证券代码：600292 证券简称：电投水电 编号：临 2026－004 号 国家电投集团水电股份有限公司 第十届董事会第三十八次（临时）会议决议公告 本公司董事会及全体董事保证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个别及连带责任。 国家电投集团水电股份有限公司第十届董事会第三十八次（临时） 会议通知于 2026 年 1 月 27 日以邮件方式发出，会议于 2026 年 2 月 2 日 14:30 在公司 12 楼会议室召开，应到董事 10 人，实到董事 7 人， 委托 3 人（公司董事陈斌先生因公出差，书面委托董事长姚小彦先生； 独立董事廖成林因公出差，书面委托独立董事宋蔚蔚女士；独立董事 章朝晖女士因公出差，书面委托独立董事林衍先生）；高管 5 人列席 了会议。会议的召集、召开程序符合《中华人民共和国公司法》等法 律法规、规章、规范性文件和《公司章程》的有关规定。会议由公司 董事长姚小彦先生主持，经董事认真审议及表决，全体与会董事一致 通过了如下决议： 本议案在提交董事会前已经董事会提名委员会审议通过。 二、审议通过了《关于审议公司重大资产重组项目并购贷 ...

Core Viewpoint - The hydropower industry in China is experiencing steady growth in 2025, driven by favorable water conditions that enhance electricity generation and improve the operational efficiency of companies in the sector [1][3]. Group 1: Electricity Generation Growth - Nanwang Energy's 2025 performance forecast indicates a net profit attributable to shareholders of 1.667 billion to 1.727 billion yuan, representing a year-on-year increase of 47.98% to 53.31% [2]. - State Power Investment Corporation Hydropower's profit forecast for 2025 is approximately 517 million yuan, reflecting a staggering year-on-year growth of around 1337% [2]. - Qianyuan Power anticipates a net profit of 567 million to 633 million yuan for 2025, marking a year-on-year increase of 160% to 190%, attributed to a 45% increase in water inflow compared to 2024 [2]. - Yangtze Power, as a leading hydropower company, reported a net profit of 34.167 billion yuan for 2025, a year-on-year increase of 5.14%, driven by increased electricity sales and reduced financial costs [2]. Group 2: Hydropower Capacity Growth - China's hydropower installed capacity reached 445 million kilowatts by the end of November 2025, showing a year-on-year growth of 3.0% [4]. - The ongoing investment in large-scale hydropower projects is a strategic choice to meet rising electricity demand and enhance long-term industrial competitiveness [4]. - Hydropower is recognized for its stable generation and strong regulation capabilities, effectively countering the intermittency of wind and solar energy, thus ensuring reliable power supply for industries requiring high stability [4]. - The installed capacity of hydropower is expected to continue growing, with over 25 million kilowatts of hydropower stations under construction across major river basins by the end of 2025 [4]. Group 3: Long-term Investment Perspective - The CEO of Yingkou Jincheng Machinery emphasizes that large hydropower projects require substantial investment and long construction periods, necessitating a long-term approach for sustainable industry development [5].

