东方华银关于国电南瑞 2024 年年度股东大会的法律意见书 上海东方华银律师事务所 致：国电南瑞科技股份有限公司 上海东方华银律师事务所（以下简称"本所"）接受国电南瑞科技股份有限 公司（以下简称"贵司"或"公司"）委托，就贵司召开 2024 年年度股东大会 的有关事宜，根据《中华人民共和国公司法》（以下简称"《公司法》"）、《上 市公司股东会规则》（以下简称"《股东会规则》"）等法律、法规和其他规范 性文件以及《国电南瑞科技股份有限公司章程》（以下简称"《公司章程》"） 的有关规定，出具本法律意见书。 为出具本法律意见书，本所律师审查了公司提供的本次股东大会的相关资 料，包括但不限于公司召开 2024 年年度股东大会的通知、公司 2024 年年度股东 大会的议程、议案及决议等文件资料，同时听取了公司董事会秘书就有关事实的 陈述和说明。公司已向本所作出保证和承诺，保证公司向本所提供的资料和文件 均为真实、准确、完整，无重大遗漏。 本所律师仅就本法律意见书出具日以前所发生的事实以及本所律师对有关 法律法规的理解发表法律意见。 本法律意见书仅供公司为本次股东大会之目的使用，不得用于其他任何目 的。本所同意本法律意 ...

记者从国家电网了解到，世界海拔最高的特高压直流工程，金沙江上游至湖北正负800千伏特高压直流 输电工程今天完成全部放线施工，实现全线贯通。今天(27日)下午2时左右，在四川省甘孜藏族自治州 雅江县境内，70米高的输电铁塔上，2根输电导线在红色走板的牵引下，向着所在塔位匀速前进，这也 是整个金沙江上游至湖北特高压工程全线展放的最后2根输电导线。随着导线顺利通过铁塔下方的滑 车，输电导线展放工作全部完成，标志着工程实现全线贯通。(央视新闻) ...

据郑宗强介绍，目前，国电南瑞重点拓展东南亚、中东、西亚、中亚、拉美区域业务，持续关注欧洲电 网基础设施升级改造及直流输电、储能等项目机会，通过技术交流合作等方式适时参与电网稳定控制、 大规模可再生能源接入控制等业务。 科技部国家科技专家库专家周迪在接受《证券日报》记者采访时表示："2024年，国电南瑞营业收入、 净利润、资产总额等均创历史新高，显示出公司强大的盈利能力和良好的发展态势。从各大业务来看， 公司电网主业'压舱石'作用明显，公司抓住特高压、抽水蓄能发展机遇，在传统优势领域订单量持续增 加，支撑业绩稳定增长。此外，公司新兴业务及海外业务亮眼，拓展成果显著，为公司发展开辟了新的 增长空间。" 国电南瑞主要从事智能电网、数能融合、能源低碳、轨道交通及工业自动化设备的研发、设计、制造、 销售、工程服务与总承包业务。 作为能源电力行业国内领先的信息化整体解决方案提供商，公司强化数能融合，推动人工智能算法在电 力调度中的应用，布局人工智能、数字孪生等数字技术在电力中的应用攻关方向，提升业务效率与服务 质量。2024年，公司数能融合业务实现收入123.6亿元，同比增长11%，毛利率为22.4%。 2024年，国电 ...

Core Viewpoint - State Grid Corporation of China held its first collective performance briefing for its listed companies, showcasing high-quality development achievements and emphasizing innovation in the new power system construction [1] Group 1: Financial Performance - In 2024, the company achieved a record high in total assets, operating revenue, and net profit, with operating revenue reaching 57.417 billion yuan, a year-on-year increase of 11.15%, and net profit attributable to shareholders of 7.610 billion yuan, up 6.06% [1] - The company has been recognized as a benchmark for "scientific and technological reform enterprises" by the State-owned Assets Supervision and Administration Commission and has maintained an A-class rating for information disclosure from the Shanghai Stock Exchange for ten consecutive years [1] Group 2: Strategic Layout - The company has established four major industrial clusters: smart grid, digital energy integration, low-carbon energy, and industrial interconnection, with a focus on grid business as the foundation and external and overseas businesses as growth areas [2] - Core product advantages in new generation dispatching, ultra-high voltage, and digitalization of grid production have been further highlighted, enhancing market competitiveness in new energy, industrial control, and microgrid businesses [2] Group 3: Technological Innovation - The company has built a research and development system that integrates research with application, strengthening foundational research capabilities and continuously producing significant innovations such as domestically produced direct current control systems and ultra-high voltage converter valves [2] - The company has led the formulation of four international standards and seven national industry standards, enhancing its influence and voice in the industry [2] Group 4: Management and ESG Practices - The company has initiated quality improvement and efficiency enhancement actions, implemented a talent empowerment plan, and advanced lean production management, achieving strong core performance indicators compared to peers [2] - The company has established a scientific and efficient governance system and a green production system, releasing social responsibility reports for 13 consecutive years and demonstrating its commitment to corporate social responsibility [2] Group 5: Shareholder Returns and Mechanism Reform - The company has actively implemented cash dividends, with a cumulative dividend of 18.6 billion yuan since its listing, maintaining a high dividend payout ratio of 60% for 2023 and 2024 [3] - The company has initiated share buybacks to boost market confidence, with a buyback amount of 386 million yuan in 2024 and a new round of buybacks starting in April 2025 [3] - The company aims to deepen reforms to stimulate innovation and enhance governance, positioning itself as a leader in the energy internet sector through technological innovation and diversified development [3]

