ᴌ㱹ⴄ搨⠫⛐⺍ⴊᶍ↣ㅂ ⁵ᶐ䐵俿侣᷿㘋敒⋺ ( 侣敒ℸ⼩侣䡪㻂↳媣℔ 忪℈敒ℸ⼩侣䡪◠尯㯪搂⪠㒿䗺⁵ᶍ杻䖆 㯗⺍】壃ᵨ ᶎɃᶎᶖ ᵟ㘊 ☲♂澿ᴌ㱹ⴄ㱨ᴞ㒲∼揸⛐ᴯ峱 ⋹ᴌ㱹ᴯ⻅⠩⊨ ⭄ 䐷嫟澿 Ḣ䘡澿 ᴼ⁹㘮㯗⺍】壃ᵨᵍ䗰䖆澱㘮ㅂẟ㉰ᴯ◿⺍ⴊ坎ᴜ媦䖆ᴜ↣㜉Ⱦ录⺹ 壆刅⎎⇦⇋⬿尥䯀䡠澱⫻⋺廝坎ᶈ⬿低嬅㛧澱㘮ㅂ⺍ⴊ㛧攇ᶈ⁸媦ᴼ⻇杽㛧攇 䖆㒉᷸澱⬳ᴐ㘮㨣◠尯㯪搂㘋⁵䖆擰枚⌓⋺㘋⁵ᶼ⍚ᶈ嫤擰ㄘᴐᵍ廝坎ᶈ ⻇境䖆媪媼ȿ ᴌ㱹ⴄ搨⠫⛐⺍ⴊᶍ↣ㅂ澭ᷧᴍ䪂䣲³㘮ㅂ´澮㊧⋙䐵俿侣᷿㘋敒⋺澭ᷧᴍ 䪂䣲³⋺´ㄘ³䐵俿侣᷿´澮䖆⣖ㅚ澱⬳䐵俿侣᷿㘋敒⋺ $ 侣敒ℸ⼩侣䡪㻂↳媣 ℔澭ᷧᴍ䪂䣲³㘮㨣侣㙅㻂↳媣℔´澮䗺⁵ᶍ⪞㇇᷽ᴕ杻㯗⺍枀擰澱⬳㘮㨣侣㙅 㻂↳媣℔忪℈敒ℸ⼩侣䡪◠尯㯪搂澭ᷧᴍ䪂䣲³㘮㨣◠尯㯪搂´澮䖆⪠㒿㲋⋌䖆䗺 ⁵ᶍ杻⁹㯗⺍】壃ᵨȿ 徰丘澿 ᴌ㱹ⴄ搨⠫⛐⺍ⴊᶍ↣ㅂ 㯗⺍】壃ᵨ ᴌ㱹ⴄ搨⠫⛐⺍ⴊᶍ↣ㅂ ⁵ᶐ䐵俿侣᷿㘋敒⋺ $ 侣敒ℸ⼩侣䡪㻂↳媣℔ 忪℈敒ℸ⼩侣䡪◠尯㯪搂⪠㒿䗺⁵ᶍ杻䖆 僶澿䐵俿侣᷿㘋敒⋺ 㯗⺍】壃ᵨ Ⱦ㘮ㅂ⋓坪㯗⺍】壃ㅂẟ㉰䖆㔱㘮㯗⺍】壃ᵨ⁹㓧⅏䷑⋓䐡ㄘ⩚☪䖆 㘋⁵ᶍ⪠⎎㩥⸑枃ⴅ⪠㒿䖆㯗⺍Ⱦ㯗壆Ⱦ坎㑁壆䧢⎎⁸ᷘ壆 ...

Group 1 - The core point of the article is that Sheneng Co., Ltd. announced the approval of a proposal to issue convertible bonds to unspecified investors during its 47th shareholder meeting held on September 4, 2025 [1] Group 2 - The company held its second temporary shareholder meeting of 2025 on September 4 [1] - The proposal regarding the issuance of convertible bonds was among the key items discussed and approved during the meeting [1]

Investment Rating - The report maintains an "Accumulate" rating for the company [6] Core Views - The company's profitability improved significantly in Q2 due to cost reductions, with a notable increase in net profit growth compared to the previous quarter [1] - The company experienced a marginal improvement in power generation growth in Q2, with continued expansion in renewable energy capacity [2] - The profitability of coal-fired units has increased due to cost optimization, despite a decline in electricity prices [3] - The revenue from wind and solar power showed a mixed performance, with solar profitability being pressured by rising costs [4] - The company's net profit forecasts for 2025-2027 have been adjusted downward, but the fundamental outlook remains positive [4] Summary by Sections Financial Performance - In H1 2025, the company achieved revenue of 12.958 billion yuan, a year-on-year decrease of 5.28%, and a net profit of 2.077 billion yuan, down 5.23% year-on-year [1] - Q2 revenue was 5.620 billion yuan, a slight increase of 0.21% year-on-year, with net profit reaching 1.066 billion yuan, up 3.29% year-on-year [1] Power Generation - Total power generation in H1 2025 was 25.951 billion kWh, down 1.7% year-on-year, with coal, gas, wind, and solar generation showing varying performance [2] - In Q2, power generation was 11.525 billion kWh, up 6.1% year-on-year, with significant growth in wind and solar generation [2] Cost and Profitability - The average coal consumption for the company's coal-fired power plants was 282.5 grams/kWh, with a corresponding coal price of 841 yuan/ton, leading to a decrease in operating costs [3] - The gross margin for coal-fired units improved to 21.39%, an increase of 6.87 percentage points year-on-year [3] Revenue and Profit Forecasts - The company’s revenue and net profit forecasts for 2025-2027 have been revised to 4.018 billion yuan, 4.170 billion yuan, and 4.304 billion yuan respectively, with corresponding EPS of 0.82, 0.85, and 0.88 yuan [4][5]

