证券代码：600163 证券简称：中闽能源 公告编号：2025-035 中闽能源股份有限公司 第九届董事会第二十三次临时会议决议公告 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 中闽能源股份有限公司（以下简称"公司"）第九届董事会第二十三次临 时会议通知和材料于 2025 年 10 月 28 日以电子邮件的方式送达全体董事，会议 于 2025 年 10 月 31 日以现场和视频相结合的方式召开。本次会议由董事长郭政 先生主持，公司部分高级管理人员列席了会议，会议的召集、召开符合有关法 律、行政法规、部门规章、规范性文件和《公司章程》的有关规定。 二、董事会会议审议情况 经全体与会董事认真审议，以记名投票表决方式，逐项表决审议通过了以下 议案： 1、审议通过了《关于董事会换届选举第十届董事会非独立董事候选人的议 案》 公司第九届董事会任期即将届满，经公司控股股东福建省投资开发集团有限 责任公司推荐，公司董事会提名委员会审查，会议同意提名郭政先生、张骏先生、 唐晖先生、吴明先生、黄慧湄女士、庄旭阳先生为 ...

（记者 王晓波） 每经AI快讯，中闽能源（SH 600163，收盘价：5.19元）10月31日晚间发布公告称，公司第九届第二十 三次董事会临时会议于2025年10月31日以现场和视频相结合的方式召开。会议审议了《关于董事会换届 选举第十届董事会非独立董事候选人的议案》等文件。 2024年1至12月份，中闽能源的营业收入构成为：电力占比98.39%，其他业务占比1.61%。 截至发稿，中闽能源市值为99亿元。 每经头条（nbdtoutiao）——多地出现"负电价"，既然卖电"不挣钱"，为何电厂不愿停机？ ...

我们下调公司25-27 年归母净利润12.3%/11.8%/10.4%至5.82/6.26/7.40亿元（三年复合增速为4.4%），对 应EPS 为0.31/0.33/0.39 元。下调主要是考虑到风电增值税政策变化、下修其他收益。Wind 一致预期下 可比公司26 年PE 均值16x，考虑到海上风电盈利能力强、抽蓄注入有望带来业绩增量，给予公司26 年 19xPE，下调目标价至6.27 元（前值6.30 元，对应25年18xPE、可比均值15xPE）。 中闽能源发布三季报：Q3 实现营收2.86 亿元（yoy+3.2%，qoq+2.1%），归母净利1,355 万元（yoy- 80%，qoq-79%），归母净利低于华泰预测（0.84~1.03 亿元）、主要是Q3 计提资产减值0.63 亿元、叠 加发电量低于预期。2025 年Q1-Q3 实现营收10.80 亿元（yoy-1.4%），归母净利3.28亿元（yoy- 20%），扣非净利3.08 亿元（yoy-20%）。公司待建项目储备充足，绿电交易与资产注入推进中，维 持"买入"评级。 项目储备充足，资产注入有序推进 待建项目丰富，目前公司储备长乐B 区海上风电场 ...

公司最新毛利率为52.12%，在已披露的同业公司中排名第9，较上季度毛利率减少5.39个百分点，较去年同期毛利率减少1.79个百分点。最新ROE为4.72%， 在已披露的同业公司中排名第43，较去年同期ROE减少1.50个百分点。 2025年10月30日，中闽能源(600163.SH)发布2025年三季报。 公司营业总收入为10.80亿元，在已披露的同业公司中排名第54，较去年同报告期营业总收入减少1529.54万元，同比较去年同期下降1.40%。归母净利润为 3.28亿元，在已披露的同业公司中排名第37，较去年同报告期归母净利润减少8109.78万元，同比较去年同期下降19.82%。经营活动现金净流入为15.62亿 元，在已披露的同业公司中排名第27，较去年同报告期经营活动现金净流入增加10.35亿元，同比较去年同期上涨196.50%。 公司最新资产负债率为37.58%，在已披露的同业公司中排名第14，较上季度资产负债率减少1.88个百分点，较去年同期资产负债率减少3.46个百分点。 公司摊薄每股收益为0.17元，在已披露的同业公司中排名第45，较去年同报告期摊薄每股收益减少0.05元，同比较去年同期下降2 ...

