Core Viewpoint - Leshan Electric Power's stock has shown significant volatility, with an 81.70% increase year-to-date, but a recent decline over the past 60 days indicates potential market fluctuations [1][2]. Group 1: Stock Performance - As of November 3, Leshan Electric Power's stock price reached 11.12 CNY per share, with a trading volume of 1.38 billion CNY and a market capitalization of 6.431 billion CNY [1]. - The stock has experienced a net outflow of 3.9477 million CNY from major funds, with large orders showing a buy of 20.1782 million CNY and a sell of 29.6092 million CNY [1]. - The stock has appeared on the "Dragon and Tiger List" nine times this year, with the most recent appearance on May 23, showing a net buy of -21.2213 million CNY [1]. Group 2: Company Overview - Leshan Electric Power, established on May 17, 1988, and listed on April 26, 1993, operates in the utility sector, focusing on electricity, natural gas, and water supply [2]. - The revenue breakdown shows that electricity accounts for 71.45%, gas for 14.85%, water supply for 4.78%, and other segments contribute the remaining [2]. - As of September 30, the number of shareholders decreased by 18.67% to 81,100, while the average circulating shares per person increased by 32.06% to 7,129 shares [2]. Group 3: Financial Performance - For the period from January to September 2025, Leshan Electric Power reported a revenue of 2.399 billion CNY, reflecting a year-on-year growth of 3.27%, and a net profit attributable to shareholders of 72.832 million CNY, up 6.22% [2]. - The company has distributed a total of 216 million CNY in dividends since its A-share listing, with no dividends paid in the last three years [3].

Core Viewpoint - Leshan Electric Power, established in 1988 and listed in 1993, is a significant comprehensive energy supplier in Sichuan, with core businesses including electricity, natural gas, and water supply, showcasing a full industry chain advantage in regional energy supply [1] Financial Performance - For Q3 2025, Leshan Electric Power reported a revenue of 2.399 billion, ranking 10th in the industry, significantly lower than the top player Guangdong Construction's 43.388 billion and second-ranked Hubei Energy's 13.521 billion, and below the industry average of 7.28 billion and median of 2.635 billion [2] - The company's net profit for the same period was 74.0706 million, ranking 13th in the industry, far below Hubei Energy's 2.524 billion and Funi's 2.419 billion, and also lower than the industry average of 693 million and median of 296 million [2] Financial Ratios - As of Q3 2025, Leshan Electric Power's debt-to-asset ratio was 49.02%, a decrease from 49.92% year-on-year, and lower than the industry average of 57.35%, indicating relatively low debt pressure [3] - The company's gross profit margin was 17.09%, up from 16.66% year-on-year, but still below the industry average of 22.95%, suggesting room for improvement in profitability [3] Management Compensation - The chairman of Leshan Electric Power, Liu Jiang, has a salary of 875,000 for 2024, while the general manager, Qiu Yongzhi, also receives the same amount, maintaining the previous year's level [4] Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 18.67% to 81,100, while the average number of circulating A-shares held per account increased by 32.07% to 7,129.64 [5]

证券代码：600644 证券简称：乐山电力 公告编号：2025-068 (二)股东会召集人：董事会 乐山电力股份有限公司 关于召开2025年第二次临时股东会的通知 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： 股东会召开日期：2025年11月19日 本次股东会采用的网络投票系统：上海证券交易所股东会网络投票系统 2025年10月29日，乐山电力股份有限公司（简称"公司"）第十届董事会第二 十一次临时会议以11 名董事全票审议通过了《关于召开2025年第二次临时股东会 的议案》。现将具体情况公告如下： 一、 召开会议的基本情况 (一)股东会类型和届次 2025年第二次临时股东会 (三)投票方式：本次股东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 11 月 19 日 10 点 00 分 召开地点：乐山市市中区金海棠大酒店会议室 1 (五)网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东会网络投票系统 网络投票起止时间 ...

证券代码：600644 证券简称：乐山电力 公告编号：2025-065 乐山电力股份有限公司 一、董事会会议召开情况 乐山电力股份有限公司（简称"公司"）于 2025 年 10 月 24 日以电 子邮件方式向董事和高级管理人员发出召开第十届董事会第二十一次 临时会议的通知和会议资料。公司第十届董事会第二十一次临时会议于 2025 年 10 月 29 日以现场与视频会议系统相结合方式召开，应出席会议 董事 11 名，现场出席会议董事 8 名，通过视频会议系统出席会议董事 3 名，独立董事何曙光、副董事长林晓华和董事刘苒通过视频会议系统出 席会议；公司高级管理人员列席了本次会议。会议的召集、召开符合《公 司法》和《公司章程》的规定。 二、董事会会议审议情况 （一）审议通过了《关于公司 2025 年第三季度报告的议案》 表决结果：同意 11 票，反对 0 票，弃权 0 票。 本议案在提交董事会审议前，已经 2025 年 10 月 29 日召开的公司 第十届董事会审计与风险管理委员会第二十四次会议审议通过。 详见公司同日发布于《中国证券报》《上海证券报》《证券日报》《证 券时报》和上海证券交易所网站（https:// ...

