Core Viewpoint - The company reported a decline in revenue for the first three quarters of 2025, while net profit showed a slight increase, indicating mixed financial performance [1] Financial Performance - The company achieved a revenue of 20.932 billion yuan for the first three quarters, representing a year-on-year decrease of 6.44% [1] - The net profit attributable to shareholders was 3.315 billion yuan, reflecting a year-on-year increase of 1.04% [1] - The non-recurring net profit amounted to 3.169 billion yuan, which is a year-on-year growth of 7.85% [1] - The basic earnings per share were reported at 0.667 yuan [1]

Core Viewpoint - Sheneng Co., Ltd. (600642.SH) reported a decline in total operating revenue for the first three quarters of 2025, while net profit attributable to shareholders showed a slight increase [1] Financial Performance - Total operating revenue for the first three quarters reached 20.932 billion yuan, a year-on-year decrease of 6.44% [1] - Net profit attributable to shareholders was 3.315 billion yuan, reflecting a year-on-year growth of 1.04% [1] - Basic earnings per share stood at 0.667 yuan [1]

一、以全票同意，一致通过了《申能股份有限公司 2025 年三季 度报告》。（具体内容详见同日披露的《申能股份有限公司 2025 年 三季度报告》） 证券代码：600642 股票简称：申能股份 公告编号：2025-046 申能股份有限公司 第十一届董事会第十七次会议决议公告 申能股份有限公司第十一届董事会第十七次会议于2025年10月 30 日以通讯方式召开。公司于 2025 年 10 月 21 日以法律规定方式通 知全体董事。会议应参加表决董事 11 名，实际参加表决董事 11 名。 会议符合《公司法》和《公司章程》有关规定，审议并通过了以下事 项： 董事会审计委员会事先对定期报告进行审议并一致通过。 二、以全票同意，一致通过了《关于修订<公司银行间债务融资 工具信息披露事务管理制度>的报告》。（具体内容详见同日披露的 《申能股份有限公司银行间债务融资工具信息披露事务管理制度》） 特此公告。 申能股份有限公司董事会 2025 年 10 月 30 日 1 ...

Financial Performance - The company's operating revenue for the third quarter was approximately CNY 7.97 billion, a decrease of 8.27% compared to the same period last year[6]. - Total profit for the quarter reached approximately CNY 1.80 billion, an increase of 21.40% year-over-year[6]. - Net profit attributable to shareholders was approximately CNY 1.24 billion, reflecting a year-over-year increase of 13.64%[6]. - Basic earnings per share for the quarter was CNY 0.250, up 12.61% from the same period last year[7]. - Total operating revenue for the first three quarters of 2025 was CNY 20,931,913,553.73, a decrease of 6.45% compared to CNY 22,372,458,358.12 in the same period of 2024[21]. - Net profit for the first three quarters of 2025 reached CNY 4,146,368,071.62, an increase of 5.37% from CNY 3,934,855,090.57 in 2024[22]. - Profit before tax for the first three quarters of 2025 was CNY 4,857,993,934.95, compared to CNY 4,540,934,302.69 in 2024, reflecting a growth of 6.98%[22]. - The company reported a basic earnings per share of CNY 0.667 for the first three quarters of 2025, slightly down from CNY 0.669 in 2024[22]. - Net profit for the first three quarters of 2025 was CNY 1,614,508,171.05, down 8.81% from CNY 1,770,553,576.88 in the first three quarters of 2024[31]. Cash Flow and Liquidity - The cash flow generated from operating activities for the year-to-date period was approximately CNY 7.32 billion, an increase of 19.39% compared to the previous year[6]. - The company’s cash flow from operating activities for the first three quarters of 2025 showed a positive trend, reflecting improved liquidity[23]. - Operating cash flow for the first three quarters of 2025 was CNY 7,319,428,529.57, an increase of 19.5% compared to CNY 6,130,566,496.14 in the same period of 2024[24]. - Total cash inflow from operating activities decreased to CNY 24,513,315,365.03 from CNY 24,822,015,062.73, reflecting a decline of 1.2% year-over-year[24]. - Cash outflow from operating activities decreased to CNY 17,193,886,835.46 from CNY 18,691,448,566.59, a reduction of 8.0% year-over-year[24]. - The company reported a net cash outflow from operating activities of CNY -291,147,956.78 for the first three quarters of 2025, compared to CNY -119,447,715.86 in the same period of 2024[34]. - Cash and cash equivalents at the end of the period were CNY 2,037,015,164.46, compared to CNY 1,953,661,356.65 at the end of the same period in 2024[35]. Assets and Liabilities - Total assets at the end of the reporting period were approximately CNY 109.16 billion, representing a 7.38% increase from the end of the previous year[7]. - Total liabilities as of the end of the reporting period were CNY 59,203,900,058.70, an increase from CNY 55,741,116,308.58 in the previous year[21]. - Total equity increased to CNY 49,959,725,317.32 from CNY 45,924,615,603.03, indicating a growth of 6.66%[21]. - The company’s total equity reached CNY 32,803,668,924.43, up from CNY 31,179,559,539.99 in the previous year[29]. - Current liabilities increased to CNY 2,251,378,611.11 from CNY 2,151,518,527.78, reflecting a rise of 4.6% year-over-year[28]. Investments and R&D - Research and development expenses increased to CNY 9,750,850.63, up from CNY 7,621,467.09 in the previous year, indicating a focus on innovation[21]. - The company plans to expand its market presence and invest in new technologies to drive future growth[23]. - Investment activities generated a net cash inflow of CNY 161,378,528.13 in the first three quarters of 2025, a significant improvement from CNY -1,014,610,313.12 in the previous year[35]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 88,968[14]. - The company has no significant changes in the top 10 shareholders or the top 10 unrestricted shareholders due to securities lending activities[16].

