Financial Performance - Total operating revenue for the third quarter reached CNY 17,370,560,727.67, an increase of 20.69% year-on-year[8] - Net profit attributable to shareholders was CNY 1,056,654,945.80, reflecting a growth of 13.22% compared to the same period last year[8] - The company reported a total profit of CNY 1,231,272,611.58, which is a 19.13% increase year-on-year[8] - Basic earnings per share for the quarter remained at CNY 0.30, unchanged from the previous year[8] - The revenue growth for the year-to-date period was 16.03%, totaling CNY 55,521,512,261.84[8] - The company’s net profit for the year-to-date period was CNY 2,966,450,791.86, with a year-on-year growth of 13.02%[8] - Total operating revenue for the first three quarters of 2025 reached CNY 55.52 billion, a 15.0% increase from CNY 47.85 billion in the same period of 2024[37] - Operating profit for the first three quarters of 2025 was CNY 3.73 billion, up 19.2% from CNY 3.13 billion in the first three quarters of 2024[38] - The net profit for the first three quarters of 2025 was CNY 3.73 billion, compared to CNY 3.14 billion in the same period of 2024, indicating a year-over-year increase of 18.7%[38] - Total comprehensive income for the first three quarters of 2025 was approximately RMB 3.17 billion, compared to RMB 2.84 billion in 2024, representing an increase of 11.7%[40] Assets and Liabilities - Total assets at the end of the reporting period amounted to CNY 164,561,031,620.58, representing a 15.88% increase from the previous year[8] - The company's equity attributable to shareholders increased to CNY 44,467,218,187.30, up 14.62% from the previous year[8] - As of September 30, 2025, the total assets of the company amounted to RMB 164.561 billion, an increase from RMB 142.009 billion as of December 31, 2024[31] - The company's current assets totaled RMB 115.261 billion as of September 30, 2025, compared to RMB 93.780 billion at the end of 2024, reflecting a growth of approximately 23%[30] - The company's non-current assets increased to RMB 49.300 billion as of September 30, 2025, from RMB 48.230 billion at the end of 2024[31] - Total liabilities increased to CNY 117.28 billion as of September 30, 2025, compared to CNY 98.87 billion at the end of 2024, reflecting a growth of 18.5%[33] - Non-current liabilities totaled CNY 13.60 billion as of September 30, 2025, compared to CNY 9.95 billion at the end of 2024, marking a 36.5% increase[33] - The company's total current liabilities reached RMB 103.673 billion as of September 30, 2025, up from RMB 88.913 billion at the end of 2024[32] Cash Flow - The net cash flow from operating activities was negative at CNY -3,147,913,308.98, indicating a decline in cash generation[8] - The net cash flow from operating activities for the first three quarters of 2025 was negative at approximately RMB 3.70 billion, a decline from a positive RMB 6.04 billion in 2024[45] - Cash inflow from operating activities for the first three quarters of 2025 was approximately RMB 65.20 billion, up from RMB 53.94 billion in 2024, indicating a growth of 20.9%[43] - Cash outflow from operating activities for the first three quarters of 2025 was approximately RMB 68.91 billion, compared to RMB 47.89 billion in 2024, an increase of 43.8%[45] - Cash inflow from financing activities reached CNY 5,778,099,223.16 in 2025, a substantial increase from CNY 605,240,000.00 in 2024[61] - The net cash flow from financing activities improved to CNY 4,354,908,239.73 in 2025, compared to a negative CNY -859,570,831.95 in 2024, showing a positive turnaround[61] Investments and Expenses - The company's investment income increased by 1,284.15%, primarily due to the growth in equity method accounting for joint venture investment income[18] - Research and development expenses for the first three quarters of 2025 were CNY 2.23 billion, a 11.6% increase from CNY 2.00 billion in the same period of 2024[38] - The company received CNY 1,766,250,417.15 in investment income during the first three quarters of 2025, compared to CNY 1,475,444,448.12 in 2024, indicating an increase of approximately 19.7%[60] - Financial expenses improved significantly, showing a net income of CNY -8,197,953.05 in 2025 compared to CNY -40,785,579.01 in 2024[55] Operational Highlights - The company produced 61.4585 million kilowatts of power generation equipment in the first three quarters of 2025, including 4.43 million kilowatts of hydropower units, 45.177 million kilowatts of gas turbine units, and 1.18515 million kilowatts of wind power units[29] - The company received new orders totaling RMB 88.583 billion in the first three quarters of 2025, with clean and efficient energy equipment accounting for 36.86%, renewable energy equipment for 30.39%, engineering and international supply chain industries for 10.98%, modern manufacturing services for 8.87%, and emerging growth industries for 12.90%[29]

