Group 1 - The board of directors of Fujian Funiu Co., Ltd. held its first meeting of the 11th session on August 22, 2025, in accordance with relevant laws and regulations [2][4] - All 9 directors participated in the voting, and the meeting was chaired by Mr. Gui Siyu, who was elected as the chairman of the board [5][6] - Mr. Luo Rui was elected as the vice chairman of the board, and various committees were established with designated members [6][7][8] Group 2 - The board approved the appointment of Mr. Luo Rui as the general manager, and other key management personnel were also appointed [11][12] - The board appointed Mr. Wang Yuanjun as the secretary of the board and Ms. Zheng Yi as the representative for securities affairs [13][17] - The management team possesses relevant professional knowledge and experience, meeting the qualifications required by laws and regulations [18]

Core Viewpoint - Funi Co., Ltd. reported mixed financial results for the first half of 2025, with a decline in total revenue but an increase in net profit, indicating improved profitability despite revenue challenges [1]. Financial Performance Summary - Total revenue for the first half of 2025 was 6.369 billion yuan, a decrease of 4.44% year-on-year [1]. - Net profit attributable to shareholders reached 1.337 billion yuan, an increase of 12.48% year-on-year [1]. - In Q2 2025, total revenue was 3.272 billion yuan, down 8.54% year-on-year, while net profit was 585 million yuan, down 11.65% year-on-year [1]. - Gross margin improved to 28.31%, up 20.87% year-on-year, and net margin increased to 26.11%, up 20.19% year-on-year [1]. - Total expenses (selling, administrative, and financial) amounted to 336 million yuan, accounting for 5.27% of revenue, a decrease of 16.25% year-on-year [1]. - Earnings per share (EPS) was 0.48 yuan, an increase of 4.35% year-on-year, while operating cash flow per share was 0.58 yuan, down 14.78% year-on-year [1]. Balance Sheet Changes - Accounts receivable increased by 15.40% to 6.413 billion yuan [1]. - Cash and cash equivalents decreased by 2.81% to 5.666 billion yuan [1]. - Interest-bearing liabilities decreased by 5.95% to 18.05 billion yuan [1]. - Significant changes in other financial items included a 37.79% increase in construction in progress due to increased investment in power projects [3] and an 87.0% increase in payable employee compensation [3]. Cash Flow Analysis - Net cash flow from investing activities decreased by 30.53%, attributed to increased cash payments for project construction [5]. - Net cash flow from financing activities increased by 75.77%, due to higher cash received from loans and investments [5]. Investment Insights - The company's return on invested capital (ROIC) was 8.3%, indicating a historically average capital return rate [5]. - Analysts expect the company's performance in 2025 to reach 2.966 billion yuan, with an average EPS forecast of 1.07 yuan [5]. Fund Holdings - The largest fund holding Funi Co., Ltd. is the ICBC Red Dividend Preferred Mixed A, with 17.778 million shares and a recent net value increase of 0.06% [6].

Core Viewpoint - The legal opinion letter confirms the legality of the convening, holding procedures, qualifications of the convenor and attendees, voting procedures, and results of the first extraordinary general meeting of shareholders of Fujian Funiu Co., Ltd. in 2025 [1][2][10] Group 1: Meeting Convening and Holding Procedures - The meeting was convened by the company's 10th Board of Directors and publicly announced on August 7, 2025, through designated media [4][6] - The meeting was held on August 22, 2025, in Fuzhou, combining on-site and online voting methods [5][6] Group 2: Qualifications of Convenor and Attendees - The convenor of the meeting was the company's Board of Directors, meeting the legal qualifications [6] - A total of 403 shareholders (or their agents) attended the meeting, representing 1,870,305,658 shares, which is 67.2738% of the total voting shares [6][10] Group 3: Voting Procedures and Results - The meeting followed the prescribed voting procedures, with all proposed resolutions being reviewed and voted on [7][10] - The voting results showed that the majority of resolutions were approved, with significant support for the election of board members, achieving over 99.8% approval for several candidates [8][9][10] Group 4: Conclusion - The legal opinion concludes that all aspects of the meeting, including convening, qualifications, and voting, complied with relevant laws and regulations, confirming their legality and validity [10]

