Investment Rating - The report maintains a "Positive" outlook on the public utilities and environmental sectors, particularly in electricity and natural gas [1]. Core Insights - The report highlights a recovery in electricity consumption in June, driven by the tertiary sector and residential usage, with a total electricity consumption of 8,670 billion kWh, representing a year-on-year growth of 5.4% [15][17]. - Natural gas consumption showed a slight increase in June, with a total apparent consumption of 35.05 billion m³, up 1.4% year-on-year, indicating a recovery in industry sentiment [21][48]. - The report emphasizes the ongoing optimization of energy structure in China, with significant contributions from renewable energy sources, particularly solar and nuclear power [2][8]. Summary by Sections 1. Electricity: June Consumption Growth Accelerates - In June, the industrial electricity generation reached 7,963 billion kWh, a year-on-year increase of 1.7% [7][9]. - The breakdown of electricity generation types shows a decline in hydropower by 4.0%, while nuclear power grew by 10.3%, and solar power surged by 18.3% [9][15]. - The report notes that the second industry contributed significantly to the electricity increment, accounting for 38% of the total increase [16][17]. 2. Natural Gas: Global Price Decline and June Consumption Growth - The report states that the apparent consumption of natural gas in June was 35.05 billion m³, marking a 1.4% increase year-on-year [21][48]. - The average price of LNG in Northeast Asia decreased to $11.90/mmBtu, reflecting a broader trend of declining global gas prices [22][41]. - The report anticipates that the long-term outlook for natural gas will improve due to rising LNG export capacities from the US and the Middle East [48]. 3. Weekly Market Review - The public utilities and environmental sectors underperformed compared to the CSI 300 index, while the electrical equipment sector outperformed [50]. 4. Company and Industry Dynamics - The report mentions the increase in installed capacity for solar and wind energy, with solar capacity growing by 54.2% year-on-year [53]. - It highlights the ongoing construction of large seawater desalination projects in coastal provinces to support high water-consuming industries [53]. 5. Key Company Valuation Table - The report includes a valuation table for key companies in the public utilities and environmental sectors, indicating potential investment opportunities [60].

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Insights - The company's electricity generation volume in Q2 2025 decreased by 4.54% year-on-year, primarily due to the strategy of generating "beneficial" electricity based on the electricity spot market conditions. The wind power generation was also impacted, with a 17.00% year-on-year decrease in Q2 [2][6]. - For the first half of 2025, the company achieved a total electricity generation of 10.772 billion kWh and a revenue of 6.369 billion yuan, reflecting a year-on-year decrease of 4.44%. However, the net profit attributable to shareholders increased by 12.48% year-on-year to 1.337 billion yuan [6]. - The company has a robust project reserve and is expected to benefit from the resumption of approvals for offshore wind projects in Fujian, indicating potential for long-term growth and investment value [2][6]. Summary by Sections Financial Performance - In Q2 2025, the company reported a revenue of 3.272 billion yuan, down 8.54% year-on-year, and a net profit of 585 million yuan, down 11.65% year-on-year [2][6]. - The total electricity generation for the company in Q2 was 5.433 billion kWh, with a significant contribution from coal-fired power, which generated 4.458 billion kWh, a decrease of 4.54% year-on-year [12]. Market Conditions - The coal price has shown a downward trend, with the average price of Qinhuangdao Q5500 thermal coal at 631.61 yuan/ton in Q2, down 216.84 yuan/ton year-on-year, which helps alleviate some cost pressures [12]. - Wind conditions in Fujian province were weaker in Q2, leading to a 17.00% decrease in wind power generation, with offshore wind generation down 15.96% and onshore wind down 18.45% [12]. Future Outlook - The company plans to continue its share buyback program, having already repurchased 199 million yuan worth of shares, signaling confidence in its long-term value [12]. - The company has six projects approved or under construction, including three pumped storage projects and two combined heat and power projects, which are expected to enhance growth potential [12].

