Core Viewpoint - The company, Guodian Power (600795), has announced a robust cash dividend plan for 2025-2027, ensuring a minimum of 60% of net profit will be distributed as dividends, highlighting its commitment to shareholder returns despite short-term revenue pressures [1][2]. Dividend Plan - The cash dividend plan stipulates that for the next three years, the total cash dividend (including interim dividends) will not be less than 60% of the net profit attributable to shareholders, provided that profits and cumulative undistributed profits are positive, and there are no significant investment plans exceeding 10% of total assets (approximately 51 billion) within 12 months [2]. - If the distributable profits are insufficient to meet the dividend standards, the company will supplement from cumulative undistributed profits [2]. - As of June 2025, the company reported cumulative undistributed profits of 54.018 billion, along with 68.7 billion in cash and financial assets, providing a solid financial cushion for the high dividend commitment [2]. Shareholder Rights Protection - The plan includes multiple mechanisms to protect the rights of minority shareholders, such as allowing independent directors to gather opinions from minority shareholders and submit dividend proposals for board review [3]. - The company will communicate with shareholders through various channels before the general meeting to address their concerns [3]. - Any adjustments to the dividend policy must be approved by at least two-thirds of the voting rights at the shareholders' meeting, ensuring stability and transparency in the dividend system [3]. Financial Performance - The company reported a significant increase of 56% in net profit after deducting non-recurring items, indicating strong operational resilience despite short-term revenue fluctuations [4]. - The growth is attributed to cost optimization in the thermal power sector and the expansion of renewable energy, with solar power being the primary contributor to new installations and a substantial increase in generation volume [4]. - The renewable energy segment has become a crucial growth driver, with net profit from wind and solar surpassing 30%, making it the second-largest profit source after thermal power [4]. - The company has ample projects under construction and in reserve, with clear targets for new installations, laying the groundwork for long-term profitability and dividend fulfillment [4]. - The company's 60% dividend floor is significantly higher than the industry average, and its stable profitability, supported by long-term coal contracts and over 20% of installed capacity from renewables, enhances the sustainability of high dividends [4]. - Based on the current stock price and a minimum dividend of 0.22 per share, the company’s dividend yield could reach 6.18%, which is approximately 1.5 times higher than the industry average [4].

Core Viewpoint - The Daan Project by State Power Investment Corporation demonstrates a sustainable method for ammonia production using renewable energy, significantly reducing carbon emissions compared to traditional fossil fuel methods [10][11]. Group 1: Project Overview - The Daan Project commenced construction in May 2023 and was completed and put into operation on July 26, 2023 [10]. - It utilizes 800 MW of renewable energy generation capacity (700 MW wind and 100 MW solar) to produce 32,000 tons of green hydrogen and 180,000 tons of green ammonia annually, saving approximately 230,000 tons of standard coal and reducing carbon emissions equivalent to the annual electricity consumption of 500,000 households [10][11]. Group 2: Industry Context - China's renewable energy sector is rapidly growing, with projected cumulative installed capacity reaching 1.41 billion kW by the end of 2024, contributing over 60% to the growth in electricity generation [11]. - The Daan Project aims to address the mismatch between renewable energy generation and grid consumption capacity, particularly the challenges of "curtailment" during peak generation periods [12]. Group 3: Technological Innovations - The project integrates a full industrial chain from "green electricity to green hydrogen to green ammonia," overcoming technical challenges in energy conversion and storage [13][14]. - It employs a combination of alkaline and proton exchange membrane (PEM) electrolysis technologies for hydrogen production, achieving a 10% reduction in overall electricity consumption compared to traditional methods [16][17]. - The project features the world's largest solid-state hydrogen storage system, allowing for safe and efficient long-term hydrogen storage [17][18]. Group 4: Operational Efficiency - A flexible control system has been developed to optimize the entire production process, enhancing the efficiency of renewable energy utilization and addressing the variability of renewable sources [20][21]. - Since its launch, the Daan Project has produced over 1,900 tons of green ammonia, showcasing its operational success and potential as a replicable model for renewable energy integration [21].

事件：公司发布2025 年半年度报告，2025 年H1 公司实现营业收入776.55亿元，同比-9.52%；实现归母 净利润36.87 亿元，同比-45.11%；实现扣非归母净利润34.10 亿元，同比+56.12%。其中，2025 年Q2 公 司实现营业收入378.42 亿元，同比-6.04%；分别实现归母净利润和扣非归母净利润18.76和18.03 亿元， 同比分别-61.96%和+302.47%。 发电业务量价齐跌，营业收入同比下滑。根据公司发布的2025 年上半年电量情况公告，2025 年H1 公司 合并报表口径完成上网电量1958.01 亿千瓦时，可比口径较上年同期-1.96%；其中2025 年Q2 公司合并 报表口径完成上网电量1008.66 亿千瓦时，可比口径较上年同期+0.48%。分类型看，2025年H1 公司火 电/水电/风电/光伏的上网电量分别同比变化-7.51%/-6.44%/+11.11%/+122.83%，其中火电电量下滑主要 系受新能源装机增长挤压火电需求以及国电建设对外转让影响。价格方面，2025 年H1 公司发电业务的 平均上网电价为409.70 元/兆瓦时，同比下滑2.95 ...