Group 1 - Zhongyuan Expressway (600020) expects a net profit of approximately 612 million yuan for 2025, a decrease of about 30% year-on-year [1] - Bomin Electronics (603936) anticipates a net profit of 15 million to 22 million yuan for 2025, achieving a turnaround from loss to profit compared to the previous year [2] - Fangda Special Steel (600507) forecasts a net profit of 835 million to 998 million yuan for 2025, an increase of 236.9% to 302.67% year-on-year [3] Group 2 - Jiadu Technology (600728) expects a net profit of 160 million to 200 million yuan for 2025, recovering from a loss of 115 million yuan in the previous year [4] - Changyang Technology (688299) predicts a net loss of 116 million to 168 million yuan for 2025 [5] - Zhongzi Technology (688737) anticipates a net loss of 45.24 million to 67.86 million yuan for 2025 [6] Group 3 - Two-sided Needle (600249) expects a net profit of 5 million to 10 million yuan for 2025, a decline of 87.67% to 93.83% year-on-year [7] - Sanrenxing (605168) forecasts a net profit of 181 million to 209 million yuan for 2025, an increase of 46.79% to 69.5% year-on-year [8] - Shubeide (300322) anticipates a net profit of 60 million to 70 million yuan for 2025, recovering from a loss of 64.46 million yuan in the previous year [9] Group 4 - Maoye Commercial (600828) expects a net loss of 201 million to 242 million yuan for 2025 [10] - Hongsheng Huayuan (601096) forecasts a net profit of 348 million to 400 million yuan for 2025, an increase of 51.22% to 73.82% year-on-year [11] - Huafeng Technology (688629) anticipates a net profit of 338 million to 388 million yuan for 2025, achieving a turnaround from loss to profit [12] Group 5 - Aerospace Rainbow (002389) expects a net profit of 25 million to 31 million yuan for 2025, a decrease of 64.84% to 71.65% year-on-year [14] - Shangong Shenbei (600843) predicts a net loss of 120 million to 150 million yuan for 2025, compared to a loss of 244 million yuan in the previous year [15] - Chaoxun Communication (603322) anticipates a net profit of 36 million to 54 million yuan for 2025, achieving a turnaround from loss to profit [16] Group 6 - Guannong Co. (600251) expects a net profit of 330 million to 340 million yuan for 2025, an increase of 61.29% to 66.18% year-on-year [17] - Shandong Steel (600022) forecasts a net profit of around 100 million yuan for 2025, recovering from a loss of 2.891 billion yuan in the previous year [18] - Baili Technology (603959) anticipates a net loss of 140 million to 200 million yuan for 2025 [19] Group 7 - Electric Power Investment Hydropower (600292) expects a net profit of approximately 517 million yuan for 2025, a year-on-year increase of about 1337% [20] - Aibulu (301259) forecasts a net profit of 26 million to 33.8 million yuan for 2025, recovering from a loss of 30.84 million yuan in the previous year [21] - Yipin Hong (300723) announced that its subsidiary received approval for clinical trials of a new drug [22] Group 8 - Meixin Sheng (688458) plans to acquire 100% equity of Xinyan Micro for 160 million yuan [23][24] - Lanshi Heavy Industry (603169) expects a net loss of 370 million to 440 million yuan for 2025, transitioning from profit to loss [25] - Hongyang (000525) anticipates a net loss of 260 million to 390 million yuan for 2025, compared to a profit of 388 million yuan in the previous year [26] Group 9 - Tianzhihang (688277) predicts a net loss of 165 million to 198 million yuan for 2025, with losses expected to widen by 36.22% to 63.46% compared to the previous year [27] - Tongda Co. (002560) announced plans for a major shareholder to reduce holdings by no more than 1% [28] - *ST Chengchang (001270) expects a net profit of 95 million to 124 million yuan for 2025, recovering from a loss of 31.12 million yuan in the previous year [29] Group 10 - Yirui Technology (688301) reported a net profit of 661 million yuan for 2025, a year-on-year increase of 42.15% [30] - Hualitai (001217) anticipates a net loss of 28 million to 38 million yuan for 2025, transitioning from profit to loss [31] - Yunjiji Group (001288) expects a net profit of 220 million to 252 million yuan for 2025, a year-on-year increase of 40% to 60% [32] Group 11 - Heertai (002402) forecasts a net profit of 638 million to 729 million yuan for 2025, an increase of 75% to 100% year-on-year [33] - Shenhao Technology (300853) anticipates a net loss of 185 million to 220 million yuan for 2025, compared to a loss of 238 million yuan in the previous year [34] - Zhongyan Dadi (003001) expects a net profit of 10 million to 15 million yuan for 2025, a decline of 75.97% to 83.98% year-on-year [35] Group 12 - Landai Technology (002765) forecasts a net profit of 180 million to 200 million yuan for 2025, a year-on-year increase of 44.83% to 60.93%, with a non-recurring profit of 140 million to 160 million yuan, an increase of 113.1% to 143.54% [37] - Yingfeite (300582) plans to raise product prices by 5% to 15% starting March 1, 2026, due to rising raw material costs [38] - Lanzhou Bank (001227) plans to distribute 285 million yuan in cash dividends for the 2025 interim profit distribution [39] Group 13 - Wancheng Group (300972) announced plans for shareholders to reduce holdings by no more than 1.27% [40] - *ST Huarong (600421) expects to turn a profit in 2025, with a projected net profit of 6.5 million to 8 million yuan [41] - Jiaheng Home (300955) anticipates a net loss of 29 million to 39 million yuan for 2025, compared to a loss of 23.69 million yuan in the previous year [42] Group 14 - Aide Biology (300685) announced plans for a major shareholder to reduce holdings by no more than 1.22% [43] - Haixia Innovation (300300) expects a net profit of 100 million to 150 million yuan for 2025, a year-on-year increase of 1660.56% to 2540.85% [44]

