Core Viewpoint - The announcement details a significant reduction in shareholding by a major shareholder of Leshan Electric Power Co., Ltd., which has triggered a 1% threshold in equity change [1][2]. Group 1: Shareholder Information - The major shareholder involved is Tianjin Bohai Information Industry Structural Adjustment Equity Investment Fund Co., Ltd., which holds over 5% of the company's shares [1]. - There are no associated parties or concerted actions with the shareholder [1]. Group 2: Equity Change Details - From July 8 to September 3, 2025, the shareholder reduced its holdings by a total of 6,151,917 shares, representing 1.06% of the total share capital [1]. - Specifically, on July 8, 5,500,017 shares were sold, reducing the shareholder's stake from 10.00% to 9.05% [1]. - On September 3, an additional 651,900 shares were sold, further decreasing the stake to 8.94% [1]. Group 3: Impact on Company Governance - The equity change is not expected to have a significant impact on the company's governance structure or its ongoing operations [1]. - There will be no change in the controlling shareholder or actual controller as a result of this equity change [1].

Core Viewpoint - Leshan Electric Power (600644.SH) announced a reduction in shareholding by a major shareholder, Tianjin Bohai Information Industry Structural Adjustment Equity Investment Fund Co., Ltd, which will impact the company's stock ownership structure [1] Group 1: Shareholding Changes - The shareholder plans to reduce its stake by a total of 6,151,917 shares, representing 1.06% of the company's total share capital [1] - On July 8, the shareholder reduced its holdings by 5,500,017 shares, which is 0.95% of the total share capital, decreasing its ownership from 10.00% to 9.05% [1] - On September 3, the shareholder further reduced its holdings by 651,900 shares, accounting for 0.11% of the total share capital, bringing its ownership down from 9.05% to 8.94% [1]

证券代码：600644 证券简称：乐山电力 公告编号：2025-052 重要内容提示： 权益变动方向 比例增加□ 比例减少☑ 权益变动前合计比例 10.00% 权益变动后合计比例 8.94% 本次变动是否违反已作出的承诺、意向、 计划 是□ 否☑ 是否触发强制要约收购义务 是□ 否☑ 一、信息披露义务人及一致行动人的基本信息 1.身份类别 □控股股东/实际控制人及其一致行动人 √其他 5%以上大股东及其一致行动人 □合并口径第一大股东及其一致行动人（仅适用于无控股 股东、实际控制人） □其他 （请注明） 投资者及其一致行动人的身份 2.信息披露义务人信息 | 信息披露义务人名称 | | 投资者身份 | 统一社会信用代码 | | --- | --- | --- | --- | | | □ | 控股股东/实控人 | | | 天津渤海信息产业结构调 | □ | 控股股东/实控人的一致 | ☑ 91120105596143669U | | 整股权投资基金有限公司 | 行动人 | | □不适用 | | | ☑ | 其他直接持股股东 | | 上述信息披露义务人无一致行动人。 乐山电力股份有限公司 关于持股 5%以上股东权 ...

Group 1 - The A-share market experienced a general decline in power stocks, with Huayin Power and Jinko Technology dropping over 6% [1] - Zhaoxin Co., Huaguang Huaneng fell more than 5%, while Meiyan Jixiang decreased by 4% [1] - Leshan Electric, Guang'an Aizhong, Jiawei New Energy, and Jidian Co. all saw a decline of 3% [1]

Core Insights - Leshan Electric Power reported a significant increase in shareholder accounts, reaching 99,730 as of June 30, 2025, an increase of 64,314 accounts or 181.6% compared to March 31, 2025 [1][2] - The average number of shares held per account decreased from 16,300 shares to 5,799 shares, with an average market value of 80,700 yuan per account [1][2] - The stock price of Leshan Electric Power increased by 109.64% from March 31, 2025, to June 30, 2025, coinciding with the increase in shareholder accounts [1][2] Company Performance - As of June 30, 2025, the average number of shareholder accounts in the electric power industry was 109,000, indicating that Leshan Electric Power's shareholder accounts are below the industry average [1] - The average market value of shares held by shareholders in the electric power A-share listed companies was 290,000 yuan, which is significantly higher than that of Leshan Electric Power [1] Capital Flow - During the period from March 31, 2025, to June 30, 2025, the net outflow of main funds from Leshan Electric Power was 1.074 billion yuan, while retail investors saw a net inflow of 2.344 billion yuan [2] - The stock appeared on the trading leaderboard 10 times during this period, indicating notable trading activity [2] - Over the last three months, there was a net outflow of 55.29 million yuan in financing, with a decrease in financing balance, while there was no net inflow in short selling [2]