申能股份有限公司 "公开披露"是指公司及相关信息披露责任人按法律、行 政法规、部门规章、《信息披露规则》和其他有关规定，在中国 银行间市场交易商协会（以下简称"交易商协会"）认可的媒体 上公告信息。 公司披露信息时，应当使用事实描述性语言，保证其内容 简明扼要、通俗易懂，突出事件实质，不得有祝贺性、广告性、 恭维性或诋毁性的词句。 第三条 本制度适用于公司及系统企业（包括公司全资、 控股及实际控制和管理的企业），参股企业可参照执行。 第二章 信息披露的基本原则及一般规定 第四条 公司应当及时、公平地履行信息披露义务。 银行间债券市场债务融资工具信息披露事务管理制度 第一章 总则 第一条 为加强申能股份有限公司（以下简称"公司"） 在银行间债券市场所发行的非金融企业债务融资工具的相关信 息披露工作的管理，规范相关信息披露行为，依据《中华人民共 和国公司法》《银行间债券市场非金融企业债务融资工具管理办 法》《银行间债券市场非金融企业债务融资工具信息披露规则》 （以下简称"《信息披露规则》"）及相关法律法规和公司章程 等有关规定，特制定本制度。 第二条 本制度所称非金融企业债务融资工具（以下简称 "债务融资工具"） ...

Core Insights - The article highlights the top-performing stocks in the S&P China A-Share Dividend Opportunity Index, showcasing significant daily and year-to-date gains along with dividend yields [1] Group 1: Stock Performance - 常宝股份 (002478.SZ) leads with a daily increase of 9.95% and a year-to-date gain of 32.86%, with a dividend yield of 3.24% [1] - 宇通客车 (600066.SH) shows a daily rise of 4.56% and a year-to-date increase of 25.01%, with a dividend yield of 6.41% [1] - 海容冷链 (603187.SH) has a daily gain of 4.31% and a year-to-date performance of 42.24%, with a dividend yield of 3.25% [1] - 中创智领 (601717.SH) exhibits a remarkable year-to-date increase of 106.18%, with a daily rise of 3.77% and a dividend yield of 4.47% [1] - 岱美股份 (603730.SH) reports a daily increase of 2.99% and a year-to-date gain of 14.45%, with a dividend yield of 3.56% [1] Group 2: Dividend Yields - 农业银行 (601288.SH) has a year-to-date increase of 60.07% and a dividend yield of 2.96%, with a daily rise of 2.38% [1] - 浙能电力 (600023.SH) shows a slight year-to-date decline of -0.33% but offers a high dividend yield of 6.42% with a daily increase of 2.32% [1] - 神火股份 (000933.SZ) has a year-to-date gain of 49.82% and a dividend yield of 3.24%, with a daily rise of 2.25% [1] - 友发集团 (601686.SH) reports a year-to-date increase of 36.89% and a dividend yield of 4.07%, with a daily rise of 2.16% [1]

