profit[40](index=40&type=chunk) - Achieved **CNY 62.07 million** in integrated energy business profit, accounting for **50.28%** of operating profit, mainly due to the continuous profitability of the Wanzhou Economic Development Zone Jiulongyuan cogeneration project and enhanced comprehensive project returns from optimizing peak/frequency regulation auxiliary services at independent/shared energy storage power stations[40](index=40&type=chunk) - Manganese trade business incurred a loss of **CNY 47.76 million**, accounting for **-38.68%** of operating profit, mainly due to reduced trade business scale, lower-than-expected capacity utilization, and mining volume, leading to losses in manganese and trade businesses this period[41](index=41&type=chunk) - Credit impairment loss was **CNY 49.95 million**, accounting for **-40.46%** of operating profit, mainly due to the provision for credit impairment based on aging and the reversal of individually provided bad debt provisions from previous years[41](index=41&type=chunk) [(II) Main Work Progress](index=10&type=section&id=(II)%20Main%20Work%20Progress) The company focused on strengthening foundations and forging new growth drivers, ensuring power supply, advancing power source projects, optimizing grid structure, expanding integrated energy businesses, deepening standardized operations, and strengthening Party leadership, achieving record high electricity sales and releasing profitability in integrated energy businesses - Faced with severe low water levels in the first half of the year, the company established a supply guarantee leading group, implementing multiple measures to ensure power supply, completing **6.802 billion kWh** of distributed and sold electricity in the first half, a new historical high for the period[42](index=42&type=chunk) - Advanced power source configuration within the grid: the Fuling Baitao 1x490 MW cogeneration project units are ready for **168-hour trial operation**, and the Wanzhou Wuling (Phase II) **18.3 MW distributed photovoltaic power generation project** has commenced operation[42](index=42&type=chunk) - Expanded integrated energy business: won the Bensteel Plate high-voltage operation area 2x135 MW waste gas resource comprehensive utilization power generation project with a total price of approximately **CNY 1.118 billion**, with the main engineering fully completed; the Wanzhou Economic Development Zone Jiulongyuan cogeneration Phase II project is over half complete; achieved **CNY 62.07 million** in integrated energy operating profit in the first half, a **21.82% year-on-year increase**[43](index=43&type=chunk) - Optimized energy storage power station operation strategies: Chongqing Liangjiang Longsheng, Yongchuan Songgai, and Guangxi Pingguo energy storage power stations actively participated in frequency regulation trial operations; signed **12 user-side energy storage projects** in the first half, with a total capacity of **57.29 MWh**[43](index=43&type=chunk) - Deepened standardized operations: timely formulated or revised over ten systems related to post-investment management, cybersecurity, and project construction; orderly advanced the compilation of the **"15th Five-Year Plan (2026-2030)"** strategic development plan; conducted special research in new business areas[44](index=44&type=chunk) - Strengthened Party leadership: Party organizations at all levels reinforced their core political leadership role in serving the overall strategic goals, ensuring implementation; successfully completed the **third round of political inspections**; compiled and released the **2024 ESG report**, again receiving an **A-level rating** from a third-party institution[46](index=46&type=chunk) [III. Analysis of Core Competitiveness During the Reporting Period](index=11&type=section&id=III.%20Analysis%20of%20Core%20Competitiveness%20During%20the%20Reporting%20Period) The company's core competitiveness lies in its clean and low-carbon energy advantages, distribution and retail power industry foundation, mixed-ownership enterprise advantages, and standardized and efficient corporate governance, collectively supporting high-quality development amidst energy transition and market competition - Clean and low-carbon energy advantage: The company's existing power stations are primarily **hydropower**, with new power sources under construction mainly **gas-fired units and new energy units**; integrated energy and energy storage businesses align with national **"dual carbon" goals** and the Three Gorges Group's industrial development direction[47](index=47&type=chunk) - Distribution and retail power industry foundation advantage: The company has formed a distribution and retail power main business with a **large asset scale and strong profitability**, controlling scarce distribution network market resources; its power supply network is connected to **State Grid Chongqing Electric Power, Hubei Power Grid, and Southern Grid Guizhou Power Grid**, ensuring high power supply safety and reliability[48](index=48&type=chunk) - Mixed-ownership enterprise advantage: As a pilot platform for the Three Gorges Group's implementation of national power system reform and mixed-ownership reform, the company combines **standardized listed company governance** with **market-oriented operational management**, featuring a diversified equity structure that fully leverages the respective advantages of state and non-state capital[50](index=50&type=chunk) - Standardized, efficient corporate governance: The company strictly adheres to requirements such as the **"Company Law"** and **"Securities Law"**, continuously improving its corporate governance; it has established and effectively operates a management mechanism with clear responsibilities, standardized operations, mutual coordination, and mutual checks and balances among the power, decision-making, supervisory, and management layers[51](index=51&type=chunk) [IV. Main Operating Conditions During the Reporting Period](index=12&type=section&id=IV.