Core Insights - Leshan Electric Power reported a revenue of 1.623 billion yuan for the first half of 2025, representing a year-on-year growth of 1.94% [1] - The net profit attributable to shareholders was 7.9031 million yuan, with a non-recurring net profit of 6.27 million yuan, showing a significant increase of 66.35% year-on-year [1] Traditional Business Performance - The company achieved a power generation of 24,575 million kWh and a sales volume of 228,743 million kWh during the reporting period [1] - Gas sales reached 9,190 million cubic meters, while water sales amounted to 3,084 million cubic meters, indicating stable performance across various business segments [1] Emerging Business Developments - The company successfully launched the 100MW/200MWh electrochemical energy storage project in Longquanyi District in July 2025, which is now undergoing network testing before commercial operation [2] - The company’s subsidiary, LeDian New Energy, won a bid for a 100MW/200MWh independent energy storage project in Chengdu, with a total of 8 user-side projects and 4 district-side projects currently in operation [2] - A "solar charging integration" demonstration project was completed in May 2025, featuring a total photovoltaic area of 1,469 square meters and an installed capacity of 205.7 kW, expected to generate approximately 160,000 kWh annually [2] Virtual Power Plant and Financial Adjustments - Leshan Electric Power's virtual power plant was integrated into the new load management system in June 2025, becoming the first in Leshan and one of the first in the province [3] - The platform has successfully aggregated a capacity of 526,200 kVA and an adjustable capacity of 142,500 kW from various entities [3] - The company plans to use surplus reserves and capital reserves to offset accumulated losses due to historical bankruptcies of subsidiaries, aiming to improve financial conditions and enhance investor returns [3]

Core Viewpoint - The company plans to use its capital reserve to offset accumulated losses, aiming to improve its financial condition and enhance investor returns [4][5][34]. Company Overview - The company, Leshan Electric Power Co., Ltd., reported a negative retained earnings of CNY 531,917,431.97 as of December 31, 2024, primarily due to the bankruptcy of its former subsidiaries [4][5]. - The company will not distribute profits or increase capital reserves in 2025 [1]. Financial Data - As of the end of the reporting period, the company had a surplus reserve of CNY 123,023,162.30 and a capital reserve of CNY 1,378,055,899.65 [4][5]. - The total amount to be used for offsetting losses is CNY 531,917,431.97, which includes the surplus reserve and part of the capital reserve [5]. Important Matters - The board of directors and the supervisory board have approved the proposal to use the capital reserve to offset losses, which will require shareholder approval [7][34]. - The company has reported that it will not change its fundraising projects [15]. Fundraising and Usage - The company raised CNY 199,999,996.59 through a simplified procedure for issuing A-shares, with a net amount of CNY 198,133,651.71 after deducting issuance costs [9][10]. - As of June 30, 2025, the company has used CNY 29,291,740.10 of the raised funds, leaving a balance of CNY 169,322,544.79 [10][14]. Management of Funds - The company has established a three-party supervision agreement for the management of raised funds, ensuring compliance with regulatory requirements [11].

Core Viewpoint - Leshan Electric Power (SH 600644) reported a slight increase in revenue for the first half of 2025, but a decline in net profit and earnings per share, indicating potential challenges in profitability despite revenue growth [1]. Financial Performance - The company's revenue for the first half of 2025 was approximately 1.623 billion yuan, representing a year-on-year increase of 1.94% [1]. - The net profit attributable to shareholders was around 7.9 million yuan, showing a year-on-year decrease of 14.55% [1]. - Basic earnings per share were 0.014 yuan, which is a decline of 18.6% compared to the previous year [1].

Group 1 - The company reported a revenue of 1.623 billion yuan for the first half of the year, representing a year-on-year increase of 1.94% [1] - The net profit attributable to shareholders of the listed company was 7.9031 million yuan, showing a year-on-year decline of 14.55% [1] - The basic earnings per share were 0.014 yuan per share [1]

Group 1 - The board meeting of Leshan Electric Power Co., Ltd. was held on August 28, 2025, with all directors present and no dissenting votes [1] - The board approved the proposal to use reserve funds to cover losses, which will be submitted to the shareholders' meeting for further approval [2] - The board also approved the special report on the storage and actual use of raised funds for the first half of 2025, which had previously received unanimous consent from the Audit and Risk Management Committee [3] - The board approved the full text and summary of the 2025 half-year report, which also received unanimous consent from the Audit and Risk Management Committee [4]