Investment Rating - The report maintains an "Overweight" rating for the utility sector [1] Core Insights - The construction of a new energy system is accelerating, with a focus on achieving carbon peak and promoting a green lifestyle [4] - In the first nine months of 2025, total electricity consumption increased by 4.6% year-on-year, totaling 77,675 billion kWh [4] - The electricity spot market is rapidly starting continuous settlement trials, with several provinces transitioning to formal operations [4] Summary by Sections 1. Industry Overview - The report highlights the importance of accelerating the construction of a new energy system as outlined in the recent Communist Party meeting [4] 2. Electricity Consumption - Total electricity consumption for January to September 2025 reached 77,675 billion kWh, reflecting a year-on-year growth of 4.6% [15] - Breakdown of consumption growth: - Primary industry: +10.2% - Secondary industry: +3.4% - Tertiary industry: +7.5% - Urban and rural residential consumption: +5.6% [4][15] 3. Power Generation - Cumulative power generation for January to September 2025 was 72,600 billion kWh, with a year-on-year increase of 1.6% [22] - Specific generation changes: - Thermal power: -1.2% - Hydropower: -1.1% - Nuclear power: +9.2% - Wind power: +10.1% - Solar power: +24.2% [22] 4. Electricity Prices - The average electricity purchase price in June 2025 was 389 RMB/MWh, down 1% year-on-year and 1.3% month-on-month [38] 5. Coal Prices - As of October 24, 2025, the price of thermal coal at Qinhuangdao port was 770 RMB/ton, up 9.07% year-on-year and increased by 22 RMB/ton week-on-week [45] 6. Hydropower Conditions - As of October 24, 2025, the water level at the Three Gorges Reservoir was 175 meters, with inflow and outflow rates increasing by 92% and 70% year-on-year, respectively [54] 7. Investment Recommendations - Focus on investment opportunities in hydropower and thermal power during peak summer demand [4] - Recommended companies include: - Thermal Power: JianTou Energy, Huadian International, Huaneng International, Guodian Power, Sheneng Shares, and Waneng Power [4] - Hydropower: Yangtze Power [4] - Nuclear Power: China National Nuclear Power and China General Nuclear Power [4] - Green Energy: Longi Green Energy and others [4]