中国银河证券股份有限公司 关于乐山电力股份有限公司 预计 2026 年度日常经营关联交易的核查意见 中国银河证券股份有限公司（以下简称"银河证券"或"保荐机构"）作为乐山 电力股份有限公司（以下简称"乐山电力"或"公司"）以简易程序向特定对象发行 股票持续督导保荐机构，根据《证券发行上市保荐业务管理办法》《上海证券交 易所股票上市规则》《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》等有关规定，对公司 2026 年度日常关联交易预计事项进行了核查， 具体情况如下： 一、日常关联交易概况 根据公司与关联方签订的相关购、售电协议及采购原水合同，公司的历史业 务发生情况及未来经营需求安排，同时，结合电价政策调整因素，公司及子公司 与关联方的 2026 年度日常经营关联交易的预计总金额 237,500 万元，2026 年度 日常关联交易预计情况如下： 注：上述金额为万元（不含税），其中向国网四川省电力公司采购及销售电力为不含税、 不含基金。 1 单位：万元 关联交易的类别 关联交易对方 预计总金额 2025 年交易金额（预计数） 1-9 月 实际数 10-12 月 预计数 合计 向关联方销售电 力 ...

Core Viewpoint - Leshan Electric Power reported a year-on-year increase in revenue and net profit for the first three quarters of 2025, indicating a stable financial performance despite challenges in the electricity market [1] Financial Performance - Revenue for the first three quarters of 2025 was approximately 2.399 billion yuan, representing a year-on-year increase of 3.27% [1] - Net profit attributable to shareholders was around 72.83 million yuan, showing a year-on-year increase of 6.22% [1] - Basic earnings per share were 0.1279 yuan, reflecting a year-on-year increase of 0.39% [1] - As of the report date, the market capitalization of Leshan Electric Power was 6.2 billion yuan [1]

1 乐山电力股份有限公司 ESG 管理办法（2025 年修订） 第一章 总则 第一条 为规范乐山电力股份有限公司（以下简称"公司"）环 境、社会与治理（以下简称"ESG"）管理工作，完善 ESG 工作机制， 提升 ESG 管理实践能力，推动公司可持续发展，根据《中华人民共 和国公司法》《上海证券交易所上市公司自律监管指引第 1 号——规 范运作》《上海证券交易所上市公司自律监管指引第 14 号——可持续 发展报告（试行）》等有关法律法规、规范性文件及《公司章程》的 相关规定，结合公司实际情况，制定本办法。 乐山电力股份有限公司 ESG 管理办法（2025 年修订） 乐山电力股份有限公司 ESG 管理办法 （2025 年修订） （经 2025年10月 29 日召开的公司第十届董事会第二十一次临时会议审议通过） 第二条 本办法所称 ESG 职责，是指公司在经营发展过程中应当 履行的环境（Environmental）、社会（Social）和公司治理（Governance） 方面的责任和义务，主要包括对自然环境和资源的保护、社会责任的 承担以及公司治理的健全和透明。 第三条 本办法所称利益相关方，指权益受到或可能受到 ...

乐山电力股份有限公司董事会审计与风险管理委员会工作细则（2025 年修订） （2025 年修订） （经 2025年10月 29 日召开的公司第十届董事会第二十一次临时会议审议通过） 1 第二条 委员会是董事会下设的专门委员会，对董事会负责,依 照《公司章程》和董事会授权履行职责，向董事会报告工作。 乐山电力股份有限公司董事会审计与风险管理委员会工作细则（2025 年修订） 第一章 总 则 第一条 为强化乐山电力股份有限公司（以下简称公司）董事会 决策功能，确保董事会对公司财务信息、内部控制、内外部审计等工 作的有效监督，健全公司内部监督机制，根据《中华人民共和国公司 法》《上市公司治理准则》《上市公司独立董事管理办法》《上海证券 交易所股票上市规则》《上海证券交易所上市公司自律监管指引第 1 号——规范运作》及《公司章程》等其他有关规定，设立董事会审计 与风险管理委员会（以下简称委员会），并制定本工作细则。 乐山电力股份有限公司 董事会审计与风险管理委员会工作细则 第二章 人员组成 第六条 委员会任期与董事会任期一致，委员会成员任期届满， 连选可以连任。期间如有成员不再担任公司董事职务，自动失去委员 会成员资 ...

