| 北京京能电力股份有限公司 | 2024 年年度股东大会会议材料 | | --- | --- | | 北京京能电力股份有限公司 | | | 二○二五年六月 | | | 北京京能电力股份有限公司 | 2024 年年度股东大会会议材料 | | 序号 | 议案名称 页码 | | 2025 | 关于 年度向全资子控股公司提供内部借款 | | （委贷） | | | 的议案 | | | 2025 | 关于 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议案 | | | 关于公司与京能集团财务有限公司续签金融服务框架 | | | 协议的议案 | | | 关于续聘致同会计师事务所（特殊普通合伙）为公司 | | | 北京京能电力股份有限公司 | 2024 年年度股东大会会议材料 | | 北京京能电力股份有限公司 | | | 序号 | 会议内容 报告人 | | | 董事会 | | 一 | 宣布到会股东人数及代表股份数 | | | 秘书 | | 二 | 宣布大会开幕 主持人 | | 审议如下议案： | | | | 议案宣 | | 三 | 8.《关于 2025 年度向全资控股子公司提供内部 ...

北京京能电力股份有限公司 2024 年年度股东大会会议材料 北京京能电力股份有限公司 2024年年度股东大会会议材料 二○二五年六月 0 北京京能电力股份有限公司 2024 年年度股东大会会议材料 | 序号 | 议案名称 | 页码 | | --- | --- | --- | | 1 | 2024 年年度股东大会会议议程 | 2 | | 2 | 2024 年年度股东大会通知 | 3 | | 3 | 关于公司 2024 年度董事会工作报告的议案 | 9 | | 4 | 关于公司 2024 年度监事会工作报告的议案 | 17 | | 5 | 关于公司 2024 年度独立董事述职报告的议案 | 20 | | 6 | 关于公司 2024 年度财务决算的议案 | 45 | | 7 | 关于公司 2024 年度利润分配方案的议案 | 52 | | 8 | 关于公司 2024 年年度报告及摘要的议案 | 55 | | 9 | 关于公司 2025 年度日常关联交易的议案 | 56 | | 10 | 关于2025年度向全资子控股公司提供内部借款（委贷） 的议案 | 75 | | 11 | 关于公司 2025 年度向银行申请授信额 ...

证券代码：600578 证券简称：京能电力 公告编号：2025-26 北京京能电力股份有限公司 关于召开2024年年度股东大会的通知 深圳京能融资租赁有限公司开展融资租赁借款 额度的议案 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： 至2025 年 6 月 20 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开当日的交易时间段，即 9:15-9:25,9:30-11:30，13:00-15:00；通过 互联网投票平台的投票时间为股东大会召开当日的 9:15-15:00。 投票股东类型 序号 议案名称 A 股股东 非累积投票议案 （委贷）的议案 务框架协议的议案 公司 2025 年度审计机构的议案 以上议案为公司第八届董事会第八次会议、第八届监事会第四次会议审议议 案，具体详见公司在《中国证券报》、 《上海证券报》、 《证券日报》和上海证券交 易所网站（http://www.sse.com.cn）披露的决议公告。 应回避表决的关联股东名称：北京能源集团有限责任公司 三、 股东大 ...

证券代码：600578 证券简称：京能电力 公告编号：2025-26 北京京能电力股份有限公司 关于召开2024年年度股东大会的通知 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： 一、 召开会议的基本情况 (一) 股东大会类型和届次 2024年年度股东大会 至2025 年 6 月 20 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开当日的交易时间段，即 9:15-9:25,9:30-11:30，13:00-15:00；通过 互联网投票平台的投票时间为股东大会召开当日的 9:15-15:00。 (六) 融资融券、转融通、约定购回业务账户和沪股通投资者的投票程序 1 股东大会召开日期：2025年6月20日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 (二) 股东大会召集人：董事会 (三) 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结 合的方式 (四) 现场会议召开的日期、时间和地点 召开的日期时间：2025 年 6 月 20 日 10 ...

Investment Rating - The report maintains a "Buy" rating for the electricity and public utilities sector, focusing on the recovery of thermal power profitability and the catalytic effects of green energy policies [1]. Core Insights - The report highlights the potential for significant profit recovery in the thermal power sector due to declining coal prices, which are expected to enhance profitability for thermal power companies [4][12]. - Water power companies are experiencing growth driven by improved water inflow, with some companies showing substantial profit increases [24][25]. - Nuclear power is facing short-term performance volatility but has long-term growth potential due to new unit installations [40][41]. - Green energy, particularly offshore wind, is anticipated to enter a new growth cycle, while traditional green energy companies are under pressure but may see a restructuring of market order [4][24]. Summary by Sections Thermal Power - **Performance**: In 2024, companies like Huadian Energy and Datang Power saw significant profit increases of 281.93% and 229.70%, respectively, driven by lower coal costs and increased electricity demand [7][8]. - **Outlook**: Continued decline in coal prices is expected to lead to excess profits for thermal power companies, with coal prices dropping significantly from 855 RMB/ton in 2024 to 721 RMB/ton in Q1 2025 [12][15]. Hydropower - **Performance**: In 2024, companies such as Shaoneng Co. and Guizhou Power reported profit increases of 128.83% and 86.26%, respectively, due to improved water inflow [24][26]. - **Outlook**: The potential for further profit improvement exists if water inflow during the flood season exceeds expectations [35]. Nuclear Power - **Performance**: In 2024, China Nuclear Power reported a revenue increase of 3.09% but a profit decline of 17.38% due to rising tax expenses [40]. - **Outlook**: The long-term growth potential remains strong with new nuclear units expected to come online, enhancing future profitability [41]. Green Energy - **Performance**: Offshore wind companies like Fujian Haifeng showed impressive growth, with some companies reporting a 43% increase in Q1 2025 [4][24]. - **Outlook**: The report suggests focusing on policy catalysts for offshore wind and the potential restructuring of traditional green energy companies due to market pressures [4][24].

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]