Meeting Overview - The shareholders' meeting was held on August 22, 2025, at the Fujian Energy and Petrochemical Building in Fuzhou [1] - The meeting was presided over by Chairman Gui Siyu, and the voting method combined on-site and online voting [1] Voting Results - The non-cumulative voting proposals were all approved with significant majority support: - Proposal for the extension of the validity period for the issuance of convertible bonds received 99.9302% approval [1] - Proposal for the specific matters related to the issuance of convertible bonds also received 99.9280% approval [1] - The cumulative voting results for the election of directors showed that all candidates were elected with high approval rates [2][3] Legal Compliance - The meeting's procedures were confirmed to comply with relevant laws, regulations, and the company's articles of association by the witnessing lawyers [5]

证券代码：600483 证券简称：福能股份 公告编号：2025-049 福建福能股份有限公司 （三）本次会议于2025年8月22日16:30，在福建省能源石化大厦3A层第五会议室以 现场表决方式召开。 （四）本次会议应参与表决董事9人，实际参与表决董事9人。 （五）本次会议由公司全体董事推选桂思玉先生召集并主持，公司拟任高级管理人 员列席了会议。 二、董事会会议审议情况 经与会董事认真审议，以记名和书面方式，逐项表决通过了以下议案： （一）以9票同意、0票反对、0票弃权的表决结果，审议通过了《关于选举公司第 十一届董事会董事长的议案》。 第十一届董事会第一次会议决议公告 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。 一、董事会会议召开情况 （一）本次会议的召开符合有关法律、行政法规、部门规章、规范性文件和公司《章 程》的相关规定。 （二）本次会议的通知和材料已于2025年8月22日，由董事会办公室以直接送达的 方式提交全体董事。 选举桂思玉先生为公司第十一届董事会董事长，任期至本届董事会届满之日。 （二）以9票同意、0票反对 ...

证券代码：600483 证券简称：福能股份 公告编号：2025-048 福建福能股份有限公司 2025年第一次临时股东会决议公告 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： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一) 股东会召开的时间：2025 年 8 月 22 日 (二) 股东会召开的地点：福州市晋安区塔头路 396 号福建省能源石化大厦 3A 层 会议室 (三) 出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 403 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 1,870,305,658 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | 67.2738 | | 份总数的比例（%） | | (四) 表决方式是否符合《公司法》及《公司章程》的规定，股东会主持情况等。 本次股东会采用现场投票和网络投票相结合的表决方式。会议由公司董事长桂思 玉先生主持，会议的召集、召开和表决方式 ...

北京市中伦律师事务所 关于福建福能股份有限公司 2025 年第一次临时股东会的 法律意见书 $$\Xi{\bf O}\!\equiv\!\Xi{\bf H}\!\not\!\Xi\!\not\!\Pi\!\not\!\Xi$$ 北京市中伦律师事务所 关于福建福能股份有限公司 对本法律意见书的出具，本所律师特作如下声明： 1．本所律师仅就本次会议的召集与召开程序、召集人和出席现场会议人员 资格、会议表决程序及表决结果的合法性发表意见，不对本次会议所审议的议案 内容及该等议案所表述的事实或数据的真实性、准确性和完整性发表意见； 2．本所律师无法对网络投票过程进行见证，参与本次会议网络投票的股东 1 法律意见书 2025 年第一次临时股东会的 法律意见书 致：福建福能股份有限公司（以下简称"公司"） 北京市中伦律师事务所（以下简称"本所"）接受公司的委托，指派律师出 席并见证公司2025年第一次临时股东会（以下简称"本次会议"）。 本所律师根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中 华人民共和国证券法》（以下简称"《证券法》"）、《上市公司股东会规则》 （以下简称"《股东会规则》"）、《律师事务所 ...