Investment Rating - The report maintains a rating of "Buy" for the industry [3]. Core Viewpoints - The report indicates a significant drop in new installations of solar and wind power in June, suggesting that the supply-side pressure is easing, and green electricity is expected to experience a reversal [2][10]. - The increase in the proportion of renewable energy is expected to stimulate the demand for flexible power generation, benefiting coal-fired power plants and aiding in the absorption of renewable energy [2]. - The report emphasizes the importance of focusing on the power sector, particularly coal-fired power companies with resilient quarterly performance and leading firms in flexible coal-fired power transformation [2]. Summary by Sections Industry Overview - As of June 30, the total installed power generation capacity in the country reached 3.65 billion kilowatts, a year-on-year increase of 18.7%. Solar power capacity was 1.1 billion kilowatts, up 54.2%, and wind power capacity was 570 million kilowatts, up 22.7% [7][13]. - In June, new installations of solar and wind power dropped significantly, with solar power adding 14.36 GW and wind power adding 5.11 GW, down 78.56% and 21.21% respectively from May [7][13]. - The average utilization hours of power generation equipment decreased by 162 hours year-on-year to 1504 hours [7][13]. Electricity Demand - In June, the total electricity consumption increased by 5.4%, with the first, second, and third industries, as well as residential electricity consumption, showing growth rates of 8.7%, 2.4%, 7.1%, and 4.9% respectively [7][10]. - The third industry's electricity demand showed resilience, with internet and related services growing by 27.4% year-on-year [7][10]. Investment Recommendations - The report recommends focusing on coal-fired power companies such as Huaneng International, Huadian International, and Baoneng New Energy, as well as leading firms in flexible coal-fired power transformation like Qingda Environmental Protection [2]. - It also suggests prioritizing undervalued green electricity operators, particularly in the Hong Kong market, and companies with high stock project ratios and short-term revenue certainty [2]. Market Performance - The report notes that during the week of July 21-25, the Shanghai Composite Index rose by 1.67%, while the electricity and public utilities sector index fell by 0.03%, underperforming the broader market [55][56].

Group 1: Metal Sector - China Hongqiao's net profit forecast for 2024 is CNY 223.72 billion, with a PE ratio of 8.14[12] - Hualing Steel's net profit is projected to increase from CNY 20.32 billion in 2024 to CNY 28.54 billion in 2025, with a PE ratio of 19.72[12] - Xiamen Tungsten's net profit is expected to rise from CNY 17.28 billion in 2024 to CNY 21.01 billion in 2025, with a PE ratio of 22.97[12] Group 2: Construction and Transportation - Sichuan Road and Bridge's net profit is forecasted to grow from CNY 72.10 billion in 2024 to CNY 82.86 billion in 2025, with a PE ratio of 10.35[12] - YTO Express's net profit is expected to decrease from CNY 40.12 billion in 2024 to CNY 35.39 billion in 2025, with a PE ratio of 13.03[12] - China Merchants Highway's net profit is projected to be CNY 55 billion in 2025, with a PE ratio of 14.56[12] Group 3: Chemical and Energy Sector - Yara International's net profit is expected to rise from CNY 9.50 billion in 2024 to CNY 17.94 billion in 2025, with a PE ratio of 30.56[12] - Funiu Power's net profit forecast for 2025 is CNY 28.95 billion, with a PE ratio of 9.18[12] - Huajin's net profit is projected to recover to CNY 0.92 billion in 2025 after a loss of CNY 27.95 billion in 2024[12] Group 4: Strategic Metals and New Materials - Xiamen Tungsten's strategic metal segments are expected to contribute 79% to profits in 2024, with a focus on tungsten and rare earths[21] - Zhongcai Technology's special glass fiber is projected to see significant demand growth due to AI hardware requirements, with expected profits of CNY 0.2 billion in 2024[30] - The company anticipates a profit contribution from special glass fiber of CNY 7.2 billion by 2026[30]