%20Main%20Operating%20Conditions%20During%20the%20Reporting%20Period) This section comprehensively analyzes the company's financial statement item changes, business type and profit composition changes, asset and liability situation, investment status, and operating performance of major controlled and associate companies during the reporting period, fully demonstrating the company's operating results and financial health [(I) Main Business Analysis](index=12&type=section&id=(I)%20Main%20Business%20Analysis) During the reporting period, operating revenue and costs decreased, sales and financial expenses decreased, administrative expenses increased, and R&D expenses significantly decreased; net cash flow from operating activities decreased, net cash flow from investing activities decreased, and net cash flow from financing activities increased; other income, investment income, and asset disposal gains decreased, fair value change gains increased, and non-operating expenses significantly increased 1. Analysis Table of Changes in Financial Statement Items | Item | Current Period (CNY) | Same Period Last Year (CNY) | Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 4,896,320,166.22 | 5,214,595,710.20 | -6.10 | Decrease in manganese trade and integrated energy business revenue | | Operating Cost | 4,379,366,503.60 | 4,596,046,581.92 | -4.71 | Decrease in manganese trade and integrated energy business costs | | Selling Expenses | 9,214,677.42 | 11,008,701.69 | -16.30 | Decrease in sales personnel costs due to subsidiary functional adjustments | | Administrative Expenses | 218,016,273.25 | 188,769,371.20 | 15.49 | Increase in labor costs | | Financial Expenses | 118,212,661.63 | 122,539,856.91 | -3.53 | Decrease in subsidiary letter of credit interest expenses | | R&D Expenses | 59,852.33 | 1,189,220.22 | -94.97 | Some subsidiary R&D projects nearing completion, reduced investment | | Net Cash Flow from Operating Activities | 236,578,351.65 | 331,459,810.79 | -28.63 | Low water levels at hydropower stations, reduced net cash flow from power business purchases and sales | | Net Cash Flow from Investing Activities | -796,991,391.78 | -777,148,005.69 | Not applicable | Increased investment in wealth management products | | Net Cash Flow from Financing Activities | 498,215,039.79 | 321,604,399.80 | 54.92 | Increased borrowings | | Other Income | 26,198,099.65 | 44,475,163.80 | -41.09 | Rural grid loan repayment subsidies not received on time | | Investment Income | 9,400,766.76 | 37,231,562.77 | -74.75 | Reduced investment income from associates and non-trading financial assets | | Fair Value Change Gains/Losses | 2,373,249.66 | -18,123,007.65 | Not applicable | Smaller fluctuation in market value of Autocare shares held by subsidiary compared to last year | | Credit Impairment Losses | -49,954,039.38 | -71,156,191.05 | Not applicable | Subsidiary's large accounts receivable bad debt provision fully accrued in previous year | | Asset Impairment Losses | -8,403,378.92 | -3,816,780.00 | Not applicable | Subsidiary accrued impairment provision for silicon metal inventory | | Asset Disposal Gains/Losses | -1,036,062.62 | 18,536,988.25 | -105.59 | Reduced asset disposal gains from line relocation and substations | | Non-Operating Income | 5,356,977.22 | 3,618,184.17 | 48.06 | Received employee resettlement compensation from previous years | | Non-Operating Expenses | 16,711,229.89 | 2,030,680.59 | 722.94 | Subsidiary supplementary payment of late fees for previous years' taxes | 2. Detailed Explanation of Significant Changes in the Company's Business Type, Profit Composition, or Profit Sources in the Current Period During the reporting period, profit from power generation and supply decreased, manganese and trade business losses reduced, integrated energy services profit increased, other income, investment income, and asset disposal gains decreased, fair value change gains increased, credit impairment losses decreased, and non-operating expenses increased | Item | Jan-Jun 2025 (CNY 10,000) | % of Total Profit | Jan-Jun 2024 (CNY 10,000) | % of Total Profit | Explanation of Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Power Generation and Supply | 17,063.66 | 152.20 | 30,955.40 | 109.45 | Decreased year-on-year, mainly due to reduced self-generated electricity and increased depreciation expenses | | Manganese and Trade Business | -4,776.15 | -42.60 | -6,392.70 | -22.60 | Loss reduced year-on-year, mainly due to a slight increase in electrolytic manganese prices, and increased ore mining and electrolytic manganese production | | Integrated Energy Services | 6,207.27 | 55.37 | 5,095.40 | 18.02 | Increased year-on-year, mainly due to new Guangxi Pingguo and Liangjiang Longsheng Phase II energy storage projects commencing operation, and increased frequency regulation income from energy storage power stations | | Other Income | 2,619.81 | 23.37 | 4,447.52 | 15.73 | Decreased year-on-year, mainly due to not receiving rural grid loan repayment subsidies on time | | Investment Income | 940.08 | 8.39 | 3,723.16 | 13.16 | Decreased year-on-year, mainly due to reduced investment income from associates recognized by equity method and reduced investment income from non-trading financial assets | | Fair Value Change Gains/Losses | 237.32 | 2.12 | -1,812.30 | -6.41 | Increased year-on-year, mainly due to smaller fluctuation in market value of Autocare shares held by wholly-owned subsidiary United Energy compared to last year | | Credit Impairment Losses | -4,995.40 | -44.56 | -7,115.62 | -25.16 | Decreased year-on-year, mainly because the bad debt provision for large accounts receivable of wholly-owned subsidiary Supply Chain Company was fully accrued in the previous year, reducing the current period's provision | | Asset Disposal Gains/Losses | -103.61 | -0.92 | 1,853.70 | 6.55 | Decreased year-on-year, mainly due to reduced asset disposal gains from line relocation projects and Jingdongfang substation | | Non-Operating Expenses | 1,671.12 | -14.91 | 203.07 | -0.72 | Increased year-on-year, mainly due to wholly-owned subsidiaries Baitao Chemical and Zhengyang Power Supply supplementary payment of late fees for previous years' Western Development preferential tax policy | [(III) Analysis of Assets and Liabilities](index=15&type=section&id=(III)%20Analysis%20of%20Assets%20and%20Liabilities) At period-end, total assets and liabilities slightly increased, while net assets attributable to shareholders slightly decreased; long-term borrowings, construction in progress, accounts receivable, other current liabilities, and long-term payables saw significant increases, while prepayments, notes payable, employee benefits payable, and non-current liabilities due within one year significantly decreased 1. Asset and Liability Status | Item Name | Current Period End (CNY) | % of Total Assets at Period End | Last Year End (CNY) | % of Total Assets at Last Year End | Change (%) | Explanation of Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 1,499,982,104.10 | 5.91 | 1,685,393,573.08 | 6.69 | -11.00 | | | Accounts Receivable | 1,451,977,284.15 | 5.72 | 1,193,958,515.49 | 4.74 | 21.61 | | | Inventories | 436,414,622.64 | 1.72 | 408,399,378.11 | 1.62 | 6.86 | | | Contract Assets | 371,490,325.45 | 1.46 | 342,454,786.04 | 1.36 | 8.48 | | | Long-Term Equity Investments | 2,045,398,606.99 | 8.06 | 2,083,702,871.52 | 8.27 | -1.84 | | | Fixed Assets | 10,736,799,084.13 | 42.32 | 10,941,083,112.08 | 43.41 | -1.87 | | | Construction in Progress | 1,779,180,698.03 | 7.01 | 1,504,895,713.94 | 5.97 | 18.23 | | | Short-Term Borrowings | 4,570,335,013.62 | 18.02 | 4,844,904,847.84 | 19.22 | -5.67 | | | Contract Liabilities | 160,683,564.39 | 0.63 | 187,549,435.16 | 0.74 | -14.32 | | | Long-Term Borrowings | 3,839,265,430.10 | 15.13 | 2,892,717,838.61 | 11.48 | 32.72 | Optimized financing structure by increasing long-term borrowings | | Prepayments | 73,021,299.28 | 0.29 | 126,866,694.58 | 0.50 | -42.44 | Reduced prepayments for electricity and coal | | Notes Payable | 105,060,461.17 | 0.41 | 204,924,862.29 | 0.81 | -48.73 | Reduced bank acceptance bill financing | | Employee Benefits Payable | 90,387,048.85 | 0.36 | 158,735,683.53 | 0.63 | -43.06 | Paid performance bonuses accrued in previous period | | Non-Current Liabilities Due Within One Year | 554,873,788.82 | 2.19 | 1,752,018,364.24 | 6.95 | -68.33 | Repaid bonds due within one year from previous year | | Other Current Liabilities | 860,691,633.38 | 3.39 | 62,402,644.49 | 0.25 | 1,279.26 | Issued new CNY 800 million ultra-short-term financing bonds | | Long-Term Payables | 557,816,747.99 | 2.20 | 168,947,947.99 | 0.67 | 230.17 | New sale-and-leaseback business | 3. Major Asset Restrictions as of the End of the Reporting Period | Loan Subject | Project | Pledged Net Value (CNY 10,000) | Restricted Period | Loan Amount (CNY 10,000) | | :--- | :--- | :--- | :--- | :--- | | Chongqing Sanxia Water Conservancy and Electric Power (Group) Co., Ltd. | Yangdonghe Hydropower Station Land Use Rights | | 2015-2030 | 2,177.00 | | Chongqing Sanxia Green Energy Co., Ltd. | Machinery and Equipment | 3,630.35 | 2024-2029 | 1,800.00 | | Chongqing Liangjiang Integrated Energy Services Co., Ltd. | Machinery and Equipment | 7,540.95 | 2025-2037 | 4,928.00 | | Chongqing Wujiang Electric Power Co., Ltd. | Machinery and Equipment | 39,806.33 | 2025-2030 | 44,450.00 | | Chongqing Wujiang Electric Power Co., Ltd. | Houses and Buildings | 41.68 | | | | Guizhou Wuling Manganese Industry Co., Ltd. | Machinery and Equipment | 11,024.35 | 2023-2028 | 16,000.00 | | **Total** | | **62,043.66** | | **69,355.00** | [(IV) Investment Status Analysis](index=17&type=section&id=(IV)%20Investment%20Status%20Analysis) This section analyzes the company's external equity and significant non-equity investments, as well as financial assets measured at fair value, securities investments, and private equity fund investments, reflecting the company's investment strategy and asset allocation 1. Overall Analysis of External Equity Investments As of H1 2025, the company held equity in 46 associate companies and 4 private equity funds, with 2 new associate companies and 1 exit during the reporting period - As of the first half of 2025, the company held equity in **46 associate companies** and **4 private equity funds**[65](index=65&type=chunk) - During the reporting period, the company added **2 associate companies**: Chongqing Lihong Times New Material Co., Ltd. (1% stake) and Sichuan Zaixin Energy Development Co., Ltd. (40% stake)[65](index=65&type=chunk) - During the reporting period, the company exited **1 associate company**: Jiangxi Ganfeng Lithium Battery Technology Co., Ltd. (originally 1.99% stake)[65](index=65&type=chunk) (2). Significant Non-Equity Investments The company has several significant non-equity investment projects underway, including rural power grid upgrading, Fuling Baitao cogeneration, Bensteel Plate waste gas resource utilization power generation, etc., with substantial cumulative investments aimed at enhancing power supply capacity and expanding integrated energy businesses Progress of Significant Non-Equity Investment Projects | Project | Budget (CNY 10,000) | Investment in Current Period (CNY 10,000) | Cumulative Actual Investment (CNY 10,000) | Funding Progress (%) | Funding Source | | :--- | :--- | :--- | :--- | :--- | :--- | | Rural Power Grid Upgrading Project, 2019-2025 Central Budget Investment Plan | 128,308.00 | 3,176.32 | 113,004.05 | 88.07 | Loans, Own Funds, Central Budget Funds | | Wanzhou District Urban Function Restoration Power Grid Renovation Project | 37,765.00 | 0.00 | 24,524.91 | 64.94 | Three Gorges Follow-up Special Funds, Loans | | Guizhou Manganese Industry Youcaogou Slag Reservoir Expansion Project | 15,004.00 | 1,347.13 | 11,034.05 | 73.54 | Own Funds | | Longxing Ganfeng Distributed Energy Station Project | 67,321.00 | 51.12 | 5,429.84 | 8.07 | Own Funds | | 220 kV Xintian Transmission and Transformation Project | 28,096.00 | 1,057.88 | 6,187.44 | 22.02 | Own Funds | | Bensteel Plate Waste Gas Resource Comprehensive Utilization Power Generation Project | 78,164.78 | 6,108.00 | 39,984.89 | 51.15 | Loans, Own Funds | | Chongqing Fuling Baitao Cogeneration Project | 127,700.00 | 11,780.27 | 67,325.78 | 52.72 | Loans, Own Funds | | Jiulongyuan Cogeneration Phase II Project | 50,000.00 | 3,622.11 | 4,263.68 | 8.53 | Loans, Own Funds | (3). Financial Assets Measured at Fair Value At period-end, total financial assets measured at fair value amounted to **CNY 1,823,155,273.54**, an increase from the beginning of the period, mainly comprising notes receivable financing, trading financial assets, other equity instrument investments, and other non-current financial assets Fair Value of Financial Assets at Period End | Asset Category | Period-End (CNY) | Period-Beginning (CNY) | | :--- | :--- | :--- | | Notes Receivable Financing | 123,120,104.08 | 163,571,156.19 | | Trading Financial Assets | 1,046,178,608.05 | 973,380,947.40 | | Other Equity Instrument Investments | 96,599,029.68 | 96,599,029.68 | | Other Non-Current Financial Assets | 557,257,531.73 | 527,257,531.73 | | **Total** | **1,823,155,273.54** | **1,760,808,665.00** | - Notes receivable financing decreased at period-end compared to period-beginning, mainly due to **discounting and collection of bank acceptance bills** in the current period[77](index=77&type=chunk) - Trading