Core Viewpoint - The second phase of the DC system renovation project at the Itaipu Hydroelectric Power Plant in Brazil, undertaken by a Chinese company, has officially commenced, marking a significant upgrade in the plant's 40-year operational history [1][2]. Group 1: Project Overview - The renovation project is a major undertaking by China National Grid's subsidiary, China Electric Power Equipment and Technology Co., Ltd., and represents the first large-scale DC transmission renovation project undertaken by the State Grid overseas [1]. - The Itaipu Hydroelectric Power Plant is one of the largest in the world, with its DC transmission system built in the 1980s, setting multiple records in voltage levels and transmission capacity [1]. Group 2: Project Details - The renovation project began on January 9, 2024, and includes system research, design, equipment supply, installation, debugging, training, and auxiliary operation and maintenance, divided into two phases [1]. - The first phase, which involved the modification of the valve hall, was completed 40 days ahead of schedule on December 7, 2024, receiving high praise from Brazil's national electricity company [1][2]. Group 3: Technical and Operational Aspects - The second phase of the renovation will take two years, with the current bipolar 1 shutdown scheduled from May to November, covering the Iguaçu and Ibiúna converter stations [2]. - The project involves the dismantling and installation of equipment in seven valve halls, comprehensive civil and electrical construction at both stations, and upgrades to the bipolar 1 control protection system [2]. - The project is characterized by its technical complexity, large workload, tight schedule, and the need for extensive coordination among multiple participating units [2].

论坛发布了海上风电柔性直流装备、高比例新能源大电网运行控制、国家电网公司光明电力大模 型、"双800"特高压直流标准化成果等4项推进新型电力系统建设重要科技成果，为培育能源领域新质生 产力提供了强有力的支撑。 本次论坛由中国国家电网有限公司与国际可再生能源署、世界能源理事会、世界经济论坛共同举办，10 家全球知名电力企业联合主办，以"新型电力系统加速能源转型"为主题，旨在开展交流，分享实践成 果，探讨新的发展，加强国际合作，携手推动能源电力绿色转型和可持续发展。来自五大洲30个国家和 地区的代表参加论坛。 世界经济论坛执行董事梁锦慧表示，中国在开发利用可再生能源、推动能源绿色转型、带动电力行业发 展等方面发挥了重要作用。国家电网公司勇于创新，在大规模特高压工程建设、超导电缆示范工程等方 面的开创性工作值得称赞。这些技术使电力传输更加安全高效，支持大规模可再生能源并网，实现跨区 域能源流动。 国际电工委员会主席科普斯表示，国际电工委员会始终致力于实现设备数字化和电气化、促进可持续发 展、通过全球合作建立信任关系。在转型过程中，国际电工委员会持续通过智能电网、分布式能源、电 动汽车充电等标准化工作为能源转型提供技 ...

Core Viewpoint - The event held on May 18, themed "Measurement Initiates New Knowledge, Benefits People's Livelihood," aimed to promote measurement knowledge and services through interactive activities and professional displays, emphasizing the importance of accurate energy measurement in daily life [1][3]. Group 1: Event Overview - The "5·20" World Metrology Day event took place at the State Grid Fujian Electric Power Energy Measurement Calibration Base, featuring activities designed to educate the public about metrology [1]. - Students from Xiamen Haicang Teacher Training Affiliated School participated in hands-on experiences, exploring automatic calibration lines and energy meter exhibitions [1]. Group 2: Educational Impact - The event included interactive projects such as "Length Error Measurement Competition" and "Weight Blind Guessing Arena," allowing students to apply measurement knowledge in relatable scenarios [1]. - The initiative aimed to convey the message that metrology is integral to both household energy meters and industrial energy efficiency calculations [1]. Group 3: Future Goals - The organizer, State Grid Fujian Marketing Service Center, expressed the desire to disseminate measurement knowledge comprehensively and promote transparent management of energy measurement [3]. - The event is part of a broader effort to explore new models for electricity measurement development and to enhance the role of metrology in advancing new productive forces and contributing to green development [3].