Core Viewpoint - The company reported a decline in power generation and heat supply in the first half of 2025, while achieving an increase in net profit and total profit compared to the previous year [1][7][8]. Group 1: Operational Performance - In Q2 2025, the company generated 5.433 billion kWh of electricity, a decrease of 6.85% year-on-year [1]. - The total electricity generated in the first half of 2025 was 10.772 billion kWh, down 3.47% year-on-year [1]. - The heat supply for the first half of 2025 was 4.6443 million tons, a decrease of 4.53% year-on-year [1]. Group 2: Financial Performance - The company achieved operating revenue of 6.369 billion yuan in the first half of 2025, a decrease of 4.44% year-on-year [7]. - The total profit for the first half of 2025 was 2.006 billion yuan, an increase of 20.86% year-on-year [7]. - The net profit attributable to shareholders was 1.337 billion yuan, up 12.48% year-on-year, with basic earnings per share of 0.48 yuan, an increase of 4.35% [7]. Group 3: Asset and Equity Status - As of June 30, 2025, the company's total assets amounted to 53.526 billion yuan, an increase of 1.652 billion yuan or 3.18% from the beginning of the year [8]. - The equity attributable to shareholders was 25.8 billion yuan, an increase of 0.523 billion yuan or 2.07% from the beginning of the year [8]. Group 4: Contributing Factors - The increase in profit was attributed to better wind conditions in Fujian province compared to the same period last year, leading to higher profits from wind power generation [8]. - The increase in profit was also due to a rise in the settlement of gas power replacement electricity in Jinjiang [8].

Financial Performance Summary - Total operating revenue for the first half of 2025 is 6.37 billion yuan, a decrease of 4.44% compared to the same period last year [2] - Operating profit reached 2.00 billion yuan, reflecting a year-on-year increase of 20.58% [2] - Total profit amounted to 2.01 billion yuan, showing a growth of 20.86% year-on-year [2] - Net profit attributable to shareholders of the listed company is 1.34 billion yuan, up 12.48% from the previous year [2] - Basic earnings per share is 0.48 yuan, an increase of 4.35% compared to 0.46 yuan in the same period last year [2] Asset and Equity Overview - Total assets at the end of the reporting period are 53.53 billion yuan, an increase of 3.18% from the beginning of the period [2] - The company's equity attributable to shareholders remains stable with no change in the number of shares at 2.78 billion [2] Operational Insights - The overall operational performance of the company is stable with profits showing a general upward trend [2] - Key factors contributing to profit growth include improved wind conditions in Fujian province leading to increased power generation from wind turbines, and an increase in electricity settlement from gas-electricity substitution in Jinjiang [2]

Group 1: Regulatory Developments - The China Securities Regulatory Commission (CSRC) has approved the registration of monthly average futures for linear low-density polyethylene, polyvinyl chloride, and polypropylene at the Dalian Commodity Exchange [1] - The Guangzhou Futures Exchange is actively promoting the research and listing of platinum, palladium, and lithium hydroxide futures, expected to launch this year [1] Group 2: Market Trends - The number of ETFs with over 10 billion yuan in assets has surpassed 90, with the total ETF scale exceeding 4.6 trillion yuan, driven by thematic products in technology, dividends, and innovative pharmaceuticals [1] - Bond funds are facing significant redemption pressure, with over 200 billion yuan in bond sales in the first four days of the week, including nearly 100 billion yuan in a single day [2] Group 3: Insurance Sector - The preset interest rate for traditional life insurance products has been lowered by 50 basis points to 2.0%, while the guaranteed interest rate