Performance Review - The company's 3Q25 performance slightly exceeded expectations, with operating revenue of 47.6 billion yuan, a year-on-year decrease of 1.0%, and a net profit attributable to shareholders of 3.09 billion yuan, a year-on-year increase of 24.9%, aligning with market expectations [1] - For the first nine months of 2025, operating revenue reached 125.2 billion yuan, down 6.5% year-on-year, while net profit attributable to shareholders was 6.78 billion yuan, down 26.3% year-on-year, indicating that the company has met the lower limit of market expectations for the full year [1] - The improvement in the thermal power segment's electricity generation and cost reduction significantly contributed to the positive performance [1] Thermal Power Segment - In 3Q25, the on-grid electricity generation increased by 6.9% year-on-year, with notable growth in regions such as Zhejiang, Jiangsu, Yunnan, Guangdong, and Shandong, ranging from 15% to 35% [1] - The average coal price for the company decreased by approximately 13% year-on-year, supporting the performance of coal-fired power generation [1] - The company added 2.66 million kilowatts of new installed capacity in 3Q25 [1] Renewable Energy Segment - The company added a total of 6.84 million kilowatts of new installed capacity from the beginning of the year to date, surpassing the annual target set at the beginning of the year, primarily driven by solar power [1] - The on-grid electricity generation from solar power saw a significant year-on-year increase of 105.9%, although the average selling price decreased by 8.3% year-on-year to 376 yuan per megawatt-hour [1] - The high growth in installed capacity is expected to lead to a double-digit year-on-year increase in profitability for the renewable energy business [1] Financial Metrics - The financial expense ratio remained stable year-on-year, with financial expenses decreasing by 1.7% to 1.48 billion yuan [2] - The management expense ratio decreased by 0.4 percentage points to 0.9%, with management expenses down 30.3% to 412 million yuan [2] - Operating cash flow for the first three quarters of 2025 increased by 15.5% year-on-year to 42.8 billion yuan [2] Development Trends - The company has an attractive dividend yield, with plans to distribute cash dividends semi-annually from 2025 to 2027, maintaining a total dividend payout ratio of no less than 60% and a minimum dividend per share of 0.22 yuan [3] - As of October 27, the current stock price corresponds to a 2025 estimated dividend yield of 4.9%, indicating long-term investment value considering performance growth and dividend capability [3] Profit Forecast and Valuation - The profit forecast for 2025 and 2026 remains unchanged at 7.7 billion yuan and 8.2 billion yuan, respectively [4] - The current stock price corresponds to a price-to-earnings ratio of 12.3 times for 2025 and 11.5 times for 2026 [4] - The target price has been raised by 18% to 6.5 yuan, reflecting a potential upside of 22% from the current stock price, with corresponding price-to-earnings ratios of 15.0 times and 14.1 times for 2025 and 2026 [4]

