Group 1 - The supercritical power generation concept index rose by 0.16%, ranking 8th among concept sectors, with 33 stocks increasing in value [1] - Leading stocks in the sector included Huaihe Energy, Jinkong Power, and others, with Huaihe Energy achieving a maximum increase of 10.03% [1][3] - The sector experienced a net outflow of 257 million yuan, with 31 stocks seeing net inflows, and Huaihe Energy leading with a net inflow of 144 million yuan [2][3] Group 2 - The top net inflow ratios were recorded by Jinkong Power at 31.89%, Huaihe Energy at 20.37%, and Tianfu Energy at 18.58% [3] - Stocks with significant increases included Huadian Liaoning with a rise of 9.62% and Qingda Environmental with a rise of 5.83% [5] - Stocks with notable declines included Zhongzhou Special Materials and ST Huaxi, which fell by 5.11% and 5.08% respectively [1][5]

证券代码：600863 证券简称：内蒙华电 公告编号：临 2025-024 债券代码：240363 债券简称：23 蒙电 Y1 债券代码：240364 债券简称：23 蒙电 Y2 内蒙古蒙电华能热电股份有限公司 关于参加 2025 年中国华能集团有限公司 "发电板块上市公司"集体业绩说明会的公告 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： 内蒙古蒙电华能热电股份有限公司（以下简称"公司"）已于 2025 年 4 月 25 日披露公司 2024 年年度报告和 2025 年第一季度报告，详见上海证券交易所 网站（www.sse.com.cn）。为便于广大投资者更全面深入地了解公司 2024 年和 2025 年第一季度经营成果及财务状况，公司将于 2025 年 5 月 16 日参加中国华 能集团有限公司 2025 年"发电板块上市公司" 集体业绩说明会。此次业绩说明 会采用视频直播和网络互动的方式举行，投资者可登录上海证券交易所上证路演 中心（网址：https://roadshow.sseinfo.com/）参与 ...