cap for participating insurance has been reduced to 1.75% [3] Group 4: Company Performance - IMAX China reported a record 25 million moviegoers in the first half of 2025, generating approximately 416 million yuan in revenue, doubling the box office compared to the same period last year [4] - LVMH's net profit for the first half of 2025 fell by 22% to 5.7 billion euros, with a significant decline in sales in Japan due to currency appreciation [4] - Vanke has successfully sold the Shanghai Jinqiao Wanchuang Center project, with market speculation suggesting a transaction price of around 1.4 billion yuan [5] - China Communications Construction Company signed new contracts worth 991.05 billion yuan in the first half of the year, a year-on-year increase of 3.14% [5] - Fudan Fuhua terminated the transfer of a 28% stake in a subsidiary due to a lack of interested buyers [6] - Feima International received 437 million yuan in performance compensation from its controlling shareholder [7] - Shanghai Construction Group reported a net profit of 710 million yuan in the first half of the year, a decrease of 14.04% [8] - Funi Co., Ltd. achieved a net profit of 1.337 billion yuan in the first half of the year, an increase of 12.48% [10] - Western Mining reported a net profit of 1.869 billion yuan in the first half of the year, a growth of 15% [11] - Bomaike's net profit dropped by 80.42% to 12.39 million yuan in the first half of the year [12]

Group 1 - Liu Pharmaceutical Group plans to repurchase shares worth between 100 million and 200 million yuan, with a maximum repurchase price of 25.70 yuan per share [1] - Dongshan Precision intends to invest up to 1 billion USD to build a high-end printed circuit board project to meet the long-term demand for high-end printed circuit boards in emerging scenarios such as AI [1] - Bomaike reported a net profit of 12.39 million yuan for the first half of the year, a year-on-year decline of 80.42% [2] Group 2 - Western Mining achieved a net profit of 1.869 billion yuan in the first half of the year, a year-on-year increase of 15% [2] - Fuliwang expects a net loss of approximately 17 million yuan for the first half of the year, a decrease of 137.12% compared to the same period last year [2] - Digital Certification anticipates a net loss of between 80 million and 96 million yuan for the first half of the year, compared to a loss of 29.25 million yuan in the same period last year [3] Group 3 - Shanghai Construction reported a net profit of 710 million yuan for the first half of the year, a year-on-year decrease of 14.04% [5] - Funneng Co. achieved a net profit of 1.337 billion yuan in the first half of the year, a year-on-year increase of 12.48% [6] - Tengda Construction's total contract amount for the first half of the year decreased by 17.55% year-on-year [7] Group 4 - Fudan Fuhua decided to terminate the public transfer of a 28% stake in a subsidiary due to the lack of a deposit from potential buyers [9] - Fulei Ant's subsidiary has decided to cease operations due to intense competition in the photovoltaic industry and ongoing losses [11] - Dongfang Ocean's subsidiary received a medical device registration certificate for a folic acid testing kit [14] Group 5 - Huayu Pharmaceutical's subsidiary received overseas listing approvals for several products [16] - Feima International received a performance commitment compensation of 437 million yuan from its controlling shareholder [16] - Guangshen Railway signed a cooperation agreement for the Guangzhou East Station renovation project with a total investment of approximately 16.66 billion yuan [16] Group 6 - Anhui Construction won the bid for the S68 Jingde to Jixi Expressway project with an estimated total investment of 5.7 billion yuan [18] - China Communications Construction Company signed new contracts worth 991.054 billion yuan in the first half of the year, a year-on-year increase of 3.14% [19] - Kehui Co. plans to use up to 70 million yuan of idle funds for cash management [22] Group 7 - Biological Shares' subsidiary