Summary of the Conference Call for Jingneng Power Company Overview - **Company**: Jingneng Power - **Industry**: Power Generation, specifically focusing on thermal and renewable energy Key Points and Arguments Financial Performance - In Q1 2025, the company reported a total profit increase of 770 million yuan, with the thermal power segment contributing at least 570 million yuan, indicating that thermal power remains the main driver of profit growth [2][10] - The overall revenue from the new energy sector reached nearly 400 million yuan, with profits exceeding 200 million yuan, showing significant year-on-year growth [2][8] - The profit from the new energy segment in Q1 2025 was 200 million yuan, a substantial increase compared to the previous year, primarily due to the performance of newly commissioned wind power projects [2][9] Power Generation and Pricing - The long-term contract electricity volume for 2025 was 75 billion kWh, accounting for less than 80% of total electricity volume, with the settlement price for thermal power increasing year-on-year despite a decrease in utilization hours by approximately 100 hours [2][4] - The average price of standard coal for power generation decreased by 3.9% in 2024, with a more significant decline of over 10% in Q1 2025 [3] - The overall electricity price increased by approximately 5% in Q1 2025, with notable increases in regions such as Inner Mongolia, Shanxi, and Beijing-Tianjin-Tangshan [2][19] New Energy Development - The company added 130,000 kW of solar power capacity in Q1 2025, contributing to a significant increase in overall installed capacity, particularly in the new energy sector [2][7] - Plans for 2025 include adding 1.7167 million kW of new energy capacity, with projects expected to be commissioned within the year, although specific timelines are pending due to preliminary procedures [2][11] Coal Procurement Strategy - The company maintains a coal procurement strategy primarily based on long-term contracts, with approximately 90% of coal sourced through this method in the previous year [2][5][17] - The long-term contract prices vary by region and supplier, but the company has improved its bargaining power due to increased pricing capabilities on the generation side [2][18] Dividend Policy - The company has committed to a dividend payout ratio of no less than 70% of the distributable profits for the years 2023 to 2025, with the actual payout ratio exceeding 70% in 2024 [2][13][14][22] Market Outlook - The future trajectory of coal prices remains uncertain due to the highly market-driven nature of the coal market, although the company aims to manage market fluctuations through long-term contracts [2][16] - The sustainability of the electricity price increase will depend on various factors, including coal market conditions and electricity market policies [2][24] Other Notable Information - The company’s asset-liability ratio was below 65% in 2024 and remains under 65% in Q1 2025, indicating a stable financial position despite ongoing investments in new energy projects [2][25] - The company is currently in the preliminary stages for the expansion of the Zhuozhou Thermal Power Phase II project and the flexibility transformation project in Inner Mongolia, with plans to commence construction soon [2][20]

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个别及连带责任。 北京京能电力股份有限公司（以下简称"公司"）因工作需要， 自 2025 年 4 月 30 日起，公司办公地址由北京市朝阳区八里庄陈家林 9 号华腾世纪总部公园 G 座搬迁至北京市石景山区和平西路 53 号院 中海时代广场 B 座。公司投资者热线电话及传真号码保持不变。具体 联系方式如下： 联系地址：北京市石景山区和平西路 53 号院中海时代广场 B 座 邮政编码：100041 投资者热线电话：010-65566807 传真号码：010-65567196 特此公告。 北京京能电力股份有限公司董事会 证券代码:600578 证券简称:京能电力 公告编号:2025-25 北京京能电力股份有限公司 关于变更公司办公地址的公告 二〇二五年四月三十日 1 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 5.23 RMB [7][4]. Core Insights - The company reported a revenue of 35.428 billion RMB for 2024, a year-on-year increase of 6.54%, and a net profit attributable to shareholders of 1.723 billion RMB, up 95.52% from the previous year, exceeding expectations [1]. - In Q1 2025, the company achieved a revenue of 9.885 billion RMB, a year-on-year increase of 4.59%, and a net profit of 1.063 billion RMB, up 129.84%, driven by lower coal prices and increased revenue from renewable energy [1]. - The company plans to continue expanding its renewable energy capacity, with a projected increase in installed capacity and ongoing projects [3]. Summary by Sections Financial Performance - The company’s revenue for 2024 is projected at 35.428 billion RMB, with a growth rate of 7.76% for 2025 [6]. - The net profit attributable to shareholders is expected to reach 4.080 billion RMB in 2025, reflecting a significant growth of 136.75% compared to 2024 [6]. - The earnings per share (EPS) is projected to be 0.61 RMB for 2025, with a return on equity (ROE) of 13.61% [6]. Operational Highlights - The company’s thermal power generation volume increased by 5% in 2024, with a total installed capacity of 21.39 million kW, an increase of 1.61 million kW year-on-year [2]. - The average electricity price for thermal power remained stable at 360 RMB per MWh, with a decrease in fuel costs by 3.9% [2]. - Renewable energy generation saw a significant increase, with a year-on-year growth of 322% in 2024, driven by new projects coming online [3]. Valuation Metrics - The target price of 5.23 RMB corresponds to a price-to-book (PB) ratio of 1.11x for 2025, which is above the industry average of 1.07x [4]. - The company’s projected net profit compound annual growth rate (CAGR) from 2025 to 2027 is 43%, significantly higher than the industry average of 12% [4].