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。 一、董事会会议召开情况 （一）本次会议的召开符合有关法律、行政法规、部门规章、规范性文件和公司《章 程》的相关规定。 （二）本次会议的通知和材料已于2025年8月22日，由董事会办公室以直接送达的 方式提交全体董事。 证券代码：600483 证券简称：福能股份 公告编号：2025-049 福建福能股份有限公司 第十一届董事会第一次会议决议公告 （三）本次会议于2025年8月22日16:30，在福建省能源石化大厦3A层第五会议室以 现场表决方式召开。 （四）本次会议应参与表决董事9人，实际参与表决董事9人。 （五）本次会议由公司全体董事推选桂思玉先生召集并主持，公司拟任高级管理人 员列席了会议。 二、董事会会议审议情况 经与会董事认真审议，以记名和书面方式，逐项表决通过了以下议案： （一）以9票同意、0票反对、0票弃权的表决结果，审议通过了《关于选举公司第 十一届董事会董事长的议案》。 选举桂思玉先生为公司第十一届董事会董事长，任期至本届董事会届满之日。 （二）以9票同意、0票反对 ...

Core Insights - Chongqing's photovoltaic (PV) installed capacity has reached 5.1458 million kilowatts, accounting for 13.65% of the city's total power generation capacity [1] - From January to July, distributed PV generation in Chongqing amounted to 1.665 billion kilowatt-hours, equivalent to saving 510,000 tons of standard coal and reducing carbon emissions by 1.33 million tons [1] - The "Million Kilowatt Rooftop Distributed PV" initiative will commence in June 2024, aiming to add over 1 million kilowatts of rooftop distributed PV by July this year, totaling 2 million kilowatts [1] Installation and Capacity - As of the end of July, Chongqing has added 2.3964 million kilowatts of rooftop distributed PV capacity, bringing the total distributed PV capacity to 3.6112 million kilowatts [1] - Despite being classified as a Class IV photovoltaic resource area, Chongqing leverages over 200 million square meters of urban and rural rooftop space to develop distributed PV [1] Service and Support - State Grid Chongqing Electric Power Company has issued guidelines and handbooks to streamline the process for distributed PV grid connection, reducing the time and documentation required for business processing [1]

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Views - The company reported a revenue of 6.369 billion RMB in 1H25, a year-over-year decrease of 4.4%, while the net profit attributable to shareholders was 1.337 billion RMB, an increase of 12.5% year-over-year [1] - The company plans to distribute its first interim dividend of 0.073 RMB per share, with a payout ratio of 15% [1] - The company expects to maintain high profitability levels in 2025, driven by a 14% year-over-year increase in net profit from renewable energy sources [2] - The company has a robust project pipeline, aiming for installed capacity of 15 GW by 2025 and 20 GW by 2030 [4] - The target price for the company has been raised to 14.30 RMB, reflecting an upward adjustment based on comparable valuations in the renewable energy sector [5] Summary by Sections Financial Performance - In 1H25, the company achieved a net profit of 1.337 billion RMB, with a 12.8% increase in non-recurring net profit year-over-year [1] - The second quarter saw a revenue of 3.272 billion RMB, down 8.5% year-over-year but up 5.6% quarter-over-quarter [1] - The company’s coal-fired power and other businesses saw a 16% increase in net profit year-over-year, benefiting from declining coal prices [3] Renewable Energy - The company’s wind power generation increased by 8.4% year-over-year to 28.67 billion kWh in 1H25, with offshore wind power generation up 10% to 16.90 billion kWh [2] - The company anticipates a 2% year-over-year increase in renewable energy profits for 2025, contingent on improved wind resources [2] Coal-fired Power - The company’s coal-fired power generation decreased by 7.3% year-over-year to 78.63 billion kWh in 1H25, but net profit from this segment increased by 16% year-over-year [3] - The company expects a 22% year-over-year increase in profits from coal-fired and other businesses in 2025 due to falling coal prices [3] Project Pipeline - The company has several projects under construction, including Dongqiao Thermal Power (1.32 GW) and Mulan Pumped Storage (1.4 GW), with plans for additional offshore wind and pumped storage projects [4] Valuation and Price Target - The company’s projected net profits for 2025-2027 are 3.071 billion RMB, 3.310 billion RMB, and 3.717 billion RMB, respectively, with a compound annual growth rate (CAGR) of 10% [5] - The target price of 14.30 RMB is based on a 13x price-to-earnings (PE) ratio for coal-fired power and a 13x PE for renewable energy, aligning with industry averages [5]