Core Viewpoint - The company has reported its first-quarter financial results for 2025, highlighting significant changes in its financial position and operations, including a non-public transfer of equity and the impact of a bankruptcy proceeding on its financials [1][4]. Financial Data - The first-quarter financial statements for 2025 have not been audited [2]. - The company has recognized a non-recurring gain of 145 million yuan from the transfer of 100% equity in Guoneng Power Engineering Management Co., Ltd. to its controlling shareholder, State Energy Investment Group [4]. - The bankruptcy of Guodian Shouxian Wind Power Co., Ltd. has resulted in a loss of 25 million yuan, as it will no longer be included in the consolidated financial statements [4]. Shareholder Information - The company has provided details regarding its major shareholders and the status of its stock, although specific data on shareholder changes was not applicable [3]. Other Important Information - The board of directors has confirmed the authenticity and completeness of the quarterly report, ensuring no misleading statements or omissions [1][6]. - The board meeting held on April 25, 2025, approved the first-quarter report and a revision of the management regulations, with unanimous support from all attending directors [6].

Core Viewpoint - In Q1 2025, the company reported a decline in revenue but an increase in net profit, indicating a mixed performance amid a challenging market environment [1][4]. Financial Performance - The company achieved operating revenue of 39.813 billion yuan, down 12.61% year-on-year and 12.15% quarter-on-quarter [1]. - The net profit attributable to shareholders was 1.811 billion yuan, up 1.45% year-on-year and up 182.81% quarter-on-quarter [1]. - The net profit after deducting non-recurring items was 1.608 billion yuan, down 7.42% year-on-year but up 15,332.71% quarter-on-quarter [1]. - The net cash flow from operating activities was 14.026 billion yuan, up 92.79% year-on-year but down 24.54% quarter-on-quarter [1]. Operational Metrics - The company's electricity generation decreased due to a relaxed supply-demand situation and increased renewable energy capacity, with total electricity generated at 94.935 billion kWh, down 5.72% year-on-year and 11.27% quarter-on-quarter [2]. - Breakdown of electricity generation: - Thermal power: 77.992 billion kWh, down 9.34% year-on-year and 9.77% quarter-on-quarter - Hydropower: 7.190 billion kWh, down 6.96% year-on-year and 40.08% quarter-on-quarter - Wind power: 5.715 billion kWh, up 11.23% year-on-year and 5.74% quarter-on-quarter - Photovoltaic power: 4.038 billion kWh, up 123.78% year-on-year and 16.44% quarter-on-quarter [2]. Pricing and Capacity - The average on-grid electricity price was 425.41 yuan per MWh, down 6.62% year-on-year and 2.35% quarter-on-quarter [3]. - As of March 31, 2025, the company had a total installed capacity of 116.3914 million kW, with thermal power at 75.629 million kW, hydropower at 14.9506 million kW, wind power at 9.9118 million kW, and photovoltaic at 15.90 million kW [3]. Cost Management - Operating costs decreased by 13.19% year-on-year, exceeding expectations, attributed to effective coal procurement strategies and cost control measures [4]. - Significant reductions in expenses were noted: - Sales expenses down 63.88% - Management expenses down 16.86% - R&D expenses down 18.08% - Financial expenses down 13.46% - Income tax expenses down 8.79% [4]. Growth Prospects - The company has substantial long-term growth potential in installed capacity, with ongoing projects in thermal, wind, and hydropower expected to contribute to future earnings [5]. - New thermal power projects are set to commence in high-price regions, while renewable energy capacity continues to expand significantly [5]. Industry Position - The company is a leading player in the energy sector, backed by strong shareholder support and a robust asset quality, positioning it well for future growth [6]. - Forecasted net profits for 2025, 2026, and 2027 are 6.459 billion, 7.272 billion, and 8.283 billion yuan, respectively, with corresponding PE ratios indicating a favorable valuation [6].