电动汽车替代燃油燃气车是绿色低碳发展的重要途径之一。2016年，山西仅用不到一年时间，便将省城 太原8292辆出租车全部更换为电动车，此举让人们看到了电动车在节能减排方面的积极作用。如今，随 着电动汽车全面普及，电动重卡也开始崭露头角，成为绿色发展的新生力量。 据悉，目前山西省电动重卡保有量已超过万辆。与传统燃油燃气重卡相比，电动重卡在运营方面具有零 排放无污染、能耗成本低、保养费用少、动力性能强等诸多优势，但由于车体和充电量较大，也面临与 一般电动汽车充电设施不匹配、专用电动重卡充电站数量不足等问题。 为保障电动重卡正常运营，进一步发挥电动重卡在绿色环保方面的积极作用，国网山西省电力公司坚持 一手抓建设，一手抓服务，在积极推进公司自建电动重卡充电站项目落地的同时，全力满足社会投资电 动重卡充电站电力供应。 在推进公司自建项目落地方面，由国网电动汽车（山西）服务有限公司牵头，在去年建成3座电动重卡 充电站的基础上，今年在临汾、晋城、阳泉等市主要物流通道和电厂附近选取站址，再建5座电动重卡 充电站。 截至2024年底，晋城市共有电动重卡数量1445辆，其中当年新增1352辆；全市共有电动重卡充电站72 座，11 ...

Core Viewpoint - The report highlights the stable profitability and rapid development of non-network businesses for Guodian NARI Technology Co., Ltd. (国电南瑞), with a recommendation to increase holdings in the company [1]. Financial Performance - In 2024, the company achieved revenue of 57.417 billion yuan, a year-on-year increase of 11.2%, and a net profit attributable to shareholders of 7.61 billion yuan, up 6.1% year-on-year [1]. - For Q4 2024, the company reported revenue of 25.104 billion yuan, a year-on-year increase of 8.9% and a quarter-on-quarter increase of 105.8% [1]. - In Q1 2025, the company generated revenue of 8.895 billion yuan, reflecting a year-on-year growth of 14.8% [1]. Profitability and Cost Structure - The gross profit margin and net profit margin for 2024 were 26.7% and 14.2%, respectively, with slight year-on-year declines of 0.1 percentage points and 0.6 percentage points [2]. - In Q1 2025, the gross profit margin and net profit margin were 24.2% and 7.8%, showing a year-on-year decrease of 0.5 percentage points for gross margin but no change for net margin [2]. - The company maintained high levels of R&D investment, with R&D expense ratio at 5.6% in 2024, an increase of 0.4 percentage points year-on-year [2]. Business Segments - The smart grid segment generated revenue of 28.47 billion yuan in 2024, a year-on-year increase of 11%, with a gross margin of 29.5% [2]. - The overseas revenue reached 3.279 billion yuan, marking a significant year-on-year growth of 135.14% [2]. - The digital energy integration business achieved revenue of 12.36 billion yuan in 2024, up 11% year-on-year, with a gross margin of 22.4% [3]. - The low-carbon energy business reported revenue of 12.19 billion yuan, a year-on-year increase of 26.4% [3]. Future Outlook - Revenue projections for 2025, 2026, and 2027 are estimated at 64.2 billion yuan, 71.98 billion yuan, and 78.98 billion yuan, respectively [3]. - The company is expected to benefit from ongoing expansion in both network and non-network businesses, leading to stable growth in performance [3].

Investment Rating - The report maintains a "Hold" rating for Guodian NARI Technology Co., Ltd. (600406) with a current price of 22.66 CNY and a target price not specified for the next six months [1]. Core Insights - The company achieved a revenue of 57.42 billion CNY in 2024, representing a year-on-year growth of 11.2%. The net profit attributable to shareholders was 7.61 billion CNY, up 6.1% year-on-year. The first quarter of 2025 saw a revenue of 8.89 billion CNY, a 14.8% increase year-on-year, with a net profit of 680 million CNY, up 14.1% year-on-year [1][6]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of 57,417.25 million CNY and a net profit of 7,610.12 million CNY. The projected revenues for 2025, 2026, and 2027 are 64,202.15 million CNY, 71,984.66 million CNY, and 78,981.51 million CNY respectively, with growth rates of 11.82%, 12.12%, and 9.72% [2][10]. Profitability Metrics - The company's gross profit margin for 2024 was 26.7%, with a net profit margin of 14.2%. For Q1 2025, the gross profit margin was 24.2% and the net profit margin was 7.8% [6][10]. Business Segments - The smart grid segment generated revenue of 28.47 billion CNY in 2024, growing 11% year-on-year. The low-carbon energy segment achieved 12.19 billion CNY in revenue, up 26.4% year-on-year. The company is positioned as a leading provider of integrated solutions in these areas [6][7]. Future Projections - The report forecasts that the company's revenue will continue to grow, with expected revenues of 64.20 billion CNY in 2025, 71.98 billion CNY in 2026, and 78.98 billion CNY in 2027. The net profit is projected to reach 8.44 billion CNY in 2025, 9.68 billion CNY in 2026, and 10.52 billion CNY in 2027 [2][10].