Core Viewpoint - Dongfang Electric (600875.SH) reported a strong performance in the third quarter of 2025, with significant year-on-year growth in both revenue and net profit [1] Financial Performance - Total operating revenue for the first three quarters reached 55.522 billion yuan, representing a year-on-year increase of 16.03% [1] - Net profit attributable to shareholders was 2.966 billion yuan, showing a year-on-year growth of 13.02% [1] - Basic earnings per share stood at 0.9 yuan [1]

Core Viewpoint - The successful grid connection of China's self-developed 26 MW offshore wind turbine marks a significant milestone in renewable energy, setting two world records for single-unit capacity and rotor diameter [1][3]. Group 1: Technical Specifications - The 26 MW offshore wind turbine has a hub height equivalent to over 50 stories and a rotor diameter exceeding 310 meters, with a swept area larger than 10.5 standard football fields, making it the largest in the world in terms of both capacity and rotor size [3]. - When operating at full capacity, the turbine generates 62 degrees of clean electricity with each rotation [5]. Group 2: Environmental Impact - Under average wind conditions of 10 meters per second, the turbine can produce an annual electricity output of 100 million degrees, sufficient to meet the annual electricity needs of 55,000 average households [5]. - The operation of this turbine is projected to save over 30,000 tons of standard coal and reduce carbon dioxide emissions by more than 80,000 tons, supporting China's transition to a greener and low-carbon energy structure [5].

Financial Performance - Total operating revenue for Q3 2025 reached ¥17,370,560,727.67, an increase of 20.69% compared to the same period last year[5] - Net profit attributable to shareholders was ¥1,056,654,945.80, reflecting a year-on-year growth of 13.22%[5] - The company reported a total profit of ¥1,231,272,611.58 for the quarter, up 19.13% from the previous year[5] - Total operating revenue for the first three quarters of 2025 reached ¥55.52 billion, an increase of 15.0% compared to ¥47.85 billion in the same period of 2024[22] - Operating profit for the first three quarters of 2025 was ¥3.73 billion, up from ¥3.13 billion in the first three quarters of 2024, reflecting a growth of 19.2%[22] - Net profit attributable to shareholders of the parent company for the first three quarters of 2025 was CNY 2,966,450,791.86, compared to CNY 2,624,741,556.01 in 2024, reflecting an increase of about 13.0%[23] - The company reported a total comprehensive income of CNY 3,171,953,056.96 for the first three quarters of 2025, compared to CNY 2,839,137,342.49 in 2024, reflecting an increase of about 11.7%[23] Cash Flow - Cash flow from operating activities showed a net outflow of ¥3,147,913,308.98, indicating a significant cash flow challenge[6] - Cash flow from operating activities decreased by 161.30%, attributed to increased project investments and cash outflows[11] - Cash flow from operating activities for the first three quarters of 2025 was negative at CNY -3,704,379,737.92, a significant decline compared to a positive cash flow of CNY 6,043,443,426.83 in 2024[26] - Cash inflow from operating activities for the first three quarters of 2025 was approximately $4.95 billion, a decrease of 7.1% compared to $5.33 billion in the same period of 2024[34] - Net cash flow from operating activities was negative at approximately -$619.38 million for 2025, improving from -$1.21 billion in 2024[34] Assets and Liabilities - Total assets increased by 15.88% year-on-year, reaching ¥164,561,031,620.58[6] - Current assets totaled ¥115.26 billion as of September 30, 2025, compared to ¥93.78 billion at the end of 2024, representing a 23.0% increase[18] - Total liabilities amounted to ¥117.28 billion as of September 30, 2025, compared to ¥98.87 billion at the end of 2024, indicating a growth of 18.5%[20] - The total assets of the company reached ¥164.56 billion as of September 30, 2025, compared to ¥142.01 billion at the end of 2024, representing a growth of 15.9%[19] - The total liabilities decreased slightly to CNY 13.35 billion as of September 30, 2025, from CNY 13.38 billion at the end of 2024, a decline of 0.2%[29] Equity and Earnings - The company's equity attributable to shareholders rose to ¥44,467,218,187.30, a 14.62% increase compared to the end of the previous year[6] - The equity attributable to shareholders increased to ¥44.47 billion from ¥38.80 billion, reflecting a rise of 14.3%[20] - Basic and diluted earnings per share for the first three quarters of 2025 were both CNY 0.90, up from CNY 0.84 in the same period of 2024, indicating a growth of 7.1%[24] Investments and Financing - Long-term borrowings increased by 150.59%, primarily due to project financing[11] - Cash flow from financing activities surged by 4,104.51%, primarily from increased capital contributions and borrowings[11] - Net cash flow from financing activities for the first three quarters of 2025 was CNY 7,070,729,597.60, a substantial increase from CNY 168,169,976.22 in 2024[26] - Cash inflow from financing activities surged to approximately $5.78 billion in 2025, compared to $605.24 million in 2024[34] - Net cash flow from financing activities was approximately $4.35 billion in 2025, a significant recovery from -$859.57 million in 2024[34] Inventory and Receivables - Significant growth in receivables financing by 66.10% was noted, primarily due to an increase in bank acceptance bills received[10] - Inventory levels increased by 56.05%, attributed to growth in product offerings[10] - Inventory increased significantly to ¥33.84 billion, up from ¥21.69 billion, marking a rise of 55.9%[18] - Long-term receivables surged by 316.14%, driven by an increase in installment sales[10] Research and Development - Research and development expenses for the first three quarters of 2025 were ¥2.23 billion, compared to ¥1.99 billion in the same period of 2024, an increase of 11.5%[22] - Research and development expenses decreased to CNY 72.91 million in the first three quarters of 2025, down from CNY 131.04 million in the same period of 2024, a reduction of 44.4%[31] Other Financial Metrics - The company completed a new H-share placement on September 24, 2025, increasing total shares from 3,390,360,326 to 3,458,360,326[16] - The company reported a total of 6,145.85 MW of power generation equipment produced in the first three quarters of 2025[16] - The company will implement new accounting standards starting in 2025, which may affect the financial statements[35]