证券研究报告 | 行业周报 gszqdatemark 2025 08 24 年 月 日 电力 电企龙头连续发布分红承诺，强化红利提升预期 本周行情回顾：本周（8.18-8.22）上证指数报收 3825.76 点，上涨 3.49%， 沪深 300 指数报收 4378.00 点，上涨 4.18%。中信电力及公用事业指数 报收 3051.63 点，上涨 1.59%，跑输沪深 300 指数 2.58pct，位列 30 个 中信一级板块涨跌幅榜第 25 位。 个股方面，电力及公用事业板块上市公司超半数上涨。 本周行业观点： 我们认为，电力龙头企业纷纷发布分红规划，提升分红预期，回馈股 东，强化电力板块红利优势，具备长期投资价值。 ➢ 7 月太阳能发电新增装机 11GW，风、光新增装机环比 6 月持续下 降。根据国家能源局数据，截至 7 月底，全国累计发电装机容量 36.7 亿千瓦，同比增长 18.2%。其中，太阳能发电装机容量 11.1 亿千瓦， 同比增长 50.8%；风电装机容量 5.7 亿千瓦，同比增长 22.1%。7 月 单月，太阳能发电装机新增 11.04GW，风电新增 2.28GW，新增容量 环比 6 月持续 ...

Investment Rating - The report suggests focusing on power generation assets in regions with tight supply-demand balance and favorable competition dynamics, particularly recommending companies like Sheneng Co. and Huadian International in the thermal power sector [4]. Core Insights - The report highlights the importance of dividend yield in investment strategies, particularly in the public utility sector, where companies like Yangtze Power and Guodian Power are expected to increase their dividend payouts significantly over the next few years [4][40]. Market Review - The Shanghai Composite Index rose by 3.49% and the ChiNext Index increased by 5.85% during the week of August 18-22. The carbon neutrality sector saw a 4.35% increase, while the public utility sector rose by 1.75% [12]. Industry News - The Ministry of Finance issued guidelines to regulate the construction and operation of existing PPP projects, aiming to enhance efficiency and public service levels [66]. - The National Energy Administration reported that the total electricity consumption in July reached 10,226 billion kWh, a year-on-year increase of 8.6% [66]. Investment Recommendations - **Thermal Power Sector**: Focus on companies with assets in regions with tight supply-demand and good competition dynamics, such as Anhui Energy and Huadian International [4]. - **Hydropower**: Recommend leading hydropower operator Yangtze Power due to stable electricity prices and regional supply-demand tightness [4]. - **Nuclear Power**: Suggest investing in China National Nuclear Power, which is expected to benefit from stable electricity prices and high dividend capabilities [4]. - **Renewable Energy**: Highlight Longyuan Power as a leading wind power operator to watch [4]. - **Environmental Sector**: Recommend Yuhua Tian as a leading urban comprehensive operation management service provider [4].

Core Viewpoint - Guodian Power's financial performance in the first half of 2025 shows a decline in revenue and net profit, but an increase in net profit excluding non-recurring items, indicating a mixed financial outlook amid industry challenges [2][3]. Financial Performance - Guodian Power reported operating revenue of 77.655 billion yuan, a year-on-year decrease of 9.52% [2]. - The net profit attributable to shareholders was 3.687 billion yuan, down 45.11% year-on-year, while the net profit excluding non-recurring items reached 3.410 billion yuan, an increase of 56.12% [2][3]. - The decline in revenue is attributed to a decrease in electricity sales prices, while the growth in net profit excluding non-recurring items is due to the absence of last year's non-recurring gains from the transfer of a subsidiary [2][3]. Industry Context - The overall profit of most power generation groups remains stable, with some companies experiencing slight revenue declines [4]. - The power supply-demand situation is shifting towards a more relaxed state, and market reforms are accelerating, putting pressure on Guodian Power's generation business [2][4]. Dividend Plan - Guodian Power announced a cash dividend plan for 2025-2027, committing to distribute at least 60% of the net profit attributable to shareholders each year, with a proposed dividend of 1.0 yuan per share for the first half of 2025, totaling 1.784 billion yuan [5]. Power Generation and Pricing - In the first half of 2025, Guodian Power's total electricity generation was 2060.26 billion kWh, a decrease of 3.61% year-on-year, with thermal power generation down 7.51% [6]. - The average on-grid electricity price was 409.7 yuan/MWh, a decrease of 6.72% year-on-year, while the average on-grid price for thermal power was 428.75 yuan/MWh, down 6.97% [6]. Fuel Cost Management - Guodian Power managed to procure 80.97 million tons of raw coal, with 97.05% from long-term contracts, and the average coal price decreased by 9.52% year-on-year [7]. - The company is focusing on optimizing fuel procurement and enhancing management to cope with rising cost pressures in the thermal power sector [7]. New Energy Development - Guodian Power's new energy segment has seen significant growth but is now entering an adjustment phase, with a notable decline in new project approvals and resource availability [10][11]. - The company added 6.4516 million kW of new energy capacity in the first half of 2025, but the resource volume and approved capacity saw significant year-on-year declines [10][11]. - The introduction of market-based pricing for new energy projects has created uncertainty in revenue, prompting a more cautious investment strategy [12].