financial assets measured at fair value increased at period-end compared to period-beginning, mainly due to **increased fair value change gains from wealth management products** and **new purchases of wealth management products** in the current period[78](index=78&type=chunk) Securities Investment Status The company's securities investments primarily consist of Autocare shares, with a book value of **CNY 51,392,402.20** at period end, and a fair value change loss of **CNY -2,658,227.70** for the current period Securities Investment Status | Security Code | Security Abbreviation | Initial Investment Cost (CNY) | Period-Beginning Book Value (CNY) | Fair Value Change Gains/Losses in Current Period (CNY) | Period-End Book Value (CNY) | Accounting Subject | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | 002239 | Autocare | 69,999,996.10 | 54,050,629.90 | -2,658,227.70 | 51,392,402.20 | Trading Financial Assets | Private Equity Fund Investment Status The company invested in private equity funds including CICC Qichen II, Chongqing Jiangbei Zhongke Xianxing, Green Energy Equity Mixed Reform Investment Fund, and Chongqing Qianjiang Xingcai, totaling **CNY 326,961,835.80** at period end Private Equity Fund Investment Status | Fund Name | Period-Beginning (CNY) | Amount Purchased in Current Period (CNY) | Period-End (CNY) | | :--- | :--- | :--- | :--- | | CICC Qichen II (Wuxi) Emerging Industry Equity Investment Partnership (Limited Partnership) | 118,941,780.24 | 30,000,000.00 | 148,941,780.24 | | Chongqing Jiangbei Zhongke Xianxing Private Equity Investment Fund Partnership (Limited Partnership) | 33,979,851.49 | | 33,979,851.49 | | Green Energy Equity Mixed Reform Investment Fund (Guangzhou) Partnership (Limited Partnership) | 140,920,204.07 | | 140,920,204.07 | | Chongqing Qianjiang Xingcai Private Equity Investment Fund Partnership (Limited Partnership) | 3,120,000.00 | | 3,120,000.00 | | **Total** | **296,961,835.80** | **30,000,000.00** | **326,961,835.80** | [(V) Significant Asset and Equity Disposals](index=22&type=section&id=(V)%20Significant%20Asset%20and%20Equity%20Disposals) The company's first extraordinary general meeting in 2025 approved the transfer of all equity in Chongqing Tiantai Energy Group Co., Ltd. held by its subsidiary Chongqing Liangjiang Changxing Electric Power Co., Ltd., with a reserve price of **CNY 640.7596 million**; the public listing is ongoing, with uncertainties - The company's 2025 first extraordinary general meeting approved the transfer of all equity in Chongqing Tiantai Energy Group Co., Ltd. held by its wholly-owned subsidiary, Chongqing Liangjiang Changxing Electric Power Co., Ltd[82](index=82&type=chunk) - The reserve price for this public listing transfer was set at **CNY 640.7596 million**, based on the valuation report approved by the Three Gorges Group[82](index=82&type=chunk) - As of the disclosure date of this report, the public listing is ongoing, and the transaction counterparty has not yet been determined, posing **uncertainty risks** such as insufficient interested parties or a failed transaction[82](index=82&type=chunk) [(VI) Analysis of Major Controlled and Associate Companies](index=22&type=section&id=(VI)%20Analysis%20of%20Major%20Controlled%20and%20Associate%20Companies) During the reporting period, the performance of major subsidiaries and associate companies fluctuated significantly; net profits of United Energy, Changxing Electric Power, and Wanzhou Company decreased, and Tiantai Energy's net profit also decreased, mainly due to reduced self-generated electricity, supplementary tax payments, decreased investment income, and rising raw material costs Major Subsidiaries and Associate Companies with over 10% Impact on Company's Net Profit | Company Name | Company Type | Net Profit (CNY 10,000) | Explanation of Change | | :--- | :--- | :--- | :--- | | Chongqing Changdian United Energy Co., Ltd. | Subsidiary | 8,522 | Decreased by CNY 9,413 10,000 year-on-year, mainly due to reduced self-generated electricity and supplementary tax payments and late fees by wholly-owned subsidiaries Zhengyang Power Supply and Baitao Chemical | | Chongqing Liangjiang Changxing Electric Power Co., Ltd. | Subsidiary | -3,871 | Decreased by CNY 5,251 10,000 year-on-year, mainly due to reduced investment income from Tiantai Energy and increased credit impairment losses due to aging receivables | | Chongqing Liangjiang Integrated Energy Services Co., Ltd. | Subsidiary | 770 | | | Chongqing Sanxia Green Energy Co., Ltd. | Subsidiary | -222 | | | Chongqing Sanxia Water Conservancy and Electric Power Group Wanzhou Co., Ltd. | Subsidiary | 933 | Decreased by CNY 1,678 10,000 year-on-year, mainly due to reduced self-generated electricity and increased labor costs | | Chongqing Sanxia Water Conservancy and Electric Power Investment Co., Ltd. | Subsidiary | -378 | | | Chongqing Tiantai Energy Group Co., Ltd. | Associate Company | -1,610 | Decreased by CNY 5,117 10,000 year-on-year, mainly due to increased raw material procurement costs and reduced gas sales | | Guizhou Qianyuan Electric Power Co., Ltd. | Associate Company | 5,185 | (Data from its publicly disclosed "2025 First Quarter Report") | | Chongqing Shan-Yu Lingang Thermal Power Co., Ltd. | Associate Company | 990 | | | Hubei Xianfeng Chaoyangsi Electric Power Co., Ltd. | Associate Company | 1,144 | | | Sichuan Chuaneng Zhineng Industrial Co., Ltd. | Associate Company | -3,369 | | | Guangdong Xinjuneng Energy Technology Co., Ltd. | Associate Company | 1,230 | | [V. Other Disclosure Matters](index=24&type=section&id=V.