Group 1 - The supercritical power generation concept declined by 1.53%, ranking among the top declines in the concept sector, with companies like Guangxi Energy and Changyuan Power hitting the limit down [1][2] - Among the stocks in the supercritical power generation sector, 22 stocks saw price increases, with the top gainers being Guanlong Energy, Huayin Power, and Evergrande High-tech, which rose by 7.59%, 5.36%, and 4.24% respectively [1][2] Group 2 - The supercritical power generation sector experienced a net outflow of 1.123 billion yuan, with 48 stocks seeing net outflows, and five stocks having outflows exceeding 50 million yuan [2] - The stock with the highest net outflow was Huayin Power, which saw a net outflow of 387.43 million yuan, followed by Huadian Liaoning, Jidian Co., and Jiantou Energy with net outflows of 97.76 million yuan, 88.21 million yuan, and 82.41 million yuan respectively [2][3] Group 3 - The top stocks with net inflows in the supercritical power generation sector included Shanghai Electric, Jingneng Power, and Dalian Heavy Industry, with net inflows of 50.19 million yuan, 48.47 million yuan, and 33.65 million yuan respectively [2][3]

Group 1 - The company plans to distribute a cash dividend of 1.20 yuan per 10 shares for the fiscal year 2024, based on a total share capital of 6,694,621,015 shares, amounting to a total distribution of approximately 803.35 million yuan, which represents 53.30% of the net profit attributable to shareholders [4][23][32] - As of the end of 2024, the company reported total assets of 96.934 billion yuan, total liabilities of 61.749 billion yuan, and net profit attributable to shareholders of 1.723 billion yuan [10][20][74] - The company achieved a total electricity generation of 98.219 billion kWh in 2024, marking a year-on-year increase of 6.10%, with a significant growth in renewable energy generation by 326.21% [11] Group 2 - The company operates 21 coal-fired power plants and 25 renewable energy companies, with a total installed capacity of 23.4449 million kW, reflecting a year-on-year increase of 323.94 million kW [8] - The company is transitioning from traditional coal power to a comprehensive energy enterprise, focusing on coal power, wind, solar, and energy storage projects [7][8] - The average utilization hours for power generation equipment decreased to 3,442 hours, a reduction of 157 hours year-on-year, with coal-fired power plants averaging 4,400 hours, down 76 hours [5] Group 3 - The company has been actively involved in the development of a new energy system, aligning with national policies aimed at promoting clean energy and optimizing power resource allocation [6][7] - The company has established a financial service framework agreement with its financial subsidiary, ensuring compliance with market rates for deposits and loans [41][42][43] - The company’s financial structure is expected to improve through the renewal of the financial service framework agreement, which is subject to shareholder approval [44][55]

Core Viewpoint - 京能电力 announced a distribution plan for the fiscal year 2024, proposing a cash dividend of 1.2 yuan per 10 shares (including tax), totaling approximately 803 million yuan, which represents 46.62% of its net profit and a dividend yield of 3.54% based on the average trading price for the year [1][2]. Financial Performance - For the fiscal year 2024, 京能电力 reported total revenue of 35.428 billion yuan, reflecting a year-on-year increase of 6.54%. The net profit reached 1.723 billion yuan, marking a significant year-on-year growth of 95.52%. The basic earnings per share were 0.23 yuan, with a weighted average return on equity of 6.84% [2]. Historical Distribution Overview - Since its listing, 京能电力 has implemented a total of 24 cash distributions. The most recent distribution plan for 2024 is compared to previous years, showing a consistent trend in dividend payments, with the 2023 distribution being 1.05 yuan per 10 shares and the 2022 distribution being 1.2 yuan per 10 shares [1][2]. Market Activity - The stock experienced a net inflow of 18.79 million yuan from major funds today, with a total net inflow of 40.48 million yuan over the past five days [3]. - The latest margin financing balance for the stock is 309 million yuan, which has decreased by 1.95 million yuan over the past five days, representing a decline of 0.63% [4]. Industry Comparison - In the public utility sector, 京能电力's cash distribution of 803.34 million yuan ranks it among the top companies, with 新奥股份 leading at 6.327 billion yuan, followed by 中国广核 and 华能国际 with distributions of 4.797 billion yuan and 4.238 billion yuan, respectively [4].