Investment Rating - The report maintains a "Buy" rating for Guodian Power (600795.SH) [1][6] Core Views - The report highlights that cost control exceeded expectations, and installed capacity growth supports future performance [1][4] - The company experienced a decline in revenue but managed to increase net profit due to effective cost management [3][4] - The long-term growth potential in installed capacity is significant, with robust resources in thermal, wind, and hydro power [6] Summary by Relevant Sections Financial Performance - In Q1 2025, Guodian Power reported revenue of 39.813 billion yuan, a year-on-year decrease of 12.61% and a quarter-on-quarter decrease of 12.15% [1] - The net profit attributable to shareholders was 1.811 billion yuan, a year-on-year increase of 1.45% and a quarter-on-quarter increase of 182.81% [1] - Operating cash flow was 14.026 billion yuan, a year-on-year increase of 92.79% [1] Operational Highlights - The company's electricity generation decreased by 5.72% year-on-year to 94.935 billion kWh in Q1 2025, with thermal power generation down by 9.34% [3] - The average on-grid electricity price fell to 425.41 yuan per thousand kWh, a decrease of 6.62% year-on-year [3] - Installed capacity as of March 31, 2025, was 116.3914 million kW, with significant contributions from thermal, hydro, wind, and solar power [3] Cost Management - The report notes a 13.19% year-on-year decrease in operating costs, attributed to effective coal procurement strategies and cost control measures [3][4] - Significant reductions were observed in various expenses, including sales expenses down by 63.88% and management expenses down by 16.86% [3][4] Growth Prospects - The company is expected to see steady growth in thermal power, with new projects in high-price regions set to come online in 2025-2026 [6] - The report anticipates that hydro power projects will contribute significantly to performance growth in the next three years [6] - Guodian Power's diversified energy portfolio positions it well for future growth, supported by strong shareholder backing and asset quality [6]

比亚迪第一季度营收1,703.6亿元，同比增36.4%；净利润91.5亿元，同比增100.4%。比亚迪第一季度营 业成本1,628.5亿元，同比增长35%；研发支出142.2亿元，同比+34%。 5、迈信林：第一季度净利润同比增长408% 主要系新增算力服务业务收入和收益 片仔癀(600436.SH)公告称，2024年净利润29.77亿元，同比增长6.42%，拟每10股派发现金股利18.20 元。 3、宁德时代：首次回购公司股份107.53万股 宁德时代(300750.SZ)公告，公司于2025年4月25日首次通过深圳证券交易所股票交易系统以集中竞价交 易方式回购公司股份107.53万股，占公司当前总股本的0.0244%，最高成交价为237.38元/股，最低成交 价为236.01元/股，成交总金额为2.55亿元（不含交易费用）。 4、比亚迪第一季度净利润91.5亿元 同比增100.4% 今日聚焦 1、兆易创新：2024年净利润同比增长584.21% 拟10派3.4元 兆易创新披露年报，公司2024年实现营业收入73.56亿元，同比增长27.69%；净利润11.03亿元，同比增 长584.21%；基本每股收益1 ...

Group 1 - Ganfeng Lithium signed cooperation agreements with Hangzhou government and Hangzhou Energy to establish a high-energy solid-state battery R&D and industrialization base in Hangzhou [3] - Huazhong Holdings will be subject to delisting risk warning due to negative net profit and low operating revenue, with stock suspension on April 28, 2025 [4] - Yulong Co. has applied for termination of its listing on the Shanghai Stock Exchange and will continue trading on the National SME Share Transfer System [5] Group 2 - China Telecom reported Q1 2025 net profit of 8.864 billion yuan, a year-on-year increase of 3.11%, with revenue of 134.509 billion yuan, up 0.01% [7] - Chifeng Gold achieved Q1 2025 net profit of 483 million yuan, a significant increase of 141.1%, driven by stable gold production and cost control [8] - Shenkong Co. reported Q1 2025 net profit of 28.51 million yuan, a remarkable increase of 1850.7%, attributed to increased orders and revenue [9] - Guoxuan High-Tech's Q1 2025 net profit grew by 45.55% to 101 million yuan, with revenue of 9.055 billion yuan, up 20.61% [10] - Guodian Power reported Q1 2025 net profit of 1.811 billion yuan, a slight increase of 1.45%, despite a revenue decline of 12.61% [11] - Great Wall Motors experienced a Q1 2025 net profit decline of 45.6% to 1.751 billion yuan, with revenue down 6.63% due to product upgrades and increased investment [12] - Dongwu Securities reported Q1 2025 net profit of 980 million yuan, a significant increase of 114.86%, with revenue of 3.092 billion yuan, up 38.95% [13] - Jinchuan Group reported Q1 2025 net profit of 678 million yuan, a year-on-year increase of 7.07%, with revenue of 3.282 billion yuan, up 14.49% [14] - Zhaoyi Innovation's 2024 net profit increased by 584.21% to 1.103 billion yuan, with revenue of 7.356 billion yuan, up 27.69% [15] Group 3 - Boya Precision plans to have its directors and executives increase their holdings in the company by 3.8 million to 7.6 million yuan [17] - Zhongtong Bus intends to repurchase shares worth 100 million to 200 million yuan, with a maximum price of 15 yuan per share [19]