Group 1 - Leshan Electric Power announced that its subsidiary, Mianyang Anhong Enterprise Management Co., Ltd., applied for a loan of 27 million yuan from the Bank of China Sichuan Branch, with a total guarantee amount of 93.3 million yuan, accounting for 5.07% of the company's latest audited net assets [1] - The company provided a guarantee of 56.3 million yuan for Leshan Qingyuan Environmental Engineering Co., Ltd., which is 3.06% of the latest audited net assets, and a guarantee of 37 million yuan for its subsidiary, accounting for 2.01% of the latest audited net assets [1] - For the year 2024, the revenue composition of Leshan Electric Power is as follows: electric power business accounts for 70.44%, natural gas industry 14.86%, tap water 5.52%, other businesses 5.38%, and comprehensive energy 3.8% [1] Group 2 - The market capitalization of Leshan Electric Power is 6.2 billion yuan [2]

Financial Performance - The company's operating revenue for the third quarter reached ¥776,018,651.19, representing a year-on-year increase of 6.18%[5] - The total profit for the period was ¥71,898,066.44, reflecting a growth of 5.11% compared to the same period last year[5] - The net profit attributable to shareholders was ¥64,928,863.81, which is a 9.46% increase year-on-year[5] - The net profit after deducting non-recurring gains and losses was ¥59,993,923.19, up by 5.87% from the previous year[5] - Total operating revenue for the first three quarters of 2025 reached ¥2,399,410,049.86, an increase of 3.3% compared to ¥2,323,390,306.55 in the same period of 2024[18] - The company reported a net loss of ¥124,029,065.47 for the first three quarters of 2025, an improvement from a net loss of ¥196,861,046.98 in the same period of 2024[17] - Net profit for the first three quarters of 2025 reached CNY 74,070,630.88, a slight increase from CNY 73,091,199.93 in the same period of 2024, representing a growth of 1.34%[20] - Operating profit for the first three quarters of 2025 was CNY 83,340,129.22, compared to CNY 83,898,580.48 in 2024, indicating a decrease of 0.67%[20] - The company reported a total profit of CNY 83,893,011.34 for the first three quarters of 2025, down from CNY 87,033,975.47 in 2024, a decline of 3.3%[20] Cash Flow and Liquidity - The net cash flow from operating activities for the year-to-date period decreased by 48.28%, primarily due to increased cash expenditures for electricity purchases[9] - Cash flow from operating activities for the first three quarters of 2025 was CNY 69,310,502.48, a decrease of 48% compared to CNY 133,998,373.97 in 2024[23] - Cash and cash equivalents at the end of the third quarter of 2025 amounted to CNY 379,572,919.45, an increase from CNY 301,186,624.13 in 2024, representing a growth of 25.97%[24] - The company's cash and cash equivalents as of September 30, 2025, amounted to ¥448,078,919.45, compared to ¥301,938,840.68 at the end of 2024, indicating a significant increase of 48.4%[14] - Total cash inflow from financing activities in the first three quarters of 2025 was CNY 799,369,996.59, significantly higher than CNY 174,000,000.00 in 2024[24] - The company incurred a net cash outflow from investment activities of CNY 128,497,483.60 in 2025, compared to a smaller outflow of CNY 83,296,551.41 in 2024[23] - The company’s total operating cash inflow for the first three quarters of 2025 was CNY 2,932,951,644.71, an increase from CNY 2,833,835,465.23 in 2024, reflecting a growth of 3.5%[23] Assets and Liabilities - The total assets at the end of the reporting period amounted to ¥4,661,554,070.95, marking a 5.94% increase from the end of the previous year[6] - Total assets as of September 30, 2025, were ¥4,661,554,070.95, up from ¥4,400,117,719.83 at the end of 2024, reflecting a growth of 5.9%[17] - Total liabilities decreased slightly to ¥2,284,902,696.16 in 2025 from ¥2,294,998,867.69 in 2024, a reduction of 0.6%[16] - The equity attributable to shareholders increased by 14.78% to ¥2,114,156,150.86 compared to the end of the previous year[6] - The company's equity attributable to shareholders increased to ¥2,114,156,150.86 as of September 30, 2025, compared to ¥1,841,930,902.02 in 2024, an increase of 14.8%[17] Earnings and Expenses - The basic earnings per share for the quarter was ¥0.1139, while the diluted earnings per share was also ¥0.1139[6] - The weighted average return on equity decreased by 0.01 percentage points to 3.18% compared to the previous year[6] - Research and development expenses for the first three quarters of 2025 were ¥987,266.98, compared to ¥747,490.20 in 2024, indicating a year-over-year increase of 32.1%[18] - Total operating costs for the first three quarters of 2025 were ¥2,336,501,917.99, up from ¥2,258,123,117.47 in 2024, reflecting a year-over-year increase of 3.5%[18] - The company reported non-recurring gains of ¥4,934,940.62 for the current period, with government subsidies contributing significantly to this figure[8] - Inventory levels rose to ¥89,205,844.35 in 2025 from ¥45,306,491.64 in 2024, marking an increase of 96.8%[15] - Accounts receivable increased to ¥266,039,665.27 as of September 30, 2025, from ¥246,653,901.50 at the end of 2024, representing an increase of 7.8%[14]