received a clinical trial approval for a cat mRNA vaccine, the first of its kind in China [23] - Ruipu Biological received a clinical trial approval for a pig mRNA vaccine, which is the first economic animal mRNA vaccine in China [24] - Nanjing New Hundred's major assets were judicially frozen due to liquidity debt crisis faced by its controlling shareholder [27] Group 8 - Changshu Bank plans to merge three village banks and establish branches, pending shareholder approval [28] - Yong'an Pharmaceutical plans to reduce its holdings by up to 2.6323 million shares [29] - Zhujiang Co. received approval from the Shanghai Stock Exchange for a stock issuance to specific targets [31] Group 9 - Sanyangma's subsidiary signed a 120 million yuan procurement contract for sensor products [33] - Jintou City Development plans to purchase a villa property for approximately 7.1854 million yuan [35] - Yuanli Co. intends to acquire 100% of Tongsheng Co. through a combination of cash and stock issuance [36] Group 10 - Xin'an Century's controlling shareholder plans to reduce holdings by up to 2.22% of the company's shares [36] - Fute Technology plans to raise up to 528 million yuan through a private placement for various projects [36] - Helen Piano's actual controller is set to change, with stock resuming trading [37] Group 11 - Weiergao expects a net profit increase of 12.55% to 30.87% for the first half of the year [38] - Saiwei Microelectronics plans to transfer up to 18% of its shares through an agreement [40] - Yongli Co. intends to acquire a 22.75% stake in a subsidiary [42] Group 12 - ST Xiachuang plans to publicly transfer a 20% stake in Guangdong Yuweiji [43] - Dema Technology's shareholders plan to transfer 778.84 million shares through an inquiry [45] - Zhongshi Technology's shareholders plan to reduce holdings by up to 2.86% of the company's shares [46] Group 13 - Wufang Optoelectronics' controlling shareholder plans to reduce holdings by up to 0.93% of the company's shares [48] - Fusenmei's chairman has been detained, temporarily unable to fulfill his duties [49] - Reliable Co.'s shareholders plan to reduce holdings by a total of up to 2.63% of the company's shares [51] Group 14 - Gao Neng Environment plans to repurchase shares worth between 100 million and 150 million yuan [53]

证券代码：600483 证券简称：福能股份 公告编号：2025-035 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。 根据福建福能股份有限公司（以下简称公司）的初步统计，2025 年第二季度，公 司各运行电厂按合并报表口径完成发电量 54.33 亿千瓦时，同比减少 6.85%；完成上网 电量 51.57 亿千瓦时，同比减少 6.95%；完成供热量 255.48 万吨，同比减少 10.25%。 2025 年上半年，累计完成发电量 107.72 亿千瓦时，同比减少 3.47%；累计完成上网电 量 102.30 亿千瓦时，同比减少 3.56%；累计完成供热量 464.43 万吨，同比减少 4.53%。 2025 年 4-6 月发电量变动主要原因：受风况变化影响，风电机组发电量同比下 降；根据电力现货市场运行情况，燃煤火电机组以发"有效益"电为目标，发电量同 比下降。 特此公告。 福建福能股份有限公司董事会 2025 年 7 月 26 日 详细情况如下表： 福建福能股份有限公司 | 电源类别 | | | 发电量（亿千瓦时） | | ...

[Important Notice and Disclaimer](index=1&type=section&id=Important%20Notice%20and%20Disclaimer) This announcement's preliminary H1 2025 financial data is unaudited; investors should note investment risks, final data is in the periodic report, and the board guarantees accuracy - The H1 2025 key financial data disclosed in this announcement are preliminary and unaudited by an accounting firm[2](index=2&type=chunk)[8](index=8&type=chunk) - The company's board of directors guarantees that the announcement contains no false records, misleading statements, or major omissions, and assumes legal responsibility for its truthfulness, accuracy, and completeness[2](index=2&type=chunk) - Investors are advised to note investment risks, as specific data will be subject to the company's H1 2025 periodic report[2](index=2&type=chunk)[8](index=8&type=chunk) [I. H1 2025 Key Financial Data and Indicators](index=1&type=section&id=I.