%20Other%20Disclosure%20Matters) This section discloses potential risks the company may face, including macroeconomic fluctuations, operational, policy, management, and new business profitability risks, and outlines corresponding response strategies [(I) Potential Risks](index=24&type=section&id=(I)%20Potential%20Risks) The company faces macroeconomic fluctuation, operational, policy, management, and new business profitability risks; it has formulated countermeasures to address these challenges - Macroeconomic fluctuation risk: The company's power industry is a fundamental sector of the national economy, and macroeconomic conditions are closely related to industrial and commercial electricity demand, impacting the company's power production and operations; countermeasures include **strengthening communication with users**, **adjusting operating strategies**, and **enhancing risk control**[88](index=88&type=chunk) - Operating risks: The company's new power sources are in a large-scale investment and construction phase, with **insufficient self-owned power**; electricity consumption by some regional users has decreased; the **manganese business continues to negatively impact** the company's operating performance; accounts receivable are substantial, posing **collection pressure**; goodwill is significant, with potential for **further impairment risk**[89](index=89&type=chunk) - Policy risks: Deepening power market reforms pose **uncertainties for the company's traditional operating model**; new businesses like integrated energy and energy storage are highly driven by policy; increasingly stringent national environmental protection regulations may lead to **increased environmental investment, penalties, or even shutdowns** for related industries[91](index=91&type=chunk)[92](index=92&type=chunk) - Management risks: As the company's scale expands and management scope widens, new businesses will face challenges in **management integration, model adjustment, talent reserve, technological innovation, and market expansion**[94](index=94&type=chunk) - Risk of new business profitability falling short of expectations: The energy industry is constantly evolving, with a lack of key core technologies and replicable business models for new businesses, meaning their **short-term profitability has not yet provided strong support** for the company's performance[95](index=95&type=chunk) Section IV Corporate Governance, Environment, and Society [II. Profit Distribution or Capital Reserve Conversion Plan](index=26&type=section&id=II.%20Profit%20Distribution%20or%20Capital%20Reserve%20Conversion%20Plan) The company has no profit distribution or capital reserve conversion plan for the semi-annual period - This semi-annual report is unaudited, with **no profit distribution plan or capital reserve conversion plan**[98](index=98&type=chunk) [IV. Environmental Information of Listed Companies and Their Major Subsidiaries Included in the List of Enterprises Required to Disclose Environmental Information by Law](index=26&type=section&id=IV.%20Environmental%20Information%20of%20Listed%20Companies%20and%20Their%20Major%20Subsidiaries%20Included%20in%20the%20List%20of%20Enterprises%20Required%20to%20Disclose%20Environmental%20Information%20by%20Law) The company has **2** subsidiaries included in the list of enterprises required to disclose environmental information by law, with provided inquiry indexes - Number of enterprises included in the list of enterprises required to disclose environmental information by law: **2**[98](index=98&type=chunk) - Includes **Chongqing Bolian Thermal Power Co., Ltd.** and **Guizhou Wuling Manganese Industry Co., Ltd.**, with corresponding inquiry indexes for their environmental information disclosure reports[98](index=98&type=chunk) [V. Specific Progress in Consolidating and Expanding Poverty Alleviation Achievements and Rural Revitalization](index=26&type=section&id=V.%20Specific%20Progress%20in%20Consolidating%20and%20Expanding%20Poverty%20Alleviation%20Achievements%20and%20Rural%20Revitalization) The company continuously strengthened organizational leadership, ensured poverty alleviation funds and teams, implemented assistance policies, focused on consolidating and improving "two assurances and three guarantees," actively promoted rural revitalization through Party building, industrial development, and consumption assistance, and formulated subsequent plans - The company highly values and continuously strengthens organizational leadership, regularly studying matters related to consolidating and expanding poverty alleviation achievements and effective衔接 with rural revitalization; it ensures poverty alleviation teams and funds, dispatching staff to form resident village working teams, maintaining strong investment in poverty alleviation funds; and strictly implements the **"four no-removals"** requirements, continuously promoting and implementing existing assistance policies[99](index=99&type=chunk) - Through strengthening Party building leadership, the company promotes the construction of grassroots village Party organizations, organizes young employees to participate in concentrated human settlement environment improvement activities in Yuyan Village, Qianjiang District, and collaborates with the village committee to implement **"three meetings and one lesson"** and themed Party day activities[101](index=101&type=chunk) - Regularly conducts screening for **"two assurances and three guarantees"** issues, visits and engages with poverty-stricken and monitored households monthly, establishes problem and rectification ledgers, and performs quarterly anti-poverty risk analysis[101](index=101&type=chunk) - Focuses on industrial development, assisting Yuyan Village in fully leveraging its resource advantages to vigorously develop **specialized and traditional agriculture**; helps Wanzhou Puzi Township Wanchang Village's collective economy **"oil mill"** prepare for second-half sales; and through Wanzhou Company's offline procurement of rice, vegetables, livestock products, and agricultural by-products, effectively promotes increased income for villagers[102](index=102&type=chunk) - Subsequent plans include firmly upholding the bottom line of **"two assurances and three guarantees"** tasks, continuing in-depth visits, completing the rotation of the first secretary of the Puzi Township resident working team in Wanzhou District, assisting in developing characteristic industries and agricultural product processing industries, continuously managing the production, operation, market expansion, and quality improvement of the oil mill, continuing online and offline consumption assistance, implementing the **"cultural revitalization to promote rural revitalization"** work approach, carrying out targeted care activities, and continuously conducting Party branch co-building activities[103](index=103&type=chunk) Section V Significant Matters [I. Fulfillment of Commitments](index=28&type=section&id=I.