证券代码：600875 股票简称：东方电气 编号：2025-051 东方电气股份有限公司 关于修订《东方电气股份有限公司章程》 及其附件的公告 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个别及连带责任。 2025 年 10 月 30 日，东方电气股份有限公司（以下简称公司）召开董事会十一届 十四次会议，审议通过了修订《东方电气股份有限公司章程》（以下简称《公司章 程》）、《东方电气股份有限公司股东会议事规则》（以下简称《股东会议事规则》） 的议案，并提交公司股东会审议。 根据《中华人民共和国公司法》（以下简称《公司法》）、中国证监会《关于新< 公司法>配套制度规则实施相关过渡期安排》《上市公司章程指引（2025 修订）》 《上市公司股东会规则（2025 修订）》《上市公司治理准则（2025 修正）》以及《上 海证券交易所股票上市规则（2025 年 4 月修订）》《上海证券交易所上市公司自律监 管指引第 1 号——规范运作(2025 年 5 月修订)》《香港联合交易所有限公司证券上市 规则》等相关法律、法规、规范性文件的规定以及国务院 ...

经监事会认真审议，形成以下决议： （一）审议通过公司 2025 年第三季度财务报告的议案。 监事会认为：公司 2025 年第三季度财务报告的编制和审批程序符合相关规定， 客观、真实地反映了公司的财务状况和经营成果。 表决结果：本议案有效表决票 3 票，同意 3 票，反对 0 票，弃权 0 票。 证券代码：600875 股票简称：东方电气 编号：2025-049 东方电气股份有限公司 监事会十一届九次会议决议公告 本公司监事会及全体监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。 一、监事会会议召开情况 东方电气股份有限公司（以下简称"公司"）监事会十一届九次会议于 2025 年 10 月 29 日在成都召开，本次会议应到监事 3 人，实到监事 3 人。本次会议的召开符 合《中华人民共和国公司法》《东方电气股份有限公司章程》及《监事会议事规则》 的有关规定。 二、监事会会议审议情况 2025 年 10 月 29 日 （二）审议通过公司 2025 年第三季度报告的议案。 监事会认为：公司 2025 年第三季度报告的编制和审议程序符合相关法律法规、 公 ...