证券日报网讯 1月28日，电投水电发布公告称，公司预计2025年度实现归属于母公司所有者的净利润 51，691万元左右，与上年同期（追溯调整前）相比，增加48，095万元左右，同比增长1337%左右。 （文章来源：证券日报） ...

Core Viewpoint - The company expects a significant increase in net profit for the fiscal year 2025, driven by major asset restructuring and the integration of new businesses [1] Financial Performance - The company anticipates a net profit attributable to shareholders of approximately 516.91 million yuan for 2025, representing an increase of about 480.95 million yuan compared to the previous year, which translates to a year-on-year growth of approximately 1337% [1] - The expected net profit, excluding non-recurring gains and losses, is around 33.67 million yuan, reflecting an increase of about 15.40 million yuan year-on-year, or a growth of approximately 84% [1] Business Development - The company completed a major asset restructuring on October 31, 2025, incorporating assets from Wuling Power Co., Ltd. and China Power Investment Group Guangxi Changzhou Hydropower Development Co., Ltd. into its operations [1] - This restructuring adds hydropower generation and integrated development operations of hydropower stations to the company's portfolio, contributing to the substantial growth in performance for the fiscal year 2025 [1]

（记者 曾健辉） 每经AI快讯，电投水电1月28日晚间发布业绩预告，预计2025年度实现归属于母公司所有者的净利润约 5.17亿元左右，与上年同期相比，增加约4.81亿元左右，同比增长1337%左右。因公司实施重大资产重 组，五凌电力有限公司、国家电投集团广西长洲水电开发有限公司在2025年10月末并入公司合并范围， 公司在报告期内因同一控制下企业合并增加子公司，应视同合并后的报告主体在以前期间一直存在，故 上年同期的数据按同控原则追溯调整后列示，2025年度实现归属于母公司所有者的净利润与上年同期相 比将减少约2.89亿元左右，同比下降36%左右。业绩变动主要原因是，因公司实施重大资产重组，2025 年10月31日完成五凌电力有限公司、国家电投集团广西长洲水电开发有限公司资产交割，两家公司纳入 公司合并范围，新增水力发电及流域水电站新能源一体化综合开发运营业务，公司2025年同期相比业绩 大幅增长。 每经头条（nbdtoutiao）——水贝黄金平台"杰我睿"兑付危机调查：40倍杠杆对赌，金价越涨平台越 亏！老板自称"还在深圳"，投资者：兑付方案本金打两折，无法接受 ...