%20Fulfillment%20of%20Commitments) The company's actual controller, shareholders, and related parties strictly fulfilled all commitments regarding avoiding horizontal competition, reducing and standardizing related-party transactions, and ensuring the independence of the listed company during the reporting period, with no instances of delayed fulfillment - Company shareholder Changdian Yichang Energy Investment Co., Ltd. and its concerted parties committed to **avoiding horizontal competition**, and if they obtain commercial opportunities or investment projects that constitute substantial horizontal competition with the listed company's business, they shall **prioritize recommending them to the listed company**[105](index=105&type=chunk)[108](index=108&type=chunk) - Company shareholder Changdian Yichang Energy Investment Co., Ltd. and its concerted parties committed to **minimizing and avoiding unnecessary related-party transactions** with Sanxia Water Conservancy, and for necessary and unavoidable related-party transactions, they will adhere to market principles of fairness, impartiality, and openness, conducting them at fair and reasonable market prices, and strictly fulfilling internal decision-making, approval processes, and information disclosure obligations[106](index=106&type=chunk)[107](index=107&type=chunk) - Company shareholder Changdian Yichang Energy Investment Co., Ltd. and its concerted parties committed to ensuring the **independence of the listed company's personnel, asset integrity, and financial independence**, and to maintaining the independence or completeness of management structure, assets, personnel, production and operations, and finance[108](index=108&type=chunk) - China Three Gorges Corporation, China Yangtze Power Co., Ltd., Xinhua Hydropower Generation Co., Ltd., and others committed to **avoiding horizontal competition**, prioritizing the transfer or recommendation of commercial opportunities to the listed company[108](index=108&type=chunk) - China Three Gorges Corporation, China Yangtze Power Co., Ltd., and its concerted parties committed to **reducing and standardizing related-party transactions**, avoiding illegal occupation of listed company funds and assets, and conducting related-party transactions in accordance with market principles of fairness, impartiality, and openness[109](index=109&type=chunk) - During the reporting period, the company's actual controller, shareholders, related parties, and other committed parties **strictly fulfilled all commitment matters**, with no instances of delayed fulfillment[105](index=105&type=chunk)[106](index=106&type=chunk)[107](index=107&type=chunk)[108](index=108&type=chunk)[109](index=109&type=chunk)[110](index=110&type=chunk) [VII. Significant Litigation and Arbitration Matters](index=33&type=section&id=VII.%20Significant%20Litigation%20and%20Arbitration%20Matters) During the reporting period, the company had multiple significant litigation and arbitration matters; subsidiary Liangjiang Chengxian Electric Power filed a lawsuit for overdue engineering payments and received partial compensation; Supply Chain Company applied for arbitration for overdue payments and received an award, with enforcement underway; Supply Chain Company's sales contract dispute with Dongfang Jialiang is in enforcement and review - Subsidiary Chongqing Liangjiang City Electric Power Construction Co., Ltd. filed a lawsuit against American Moto for overdue engineering progress payments, involving **CNY 42.316 million** (including liquidated damages); the court ruled for payment of **CNY 38.19 million**, and the company has received **CNY 30.9429 million** in priority compensation[112](index=112&type=chunk) - Subsidiary Chongqing Changdian United Supply Chain Management Co., Ltd. applied for arbitration against Beijing Qigao Technology Development Co., Ltd. for overdue payments, involving **CNY 25.986 million** (including liquidated damages); the arbitration award ruled for payment of **CNY 20.60 million** in principal and liquidated damages; the court has issued a ruling to add additional defendants, and the **equity appraisal and auction process is underway**[112](index=112&type=chunk) - The sales contract dispute between subsidiary Supply Chain Company and Dongfang Jialiang (Beijing) Agricultural Development Group Co., Ltd. involves **CNY 61.984 million**; the court ruled that Dongfang Jialiang pay the goods and corresponding liquidated damages; Supply Chain Company is accelerating enforcement and has filed a separate lawsuit against related parties for infringement damages[114](index=114&type=chunk) [IX. Explanation of the Integrity Status of the Company, its Controlling Shareholder, and Actual Controller During the Reporting Period](index=35&type=section&id=IX.%20Explanation%20of%20the%20Integrity%20Status%20of%20the%20Company,%20its%20Controlling%20Shareholder,%20and%20Actual%20Controller%20During%20the%20Reporting%20Period) During the reporting period, the company's controlling shareholder and actual controller had no unfulfilled effective court judgments or large overdue debts, maintaining good integrity - During the reporting period, the company's controlling shareholder and actual controller had **no unfulfilled effective court judgments** or **large overdue debts** that were not cleared, maintaining good integrity[115](index=115&type=chunk) [X. Significant Related-Party Transactions](index=36&type=section&id=X.%20Significant%20Related-Party%20Transactions) The company had recurring related-party transactions, with an estimated amount of **CNY 728.61 million** and actual occurrence of **CNY 275.38 million**; related-party creditor-debtor relationships, mainly from daily operations, had no significant impact on the company's operating results and financial position Related-Party Transactions Related to Daily Operations | Overview of Matter | Estimated Amount (CNY 10,000) | Actual Amount in H1 (CNY 10,000) | Inquiry Index | | :--- | :--- | :--- | :--- | | 2025 Daily Related-Party Transactions in Power Purchase/Sale, Engineering, O&M | 72,861 | 27,538 | See the "Announcement on the 2025 Annual Daily Related-Party Transaction Plan" (Interim 2025-006) disclosed by the company on January 11, 2025, on the Shanghai Stock Exchange website | Related-Party Creditor-Debtor Relationships (Period-End Balance) | Related Party | Related Relationship | Funds Provided to Related Party (CNY) | Funds Provided by Related Party to Listed Company (CNY) | | :--- | :--- | :--- | :--- | | Chongqing Dongsheng Aluminum Co., Ltd. | Company whose directors, supervisors, and senior management serve as senior management | 1,036,084.81 | 0.00 | | Zhejiang Changlongshan Pumped Storage Co., Ltd. | Other subsidiaries directly controlled by controlling shareholder | 3,864,962.53 | 0.00 | | Chongqing Liangjiang New Area Shuitu High-Tech