Core Viewpoint - The company reported a decline in revenue for 2024 but an increase in net profit, primarily affected by unexpected carbon emission expenses [1] Financial Performance - 2024 revenue was 22.294 billion yuan, down 1.03% year-on-year; net profit attributable to shareholders was 2.325 billion yuan, up 15.98% year-on-year, but below the expected 2.512 billion yuan due to additional carbon emission costs of 276 million yuan [1] - In Q1 2025, revenue decreased by 9.33% to 5.052 billion yuan, and net profit fell by 16.25% to 744 million yuan, also below the expected range of 871-977 million yuan [1] Dividend Policy - The company declared a dividend per share (DPS) of 0.22 yuan (before tax) for 2024, corresponding to a dividend yield of 5.45% [1] - The total dividend payout accounted for 61.75% of the net profit attributable to shareholders and 71.9% of the distributable profits, exceeding the commitment of at least 70% [1] Electricity Pricing - In 2024, the company's on-grid electricity volume decreased by 3.51% to 54.297 billion kWh, mainly due to a 7.02% drop in electricity volume sent to the North China grid [2] - The average on-grid electricity price (excluding tax) for 2024 was 336.46 yuan/MWh, down 2.17% year-on-year, with a smaller decline compared to 6.23% in 2023 [2] - In Q1 2025, the average on-grid electricity price increased by 3.57% to 363.11 yuan/MWh, driven by increased peak-shaving revenue and a decrease in on-grid electricity volume [2] Coal Sector Performance - In 2024, the coal segment saw both volume and price increases, with external sales volume rising by 16.89% to 7.2803 million tons, despite a downward trend in market coal prices [3] - The external sales price (excluding tax) was 402.21 yuan/ton, up 0.18% year-on-year [3] - In Q1 2025, external sales volume increased by 0.39% to 1.5608 million tons, but the external sales price dropped by 14.03% to 358.7 yuan/ton due to a decline in raw coal calorific value [3] Price Target and Rating - The target price is set at 5.01 yuan, maintaining a "buy" rating [4] - Adjustments were made to the 2025-26 on-grid electricity volume and external coal prices, leading to a downward revision of net profit expectations for those years by 19% and 21% respectively [4] - The expected net profit for 2027 is projected to be 2.739 billion yuan, with corresponding EPS of 0.36/0.39/0.42 yuan for 2025-2027 [4]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 5.01 RMB [7][9]. Core Insights - The company reported a revenue of 22.29 billion RMB in 2024, a slight decrease of 1.03% year-on-year, while the net profit attributable to shareholders was 2.33 billion RMB, an increase of 15.98% year-on-year, although below the expected 2.51 billion RMB due to unexpected carbon emission expenses [1]. - The company achieved a dividend per share (DPS) of 0.22 RMB, resulting in a dividend yield of 5.45%, with total dividends accounting for 61.75% of net profit attributable to shareholders, exceeding the commitment of at least 70% of distributable profits [1]. - In Q1 2025, the company experienced a revenue decline of 9.33% year-on-year to 5.05 billion RMB and a net profit decrease of 16.25% year-on-year to 744 million RMB, primarily due to lower coal quality and external coal prices [1][3]. Revenue and Profitability - The company's revenue for 2024 was 22.29 billion RMB, with a projected decline of 3.73% for 2025, followed by a slight recovery in 2026 and 2027 [6]. - The net profit attributable to shareholders is expected to be 2.33 billion RMB in 2025, with a gradual increase to 2.74 billion RMB by 2027 [6]. - The report indicates a projected EPS of 0.36 RMB for 2025, increasing to 0.42 RMB by 2027 [6]. Electricity Pricing and Coal Segment - The average on-grid electricity price for 2024 is expected to decrease by 2.17% to 336.46 RMB/MWh, with a recovery in Q1 2025 showing a 3.57% increase to 363.11 RMB/MWh [2]. - The coal segment saw an increase in external sales volume by 16.89% to 7.28 million tons in 2024, with external coal prices slightly up by 0.18% to 402.21 RMB/ton [3]. - In Q1 2025, external coal sales volume remained stable, but prices dropped by 14.03% to 358.7 RMB/ton due to declining coal quality [3]. Valuation Metrics - The target price of 5.01 RMB is based on a 14.0x PE ratio for 2024, reflecting a higher ROE and dividend level compared to comparable companies [4]. - The report adjusts the 2025-2026 net profit forecasts down by 19% and 21% respectively, due to various operational challenges [4]. - The company’s market capitalization is approximately 26.37 billion RMB, with a closing price of 4.04 RMB as of April 25, 2025 [9].

内蒙古蒙电华能热电股份有限公司 2024 年度 · 财务报表之审计报告 目 录 _您可使用手机"扫一扫"或进入"注册会计师行业统一点管平台《http://acc.mof.gov.cn】 您可使用手机"扫一扫"或进入"注册会计师行业统…"监管平台《http://acc.moE.gov.zn】" 【 中止大通会计师赢多所 审计报告 中证天通(2025)证审字 21100022 号 内蒙古蒙电华能热电股份有限公司全体股东： 一、审计意见 | 、审计报告 | 1-6 | | --- | --- | | 二、已审公司财务报表 | | | 1. 合并资产负债表 | 7-8 | | 2. 母公司资产负债表 | 9-10 | | 3. 合并利润表 | 11 | | 4. 母公司利润表 | 12 | | 5. 合并现金流量表 | 13 | | 6. 母公司现金流量表 | 14 | | 7. 合并所有者(股东)权益变动表 | 15-16 | | 8. 母公司所有者(股东)权益变动表 | 17-18 | | 9. 财务报表附注 | 19-152 | 中证天通会计师事务所(特殊普通合伙) - 1 - 我们审计了内蒙古蒙电华能热电股份 ...