表决结果：同意 8 票，反对 0 票，弃权 0 票。通过。 本项议案已经审计委员会审核通过。 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。 国电电力发展股份有限公司（以下简称"公司"）八届三十七次 董事会会议通知及会议材料,于 2025 年 4 月 18 日以专人送达或邮件 方式向公司董事、监事发出，并于 2025 年 4 月 25 日以通讯方式召开。 会议应到董事 8 人，实到 8 人，公司监事、高管人员列席会议，符合 《公司法》和《公司章程》的规定。会议审议并通过全部议案，形成 如下决议： 一、同意《关于公司 2025 年第一季度报告的议案》 具体内容详见公司在上海证券交易所网站（www.sse.com.cn）上 发布的《国电电力发展股份有限公司 2025 年第一季度报告》。 证券代码：600795 证券简称：国电电力 编号：临2025-18 国电电力发展股份有限公司 八届三十七次董事会决议公告 二、同意《关于修订<改革工作管理规定（试行）>的议案》 表决结果：同意 8 票，反对 0 票，弃权 0 票。通过。 国电电力 ...

Financial Performance - The company's operating revenue for Q1 2025 was CNY 39.81 billion, a decrease of 12.61% compared to CNY 45.56 billion in the same period last year[4] - Net profit attributable to shareholders was CNY 1.81 billion, reflecting a slight increase of 1.45% from CNY 1.78 billion year-on-year[4] - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 1.61 billion, down 7.42% from CNY 1.74 billion in the previous year[4] - Net profit for Q1 2025 was CNY 3.21 billion, a decline of 7.2% from CNY 3.46 billion in Q1 2024[18] - The company's net profit attributable to the parent company is expected to be impacted by a decrease of RMB 25 million due to the bankruptcy proceedings of Guodian Shouxian Wind Power Co., Ltd.[11] Cash Flow - Cash flow from operating activities increased significantly by 92.79% to CNY 14.03 billion, compared to CNY 7.28 billion in the same period last year[4] - In Q1 2025, the net cash flow from operating activities was CNY 14,025,791,016.23, a significant increase from CNY 7,275,245,165.00 in Q1 2024, representing a growth of 92.5%[21] - The total cash inflow from operating activities in Q1 2025 was CNY 50,751,079,893.08, compared to CNY 56,365,441,009.52 in Q1 2024, indicating a decrease of 10.1%[21] - The cash outflow from operating activities in Q1 2025 was CNY 36,725,288,876.85, down from CNY 49,090,195,844.52 in Q1 2024, reflecting a reduction of 25.2%[21] Assets and Liabilities - Total assets at the end of the reporting period were CNY 500.28 billion, up 1.28% from CNY 493.94 billion at the end of the previous year[5] - The company’s total assets as of March 31, 2025, amounted to RMB 500.28 billion, an increase from RMB 493.94 billion as of December 31, 2024[14] - The company’s current assets decreased to RMB 58.76 billion from RMB 62.80 billion over the same period[14] - The company’s total liabilities increased to CNY 58.76 billion from RMB 62.80 billion, indicating a rise in financial obligations[14] - Total liabilities increased to CNY 365.45 billion in Q1 2025 from CNY 362.57 billion in Q1 2024[16] Shareholder Equity - Shareholder equity attributable to shareholders increased by 3.34% to CNY 57.90 billion from CNY 56.03 billion year-on-year[5] - Total equity attributable to shareholders rose to CNY 57.90 billion in Q1 2025, compared to CNY 56.03 billion in Q1 2024[16] Investment and Expenses - Research and development expenses for Q1 2025 were CNY 70.86 million, down from CNY 86.50 million in Q1 2024[17] - Investment income for Q1 2025 was CNY 596.66 million, a decrease from CNY 774.68 million in Q1 2024[18] - The company reported a non-recurring gain of CNY 202.95 million, primarily from the disposal of non-current assets[7] - The company reported an investment cash outflow of ¥810,934,508.70 in Q1 2025, a decrease from ¥2,344,931,105.47 in Q1 2024[30] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 403,807[9] - The company completed a non-public agreement to transfer 100% equity of Guoneng Power Engineering Management Co., Ltd. to its controlling shareholder, State Energy Investment Group, for a price of RMB 289 million, which is expected to increase the net profit attributable to the parent company by RMB 145 million[11]