证券代码:600578 证券简称:京能电力 公告编号:2025-20 北京京能电力股份有限公司 关于 2025 年度与北京京能融资租赁有限公司及深圳京 能融资租赁有限公司开展融资租赁借款额度 的关联交易公告 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个别及连带责任。 重要内容提示： 一、 关联交易概述： 为进一步拓宽融资渠道，控制融资风险及融资成本，优化公司债 务结构，公司及子公司拟向京能租赁及深圳租赁办理总金额不超过 96 亿元的融资租赁借款额度。 其中京能租赁拟向公司及子公司提供总金额不超过 85 亿元的融 资租赁借款，利率不高于放款日五年期以上 LPR，其中直接租赁不超 过 60 亿元；售后回租不超过 25 亿元。深圳租赁拟向公司下属控股公 司京能锡林郭勒能源有限公司（以下简称"锡林能源"）提供总金额 不超过 11 亿元的融资租赁借款，利率不高于放款日五年期以上 LPR。 融资租赁借款额度自公司股东大会通过之日起一年内有效，具体融资 期限及利率以合同约定为准。 因公司与京能租赁及深圳租赁的最终实际控制人均为北京能源 集团有限责 ...

北京京能电力股份有限公司董事会审计与法 律风险管理委员会 2024 年度履职报告 2024年，根据《上市公司治理准则》《上海证券交易所股票上市 规则》《上海证券交易所上市公司自律监管指引第1号——规范运作》 和《北京京能电力股份有限公司公司章程》《公司董事会审计与法律 风险管理委员会工作细则》等各项规章制度的规定，北京京能电力股 份有限公司（以下简称"公司"）董事会审计与法律风险管理委员会 本着客观、公正、独立的原则，忠诚履职、勤勉尽责，圆满完成了董 事会部署的各项工作。现将审计与法律风险管理委员会2024年主要履 职情况汇报如下： 一、审计与法律风险管理委员会基本情况 公司第七届及第八届董事会审计与法律风险管理委员会由独立 董事刘洪跃先生、崔洪明先生和董事孙永兴先生3名成员组成，其中 刘洪跃先生为审计与法律风险管理委员会主任委员。审计与法律风险 管理委员会为董事会下设的专业委员会，审计委员会负责人及其成员 都具备相应的独立性、良好的职业操守和专业胜任能力。 二、审计与法律风险管理委员会年度会议召开情况 2024年，审计与法律风险管理委员会共召开7次会议，就公司财 务报告、财务信息、变更年审会计师事务所、年度 ...

证券代码:600578 证券简称:京能电力 公告编号:2025-21 北京京能电力股份有限公司 关于向北京能源集团有限责任公司申请委托贷款的关 联交易公告 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个别及连带责任。 重要内容提示： 一、关联交易概述 2021 年，公司控股京隆发电申请取得国有资本经营预算资金 3,000 万元，用于"京隆发电大型火力空冷发电机组基于双背压和增 汽机技术进行汽轮机乏汽余热深度应用示范工程"项目。 公司已将上述项目资本金共计 3,000 万元拨付到位。鉴于上述委 贷已到期，公司拟继续向北京能源集团有限责任公司（以下简称"京 能集团"）申请将 3,000 万元委贷延续三年。 根据财政部《加强企业财务信息管理暂行规定》（财企〔2012〕 23 号）的要求，企业集团母公司将资本性财政性资金拨付所属全资 或控股法人企业使用的，应当作为股权投资。母公司所属控股法人企 业暂无增资扩股计划的，列作委托贷款，与母公司签订协议，约定在 1 委托贷款对象：公司向北京能源集团有限责任公司（以下简 称"京能集团"）申请委托贷款 ...

交易内容：公司拟与京能集团财务有限公司（以下简称"京能 财务"）续签《金融服务框架协议》。 本议案为关联交易议案，尚须提交公司 2024 年度股东大会审 议。 过去十二个月内未发生与本次关联交易类别一样的交易。 一、关联交易基本情况 公司已于 2022 年与京能财务签订《金融服务框架协议》，严格按 照《金融服务框架协议》约定的限额进行交易，各类业务均在关联交 易限额以内。根据《金融服务框架协议》约定，京能财务活期存款、 协定存款、通知存款、定期存款产品的利率均不低于中国人民银行规 定的同期同类型存款利率，京能财务提供的贷款平均利率不高于中国 人民银行规定的同期贷款市场报价利率。截至 2024 年 12 月 31 日， 京能电力及所属企业京能财务存款余额 34.96 亿元，存款利率 0.1%-1.55%，京能财务贷款余额 45.36 亿元，加权平均融资利率 2.81%， 均符合《金融服务框架协议》的约定。 证券代码:600578 证券简称:京能电力 公告编号:2025-22 关于公司与京能集团财务有限公司续签 《金融服务框架协议》的关联交易公告 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 ...