福能股份（600483）发布业绩快报，上半年营业收入63.69亿元，同比下降4.44%；净利润13.37亿元， 同比增长12.48%。主要增利因素包括福建省风况好于去年同期，风力发电机组发电量增加，利润同比 增加；以及晋江气电替代电量结算增加，利润同比增加。 ...

Investment Rating - The industry investment rating is "Positive" and maintained [11] Core Insights - The increase in renewable energy consumption responsibility weight is expected to generate an additional demand of approximately 510 billion kilowatt-hours of new energy by 2025 [2][6][19] - The transition of the aluminum electrolysis industry from monitoring to assessment will significantly boost the demand for non-hydropower green certificates, estimated at around 150 million certificates [7][26] - The inclusion of four major energy-consuming industries (steel, cement, polysilicon, and data centers) into monitoring is projected to create a potential demand for approximately 800 million non-hydropower green certificates [8][29] Summary by Sections Renewable Energy Consumption Responsibility Weight - The responsibility weight for renewable energy consumption will significantly increase in 2025, with unfulfilled portions not carried over to the next year. The new policy mandates that the responsibility weight must be completed within the year [6][17] - The "Three North" regions have a higher responsibility weight, with provinces like Inner Mongolia, Gansu, Jilin, Heilongjiang, and Qinghai set at 30%, while regions like Shanghai and Guangdong remain below 15% [18] Electrolytic Aluminum Green Power Consumption - The green power consumption ratio for the electrolytic aluminum industry will shift from monitoring to assessment in 2025, leading to a significant increase in demand for non-hydropower green certificates [7][26] - The estimated demand for non-hydropower green certificates from the electrolytic aluminum sector is about 150 million certificates due to the new assessment requirements [26] Expansion of Monitoring to Other Industries - The addition of steel, cement, polysilicon, and data centers into the monitoring framework is expected to create a substantial potential demand for green certificates, estimated at around 800 million certificates [8][29] - The projected total demand from these sectors could reach approximately 980 billion kilowatt-hours of new energy, accounting for about 53% of the 2024 new energy volume [34] Supply and Demand Dynamics - The demand side is expected to expand significantly due to the assessment of the electrolytic aluminum industry and the inclusion of new energy-consuming sectors, while the supply side will see a reduction in the issuance of green certificates due to policy changes [8][34] - The overall market dynamics are anticipated to shift from a surplus supply to a more balanced state, providing long-term support for green certificate prices [8][34]

Investment Rating - The report maintains an "Overweight" rating for the industry [4] Core Viewpoints - The issuance of renewable energy power consumption responsibility weights for 2025 mandates green electricity consumption in five major industries, which is expected to alleviate renewable energy consumption issues [3][11] - The assessment scope has expanded to include steel, cement, polysilicon, and data centers, enhancing the focus on energy-intensive industries [3][12] - The provincial assessment targets for renewable energy consumption responsibility weights will range from 24.2% to 70% in 2025, with 19 provinces aiming for over 30% [3][15] Summary by Sections Industry Trends - The electricity and public utilities index rose by 1.60% during the week, outperforming the CSI 300 index by 0.78 percentage points [5][55] - The report highlights that over half of the listed companies in the electricity and public utilities sector experienced stock price increases [55] Key Industry Insights - The coal price has rebounded to 627 CNY/ton [13] - The inflow and outflow of water at the Three Gorges Dam decreased by 17.86% and 24.19% year-on-year, respectively [31] - The price of silicon materials remained stable, while mainstream silicon wafer prices decreased slightly [39] Investment Recommendations - Focus on the electricity sector due to the high temperatures across the country and the upcoming performance period [3] - Recommended stocks include Huaneng International, Jiantou Energy, Huadian International, and Qingda Environmental Protection, which are expected to have resilient quarterly earnings [3] - Emphasis on undervalued green electricity operators, particularly in Hong Kong and wind power sectors, such as Xintian Green Energy and Longyuan Power [3][8]

Core Viewpoint - The company, Fujian Funiu Co., Ltd., is responding to the Shanghai Stock Exchange regarding the issuance of convertible bonds, emphasizing the rationale behind maintaining large deposits while also borrowing significantly from its financial group, which aligns with its operational needs and industry characteristics [1][21]. Financial Position - As of the end of 2024, the company's cash balance was 564,520.69 million, with significant amounts held in current accounts and financial company deposits [2][5]. - The company’s cash balance at the financial group was primarily in current deposits, accounting for 99.42%, 99.55%, and 97.93% of the total deposits over the reporting periods [3][4]. Operational Needs - The company has a high demand for working capital due to its operations in the energy sector, which requires substantial cash for raw material procurement and employee salaries [6][19]. - The company’s operational cash outflows for 2024 amounted to 1,107,869.55 million, with a cash balance to cash outflow ratio of 34.52% [5][6]. Investment Projects - The company has multiple ongoing and planned investment projects, necessitating a high reserve of cash for project expenditures. As of the end of 2024, the total required capital for these projects was 64.40 billion, with 16.71 billion already invested [9][10]. - The company is involved in significant projects, including hydropower and thermal power generation, which require long-term financing due to their large scale and extended construction periods [16][20]. Debt Structure - The company’s interest-bearing debt was 1,768,649.01 million at the end of 2024, with long-term loans making up a significant portion of this debt [12][20]. - Loans from the financial group accounted for 19.21% of total interest-bearing debt, indicating a relatively low reliance on this source compared to other financing options [12][20]. Rationale for Financial Strategy - The company maintains large deposits in its financial group while borrowing extensively, which is justified by the need for liquidity in a capital-intensive industry and the advantages of higher deposit rates and convenience offered by the financial group [17][21]. - The interest rates on loans from the financial group are slightly lower than those from commercial banks, making this strategy financially sound [11][20].