Macro Insights - The economic growth rate in August is expected to be supported by exports and consumption policies, despite a significant slowdown in the real estate sector, with a target of 5% annual growth remaining achievable [1][15][12] - The industrial added value in July grew by 5.7% year-on-year, with the manufacturing sector showing resilience, particularly in high-tech products and equipment manufacturing [12][13] - Fixed asset investment growth slowed to 1.6% year-on-year in the first seven months, primarily due to a decline in real estate investment, which fell by 12% [13][14] Strategy Insights - Current channels for resident capital entering the market include increasing financing balances and active personal investor accounts, leading to a positive feedback loop in the market [2] - The "anti-involution" market trend can be analyzed through policy expectations and real-world transmission, indicating a shift from theme-driven to profit-driven market dynamics [2] - The technology and small-cap sectors are expected to continue outperforming as more external funds enter the market [2] Industry Reports - The consumer electronics sector is anticipated to see significant opportunities with the upcoming release of new products, particularly in AI-related applications [8] - The coal mining industry is experiencing a continuous improvement in fundamentals, with the price of thermal coal expected to rise [8] - The healthcare sector, particularly innovative drugs, is projected to maintain a positive outlook due to improved profitability [8]

齐鲁晚报·齐鲁壹点记者 黄寿赓 市场经历"健康牛"，8月22日，A股三大股指再度大幅上涨，沪指站上3800点，自4月8日以来，累计涨幅达23.55%。持续上涨背后，上市公司中期分红密集 披露，Wind数据显示，目前已有超210家公司公布相关预案，分红总额达1354亿元（含税，下同）。近年来，在监管层倡导下，上市公司一年多次分红成新 风向，并为股指上涨提供支撑。 具体来看，中国移动"领衔"分红总额。中国移动披露，公司决定2025年中期派息每股2.75港元；总额折合约合人民币540.83亿元。上半年，中国移动实现收 入5437.69亿元，同比下降0.5%；实现归属于母公司股东的净利润842.35亿元，同比增长5%。 中国电信以165.81亿元居于次席。中国电信披露，公司拟向全体股东每股派发现金红利0.1812元。截至2025年6月30日，公司总股本915.07亿股，以此计算合 计拟派发现金红利165.81亿元，占报告期归属于公司股东的净利润人民币230.17亿元的72%。上半年，中国电信实现营业收入2694.22亿元，同比增长1.3%； 归属于上市公司股东的净利润为230.17亿元，同比增长5.5%。 中国联通的 ...

天风证券研报指出，国电电力上半年实现归母净利润36.87亿元，同比下降45.11%；H1新增新能源装机 6.45GW，展望后续，公司大渡河流域水电站2025年计划投产136.50万千瓦、2026年计划投产215.50万千 瓦。在符合现金分红条件下，公司将每年中期、年度各进行一次现金分红；公司在足额提取法定公积 金、任意公积金后，每年以现金方式分配的利润（包括中期已分配的现金红利）原则上不低于当年实现 的归属于上市公司股东净利润的百分之六十，且每股派发现金红利不低于0.22元人民币（含税）。维 持"买入"评级。 ...

本报（chinatimes.net.cn）记者李佳佳 李未来 北京报道 8月18日，国内发电巨头国电电力发展股份有限公司（下称"国电电力"，600795.SH）半年报出炉，业 绩"喜忧参半"。财报显示，公司实现营业收入776.55亿元，同比减少9.52%；实现归母净利润36.87亿 元，同比减少45.11%；公司扣非净利润达34.10亿元，同比增长56.12%。 对于扣非净利润同比增长，国电电力在财报中解释，主要原因是上期公司转让控股子公司国电建投内蒙 古能源有限公司非经常性损益增加。 知名财税审专家、资深注册会计师刘志耕告诉《华夏时报》记者，2024年同期转让上述控股子公司股权 一次性收益计入了非经常性损益，导致2024年扣非净利润基数较低。2025年剔除此影响后，数据真实反 映了主营业务改善，上半年主营业务的优化又支撑了核心盈利能力的提升。 量价齐跌 公开信息显示，国电电力是国家能源集团控股的核心电力上市公司和常规能源发电业务的整合平台，其 前身是大连东北热电发展股份有限公司，1992年成立，1997年在上海证券交易所上市。2000年1月，更 名为现用名称。 今年上半年，国电电力遭遇"量价双降"。公司平均 ...