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 ...

证券代码:600578 证券简称:京能电力 公告编号:2025-23 北京京能电力股份有限公司 关于续聘年审会计师事务所的公告 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： 拟续聘的会计师事务所名称：致同会计师事务所（特殊普通 合伙）（以下简称"致同"） 一、拟聘任会计师事务所的基本情况 （一）机构信息 1.基本信息 统一社会信用代码：91110105592343655N 类型：特殊普通合伙企业 注册地址：北京市朝阳区建国门外大街 22 号赛特广场五层 首席合伙人：李惠琦 成立日期：2011 年 12 月 22 日 执业证书颁发单位及序号：北京市财政局 NO.0014469 经营范围：审计企业会计报表，出具审计报告；验证企业资本， 出具验资报告；办理企业合并、分立、清算事宜中的审计业务，出具 有关报告；基本建设年度财务决算审计；代理记账；会计咨询、税务 咨询、管理咨询、会计培训；法律、法规规定的其他业务。（市场主 体依法自主选择经营项目，开展经营活动；依法须经批准的项目，经 相关部门批准后依批准的内容开 ...

证券代码:600578 证券简称:京能电力 公告编号:2025-18 北京京能电力股份有限公司 2025 年度日常关联交易公告 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。 重要提示 2025 年 4 月 24 日，公司召开第八届董事会第八次会议，审议 通过《关于公司 2025 年度日常关联交易的议案》，关联董事张凤阳、 周建裕、孙永兴回避表决。表决结果为：同意 6 票，反对 0 票，弃权 0 票。 本议案尚需提交公司股东大会审议。 根据中国证监会《上市公司信息披露管理办法》以及《上海证券 交易所股票上市规则》等有关规定，现对公司 2024 年度日常关联交 易预计和实际执行情况进行统计，并对公司 2025 年度日常关联交易 进行预计。现将主要内容汇报如下： 一、2024 年度预计日常关联交易及执行情况 公司 2023 年年度股东大会审议通过的 2024 年预计日常关联交易 金额为 773,200 万元,2024 年度公司日常关联交易项目实际发生金额 为 591,837.35 万元，具体情况如下： | | 按产品或 | ...