证券代码：600505 证券简称：西昌电力 公告编号：2025-039 四川西昌电力股份有限公司 关于执行居民低谷时段电价政策的公告 四川省发展和改革委员会7月31日发布了《关于地方电网居民生活用电执行低谷 电价政策有关事项的通知》（川发改价格[2025]369 号），因目前公司正在开展西昌 市2025年火把节系列文旅活动的保电工作，影响计量设施升级改造进度，计划自2025 年9月1日起执行。现将本次电价政策的主要内容及对公司的影响公告如下： 一、本次电价政策的主要内容 该测算仅为初步测算数据，最终影响金额以公司 2025 年度经审计的年度财务报 告为准。 特此公告。 四川西昌电力股份有限公司董事会 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。 1.全省地方电网供区内执行"一户一表 "阶梯电价的居民用户执行低谷时段电价 政策，合表用户不执行低谷时段电价政策。 2."一户一表"居民用户在丰水期(6 月-10 月)低谷时段(23:00 至次日 07:00， 下同)用电价格按照 0.175 元/千瓦时执行；枯、平水期(11 月-次 ...

Core Viewpoint - The new electricity pricing policy in Sichuan Province will lead to a decrease in the average selling price of residential electricity, impacting the company's operating performance in 2025 [1][2]. Summary by Relevant Sections Electricity Pricing Policy - The Sichuan Provincial Development and Reform Commission issued a notification on July 31 regarding the implementation of a low valley electricity price policy for residential users in local power grids, effective from September 1, 2025 [1]. - The policy includes a "one household, one meter" pricing structure for residential users, with low valley pricing applicable only to these users, while combined meter users will not benefit from the low valley pricing [1]. - During the abundant water period (June to October), the low valley electricity price will be set at 0.175 yuan per kilowatt-hour, while during the dry and normal water periods (November to May), it will be 0.2535 yuan per kilowatt-hour [1]. Impact on Company - The implementation of the new pricing policy is expected to lower the average selling price of residential electricity, which will have a negative impact on the company's operating performance in 2025 [2]. - Preliminary estimates suggest that the new pricing policy will reduce the company's net profit by approximately 5.55 million yuan in 2025 [2].

人民财讯8月4日电，西昌电力（600505）8月4日晚间公告，四川省发改委7月31日发布了《关于地方电 网居民生活用电执行低谷电价政策有关事项的通知》，因目前公司正在开展西昌市2025年火把节系列文 旅活动的保电工作，影响计量设施升级改造进度，计划自9月1日起执行。本次电价政策执行后，全年居 民生活用电类别销售均价将有所降低，对公司2025年经营业绩会造成一定影响。经初步测算，本次电价 政策执行预计减少2025年度净利润约555万元。 ...

Core Viewpoint - Sichuan Xichang Electric Power Co., Ltd. is expected to achieve a net profit of approximately 3.1 million yuan for the first half of 2025, marking a significant turnaround from a loss of 25.52 million yuan in the same period last year [2][5]. Financial Performance Summary - The company anticipates a net profit attributable to shareholders of approximately 3.1 million yuan for the first half of 2025, an increase of about 28.62 million yuan compared to the previous year's loss of 25.52 million yuan [5][8]. - The net profit after deducting non-recurring gains and losses is expected to be around 3 million yuan [3][6]. - The performance period for this forecast is from January 1, 2025, to June 30, 2025 [4]. Operational Highlights - The company operates seven self-owned and controlled hydropower stations with a total installed capacity of 122.9 MW, all of which sell electricity within Liangshan Prefecture [15]. - The electricity generation volume increased by 22.63% year-on-year, primarily due to abundant water supply in the hydropower stations [16]. - The average purchase price of electricity (including tax) decreased by 11.38% year-on-year, influenced by the increase in electricity generation from the connected hydropower stations [16]. Key Drivers of Performance - The improvement in performance is attributed to quality enhancement and efficiency measures, effective reduction of non-productive expenses, and increased electricity sales [10]. - The electricity sales volume in the supply segment grew by 11.55% year-on-year [10].

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。 根据上海证券交易所《上海证券交易所上市公司自律监管指引第 3 号-行业 信息披露—第三号—电力》、《上海证券交易所上市公司自律监管指引第 3 号- 行业信息披露—第九号—光伏》要求，现将公司 2025 年半年度经营数据(未经 审计)公告如下： 证券代码：600505 证券简称：西昌电力 编号：2025-038 四川西昌电力股份有限公司 2025 年半年度经营数据公告 一、公司网内自有和控股水力发电站 7 座，权益装机容量 12.29 万千瓦， 生产的电量均在凉山州范围内销售。 | 项 目 | 2025年1-6月 | 2024年1-6月 | 增减变动幅度 | | --- | --- | --- | --- | | | | | （%） | | 1、发电量（万千瓦时）注1 | 23,408.04 | 19,087.91 | 22.63 | | 其中，分公司、控股子公司发电情况： | | | | | 发电分公司 | 14,716.69 | 12,974.99 | 13.42 | | 四川 ...