证券代码：600642 证券简称：申能股份 公告编号：2025-039 申能股份有限公司 第四十七次（2025年第二次临时）股东会决议公告 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法律责任。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东会召开的时间：2025 年 9 月 4 日 (二)股东会召开的地点：上海市徐汇区东安路 8 号青松城大酒店 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 993 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 3,298,261,907 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 67.3927 | (四)表决方式是否符合《公司法》及《公司章程》的规定，股东会主持情况等。 本次会议由公司董事会召集，采取现场和网络投票相结合的方式召开，由公 司董事长华士超先生主持。现场会议采取记名投票表决的方式。本次会议的召集 ...

ᴌ㱹ⴄ搨⠫⛐⺍ⴊᶍ↣ㅂ ⁵ᶐ䐵俿侣᷿㘋敒⋺ 䨮◝≃ᴅ㨣澭 䨮ᶎ㨣ᴶ㓸澮侣ᴞḜ䖆 㯗⺍】壃ᵨ ☲♂澿ᴌ㱹ⴄ㱨ᴞ㒲∼揸⛐ᴯ峱 ⋹ᴌ㱹ᴯ⻅⠩⊨ ⭄ 䐷嫟澿 Ḣ䘡澿 徰丘澿 ᴌ㱹ⴄ搨⠫⛐⺍ⴊᶍ↣ㅂ 㯗⺍】壃ᵨ ᴌ㱹ⴄ搨⠫⛐⺍ⴊᶍ↣ㅂ ⁵ᶐ䐵俿侣᷿㘋敒⋺ 䨮◝≃ᴅ㨣澭 䨮ᶎ㨣ᴶ㓸澮侣ᴞḜ䖆 㯗⺍】壃ᵨ 僶澿䐵俿侣᷿㘋敒⋺ ᴌ㱹ⴄ搨⠫⛐⺍ⴊᶍ↣ㅂ澭ᷧᴍ䪂䣲³㘮ㅂ´澮㊧⋙䐵俿侣᷿㘋敒⋺澭ᷧᴍ 䪂䣲³⋺´澮⣖ㅚ澱⬳⋺⋮⸂䨮◝≃ᴅ㨣澭 䨮ᶎ㨣ᴶ㓸澮侣ᴞḜ澭ᷧ ᴍ䪂䣲³㘮㨣侣ᴞḜ´澮䖆㘋⁵ᶍ⪞澱㜻㉰Ɇᴯ≐ᶼ㬓⎎◿⋺㯗ɇ澭ᷧᴍ䪂䣲 Ɇ⋺㯗ɇ澮ȾɆᴌⴄ⋺侣ᴞḜ壆ℛɇ䩋㯗⺍Ⱦ㯗壆Ⱦ⁸ᷘ壆刅⼩㒉᷸⋌Ɇ䐵 俿侣᷿㘋敒⋺䧢䤍ɇ澭ᷧᴍ䪂䣲Ɇ⋺䧢䤍ɇ澮䖆㘋⁵壆⪜澱⁹㘮㯗⺍】壃 ᵨȿ ᴼ⁹㘮㯗⺍】壃ᵨ澱㘮ㅂ⋌㘮ㅂ⺍ⴊẟ㉰Ɇ⺍ⴊᶍ↣ㅂ᷐ᶍ嫃℺㯗⺍ᴜ↣ 䪣䌈↠㯗ɇ⎎Ɇ⺍ⴊᶍ↣ㅂ嫃℺㯗⺍ᴜ↣ㅩᴜ壆ℛ澭嫗坎澮ɇ䩋壆⪜澱ᴧ㜾⭧坎 ᶈ㯗⪜低尥澱彷⺬ᶈ⇦⇋⬿尥⎎嫜⪠ợ䐪⊡ℛ澱⫻㘮㨣侣ᴞḜㅂ㲋⋌䖆䗺⁵ᶍ杻 廝坎ᶈ⻇境䖆㜺㛧⎎榎嫃澱㜺㛧ᶈ㘮ㅂ媦ᴼ⁹嫧㯗⺍】壃ᵨㅂ昂䖆䗺⁵㒉᷸Ⱦ 屆㒛澱⋄↢ᶈ⋺㘮㨣侣ᴞḜ䖆弜媱Ḝ媰廉䤍ȿ㘮ㅂở嫃㘮㯗⺍】壃ᵨㅂ媦 ⪜䖆ᶍ⪠䘡⪠Ⱦ䝰Ⱦ⪎㑶 ...

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） ...