Core Viewpoint - The National Development and Reform Commission and the National Energy Administration have accelerated the establishment of a nationwide unified electricity market by issuing a response to the mechanism for normalized electricity trading across grid operating areas, aiming for completion by 2025 [1] Group 1: Market Structure and Mechanism - The new mechanism will break down institutional barriers between the State Grid and Southern Grid, facilitating the optimization of electricity resource allocation nationwide [3] - The establishment of important "electricity highways" between the State Grid and Southern Grid has enabled physical interconnection, while the new trading mechanism will provide a "soft connection" for electricity trading [5] Group 2: Demand and Supply Dynamics - There is a strong demand for green electricity, particularly in regions like the Greater Bay Area and the Yangtze River Delta, where companies seek to reduce carbon content in their products [5] - The new trading mechanism is likened to a nationwide "online electricity mall," allowing for smooth flow of electricity resources under unified trading rules [7] Group 3: Market Benefits - The mechanism will enhance market vitality, provide more choices for enterprises, and ensure more economical and stable electricity consumption, akin to opening a highway for electricity [9]

Core Points - The company announced a profit distribution plan approved at the 2024 annual shareholders' meeting held on May 21, 2025 [1] - The total number of shares before the distribution is 1,536,541,654, with a cash dividend of 0.055 CNY per share, totaling approximately 84,509,790.97 CNY [1] - The distribution will be made to all shareholders registered with the China Securities Depository and Clearing Corporation Limited Shanghai Branch as of the close of trading on the registration date [1] Distribution Plan - The cash dividend distribution is for the fiscal year 2024 [1] - The distribution method involves the China Securities Depository and Clearing Corporation Shanghai Branch handling the payment through its clearing system [1][2] - Shareholders who have not completed designated trading will have their dividends held by the China Securities Depository until the trading is completed [1] Taxation Details - For individual shareholders holding shares for over one year, the cash dividend is exempt from personal income tax, resulting in an actual distribution of 0.055 CNY per share [3] - For shares held for less than one year, the tax will be calculated upon transfer, with a tax burden of 20% for holdings of one month or less, and 10% for holdings between one month and one year [3] - For Qualified Foreign Institutional Investors (QFII), a 10% corporate income tax will be withheld, resulting in a net dividend of 0.0495 CNY per share [4] - Hong Kong Stock Exchange investors will also face a 10% withholding tax, leading to the same net dividend of 0.0495 CNY per share [4] Contact Information - Shareholders with inquiries regarding the distribution can contact the Securities Investment Department at the provided phone number [5][6]

证券代码：600452 证券简称：涪陵电力 公告编号：2025-025 重庆涪陵电力实业股份有限公司 2024年年度权益分派实施公告 二、 分配方案 1. 发放年度：2024年年度 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： | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放 | | --- | --- | --- | --- | --- | | | | | | 日 | | Ａ股 | 2025/6/19 | － | 2025/6/20 | 2025/6/20 | 差异化分红送转： 否 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司2025 年 5 月 21 日的2024年年度股东大会审议通过。 2. 分派对象： 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任 公司上海分公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 3. 分配方案： 本次利润分配以方案实施前的公司总股本1,536,541,654股为基数，每股派发 现金红利0 ...

Core Viewpoint - The company participated in the 2024 annual and Q1 2025 performance briefing hosted by State Grid Corporation, focusing on its operational performance and future plans, while engaging with investors through various interactive formats [1][2]. Group 1: Meeting Overview - The performance briefing took place on May 23, 2025, with key executives including the chairman and financial director present to discuss the company's operational and financial metrics [2]. - The meeting aimed to address investor concerns regarding the company's performance and future strategies [2]. Group 2: Investor Questions and Company Responses - The company plans to leverage its strengths and market demands to set development goals, focusing on enhancing grid operations and expanding energy-saving services [3]. - Despite a decline in revenue and net profit for 2024, the company maintains a stable financial condition, emphasizing its commitment to improving operational efficiency and asset quality [4]. - The company is exploring joint development models for new projects, which are expected to enhance service quality and positively impact revenue and profits [5]. - The company is actively working on the commercialization of new smart distribution network technologies, with ongoing research and development efforts [5]. - In 2024, the company achieved a revenue of 3.117 billion yuan and a net profit of 514 million yuan, with a 7.5% increase in electricity sales [5].