Investment Rating - The investment rating for Guodian Power (600795.SH) is "Buy" [1] Core Views - The report highlights that Guodian Power achieved excellent quarterly performance due to cost control measures and the "Peak Summer" initiative, with potential asset injections from Sichuan's hydropower and thermal power sectors expected [1][6] - The company reported a revenue of 125.205 billion yuan for the first three quarters of 2025, a year-on-year decrease of 6.47%, while the net profit attributable to shareholders was 6.777 billion yuan, down 26.27% year-on-year, but the net profit after deducting non-recurring items increased by 37.99% year-on-year [1][3] Summary by Sections Financial Performance - For Q1-Q3 2025, Guodian Power's operating revenue was 125.205 billion yuan, down 6.47% year-on-year, with a net profit of 6.777 billion yuan, down 26.27% year-on-year. However, the net profit after deducting non-recurring items was 6.424 billion yuan, up 37.99% year-on-year. The net cash flow from operating activities was 42.783 billion yuan, up 15.47% year-on-year [1][3] - In Q3 alone, the company achieved an operating revenue of 47.551 billion yuan, down 1.01% year-on-year but up 25.66% quarter-on-quarter, with a net profit of 3.090 billion yuan, up 24.87% year-on-year and 64.72% quarter-on-quarter [1][3] Power Generation Business - The report indicates that the "Peak Summer" initiative has significantly improved the power generation capacity of thermal power, while the growth rate of renewable energy generation has slowed down. For Q1-Q3 2025, the total power generation was 3,321.34 billion kWh, up 0.74% year-on-year, with thermal power generation at 2,549.31 billion kWh, down 2.17% year-on-year [3][6] - The average on-grid electricity price for Q1-Q3 2025 was 396.02 yuan/MWh, down 7.51% year-on-year, while in Q3, it was 376.36 yuan/MWh, down 8.31% year-on-year and 4.70% quarter-on-quarter [3][6] Cost Control and Operational Efficiency - The company has effectively managed costs despite downward pressure on electricity prices, achieving a reduction in operating costs by 3.66% year-on-year in Q3. Sales expenses decreased by 38.96%, management expenses by 30.34%, and financial expenses by 1.68% year-on-year [3][6] - The "coal-electricity integration" business model has provided the company with strong procurement flexibility, allowing it to control fuel costs and maintain stable performance [3][6] Future Prospects - The report anticipates potential asset injections from the merger of the Dadu River Company with Sichuan and Jinsha River companies, which could significantly enhance the company's hydropower assets [6] - Guodian Power has announced a cash dividend plan for 2025-2027, committing to distribute at least 60% of net profit attributable to shareholders, which is expected to enhance the company's value [6] Earnings Forecast - The forecast for net profit attributable to shareholders for 2025-2027 is adjusted to 7.668 billion yuan, 8.138 billion yuan, and 8.667 billion yuan respectively, with corresponding P/E ratios of 12.35, 11.64, and 10.93 [6]

Core Points - The company guarantees the authenticity, accuracy, and completeness of the quarterly report and assumes legal responsibility for any false records or misleading statements [2][8][33] Financial Data - The third-quarter financial statements are unaudited, and the report period refers to the three months from the beginning to the end of the quarter [3][4] - The company has not identified any non-recurring gains and losses for this reporting period [4] Shareholder Information - The total number of ordinary shareholders and the number of preferred shareholders with restored voting rights are not applicable [5] - The company will hold its third extraordinary general meeting of shareholders on November 13, 2025, at 14:00 in Beijing [10][14] Meeting Details - The meeting will adopt a combination of on-site and online voting methods, with the online voting system provided by the Shanghai Stock Exchange [11][12] - Shareholders can register for the meeting from November 7, 2025, and the registration will be conducted at the company's office [21][22] Investor Communication - An online performance briefing will be held on November 4, 2025, to discuss the third-quarter results and address investor questions [27][30] - Investors can submit questions in advance through the Shanghai Stock Exchange's roadshow center or via the company's email [29][31]

Core Viewpoint - Guodian Power (600795.SH) reported a decline in both revenue and net profit for the first three quarters of 2025 compared to the previous year [1] Financial Performance - The total operating revenue for the first three quarters reached 125.205 billion yuan, representing a year-on-year decrease of 6.47% [1] - The net profit attributable to shareholders was 6.777 billion yuan, down 26.27% year-on-year [1] - The basic earnings per share stood at 0.38 yuan [1]

2025 年第三次临时股东会会议材料 二〇二五年十月 2025 年第三次临时股东会会议议程 1.审议关于注册 200 亿元储架公司债的议案； 2.股东发言及回答股东提问; 3.推选现场计票人、监票人; 4.现场股东表决议案; 5.公布现场投票表决结果； 6.宣读 2025 年第三次临时股东会决议。 | | | 1. 关于注册 200 亿元储架公司债的议案....................................... 1 关于注册 200 亿元储架公司债的议案 尊敬的各位股东及股东代表： 公司于 2024 年获核准发行的 100 亿元储架公司债券将 足额发行完毕，公司拟重新申请注册不超过 200 亿元（含 200 亿元）储架公司债券。现将有关情况汇报如下： 一、发行规模 注册不超过 200 亿元（含 200 亿元）储架公司债券，具 体发行规模、期限、发行方式、发行对象等要素根据公司资 金需求情况和发行时市场情况确定。 二、发行品种 注册发行的公司债券募集资金扣除发行费用后，拟用于 支付交易对价、调整债务结构、补充公司运营资金、项目投 资等用途，具体募集资金用途在发行前根据公司资金需求情 况确定。 ...