Core Viewpoint - The company reported its unaudited operating data for the first half of 2025, highlighting significant growth in electricity generation and changes in pricing structures due to favorable water conditions and market dynamics [1][2]. Group 1: Hydropower Generation - The company operates 7 hydropower stations with a total installed capacity of 122.9 MW, generating electricity primarily sold within Liangshan Prefecture [1]. - Electricity generation increased by 22.63% year-on-year, attributed to abundant water supply in the network [1]. - The average on-grid price for purchased electricity decreased by 11.38%, influenced by the growth in generation from network-connected stations [1]. Group 2: Solar Power Generation - The company holds a 90% stake in the Tangniwan photovoltaic power station, which has an installed capacity of 40 MW, generating electricity sold to the State Grid Sichuan Electric Power Company [1][2]. - The Tangniwan solar power station produced 1,067.31 MWh of electricity in the first half of 2025, with an on-grid price based on both grid settlement and subsidies [2]. - The average on-grid price for the solar power station is determined by provincial electricity market trading policies [2]. Group 3: Additional Hydropower Projects - The company also holds a 71.27% stake in the Muli County Guzeng Hydropower Development Co., which operates the Kangwu Hydropower Station with an installed capacity of 172 MW [1][2]. - The Kangwu Hydropower Station generated 10,648.26 MWh in the first half of 2025, with electricity sold to both the State Grid Sichuan Electric Power Company and the State Grid Liangshan Supply Company [2]. - The on-grid price for the hydropower station is set according to specific provincial policies and contracts, with a commercial operation period price of 0.2974 yuan per kWh [2].

[Core Performance Forecast Data](index=1&type=section&id=Core%20Performance%20Forecast%20Data) The company anticipates a turnaround to profitability in the first half of 2025, with net profit attributable to shareholders estimated at approximately 3.1 million yuan, a significant improvement from a 25.52 million yuan loss in the prior year period 2025 Semi-Annual Performance Forecast vs. Prior Year Period | Indicator | 2025 Semi-Annual (Estimated) | Prior Year Period | Change Amount | | :--- | :--- | :--- | :--- | | Net Profit Attributable to Parent Company Shareholders | Approx. 3.1 million yuan | -25.52 million yuan | Increase of approx. 28.62 million yuan | | Net Profit After Deducting Non-Recurring Gains and Losses | Approx. 3 million yuan | -21.59 million yuan | Increase of approx. 24.59 million yuan | | Earnings Per Share | - | -0.0700 yuan | - | - This performance forecast has not been audited by a certified public accountant and represents preliminary data[7](index=7&type=chunk) [Analysis of Performance Changes](index=1&type=section&id=Analysis%20of%20Performance%20Changes) The company's return to profitability is primarily driven by a combination of internal efficiency improvements, favorable hydrological conditions leading to increased power generation and reduced purchase costs, and growth in end-user electricity sales - In terms of internal management, the company improved performance through **quality and efficiency enhancements**, **increased supply and sales promotion**, and **effective reduction of non-productive expenses**[11](index=11&type=chunk) - Power purchase costs significantly decreased due to abundant water inflow for grid-connected power stations, leading to a **16.27% year-on-year increase in grid-connected power generation** and an **11.28% year-on-year decrease in the average price of purchased electricity** (excluding tax)[11](index=11&type=chunk) - Electricity sales in the supply chain achieved **11.55% year-on-year growth**[11](index=11&type=chunk) [Risk Warning and Other Notes](index=2&type=section&id=Risk%20Warning%20and%20Other%20Notes) The company confirms no significant uncertainties affecting the accuracy of this preliminary performance forecast, but emphasizes that final financial data will be based on the officially released 2025 semi-annual report - The company confirms that there are currently no significant uncertainties affecting the accuracy of this performance forecast[12](index=12&type=chunk) - Investors should note that the above forecast data are preliminary calculations by the company's financial department, and the specific accurate financial data will be subject to the company's officially disclosed 2025 semi-annual report[13](index=13&type=chunk)

西昌电力（600505）公告，预计2025年半年度实现归属于母公司所有者的净利润约310万元左右，上年 同期为-2552万元；预计2025年半年度实现归属于母公司所有者的扣除非经常性损益的净利润约为300万 元左右，上年同期为-2159万元。 ...

A股电力行业开盘涨幅居前，韶能股份、华银电力、华电辽能等多股涨停，晋控电力、乐山电力、九洲 集团、西昌电力等个股跟涨。 ...

Company Insights - The power sector has shown significant gains, with companies like Shaoneng Co., Shenzhen Nanshan Electric A, and Huayin Power hitting the daily limit up, while GCL-Poly Energy surged over 8% [1] - Huayin Power has achieved three limit-up trades in the last four trading days, and the company announced that its operations are normal with no significant changes in the internal and external business environment [1] - Huayin Power expects a net profit attributable to shareholders of 180 million to 220 million yuan for the first half of 2025, an increase of 175 million to 215 million yuan compared to the same period last year [1] Industry Insights - The National Development and Reform Commission (NDRC) anticipates a year-on-year increase of approximately 10 million kilowatts in the highest electricity load during the summer peak in 2025 [1] - The power sector is expected to see profitability improvements and value reassessment following multiple rounds of electricity supply-demand tensions [2] - The ongoing market-oriented reforms in the electricity sector are likely to lead to a stable but slight increase in electricity prices, with the promotion of electricity spot markets and auxiliary service market mechanisms [2] - The introduction of a capacity price mechanism reinforces the foundational role of coal power, while the NDRC's efforts to enhance long-term coal supply agreements are expected to improve the actual performance rate of these agreements [2] - The outlook for power operators' performance is optimistic, with expectations of significant improvements in their financial results [2]