Core Viewpoint - The company is focused on building a regional energy service ecosystem and leading innovations in smart grid development, with a strong emphasis on power grid operation and energy efficiency in distribution networks [1][2][3]. Group 1: Business Overview - The company primarily operates in the Fuling District of Chongqing, providing reliable power supply services and covering 20 provinces in energy efficiency management [1]. - The company’s revenue and net profit are projected to grow at CAGRs of 4.09% and 6.46% respectively from 2020 to 2024 [1]. - In 2024, the company expects to achieve revenue of 3.117 billion yuan, a decrease of 9.46% year-on-year, and a net profit of 514 million yuan, down 2.07% year-on-year [1]. Group 2: Sales Performance - The total electricity sales volume in 2024 reached 346,384 million kWh, reflecting a year-on-year increase of 7.71% [2]. - The average selling price of electricity was 643.65 yuan/MWh, a slight decrease of 0.81% year-on-year, indicating stable pricing [2]. - Direct sales accounted for 94.94% of total sales volume, with an increase of 8.05% year-on-year, while bulk sales decreased by 5.68% [2]. Group 3: Business Expansion and Projects - The company is expanding its energy efficiency business in distribution networks, tailoring solutions based on regional grid characteristics [3]. - Significant projects in Xinjiang and Shanxi have been completed, with a new strategic partnership in Anhui aimed at enhancing energy efficiency in 16 cities [3]. - The Anhui project is expected to generate approximately 790 million yuan in revenue over an 8-year operational period, with the company holding over 50% of the investment and revenue share [3]. Group 4: Financial Projections - The company anticipates net profits of 524 million, 555 million, and 603 million yuan for 2025-2027, with year-on-year growth rates of 1.9%, 5.8%, and 8.8% respectively [3].

Investment Rating - The report gives a "Cautious Recommendation" rating for the company, marking its first coverage [6]. Core Viewpoints - The company is positioned as a comprehensive energy service provider, leveraging its electricity sales business as a foundation while focusing on energy-saving initiatives in the distribution network as a key to transformation [3][11]. - The electricity consumption demand is steadily increasing, with a significant rise in electricity sales volume contributing to performance growth [2][46]. - The company is backed by the State Grid Corporation, actively expanding its energy-saving business in the distribution network, which is expected to benefit from the growth of comprehensive energy services [3][54]. Summary by Sections 1. Company Overview and Business Model - The company primarily engages in electricity supply and sales, power dispatch, and energy-saving services, with a well-established supply network mainly in the Fuling District of Chongqing [11][12]. - The energy-saving business includes energy efficiency management systems and key equipment upgrades, currently covering 20 provinces and regions nationwide [11]. 2. Financial Performance - From 2020 to 2024, the company's revenue and net profit CAGR are projected at 4.09% and 6.46%, respectively [17]. - In 2024, the company achieved revenue of 3.117 billion yuan, a year-on-year decrease of 9.46%, and a net profit of 514 million yuan, down 2.07% [17][5]. - The first quarter of 2025 saw a revenue of 709 million yuan, down 4.09%, and a net profit of 90 million yuan, down 16.29% [17]. 3. Electricity Sales and Energy-Saving Business - The total electricity sales volume in 2024 reached 346,384 million kWh, a year-on-year increase of 7.71%, with a stable average selling price [2][38]. - The direct sales volume accounted for 94.94% of total sales, reflecting a growing competitive advantage in the end-user electricity market [38][46]. - The energy-saving business is crucial for the company's transformation, with a focus on reducing losses and improving efficiency in the distribution network [48][54]. 4. Profit Forecast and Investment Recommendations - The forecast for net profit from 2025 to 2027 is 524 million, 555 million, and 603 million yuan, with year-on-year growth rates of 1.9%, 5.8%, and 8.8%, respectively [3][5]. - The estimated PE ratios for 2025 to 2027 are 28x, 27x, and 25x, indicating a relatively low valuation compared to peers [3][71].