Core Viewpoint - Fuzhou Energy Co., Ltd. (福能股份) is responding to the Shanghai Stock Exchange's inquiry regarding its large deposits and borrowings, asserting that its financial practices align with industry standards and do not harm the company's interests [1][5]. Group 1: Financial Position - As of the end of last year, Fuzhou Energy had approximately 56 billion yuan in cash and cash equivalents, with short-term borrowings of about 7 billion yuan and long-term borrowings of around 143 billion yuan [2][4]. - The company reported a total interest-bearing debt of approximately 177 billion yuan, with loans from its financial company amounting to about 34 billion yuan, representing 19.21% of its total interest-bearing debt [4]. Group 2: Investment and Projects - Fuzhou Energy plans to issue up to 3.8 billion yuan in convertible bonds to fund ultra-supercritical combined heat and power projects and pumped storage power station projects [2]. - The company emphasizes that its high cash balance is necessary for daily operations and project investments, which require significant capital reserves [3][5]. Group 3: Interest Rates and Comparisons - The interest rate on deposits at the group's financial company is 1.21%, while the borrowing rate is 3.17% [4]. - Fuzhou Energy compares its financial situation with that of Shenneng Co., Ltd. (申能股份), highlighting similar patterns of high cash balances and substantial interest-bearing debts [4].

Grant Thornton 致同 关于福建福能股份有限公司 向不特定对象发行可转换公司债券的 审核中心意见落实函的回复 致同会计师事务所 (特殊普通合伙) |致同 Grant Thornton 转同 关于福建福能股份有限公司 向不特定对象发行可转换公司债券的 审核中心意见落实函的回复 如无特别说明,本《关于福建福能股份有限公司申请向不特定对象发行可 转换公司债券的审核中心意见落实函的回复》(以下简称"意见落实函回复") 中使用的简称与《福建福能股份有限公司向不特定对象发行可转换公司债券募 集说明书》中简称具有相同含义。 请发行人结合报告期各期末货币资金余额、有息负债规模、在集团财务公 司的存贷款余额、期限、利率情况、与业务需求的匹配性等,进一步说明公司 在集团财务公司保有大额存款的同时进行大规模借款的原因及合理性、是否损 害发行人利益。 请保荐机构和申报会计师核查并发表明确意见。 致同专字(2025)第 351A017503 号 上海证券交易所: 致同会计师事务所(特殊普通合伙)(以下简称"我们")于2025年6月 30 日收到了福建福能股份有限公司(以下简称"福能股份公司")转来的上海 证券交易所(以下简 ...

股票简称：福能股份 股票代码：600483 关于福建福能股份有限公司 向不特定对象发行可转换公司债券 审核中心意见落实函的回复 保荐机构（主承销商） （福州市湖东路 268 号） 二零二五年七月 7-4-9-1 上海证券交易所： 一、请发行人结合报告期各期末货币资金余额、有息负债规模、在集团财 务公司的存贷款余额、期限、利率情况、与业务需求的匹配性等，进一步说明 公司在集团财务公司保有大额存款的同时进行大规模借款的原因及合理性、是 否损害发行人利益。 贵所于 2025 年 6 月 30 日出具的《关于福建福能股份有限公司向不特定对象 发行可转换公司债券的审核中心意见落实函》（上证上审（再融资）〔2025〕187 号），以下简称"审核中心意见落实函"）已收悉。 福建福能股份有限公司（以下简称"发行人"、"公司"或"福能股份"） 会同兴业证券股份有限公司（以下简称"保荐机构"或"兴业证券"）、致同会 计师事务所（特殊普通合伙）（以下简称"会计师"或"申报会计师"）对审核 中心意见落实函所列问题进行了核查，现回复如下，请审核。 如无特殊说明，本回复中使用的简称与《福建福能股份有限公司向不特定对 象发行可转换公司债券 ...