Industrial Park Construction Investment Co., Ltd. | Other enterprises controlled by other shareholders holding over 5% | 166,597,281.06 | 0.00 | | China Yangtze Power Co., Ltd. | Other subsidiaries directly controlled by controlling shareholder | 19,911,916.94 | 206,458.56 | | Chongqing Fuling Energy Industry Group Co., Ltd. | Other enterprises controlled by other shareholders holding over 5% | 52,019,088.26 | 0.00 | | Changxia Digital Energy Technology (Hubei) Co., Ltd. | Other subsidiaries directly controlled by controlling shareholder | 2,250,000.00 | 1,407,097.35 | | **Total** | | **266,972,353.38** | **6,839,926.72** | - The aforementioned related-party creditor-debtor relationships are financial transactions arising from the company's daily operations with related parties, and they have **no significant impact** on the company's operating results and financial position[123](index=123&type=chunk) [XI. Significant Contracts and Their Fulfillment](index=39&type=section&id=XI.%20Significant%20Contracts%20and%20Their%20Fulfillment) The company had multiple significant guarantees and borrowing contracts; total external guarantee amount was **CNY 1,222.2341 million**, accounting for **11.08%** of net assets; the company and its subsidiaries signed several large credit borrowing contracts for working capital, all of which are being fulfilled Company Guarantee Total Amount | Indicator | Amount (CNY 10,000) | % of Company Net Assets | | :--- | :--- | :--- | | Total Guarantees Issued in Current Period (Excluding Guarantees to Subsidiaries) | 7,497.00 | | | Total Guarantee Balance at Period End (A) (Excluding Guarantees to Subsidiaries) | 17,734.50 | | | Total Guarantees Issued to Subsidiaries in Current Period | 4,991.00 | | | Total Guarantee Balance to Subsidiaries at Period End (B) | 104,488.91 | | | **Total Guarantees (A+B)** | **122,223.41** | **11.08** | | Of which: Amount of Guarantees Provided to Shareholders, Actual Controllers, and Their Related Parties (C) | 0 | | | Amount of Debt Guarantees Provided Directly or Indirectly to Guaranteed Parties with Asset-Liability Ratio Exceeding 70% (D) | 31,658.41 | | | Amount of Guarantees Exceeding 50% of Net Assets (E) | 0 | | | Total of the Above Three Guarantee Amounts (C+D+E) | 31,658.41 | | Significant Borrowing Contracts (Over CNY 300 Million, as of June 30, 2025) | Borrower | Lending Bank | Loan Type | Contract Amount (CNY 10,000) | Loan Balance (CNY 10,000) | Loan Purpose | Fulfillment Status | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Chongqing Sanxia Water Conservancy and Electric Power (Group) Co., Ltd. | China Merchants Bank Chongqing Branch | Credit Loan | 30,000 | 28,500 | Supplement working capital | In fulfillment | | Chongqing Sanxia Water Conservancy and Electric Power (Group) Co., Ltd. | Industrial Bank Chongqing Branch | Credit Loan | 30,000 | 30,000 | Supplement working capital | In fulfillment | | Chongqing Changdian United Energy Co., Ltd. | Chongqing Rural Commercial Bank Liangjiang Branch | Credit Loan | 49,999 | 49,999 | Supplement working capital | In fulfillment | | Chongqing Changdian United Energy Co., Ltd. | Chongqing Rural Commercial Bank Liangjiang Branch | Credit Loan | 50,000 | 50,000 | Supplement working capital | In fulfillment | [XIII. Explanation of Other Significant Matters](index=41&type=section&id=XIII.%20Explanation%20of%20Other%20Significant%20Matters) The company issued **CNY 800 million** in ultra-short-term financing bonds in January 2025, which have been redeemed, and issued **CNY 800 million** in short-term financing bonds in July - The company issued its **first tranche of ultra-short-term financing bonds for 2025** on January 13, 2025, with a total issuance amount of **CNY 800 million**, which was fully redeemed on July 14, 2025[128](index=128&type=chunk) - The company issued its **first tranche of short-term financing bonds for 2025** on July 4, 2025, with a total issuance amount of **CNY 800 million**[129](index=129&type=chunk) Section VI Share Changes and Shareholder Information [I. Share Capital Changes](index=42&type=section&id=I.%20Share%20Capital%20Changes) During the reporting period, the company's total share capital and share structure remained unchanged - During the reporting period, the company's **total share capital and share structure remained unchanged**[131](index=131&type=chunk) [II. Shareholder Information](index=42&type=section&id=II.%20Shareholder%20Information) As of period-end, the company had **68,314** common shareholders; the top ten shareholders are all state-owned legal entities or state-owned, with China Yangtze Power Co., Ltd. holding **15.59%** as the largest shareholder; there are related-party or concerted party relationships among the top ten shareholders - As of the end of the reporting period, the total number of common shareholders was **68,314**[132](index=132&type=chunk) Top Ten Shareholders' Shareholding | Shareholder Name | Shares Held at Period End (Shares) | Percentage (%) | Shareholder Nature | | :--- | :--- | :--- | :--- | | China Yangtze Power Co., Ltd. | 298,085,146 | 15.59 | State-owned Legal Entity | | Chongqing Fuling Energy Industry Group Co., Ltd. | 153,648,628 | 8.04 | State-owned Legal Entity | | Chongqing Liangjiang New Area Development Investment Group Co., Ltd. | 121,108,331 | 6.33 | State-owned Legal Entity | | Xinhua Hydropower Holding Group Co., Ltd. | 111,000,453 | 5.81 | State-owned Legal Entity | | Chongqing Development Asset Management Co., Ltd. | 110,000,000 | 5.75 | State-owned Legal Entity | | Ministry of Water Resources Comprehensive Development Management Center | 98,208,000 | 5.14 | State | | Sanxia Electric Power Co., Ltd. | 47,977,679 | 2.51 | State-owned Legal Entity | | Central Enterprise Rural Industry Investment Fund Co., Ltd. | 45,730,551 | 2.39 | State-owned Legal Entity | | Changdian Yichang Energy Investment Co., Ltd. | 43,137,793 | 2.26 | State-owned Legal Entity | | Sanxia Capital Holdings Co., Ltd. | 40,530,783 | 2.12 | State-owned Legal Entity | - China Yangtze Power Co., Ltd. and Sanxia Capital Holdings Co., Ltd., Sanxia Electric Power Co., Ltd. are **all controlled by the Three Gorges Group**; Changdian Yichang Energy Investment Co., Ltd. is a **wholly-owned subsidiary of Yangtze Power**[135](index=135&type=chunk) - The Ministry of Water Resources Comprehensive Business Bureau is responsible for the management of the Ministry of Water Resources Comprehensive Development Management Center; Xinhua Hydropower Holding Group Co., Ltd. is a **wholly-owned subsidiary of the Ministry of Water Resources Comprehensive Business Bureau**[135](index=135&type=chunk) Section VII Bond-Related Information [I. Corporate Bonds (Including Enterprise Bonds) and Non-Financial Enterprise Debt Financing Instruments](index=45&type=section&id=I.