%20H1%202025%20Key%20Financial%20Data%20and%20Indicators) [Key Income Statement Data](index=1&type=section&id=Key%20Income%20Statement%20Data) In H1 2025, total operating revenue decreased by 4.44% to **6.369 billion RMB**, while operating profit, total profit, and net profit attributable to shareholders significantly increased by **20.58%**, **20.86%**, and **12.48%** respectively H1 2025 Key Income Statement Data | Item | Current Period (RMB) | Prior Period (RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Total Operating Revenue | 6,369,245,484.45 | 6,664,880,317.14 | -4.44 | | Operating Profit | 1,996,379,271.31 | 1,655,647,076.73 | 20.58 | | Total Profit | 2,005,516,509.92 | 1,659,342,920.97 | 20.86 | | Net Profit Attributable to Shareholders of the Listed Company | 1,336,697,866.92 | 1,188,386,222.17 | 12.48 | | Net Profit Attributable to Shareholders of the Listed Company Excluding Non-recurring Gains and Losses | 1,326,910,773.63 | 1,166,896,651.10 | 13.71 | | Basic Earnings Per Share (RMB) | 0.48 | 0.46 | 4.35 | | Weighted Average Return on Net Assets (%) | 5.23 | 5.40 | Decrease of 0.17 percentage points | [Key Balance Sheet Data](index=1&type=section&id=Key%20Balance%20Sheet%20Data) As of June 2025, total assets reached **53.526 billion RMB**, a **3.18%** increase from the beginning of the year; owner's equity attributable to shareholders rose to **25.8 billion RMB**, up **2.07%** H1 2025 End Key Balance Sheet Data | Item | End of Current Period (RMB) | Beginning of Current Period (RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Total Assets | 53,525,560,527.83 | 51,873,417,871.29 | 3.18 | | Owner's Equity Attributable to Shareholders of the Listed Company | 25,799,692,379.35 | 25,276,572,915.46 | 2.07 | | Share Capital (shares) | 2,780,137,800.00 | 2,780,137,800.00 | 0 | | Net Assets Per Share Attributable to Shareholders of the Listed Company (RMB) | 9.28 | 9.09 | 2.09 | - Except for share capital, all above data are based on consolidated financial statements[5](index=5&type=chunk) [II. Explanation of Operating Performance and Financial Condition](index=1&type=section&id=II.%20Explanation%20of%20Operating%20Performance%20and%20Financial%20Condition) In H1 2025, the company maintained a positive overall operating trend with stable and improving profitability, driven by improved wind conditions and increased gas-fired power settlement, leading to higher total profit and net profit despite a revenue decrease - In H1 2025, the company completed **10.772 billion kWh** of power generation and **4.6443 million tons** of heat supply[6](index=6&type=chunk) - The company's overall operating trend was positive, with profitability generally stable and improving[7](index=7&type=chunk) - Key profit-increasing factors included: - Improved wind conditions in Fujian province in H1 2025 compared to the prior year, leading to a year-on-year increase in wind power generation and profit - Increased year-on-year settlement of replacement electricity from Jinjiang gas-fired power, contributing to higher profit[7](index=7&type=chunk) H1 2025 Key Operating and Financial Indicators | Indicator | Amount/Value | Year-on-Year Change | | :--- | :--- | :--- | | Operating Revenue | 6.369 billion RMB | -4.44% | | Total Profit | 2.006 billion RMB | +20.86% | | Net Profit Attributable to Shareholders of the Listed Company | 1.337 billion RMB | +12.48% | | Basic Earnings Per Share | 0.48 RMB | +4.35% | | Total Assets (End of Period) | 53.526 billion RMB | +3.18% (vs. beginning of year) | | Owner's Equity Attributable to Shareholders of the Listed Company (End of Period) | 25.8 billion RMB | +2.07% (vs. beginning of year) | [III. Risk Warning](index=2&type=section&id=III.%20Risk%20Warning) The company warns investors that the financial data in this performance express report are preliminary and unaudited, with final data subject to the official periodic report, and no significant uncertainties affect its accuracy - There are no significant uncertainties affecting the accuracy of this performance express report[8](index=8&type=chunk) - The H1 2025 key financial data in this announcement are preliminary and unaudited by an accounting firm[8](index=8&type=chunk) - Specific data will be subject to the company's H1 2025 periodic report, and investors are advised to note investment risks[8](index=8&type=chunk)