申能股份发布2025 年中报，上半年实现营业收入129.58 亿元，同比-5.28%；归母净利润20.77 亿元，同 比-5.23%。 营收利润略降，长期业绩稳定性强。公司上半年实现营业收入129.58 亿元，同比-5.28%；归母净利润 20.77 亿元，同比-5.23%；其中，2Q25 实现营业收入56.2 亿元，同比+0.21%；归母净利润10.66 亿元， 同比+3.29%。 Q2 电价同环比均有增长，煤电盈利提升。上半年，公司完成发电量259.51亿千瓦时，同比-1.7%；上网 电价0.504 元/千瓦时，同比-0.007 元/千瓦时，测算2Q25 上网电价0.508 元/千瓦时，同比+0.002 元/千瓦 时，环比+0.007元/千瓦时。上半年公司煤电发电量完成178.70 亿千瓦时，同比-6.8%；平均耗用煤价为 841 元/吨，同比-143 元/吨。煤价下行带动公司煤电营业成本同比-17.58%，煤电业务毛利率同比 +6.87pct 至21.39%，测算公司煤电度电毛利为0.067 元/千瓦时，同比+0.02 元/千瓦时。从子公司情况来 看，吴泾第二发电、外高桥第三发电上半年分别实现净利润90 ...

Investment Rating - The report maintains a strong rating for the power sector and recommends specific companies within the sector [4][7][11]. Core Insights - The first central document in the carbon market sector has been issued, marking a new journey in carbon market construction, with significant implications for green investment and industry growth [3][17][18]. - The report emphasizes the importance of promoting high-quality urban development, particularly in the water and solid waste management sectors, which are expected to benefit from new policies [4][21]. Summary by Sections Market Review - From August 25 to August 29, the electricity sector fell by 0.40%, the environmental sector by 1.47%, the gas sector by 1.65%, and the water sector by 2.15%, while the CSI 300 index rose by 2.71% [11][12]. Carbon Market Development - The central government's recent document outlines plans to accelerate the construction of a national carbon market, aiming for comprehensive coverage of major industrial sectors by 2027 and a robust voluntary reduction market [3][17][18]. - As of July 2025, the national carbon emissions trading market has seen a cumulative transaction volume of 681 million tons and a transaction value of 46.784 billion yuan, indicating a growing influence of carbon pricing [3][18]. Urban Development Initiatives - The recent policy encourages green low-carbon transformation in urban development, promoting energy efficiency and waste management [4][21]. - The report identifies opportunities in waste-to-energy applications, industrial wastewater treatment, and the recycling of construction waste, which are expected to enhance profitability for related companies [4][21]. Investment Recommendations - The report recommends specific companies within various sectors: - For the power sector, it suggests Jiangsu Guoxin and cautiously recommends Sheneng Co. and Zhejiang Energy [4]. - In the nuclear power sector, it cautiously recommends China National Nuclear Power and China General Nuclear Power [4]. - For green energy, it suggests focusing on Three Gorges Energy and Jiangsu New Energy [4]. - In the water sector, it recommends Changjiang Electric Power and cautiously suggests Huaneng Hydropower [4]. - In the environmental sector, it recommends Yongxing Co. and Xuedilong, while suggesting attention to Huaguang Huaneng and China Tianying [4].

Core Viewpoint - The recent financial report of Sheneng Co., Ltd. (600642) indicates a decline in total revenue and net profit for the first half of 2025 compared to the previous year, despite some improvements in profitability metrics such as gross margin and net margin [1]. Financial Performance - Total revenue for the first half of 2025 was 12.958 billion yuan, a decrease of 5.28% year-on-year [1]. - Net profit attributable to shareholders was 2.077 billion yuan, down 5.23% year-on-year [1]. - In Q2 2025, total revenue was 5.62 billion yuan, showing a slight increase of 0.21% year-on-year [1]. - Q2 net profit attributable to shareholders was 1.066 billion yuan, up 3.29% year-on-year [1]. Profitability Metrics - Gross margin increased by 15.79% year-on-year, reaching 22.54% [1]. - Net margin improved by 6.61% year-on-year, reaching 19.92% [1]. - Total selling, administrative, and financial expenses amounted to 870 million yuan, accounting for 6.71% of revenue, a decrease of 7.59% year-on-year [1]. Key Financial Ratios - Earnings per share (EPS) decreased to 0.42 yuan, down 6.71% year-on-year [1]. - Operating cash flow per share was 0.86 yuan, a decline of 5.58% year-on-year [1]. - Book value per share increased to 7.25 yuan, up 4.84% year-on-year [1]. Investment Metrics - The company's return on invested capital (ROIC) for the previous year was 6.83%, indicating average capital returns [3]. - The net profit margin for the previous year was 16.15%, suggesting a high added value for products or services [3]. - The estimated dividend yield is 5.21% [3]. Debt and Cash Flow Analysis - The cash flow situation is a concern, with cash and cash equivalents to current liabilities ratio at 73.99% [3]. - The interest-bearing debt ratio has reached 30.35%, indicating a significant level of debt [3]. - Accounts receivable to profit ratio stands at 255.65%, suggesting potential issues with receivables management [3]. Fund Holdings - The largest fund holding Sheneng Co., Ltd. is the Huatai-PineBridge CSI Shanghai State-owned Enterprises ETF, with a scale of 7.942 billion yuan [4]. - The fund's latest net value is 0.9417, down 0.57% from the previous trading day, but it has increased by 40.75% over the past year [4].