内蒙古蒙电华能热电股份有限公司 2024 年度 内部控制审计报告 目 录 内部控制审计报告 1-2 中证天通会计师事务所 (特殊普通合伙) 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://www.bgc.gov.cn】"进行营 发 《特殊普通合伙》 内部控制审计报告 中证天通(2025) 证专审 21100009 号 内蒙古蒙电华能热电股份有限公司全体股东: 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要 求,我们审计了内蒙古蒙电华能热电股份有限公司(以下简称"内蒙华 电")2024年12月31日的财务报告内部控制的有效性。 一、企业对内部控制的责任 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企业 内部控制评价指引》的规定,建立健全和有效实施内部控制,并评价其有效 性是内蒙华电董事会的责任。 二、注册会计师的责任 我们的责任是在实施审计工作的基础上,对财务报告内部控制的有效性 发表审计意见,并对注意到的非财务报告内部控制的重大缺陷进行披露。 三、内部控制的固有局限性 内部控制具有固有局限性,存在不能防止和发现错报的可能性。此外, 由于情况的变化可能导致内部 ...

4月24日内蒙华电发布2024年度分配预案，拟10派2.2元（含税），预计派现金额合计为14.36亿元。派现 额占净利润比例为61.75%，以该股2024年度成交均价计算，股息率为4.97%。这是公司上市以来，累计 第25次派现。 2024年度公用事业行业分红排名 | 代码 | 简称 | 每10股送转 | 每10股派现 | 派现金额（万 | 派现占净利润比例 | 股息率 | | --- | --- | --- | --- | --- | --- | --- | | | | （股） | （元） | 元） | （%） | （%） | | 600803 | 新奥股 份 | 0.00 | 10.3 | 632734.69 | 140.82 | 5.41 | | 003816 | 中国广 核 | 0.00 | 0.95 | 479736.81 | 44.36 | 2.27 | | 600011 | 华能国 际 | 0.00 | 2.7 | 423848.52 | 41.82 | 3.30 | | 600025 | 华能水 电 | 0.00 | 2 | 360000.00 | 43.39 | 1.98 | | 60079 ...

| 证券代码：600863 | 证券简称：内蒙华电 | 公告编号：临 | 2025-018 | | --- | --- | --- | --- | | 债券代码：240363 | | 债券简称：23 | 蒙电 Y1 | | 债券代码：240364 | | 债券简称：23 | 蒙电 Y2 | 内蒙古蒙电华能热电股份有限公司 未来三年（2025-2027 年）股东回报规划 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。 内蒙古蒙电华能热电股份有限公司（以下简称"公司"）始终重 视对投资者的合理回报，保持利润分配政策的连续性和稳定性。根据 《中华人民共和国公司法》《中华人民共和国证券法》《上市公司监管 指引第 3 号—上市公司现金分红》等相关法律、法规和规范性文件及 《内蒙古蒙电华能热电股份有限公司章程》（以下简称"《公司章程》"） 的相关规定，结合公司未来发展和经营情况，制定了《内蒙古蒙电华 在符合相关法律法规及《公司章程》利润分配规定的前提下，公 司充分听取独立董事、监事和社会公众股股东的意见，本着重视股东 合理回报，同时兼顾公 ...

内蒙古蒙电华能热电股份有限公司全体股东： 公司代码：600863 公司简称：内蒙华电 内蒙古蒙电华能热电股份有限公司 2024年度内部控制评价报告 根据《企业内部控制基本规范》及其配套指引的规定和其他内部控制监管要求（以下简称企业内部 控制规范体系），结合本公司（以下简称公司）内部控制制度和评价办法，在内部控制日常监督和专项 监督的基础上，我们对公司2024年12月31日（内部控制评价报告基准日）的内部控制有效性进行了评价。 一. 重要声明 按照企业内部控制规范体系的规定，建立健全和有效实施内部控制，评价其有效性，并如实披露内 部控制评价报告是公司董事会的责任。监事会对董事会建立和实施内部控制进行监督。经理层负责组织 领导企业内部控制的日常运行。公司董事会、监事会及董事、监事、高级管理人员保证本报告内容不存 在任何虚假记载、误导性陈述或重大遗漏，并对报告内容的真实性、准确性和完整性承担个别及连带法 律责任。 公司内部控制的目标是合理保证经营管理合法合规、资产安全、财务报告及相关信息真实完整，提 高经营效率和效果，促进实现发展战略。由于内部控制存在的固有局限性，故仅能为实现上述目标提供 合理保证。此外，由于情况 ...