Core Viewpoint - The company, Zhongmin Energy, assures the accuracy and completeness of its quarterly report, with all board members and senior management taking legal responsibility for the information provided [2][3]. Financial Data - The third-quarter financial statements have not been audited [3]. - The report includes major accounting data and financial indicators, with the reporting period defined as the three months from the beginning to the end of the quarter [3]. - The company has not identified any non-recurring gains or losses that are significant, nor has it reclassified any items from the non-recurring category to recurring [4][5]. Shareholder Information - The report includes details on the total number of ordinary shareholders and the top ten shareholders, although specific figures are not provided in the text [5]. - There are no changes reported in the share lending activities of major shareholders [6]. Other Important Information - The financial statements for the consolidated balance sheet, profit and loss statement, and cash flow statement for the period ending September 30, 2025, are included, all of which are unaudited [6][7].

Core Viewpoint - 中闽能源 reported a year-on-year increase in operating revenue but a significant decline in net profit for the third quarter of 2025 [1] Financial Performance - Operating revenue reached 286 million yuan, representing a year-on-year increase of 3.17% [1] - Net profit attributable to shareholders was 13.55 million yuan, showing a year-on-year decrease of 79.78% [1] - Net profit attributable to shareholders after deducting non-recurring gains and losses was 6.00 million yuan, reflecting a year-on-year decline of 90.11% [1]

Financial Performance - Total operating revenue for Q3 2025 was CNY 286,094,581.27, an increase of 3.17% compared to the same period last year[5]. - Total profit for Q3 2025 decreased by 42.33% to CNY 47,434,020.92, primarily due to asset impairment provisions at Fujin Thermal Power[7]. - Net profit attributable to shareholders for Q3 2025 was CNY 13,552,940.69, down 79.78% year-on-year[5]. - The net profit after deducting non-recurring gains and losses for Q3 2025 was CNY 6,001,490.47, a decrease of 90.11% compared to the previous year[5]. - The basic earnings per share for Q3 2025 was CNY 0.01, a decline of 75.00% year-on-year[6]. - The weighted average return on net assets decreased by 0.8248 percentage points to 0.1953% for Q3 2025[6]. - The net profit for the first three quarters of 2025 is CNY 348,125,061.67, a decrease from CNY 433,643,136.98 in the same period of 2024, representing a decline of approximately 19.7%[20]. - Operating profit for the first three quarters of 2025 is CNY 476,038,952.73, compared to CNY 505,414,029.63 in 2024, indicating a decrease of about 5.8%[20]. - The total profit for the first three quarters of 2025 is CNY 475,930,279.13, compared to CNY 504,887,529.57 in 2024, reflecting a decrease of approximately 5.7%[20]. Assets and Liabilities - Total assets at the end of Q3 2025 were CNY 11,466,575,971.58, a decrease of 1.85% from the end of the previous year[6]. - Current assets totaled CNY 4,756,680,929.64 as of September 30, 2025, compared to CNY 4,574,644,431.33 at the end of 2024, reflecting an increase of 4.0%[14]. - Cash and cash equivalents increased significantly to CNY 2,303,319,766.99 from CNY 1,093,814,936.03, marking a growth of 110.0%[14]. - Total liabilities decreased to CNY 4,309,465,564.94 from CNY 4,748,737,031.69, indicating a reduction of 9.3%[16]. - Non-current assets amounted to CNY 6,709,895,041.94, down from CNY 7,107,728,744.15, a decline of 5.6%[15]. - The company's total assets were CNY 11,466,575,971.58, a decrease from CNY 11,682,373,175.48, reflecting a decline of 1.8%[15]. - The company's equity attributable to shareholders increased to CNY 6,948,317,252.28 from CNY 6,769,701,330.26, an increase of 2.6%[16]. - Short-term borrowings rose to CNY 428,509,117.42 from CNY 263,412,130.78, representing a significant increase of 62.7%[15]. Cash Flow - The net cash flow from operating activities for the year-to-date period increased by 196.50% to CNY 1,562,165,283.98[9]. - Cash flow from operating activities for the first three quarters of 2025 is CNY 1,562,165,283.98, significantly higher than CNY 526,861,206.17 in 2024, reflecting an increase of approximately 196.5%[23]. - Investment activities generated a net cash flow of CNY 143,704,050.94 in the first three quarters of 2025, a turnaround from a negative cash flow of CNY -33,454,800.48 in 2024[23]. - The company reported a total cash and cash equivalents balance of CNY 2,301,869,458.08 at the end of the third quarter of 2025, up from CNY 193,001,822.66 at the end of the same period in 2024[23]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 39,346[10]. - The basic and diluted earnings per share for the first three quarters of 2025 are both CNY 0.17, down from CNY 0.22 in 2024, representing a decrease of approximately 22.7%[20]. - The company incurred financial expenses of CNY 55,739,706.09 in 2025, down from CNY 72,019,111.43 in 2024, indicating a reduction of about 22.5%[20]. - The company received CNY 68,380,180.03 in tax refunds during the first three quarters of 2025, compared to CNY 34,733,035.43 in 2024, which is an increase of about 96.5%[22]. Revenue and Costs - Total operating revenue for the first three quarters of 2025 was CNY 1,080,200,302.66, a decrease of 1.3% compared to CNY 1,095,495,695.46 in the same period of 2024[18]. - Total operating costs increased to CNY 649,724,982.32, up 2.5% from CNY 637,167,329.13 in the previous year[18]. - Operating costs included CNY 517,195,937.43 in operating expenses, which rose from CNY 504,960,646.21 in 2024[18]. - Total revenue from sales of goods and services received in cash for the first three quarters of 2025 is CNY 2,035,025,241.18, compared to CNY 889,369,190.84 in 2024, marking an increase of about 129.4%[22].