Core Viewpoint - The company has approved the release of restricted stocks as part of its equity incentive plan, allowing a total of 14,772,650 shares to be released from restrictions, which accounts for approximately 0.30% of the company's total share capital [5][10][11]. Company Overview - The company is identified as Sheneng Co., Ltd. with the stock code 600642 [2]. - The board of directors has confirmed the authenticity and completeness of the semi-annual report [1]. Financial Data - The semi-annual report includes key financial data, although specific figures are not provided in the excerpts [1]. Shareholder Information - The report includes details on the top 10 shareholders, but specific data is not disclosed in the excerpts [1]. Important Events - The board meeting held on August 28, 2025, unanimously approved the semi-annual report and the release of restricted stocks [2][3]. - A total of 281 individuals from the initial grant of restricted stocks will have their shares released, totaling 14,064,780 shares [10]. - Additionally, 258,390 shares from the reserved grant will also be released for two current directors [11]. Stock Incentive Plan - The stock incentive plan has undergone several stages of approval and implementation since its inception in 2021, with the latest approvals occurring in 2025 [6][8]. - The third lock-up period for the initial grant has expired, allowing for the release of shares [9][10]. Legal Compliance - The company has obtained necessary approvals and authorizations for the release of restricted stocks, ensuring compliance with relevant regulations [16].

证券日报网讯 8月29日晚间，申能股份发布公告称，2025年半年度公司实现营业收入12，957，929， 716.65元，同比下降5.28%；归属于上市公司股东的净利润为2，076，560，448.92元，同比下降 5.23%。 （编辑 何成浩） ...

Core Viewpoint - Sheneng Co., Ltd. announced the approval of its 2025 semi-annual report and several other proposals during the 16th meeting of its 11th Board of Directors [2] Group 1 - The company held its 16th meeting of the 11th Board of Directors on August 29 [2] - The meeting resulted in the approval of the 2025 semi-annual report and its summary [2]

Core Insights - The company reported a revenue of 12.958 billion yuan for the first half of 2025, representing a year-on-year decrease of 5.28% [1] - The net profit attributable to shareholders was 2.077 billion yuan, down 5.23% year-on-year [1] - The net profit excluding non-recurring items was 1.884 billion yuan, showing a year-on-year increase of 2.20% [1] - The basic earnings per share stood at 0.417 yuan [1]

申能股份有限公司2025 年半年度报告 公司代码：600642 公司简称：申能股份 申能股份有限公司 申能股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会及董事、高级管理人员保证半年度报告内容的真实性、准确性、完整性，不 存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人华士超、主管会计工作负责人杨波及会计机构负责人（会计主管人员）潘步恩 声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 六、 前瞻性陈述的风险声明 □适用 √不适用 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完整性 否 十、 重大风险提示 无 十一、 其他 □适用 √不适用 申能股份有限公司2025 年半年度报告 载有公司法定代表人、主管会计工作负责人、会计机构负责人签名并盖 章的会计报表 报告期内在中国证监会指定报纸 ...

申能股份有限公司2025 年半年度报告 公司代码：600642 公司简称：申能股份 申能股份有限公司 2025 年半年度报告 1 / 210 申能股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会及董事、高级管理人员保证半年度报告内容的真实性、准确性、完整性，不 存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人华士超、主管会计工作负责人杨波及会计机构负责人（会计主管人员）潘步恩 声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 六、 前瞻性陈述的风险声明 □适用 √不适用 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完整性 否 十、 重大风险提示 无 十一、 其他 □适用 √不适用 2 / 210 | 第一节 | 释义 | 4 | | --- | --- | --- | | 第二节 | ...

关于申能集团财务有限公司的风险持续评估报告 根据上交所《上海证券交易所上市公司自律监管指引第 5 号 —交易与关联交易》的要求，申能股份有限公司（以下简称"公 司"）通过查验申能集团财务有限公司（以下简称"申能财务"） 的《营业执照》与《金融许可证》等资料，并审阅了包括资产负 债表、利润表、现金流量表等在内的申能财务的定期财务报告， 对其经营资质、业务和风险状况进行了评估，具体情况报告如下： 申能财务系经中国银行业监督管理委员会（因职责整合，现 为国家金融监督管理总局）批准的非银行金融机构。申能财务于 2007 年 7 月 17 日完成工商注册登记，社会统一信用代码证号为 91310000664329642R；金融许可证机构编码为 L0082H231000001。 截至目前，申能财务注册资本为人民币 20 亿元，其中：申能（集 团）有限公司出资人民币 12 亿元，占比 60%；申能股份有限公 司出资人民币 6 亿元，占比 30%；上海燃气（集团）有限公司出 资人民币 2 亿元，占比 10%。申能财务业务覆盖结算、存款、贷 款、外汇、投资等领域，是全国经营范围较为齐全的财务公司之 一。 申能股份有限公司 截至 ...