证券代码：600875 证券简称：东方电气 公告编号：2025-050 东方电气股份有限公司 董事会十一届十四次会议决议公告 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个别及连带责任。 一、董事会会议召开情况 本次董事会会议形成如下决议： （一）审议通过核定兑现公司高管人员 2024 年度薪酬的议案 公司高管人员 2024 年度薪酬已经董事会薪酬与考核委员会审议通过并同意 提交董事会审议。董事会同意核定兑现公司高管人员 2024 年度薪酬。 本议案表决情况：本议案有效票 7 票，同意 7 票，反对 0 票，弃权 0 票。 （二）审议通过东方国际增资及转增注册资本的议案 东方电气集团国际合作有限公司（简称东方国际）增资及转增注册资本已经 董事会战略发展委员会审议通过并同意提交董事会审议。董事会同意公司增资东 方国际 3.1 亿元，其中以现金向东方国际增资 2 亿元（1.3 亿元计入注册资本， 0.7 亿元计入资本公积），东方国际将 1.1 亿元未分配利润转增为注册资本。 本议案表决情况：本议案有效票 7 票，同意 7 票，反对 0 票 ...

Meeting Details - The board of directors of Dongfang Electric Group Dongfang Boiler Co., Ltd. will hold the fifth shareholders' meeting on November 18, 2025, at 9:00 AM in Chengdu, Sichuan Province [1] - The meeting will review the proposal for the capital increase plan using raised funds and the proposal for the capital increase plan using national allocated funds [2] Attendance Information - All shareholders registered in the shareholder register by November 14, 2025, have the right to attend the meeting [3] - Shareholders wishing to attend must register by phone or fax on the registration date, November 17, 2025, and must arrive 30 minutes before the meeting with identification [4] Contact Information - The contact address for the board office is No. 1 Tianlang Road, High-tech West District, Chengdu, Sichuan Province, with a contact number provided for inquiries [5] Other Information - Attendees are responsible for their own accommodation and transportation costs, and the meeting will last half a day [5]

Core Viewpoint - The successful grid connection of China's self-developed 26 MW offshore wind turbine in Dongying, Shandong, sets new global records for both single-unit capacity and rotor diameter, marking a significant advancement in renewable energy technology [1] Group 1: Technological Achievements - The 26 MW offshore wind turbine features a hub height equivalent to over 50 stories and a rotor diameter exceeding 310 meters, with a swept area larger than 10.5 standard football fields, making it the largest in terms of single-unit capacity and rotor diameter globally [1] - The turbine is designed for medium to high wind speed marine environments, and under average wind speeds of 10 m/s, it can generate an annual output of 100 million kWh, sufficient to meet the annual electricity needs of 55,000 average households [1] Group 2: Environmental Impact - The operation of this wind turbine is projected to save over 30,000 tons of standard coal and reduce carbon dioxide emissions by more than 80,000 tons, contributing to China's green and low-carbon energy transition [1]

Core Insights - The China Dongfang Electric Group has successfully connected the world's largest 26 MW offshore wind turbine to the grid, setting new records for single-unit capacity and rotor diameter, indicating China's leading position in high-end offshore wind power equipment manufacturing [1][3] Group 1: Technological Advancements - The 26 MW offshore wind turbine showcases significant breakthroughs in key technologies such as gearbox, generator, and electrical control systems, highlighting China's strong independent innovation capabilities in the renewable energy sector [1][3] Group 2: Environmental Impact - The turbine operates efficiently, generating 62 degrees of clean energy with each rotation at full load, and can produce an annual output of 100 million kWh under average wind speeds of 10 m/s, sufficient to meet the annual electricity needs of 55,000 households, while saving over 30,000 tons of standard coal and reducing CO2 emissions by over 80,000 tons [3] Group 3: Market Development - The recent signing of the world's first 20 MW offshore wind turbine mass application project marks a transition for China's offshore wind power from isolated breakthroughs to a new phase of large-scale and series application, with turbine capacities ranging from 20 MW to 26 MW to adapt to various wind and marine conditions [3]