Investment Rating - The report gives a "Cautious Recommendation" rating for the company, marking its first coverage [6]. Core Viewpoints - The company is positioned as a comprehensive energy service provider, leveraging its electricity sales business as a foundation while focusing on the critical transformation of its energy-saving business [3][11]. - The electricity consumption demand is steadily increasing, with a significant rise in electricity sales volume contributing to performance growth [2][46]. - The company is actively expanding its distribution network energy-saving business, which is expected to benefit from the growth of the State Grid's comprehensive energy services [3][54]. Summary by Relevant Sections 1. Business Overview - The company primarily engages in electricity supply and sales, power dispatch, and energy-saving services, with a well-established supply network mainly in the Fuling District of Chongqing [11][12]. - The energy-saving business has expanded to cover 20 provinces, municipalities, and autonomous regions across China [11]. 2. Financial Analysis - From 2020 to 2024, the company's revenue and net profit attributable to shareholders are projected to grow at CAGRs of 4.09% and 6.46%, respectively [17]. - In 2024, the company reported revenues of 3.117 billion yuan, a decrease of 9.46% year-on-year, and a net profit of 514 million yuan, down 2.07% year-on-year [17]. - The first quarter of 2025 saw revenues of 709 million yuan, a decline of 4.09% year-on-year, with net profit dropping 16.29% to 90 million yuan [17]. 3. Electricity Sales and Energy-Saving Business - The total electricity sales volume in 2024 reached 346,384 million kWh, an increase of 7.71% year-on-year, with a stable average selling price of 643.65 yuan per MWh [2][38]. - The direct sales volume accounted for 94.94% of total sales, reflecting a growth of 8.05% year-on-year, while the bulk sales volume decreased by 5.68% [2][38]. - The energy-saving business is crucial for the company's transformation, with new contracts expected to drive additional revenue [48][54]. 4. Profit Forecast and Investment Recommendations - The forecast for net profit attributable to shareholders for 2025-2027 is 524 million, 555 million, and 603 million yuan, with year-on-year growth rates of 1.9%, 5.8%, and 8.8%, respectively [3][67]. - The estimated PE ratios for 2025-2027 are 28x, 27x, and 25x, indicating a relatively low valuation compared to peers [3][71].

Market Overview - As of 13:59 today, the Shanghai Composite Index is at 3372.33 points, with a slight decline of -0.23% [1] - The total trading volume of A-shares today is 838.849 billion yuan [1] Stocks Breaking Annual Line - A total of 68 A-shares have surpassed their annual line today, with notable stocks including: - Puris (乖离率 6.48%) - Aisen Co., Ltd. (乖离率 5.81%) - Fosa Technology (乖离率 4.02%) [1] Stocks with Significant Deviation - The stocks with the largest deviation from the annual line include: - Puris: Today's price increased by 7.19% to 30.70 yuan - Aisen Co., Ltd.: Today's price increased by 7.47% to 42.00 yuan - Fosa Technology: Today's price increased by 4.30% to 32.71 yuan [1] Additional Stocks with Positive Performance - Other stocks showing positive performance and their respective deviations include: - Yao Stone Technology: 3.77% increase, 3.51% deviation - Fuling Power: 6.24% increase, 3.42% deviation - Yingjie Electric: 5.37% increase, 3.38% deviation [1] Summary of Stocks with Minor Deviations - Stocks with minor deviations from the annual line include: - Huayang Intelligent: 4.58% increase, 2.48% deviation - Boying Special Welding: 2.32% increase, 2.06% deviation - Stone Technology: 2.02% increase, 1.96% deviation [1]

Meeting Overview - The annual general meeting of Chongqing Fuling Power Industry Co., Ltd. was held on May 21, 2025, at the company's conference room in Fuling District, Chongqing [2] - The meeting was convened by the board of directors and chaired by Chairman Ma Wenhai, complying with relevant laws and regulations [2][3] Attendance and Voting - The meeting had attendance from 5 out of 9 current directors and 2 out of 3 current supervisors, with some members unable to attend due to personal matters [4][5] - All resolutions were passed with more than half of the voting rights held by attending shareholders [6] Resolutions Passed - The following key resolutions were approved: - 2024 Annual Board Work Report [4] - 2024 Annual Supervisory Board Work Report [4] - 2024 Annual Financial Settlement Report [5] - 2024 Annual Profit Distribution Proposal [5] - 2024 Annual Report and Summary [5] - Confirmation of 2024 and 2025 Salary Plans for Directors, Supervisors, and Senior Management [5] - Authorization for the Board to formulate the 2025 Mid-Year Dividend Plan [5] - Reappointment of the financial and internal control audit firm for 2025 [5] - Approval of the contract energy management project and related transactions [6] Legal Compliance - The meeting was witnessed by Chongqing Yuanwei Law Firm, confirming that the convening and proceedings of the meeting complied with the Company Law and relevant regulations [6]