%20Corporate%20Bonds%20(Including%20Enterprise%20Bonds)%20and%20Non-Financial%20Enterprise%20Debt%20Financing%20Instruments) The company issued medium-term notes, ultra-short-term financing bonds, and short-term financing bonds; the first tranche of medium-term notes in 2022 has been fully repurchased; **CNY 800 million** in ultra-short-term financing bonds issued in January 2025 have been redeemed, and **CNY 800 million** in short-term financing bonds were issued in July Basic Information on Non-Financial Enterprise Debt Financing Instruments | Bond Name | Abbreviation | Code | Balance (CNY 100 million) | Interest Rate (%) | Trading Market | | :--- | :--- | :--- | :--- | :--- | :--- | | Chongqing Sanxia Water Conservancy and Electric Power (Group) Co., Ltd. 2022 First Tranche Medium-Term Notes | 22 Chongqing Hydropower MTN001 | 102280145 | 0 | 3.2 | Interbank Market | | Chongqing Sanxia Water Conservancy and Electric Power (Group) Co., Ltd. 2024 First Tranche Medium-Term Notes | 24 Sanxia Water Conservancy MTN001 | 102484930 | 10 | 2.35 | Interbank Market | | Chongqing Sanxia Water Conservancy and Electric Power (Group) Co., Ltd. 2025 First Tranche Ultra-Short-Term Financing Bonds | 25 Sanxia Water Conservancy SCP001 | 012580149 | 8 | 1.75 | Interbank Market | | Chongqing Sanxia Water Conservancy and Electric Power (Group) Co., Ltd. 2025 First Tranche Short-Term Financing Bonds | 25 Sanxia Water Conservancy CP001 | 042580337 | 8 | 1.77 | Interbank Market | - The company disclosed the "Announcement on the Issuer's Interest Rate Adjustment Option and Investor Put Option for the 2022 First Tranche Medium-Term Notes" on December 21, 2024; as of now, the **2022 First Tranche Medium-Term Notes have been fully repurchased**, with a repurchase amount of **CNY 1 billion** and an unrepurchased amount of **CNY 0**[141](index=141&type=chunk) - Chongqing Sanxia Water Conservancy and Electric Power (Group) Co., Ltd.'s **2025 First Tranche Ultra-Short-Term Financing Bonds were fully redeemed on July 14, 2025**[128](index=128&type=chunk)[139](index=139&type=chunk) Section VIII Financial Report [II. Financial Statements](index=48&type=section&id=II.%20Financial%20Statements) This section includes the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity for H1 2025, comprehensively presenting the financial position, operating results, cash flows, and changes in owners' equity - Provides the **consolidated balance sheet and parent company balance sheet** as of June 30, 2025[144](index=144&type=chunk)[148](index=148&type=chunk) - Provides the **consolidated income statement and parent company income statement** for January-June 2025[152](index=152&type=chunk)[156](index=156&type=chunk) - Provides the **consolidated cash flow statement and parent company cash flow statement** for January-June 2025[159](index=159&type=chunk)[162](index=162&type=chunk) - Provides the **consolidated statement of changes in owners' equity and parent company statement of changes in owners' equity** for January-June 2025[166](index=166&type=chunk)[185](index=185&type=chunk) [III. Company Basic Information](index=82&type=section&id=III.%20Company%20Basic%20Information) The company was established in 1994 and listed

三峡水利公告，2025年上半年营业收入为48.96亿元，同比下降6.10%；净利润为4793.28万元，同比下 降79.07%。 ...

Group 1: Core Points - The company announced that there were no new guarantees added in July 2025 under its annual guarantee plan [1] - The company provided a guarantee of 3.15 million yuan for its 31.5% owned subsidiary, Chongqing Keerke New Materials Co., Ltd., which is backed by the subsidiary's construction projects and land use rights [1][2] - As of July 31, 2025, the total guarantee balance of the company and its subsidiaries was 1.215 billion yuan, representing 29.35% of the company's audited net assets attributable to shareholders for the fiscal year 2024 [2][5] Group 2: Guarantee Plan Overview - The 2025 annual guarantee plan was approved with a total new guarantee amount not exceeding 1.95 billion yuan, with specific allocations for wholly-owned and controlling subsidiaries [2][4] - The plan includes guarantees for five wholly-owned subsidiaries totaling 750 million yuan and one controlling subsidiary totaling 200 million yuan [2][4] - The company has the authority to manage these guarantees through its general manager's office until the next shareholders' meeting [4] Group 3: Guarantee Progress and Necessity - In July 2025, the company’s wholly-owned subsidiary repaid a loan of 167,300 yuan, thereby releasing the corresponding guarantee responsibility [3] - The guarantees are deemed necessary and reasonable to meet the funding needs of the subsidiaries, which are under the company's effective control [4] - The board of directors confirmed that the overall guarantee risk is controllable and will not adversely affect the company's normal operations or financial status [4][5] Group 4: Upcoming Investor Communication - The company will hold a half-year performance briefing on August 25, 2025, to discuss its operating results and financial status for the first half of 2025 [7][8] - Investors can submit questions for the briefing from August 18 to August 22, 2025, through the Shanghai Stock Exchange Roadshow Center [9][10] - The briefing will be conducted in an interactive online format, allowing for real-time communication with investors [9][10]

（编辑 任世碧） 证券日报网讯 8月14日晚间，三峡水利发布公告称，截至2025年7月31日，公司及子公司担保总额为 323，683.18万元（含2025年度担保计划中尚未使用额度195，000万元以及公司下属全资子公司聚龙电 力为其持股31.5%的参股公司科尔科克公司提供的担保总额中尚未使用额度7，150.50万元），占公司 2024年度经审计归属于上市公司股东净资产的29.35%。公司当前担保全部是对全资、控股子公司、合 营公司以及子公司之间的担保，不存在为控股股东和实际控制人及其关联人提供担保的情况，存在为其 他外部单位提供担保的情况，公司及子公司不存在逾期对外担保。 ...

重庆三峡水利电力（集团）股份有限公司 关于 2025 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。 重要内容提示： ? 在重庆三峡水利电力（集团）股份有限公司（以下简称"公司"）2025 年度担保计划内，2025 年 7 月无新增担保。 股票代码：600116 股票简称：三峡水利 编号：临 2025-039 号 公司分别于 2025 年 4 月 23 日、6 月 27 日召开第十届董事会第二十九次会 议及 2024 年年度股东大会，审议通过了《关于公司 2025 年度担保计划的议案》， 会议同意公司 2025 年度担保计划新增担保总额不超过 19.50 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 2025 年度担保计划中被担保方为公 司全资子公司以及控股子公司，其中全资子公司 5 家，担保金额 7.50 亿元；控 股子公司 1 家，担保金额 2.0 亿元；开展票据池业务，公司及子公司、子公司 之间互相担保累计发生额不超 ...