Group 1 - The A-share market's three major indices closed mixed, with the CSI 300 Utilities (secondary industry) index at 2610.44 points [1] - The CSI 300 Utilities index has increased by 3.88% over the past month, 2.74% over the past three months, and has decreased by 3.55% year-to-date [1] - The CSI 300 index categorizes its 300 sample stocks into 11 primary industries, 35 secondary industries, over 90 tertiary industries, and more than 200 quaternary industries [1] Group 2 - The top ten weights in the CSI 300 Utilities index are: Changjiang Electric Power (48.15%), China Nuclear Power (10.39%), Three Gorges Energy (8.2%), Guodian Power (5.46%), State Power Investment (4.72%), Chuanwei Energy (4.36%), Huaneng International (4.2%), China General Nuclear Power (3.8%), Zhejiang Energy (3.06%), and Huadian International (2.62%) [1] - The market share of the CSI 300 Utilities index is 95.84% from the Shanghai Stock Exchange and 4.16% from the Shenzhen Stock Exchange [2] - The industry composition of the CSI 300 Utilities index includes hydropower (59.47%), thermal power (15.34%), nuclear power (14.19%), wind power (8.56%), and gas (2.43%) [2] Group 3 - The index sample is adjusted every six months, with adjustments implemented on the next trading day after the second Friday of June and December each year [2] - Weight factors are generally fixed until the next scheduled adjustment, with temporary adjustments made when the CSI 300 index samples are modified [2] - Special events affecting sample companies may lead to changes in industry classification, and companies that are delisted will be removed from the index sample [2]

Group 1: Company Power Generation Data - In the first quarter of 2025, the company completed a total power generation of 100.217 billion kWh and grid power of 94.935 billion kWh, representing a year-on-year decrease of 5.67% and 5.72% respectively [2] - When excluding the impact of Guodian Investment Inner Mongolia Energy Co., the comparable year-on-year decreases were 4.36% for power generation and 4.42% for grid power [2] - The market-oriented transaction volume accounted for 92.15% of the grid power, with an average grid price of 425.41 yuan per MWh [2] Group 2: Installed Capacity Data - As of March 31, 2025, the company's consolidated controlling installed capacity was 11,639.14 MW, including 7,562.9 MW from thermal power, 1,495.06 MW from hydropower, 991.18 MW from wind power, and 1,590 MW from solar power [4] - In the first quarter of 2025, the controlling installed capacity of thermal power increased by 1,000 MW, while the installed capacity of renewable energy increased by 369.14 MW [4] Group 3: Factors Affecting Power Generation - The decrease in power generation was influenced by a generally relaxed national power supply and demand situation, growth in renewable energy capacity, a warm winter, and the external transfer of Guodian Investment [3]

证券代码：600795 证券简称：国电电力 编号：临 2025-17 一、公司电量情况 国电电力发展股份有限公司 2025年一季度电量情况公告 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。 1 | 区域/类型 | 1-3 月 | 同比 | | --- | --- | --- | | 湖南 | 10.56 | -2.24% | | 广东 | 11.71 | 12.40% | | 海南 | 7.81 | 17.41% | | 云南 | 8.03 | 0.04% | | 水电 | 71.90 | -6.95% | | 辽宁 | 1.35 | -20.59% | | 浙江 | 0.12 | -61.17% | | 安徽 | 0.03 | -81.91% | | 福建 | 0.22 | 32.44% | | 江西 | 1.35 | -45.87% | | 湖南 | 0.17 | 34.51% | | 四川 | 56.51 | -10.26% | | 青海 | 0.67 | 198.66% | | 新疆 | 11.49 | 25.92 ...