Core Viewpoint - The company reported a mixed financial performance for the third quarter of 2025, with a slight increase in revenue but a significant decline in net profit compared to the previous year [1] Financial Performance Summary - In Q3 2025, the company achieved a revenue of 286 million yuan, representing a year-on-year growth of 3.17% [1] - The net profit attributable to shareholders for Q3 2025 was 13.55 million yuan, showing a substantial decline of 79.78% year-on-year [1] - Basic earnings per share for Q3 2025 stood at 0.01 yuan [1] - For the first three quarters of 2025, the company reported a total revenue of 1.08 billion yuan, which is a decrease of 1.40% year-on-year [1] - The net profit attributable to shareholders for the first three quarters was 32.8 million yuan, down 19.82% compared to the same period last year [1] - Basic earnings per share for the first three quarters were 0.17 yuan [1]

Core Insights - The company reported a third-quarter revenue of 286 million, representing a year-on-year increase of 3.17% [1] - The net profit for the third quarter was 13.55 million, showing a significant decline of 79.78% [1] - For the first three quarters, the total revenue was 1.08 billion, which is a decrease of 1.40% compared to the previous year [1] - The net profit for the first three quarters amounted to 32.8 million, reflecting a decline of 19.82% [1]

Investment Rating - The report maintains an "Overweight" rating for the utility sector [1] Core Insights - The construction of a new energy system is accelerating, with a focus on achieving carbon peak and promoting a green lifestyle [4] - In the first nine months of 2025, total electricity consumption increased by 4.6% year-on-year, totaling 77,675 billion kWh [4] - The electricity spot market is rapidly starting continuous settlement trials, with several provinces transitioning to formal operations [4] Summary by Sections 1. Industry Overview - The report highlights the importance of accelerating the construction of a new energy system as outlined in the recent Communist Party meeting [4] 2. Electricity Consumption - Total electricity consumption for January to September 2025 reached 77,675 billion kWh, reflecting a year-on-year growth of 4.6% [15] - Breakdown of consumption growth: - Primary industry: +10.2% - Secondary industry: +3.4% - Tertiary industry: +7.5% - Urban and rural residential consumption: +5.6% [4][15] 3. Power Generation - Cumulative power generation for January to September 2025 was 72,600 billion kWh, with a year-on-year increase of 1.6% [22] - Specific generation changes: - Thermal power: -1.2% - Hydropower: -1.1% - Nuclear power: +9.2% - Wind power: +10.1% - Solar power: +24.2% [22] 4. Electricity Prices - The average electricity purchase price in June 2025 was 389 RMB/MWh, down 1% year-on-year and 1.3% month-on-month [38] 5. Coal Prices - As of October 24, 2025, the price of thermal coal at Qinhuangdao port was 770 RMB/ton, up 9.07% year-on-year and increased by 22 RMB/ton week-on-week [45] 6. Hydropower Conditions - As of October 24, 2025, the water level at the Three Gorges Reservoir was 175 meters, with inflow and outflow rates increasing by 92% and 70% year-on-year, respectively [54] 7. Investment Recommendations - Focus on investment opportunities in hydropower and thermal power during peak summer demand [4] - Recommended companies include: - Thermal Power: JianTou Energy, Huadian International, Huaneng International, Guodian Power, Sheneng Shares, and Waneng Power [4] - Hydropower: Yangtze Power [4] - Nuclear Power: China National Nuclear Power and China General Nuclear Power [4] - Green Energy: Longi Green Energy and others [4]