Core Viewpoint - The company expects to achieve a net profit attributable to shareholders of approximately 516.91 million yuan for the fiscal year 2025, representing an increase of about 480.95 million yuan compared to the previous year, which translates to a year-on-year growth of approximately 1337% [1] Group 1 - The significant increase in profit is attributed to the completion of a major asset restructuring, with the asset transfer from Wuling Power Co., Ltd. and China National Power Investment Group Guangxi Changzhou Hydropower Development Co., Ltd. expected to be finalized by October 31, 2025 [1] - The inclusion of these two companies into the company's consolidation scope will add hydropower generation and integrated development and operation of renewable energy in river basins to the company's business portfolio [1]

证券代码：600292 证券简称：电投水电 公告编号：临 2026-003 号 国家电投集团水电股份有限公司 2025 年度业绩预增公告 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： 一、本期业绩预告情况 （一）业绩预告期间 2025 年 1 月 1 日至 2025 年 12 月 31 日。 （二）业绩预告情况 本期业绩预告适用于实现盈利，且净利润与上年同期相 比上升 50%以上的情形。业绩预增主要是公司重大资产 重组实施完成后合并范围的变化影响所致。 公司预计 2025 年度实现归属于母公司所有者的净利润 51,691 万元左右，与上年同期（追溯调整前）相比，增 加 48,095 万元左右，同比增长 1337%左右。 公司预计2025年度实现归属于母公司所有者的扣除非经 常性损益的净利润 3,367 万元左右，与上年同期（追溯调 整前后）相比，增加 1,540 万元左右，同比增长 84%左 右。 经财务部门初步测算，预计 2025 年度实现归属于母公司所 有者的净利润 51,691 万元左右，与上年同期（追 ...

Core Insights - The Chinese coal additive industry is evolving from a simple "fuel-saving" role to a comprehensive solution that integrates "low carbon emissions, environmental compliance, and efficient combustion" [1][4] - The market size of the coal additive industry in China is projected to reach approximately 57.8 billion yuan in 2024, representing a year-on-year growth of 9.89% [1][4] Industry Overview - Coal additives are chemical substances added to coal to improve combustion efficiency, reduce pollutant emissions (such as SO₂, smoke, NOₓ), prevent boiler fouling and corrosion, and extend equipment lifespan [2][3] - The core principles of coal additives include lowering the activation energy of coal oxidation reactions, promoting complete combustion, converting harmful substances into harmless ones, and optimizing combustion conditions [2] Industry Value Chain - The upstream of the coal additive industry includes raw materials such as potassium nitrate, potassium chlorate, potassium permanganate, manganese dioxide, iron oxide, aluminum oxide, titanium dioxide, rare earth elements, and various sulfur-fixing agents [2] - The midstream involves the production and manufacturing of coal additives, while the downstream applications are primarily in thermal power, steel, cement, and chemical industries [2] Market Size - The coal additive industry is a crucial component of the clean and efficient utilization of coal, driven by the "dual carbon" strategy and stringent emission reduction requirements in high coal-consuming industries [1][4] - The demand for coal additives is increasing as industries seek to lower coal consumption, enhance combustion efficiency, and achieve simultaneous desulfurization, denitrification, carbon reduction, and ash removal [1][4] Key Companies - Yuan Da Environmental Protection Co., Ltd. focuses on a composite solution of "desulfurization efficiency agents + fuel-saving agents" and has covered over 20 units within its group [5] - Shandong Jiahe New Energy Development Co., Ltd. specializes in "HS" series environmental fuel-saving catalysts, leveraging partnerships with top universities for R&D [7] - The National Energy Investment Group's subsidiary emphasizes the development of coal additives and environmental technology integration, achieving significant efficiency improvements in desulfurization and fuel-saving [5] Industry Development Trends 1. **Policy and Technology Dual Drive**: The industry is shifting from "end-of-pipe treatment" to "process optimization" due to stricter environmental regulations and advancements in technology [8] 2. **Diversified Market Demand**: While the power industry remains the core demand driver, sectors like steel, cement, and chemicals are rapidly increasing their demand for coal additives [8] 3. **Optimized Competitive Landscape**: The industry is seeing increased concentration, with small and medium enterprises leveraging technological differentiation to compete [9]

（文章来源：证券日报） 证券日报网讯 1月21日，电投水电在互动平台回答投资者提问时表示，截至2025年12月31日，公司股东 人数为49592户。 ...