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]

Group 1 - The core point of the article is that Guodian Power (SH 600795) held its 39th board meeting on October 24, 2025, to review the proposal for the third quarter report of 2025 [1] - For the first half of 2025, Guodian Power's revenue composition is as follows: thermal power generation accounts for 81.98%, renewable energy generation accounts for 9.59%, hydropower generation accounts for 7.09%, other businesses account for 1.33%, and technology and environmental protection account for 0.02% [1] - As of the report date, Guodian Power has a market capitalization of 94.7 billion yuan [1]

（一）合法合规原则：严格遵守国家法律法规、监管规 定及《公司章程》的要求； 国电电力发展股份有限公司 董事离职管理制度 （2025 年 10 月） 第一章 总则 第一条 为规范国电电力发展股份有限公司（以下简称 "公司"）董事离职有关事项，确保公司治理结构的稳定性 和连续性，维护公司及股东的合法权益，根据《中华人民共 和国公司法》（以下简称《公司法》）、《中华人民共和国 证券法》（以下简称《证券法》）、《上海证券交易所股票 上市规则》等法律法规、规范性文件及《国电电力发展股份 有限公司章程》（以下简称《公司章程》）有关规定，结合 公司实际，制定本制度。 第二条 本制度适用于公司董事（含独立董事）因任期 届满、辞职、被解除职务或者其他原因离职的情形。 第三条 公司董事离职管理应遵循以下原则： （二）公开透明原则：及时、准确、完整地披露董事离 职相关信息； （三）平稳过渡原则：确保董事离职不影响公司正常经 营和治理结构的稳定性； （四）保护股东权益原则：维护公司及全体股东的合法 — 1 — 权益。 第二章 离职情形与程序 第四条 公司董事离职包含任期届满未连任、主动辞职、 被解除职务以及其他导致董事实际离职等情形 ...

证券代码：600795 证券简称：国电电力 公告编号：临 2025-35 国电电力发展股份有限公司 关于召开2025年第三季度网上业绩说明会 的公告 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： （网址：http://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 10 月 28 日至 11 月 3 日 16:00 前登录上 证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 GDpower@chnenergy.com.cn 进行提问。公司将在说明会上对投资者 普遍关注的问题进行回答。 会议召开时间：2025 年 11 月 4 日 9:00-10:00 会议召开地点：上海证券交易所上证路演中心 二、说明会召开的时间、地点 （一）会议召开时间：2025 年 11 月 4 日 9:00-10:00 （二）会议召开地点：上证路演中心 （三）会议召开方式：上证路演中心网络互动 三、参加人员 国电电力发展股份有限公司（以下简称"公司"）已于 2025 年 ...

证券代码：600795 证券简称：国电电力 公告编号:临2025-34 国电电力发展股份有限公司 关于召开2025年第三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13日 2025年第三次临时股东会 (二) 股东会召集人：董事会 (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 13 日 14 点 00 分 采用上海证券交易所网络投票系统，通过交易系统投票平台的投 票时间为股东会召开当日的交易时间段，即 9:15-9:25，9:30-11:30， 13:00-15:00；通过互联网投票平台的投票时间为股东会召开当日的 9:15-15:00。 1 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 一、 召开会议的基本情况 (一) 股东会类型和届次 (六) 融资融券、转融通、约定购回业务账户和沪股通投资者的 投票程序 涉及融资融券、转 ...