证券代码：600483 证券简称：福能股份 公告编号：2025-034 福建福能股份有限公司 2025 年 7 月 11 日 公司收到《落实函》后，会同相关中介机构结合公司情况，按照相关要求对《落 实函》中的问题进行了认真研究、落实，并提交了相关回复文件，具体内容详见公司 同日在上交所网站披露的《关于福建福能股份有限公司向不特定对象发行可转换公司 债券审核中心意见落实函的回复》等相关文件。 公司本次向不特定对象发行可转换公司债券事项尚需通过上交所审核，并获得中 国证券监督管理委员会同意注册后方可实施。本次发行最终能否通过上交所审核，并 获得中国证券监督管理委员会同意注册的决定及其时间尚存在不确定性。公司将根据 该事项的进展情况，严格按照相关法律法规和要求及时履行信息披露义务，敬请广大 投资者注意投资风险。 特此公告。 福建福能股份有限公司董事会 关于收到并回复《关于福建福能股份有限公司向不特定对象发行 可转换公司债券的审核中心意见落实函》的提示性公告 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。 福建福能股份有限公司（以下简 ...

Group 1: Company Performance - Wanwei High-tech expects a net profit of 235 million to 265 million yuan for the first half of 2025, representing a year-on-year increase of 81.34% to 104.48% [1] - Jin Guan Electric has won bids for projects from Southern Power Grid and Guangxi Power Grid, with a total bid amount of approximately 42.81 million yuan, accounting for 5.76% of the company's 2024 revenue [2] - Ankai Bus reported a June vehicle sales increase of 37.88% year-on-year, with a total production of 814 vehicles, a 52.23% increase [4] - Daqin Railway's June cargo transport volume increased by 5.29% year-on-year, totaling 32.42 million tons [5] - Xianggang Technology anticipates a net profit of 75 million to 85 million yuan for the first half of 2025, a year-on-year increase of 410% to 478% [9] - Longxin General expects a net profit of 1.005 billion to 1.12 billion yuan for the first half of 2025, a year-on-year increase of 70.52% to 90.03% [10] - Le Xin Technology forecasts a net profit of 250 million to 270 million yuan for the first half of 2025, a year-on-year increase of 65% to 78% [11] - I-Le Furniture expects a net profit of 80 million to 99 million yuan for the first half of 2025, a year-on-year increase of 76.08% to 117.90% [13] - Shennong Group sold 219,000 pigs in June, generating sales revenue of 385 million yuan [14] - Guohuo Airlines anticipates a net profit of 1.187 billion to 1.267 billion yuan for the first half of 2025, a year-on-year increase of 78.13% to 90.14% [45] Group 2: Industry Developments - The electric power equipment industry is seeing increased project bids, as evidenced by Jin Guan Electric's recent contracts [2] - The automotive industry is experiencing growth, with Ankai Bus reporting significant increases in both production and sales [4] - The railway transportation sector is showing resilience with Daqin Railway's cargo transport volume growth [5] - The pharmaceutical industry is advancing with clinical trial approvals, such as Wanbang's WP107 oral solution for treating myasthenia gravis [6] - The packaging and printing industry is witnessing substantial profit growth, as indicated by Xianggang Technology's performance forecast [9] - The agricultural sector, particularly in pig farming, is maintaining steady sales figures, as shown by Shennong Group's sales data [14]

Investment Rating - The report maintains a "Positive" investment rating for the power industry [11] Core Insights - The performance outlook for thermal power remains positive despite a decline in electricity prices and generation in Q2, driven by a significant decrease in coal prices [2][6] - Hydropower generation faces pressure due to high base effects and reduced rainfall, but some companies may achieve stable growth through optimized reservoir management [7][28] - Nuclear power generation continues to grow, but performance may vary by region due to differing impacts from market electricity prices [7][29] - Renewable energy generation (wind and solar) shows steady growth, but performance disparities exist across regions, influenced by local utilization hours [8][33] Summary by Sections Thermal Power - Key factors affecting thermal power profitability include coal prices, electricity prices, and generation volume. In Q2, coal prices decreased significantly, with the Qinhuangdao Q5500 coal price averaging 631.61 yuan/ton, down 216.85 yuan/ton year-on-year [20][21] - The overall electricity price across regions has declined, but northern regions like Inner Mongolia and Xinjiang show relatively strong performance [6][17] - Despite a year-on-year decline in thermal power generation hours and prices, the significant drop in coal prices is expected to stabilize thermal power operations, particularly in northern and eastern regions [26][21] Hydropower - Hydropower generation saw a year-on-year decline of 11.02% in April-May due to high base effects and less rainfall [28][31] - Major hydropower companies with better asset quality may still achieve stable growth through effective water management strategies [28] Nuclear Power - Nuclear power generation increased by 9.57% year-on-year in April-May, supported by a larger installed capacity and fewer maintenance days [29][31] - The impact of market electricity price fluctuations varies, with companies like China Nuclear Power being less affected compared to others [29] Renewable Energy - Wind and solar generation increased by 11.87% and 11.68% year-on-year, respectively, but utilization hours have decreased [33][36] - Regional disparities in performance are evident, with eastern and central provinces showing improved wind utilization hours, while coastal provinces like Guangdong and Fujian experienced significant declines [33][39] Investment Recommendations - The report recommends focusing on quality thermal power operators such as Huadian International, Huaneng International, and China Power, as well as major hydropower companies like Yangtze Power and Guotou Power [9][44] - For renewable energy, companies with balanced national layouts like Longyuan Power and China Nuclear Power are expected to perform well [9][44]