Core Insights - The report maintains a "Buy" rating for the utility and environmental protection industry, highlighting a 4.5% year-on-year increase in electricity consumption in September, with resilience in industrial and commercial electricity demand [1][4]. Market Review - The Shanghai Composite Index rose by 2.88% and the ChiNext Index increased by 8.05% during the week of October 20-24. The coal sector rose by 1.74%, utilities by 1.02%, environmental protection by 1.75%, and carbon neutrality by 2.44% [1][12]. Industry Outlook Thermal Power - The report suggests focusing on thermal power companies with assets in regions where electricity supply is tight and competition is favorable, such as Sheneng Co. and Huadian International [4]. - Coal prices are expected to rise due to supply constraints from abnormal weather and regulatory checks, with a notable increase post-National Day [31]. - Electricity consumption in September showed a year-on-year growth of 4.5%, with industrial sectors growing at 7.3%, 5.7%, and 6.3% respectively [31]. Hydropower - The report recommends focusing on leading hydropower operators like Yangtze Power, as the sector benefits from stable electricity prices and regional supply-demand dynamics [4][32]. - Significant increases in inflow to major hydropower stations were noted, with a 80%+ year-on-year growth in inflow to the Three Gorges and Xiluodu reservoirs [32]. Nuclear Power - The report highlights the potential of China National Nuclear Power, as the market for electricity pricing becomes more favorable [4][32]. - The nuclear power sector is expected to stabilize, with new units coming online and electricity prices remaining steady [32]. Renewable Energy - The report suggests focusing on leading new energy companies like Longyuan Power, as the wind and solar sectors are expected to see stable growth despite recent slowdowns in installation rates [4][33]. Industry Data Tracking Coal Prices - The report tracks coal prices, noting that the European ARA coal price was $91.60/ton, up 1.66%, while Newcastle coal was $103.60/ton, down 0.48% [35]. - Domestic coal prices also saw increases, with the price at Guanzhou Port for Indonesian coal at 769.61 RMB/ton, up 1.27% [35]. Natural Gas Prices - The report notes that the ICE UK natural gas price rose to 81.31 pence/therm, a 1.71% increase, while the Henry Hub price was $3.33/million BTU, up 10.63% [51]. Carbon Market - The national carbon market's carbon emission allowance price was reported at 54.70 RMB/ton, reflecting a 4.77% increase [58]. Investment Recommendations - The report recommends focusing on thermal power companies with strong asset positioning, hydropower operators benefiting from stable pricing, and nuclear power companies with growth potential [4][65].

Core Viewpoint - Longi Green Energy Technology Co., Ltd. has successfully signed a contract for 400 MW of components for the Shanghai Electric's Fengxian No. 1 offshore photovoltaic project, utilizing the BC technology route, and has commenced supply this month [1] Group 1: Project Details - The first batch of 1 GW (AC side installed capacity) "wind-solar co-location" offshore photovoltaic project indicators are equally allocated between Shanghai Electric and Sheneng Co., Ltd., each receiving 50% [1] - Sheneng Co., Ltd. has already secured the entire share of its 500 MW (AC side installed capacity) project with BC products [1] Group 2: Project Challenges and Strategies - The development cost of offshore photovoltaic projects is high, and construction difficulty is significant, making maximizing power generation within limited sea area crucial for project profitability [1] - The Shanghai Municipal Development and Reform Commission issued a competitive configuration work plan for the 2024 "wind-solar co-location" offshore photovoltaic projects, planning seven projects for competitive allocation [1] Group 3: Efficiency and Component Selection - According to the scoring rules, using high-efficiency components and inverters can earn additional points, with components achieving a conversion efficiency of 24% receiving full scores [1] - The BC components are currently the main products that meet the efficiency requirements and can be mass-produced, making them the selected choice for the project [1]

2025可持续全球领导者大会于10月16日-18日在上海市黄浦区世博园区召开。 黄迪南表示，作为上海能源安全保障主力军与绿色低碳转型践行者，申能集团将ESG融入发展战略与管理全流程。 在绿色低碳发展方面，申能集团积极打造绿色先锋电力新版图，海陆并进、内外并举发展新能源，深化推动煤电清洁化，加快布局新兴电力与 综合能源服务； 在赋能美好生活方面，申能集团始终践行人本理念，对内凝聚文化共识，对外担当社会责任，我们深化申能同心圆企业文化，促进员工与企业 共同成长，营造和谐共融企业文化氛围； 在提升治理效能方面，申能集团将ESG的理念融入决策与管理的全过程，不断完善中国特色现代公司治理和市场化经营机制，助力可持续发 展。 2025可持续全球领导者大会由世界绿色设计组织（WGDO）与新浪集团联合主办，国际财务报告准则基金会（IFRS Foundation）北京办公室协 办，新浪财经与世界绿色设计组织北京代表处承办，上海市黄浦区人民政府支持。 申能集团作为大会全球合作伙伴，在"申能集团专场分论坛"上，围绕"全球变革中的上海行动与多元协同"这一核心议题，热议"打造可持续发展 的东方样板"、"解码上海产业升级的可持续动力"、 ...