东方电气集团东方锅炉股份有限公司董事会定于2025年10月10日（星期五）9:00，在四川省成都市高新 西区天朗路1号公司成都工作部召开2025年第四次股东会，具体事项通知如下： 一、会议审议事项 审议选举公司董事的议案。 截止2025年10月8日（星期三），登记在东方锅炉股东名册下的全体股东（或股东代理人）均有权出席 本次股东会。 三、会议登记、出席 1.2025年10月9日（星期四）为本次股东会登记日。欲参加本次会议的股东，请在登记日以电话或传真 方式进行会前登记，表明参会意愿。 2.已在登记日登记并前往公司参加本次会议的股东（或股东代理人），请于会前30分钟到场，出示股东 本人身份证（代理人需出示有效身份证件及所代理股东的《授权委托书》等原件资料）进行签到，经东 方锅炉董事会办公室审核确认与中国证券登记结算公司上海分公司移交的东方锅炉股东名册一致，方可 出席会议。股东授权委托书式样见附件。 四、联系方式 地 址：四川省成都市高新西区天朗路1号董事会办公室 电 话：（028）81267143 传 真：（0813）220302200 二、会议出席对象 五、其他事项 出席会议股东或股东代理人住宿及交通费自理， ...

Investment Rating - The report does not explicitly state an investment rating for the industry Core Views - The report highlights that in August 2025, the average daily power generation exceeded 30 billion kilowatt-hours for the first time, with a total industrial power generation of 936.3 billion kilowatt-hours, reflecting a year-on-year growth of 1.6% [4][7][53] - The report emphasizes the continuous improvement in the power generation structure, with significant contributions from clean energy sources such as wind and solar power, amidst ongoing dual carbon policies and the development of a new power system [8][9][12] Summary by Sections 1. Power Generation - In August 2025, the total power generation reached 936.3 billion kilowatt-hours, with a daily average of 30.2 billion kilowatt-hours, marking a 1.6% increase year-on-year [4][7] - The breakdown of power generation types shows that thermal power generation increased by 1.7%, nuclear power by 5.9%, wind power by 20.2%, and solar power by 15.9%, while hydropower decreased by 10.1% [9][12] - Wind power contributed the most to the increase in power generation, adding 12.4 billion kilowatt-hours compared to the same month last year [8][9] 2. Natural Gas - The report indicates a stable supply-demand balance in the natural gas market, with global gas prices experiencing slight fluctuations [18][19] - As of September 19, 2025, the Henry Hub spot price was $2.89/mmBtu, reflecting a weekly decrease of 1.80% [19][21] - The report suggests that the LNG prices in Northeast Asia remained stable at $11.50/mmBtu, with expectations of a further decline in prices as summer heat waves end [18][35] 3. Investment Analysis - Recommendations for investment include: - Hydropower: Favorable financial conditions due to interest rate cuts, with suggested companies being Guotou Power, Chuan Investment Energy, and Yangtze Power [16] - Green Energy: Increased stability in returns for renewable energy operators, with a focus on companies like Xintian Green Energy and Longyuan Power [16] - Nuclear Power: Continued approval of new units, with recommendations for China Nuclear Power and China General Nuclear Power [16] - Thermal Power: Improved profitability due to falling coal prices, with recommendations for Guodian Power and Huaneng International [16] - Gas Utilities: Favorable conditions for city gas companies, with recommendations for Kunlun Energy and New Hope Energy [40]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights improvements in gross margin and expense ratio, with expectations for a peak in deliveries this year [4] - The company achieved a revenue of 37.62 billion yuan in the first half of 2025, representing a year-on-year increase of 14.3%, and a net profit attributable to shareholders of 1.91 billion yuan, up 12.9% year-on-year [7] - The report anticipates significant earnings elasticity due to a peak in coal and nuclear power deliveries in 2025, supported by a robust order backlog [7] Financial Summary - The company's revenue projections for 2025-2027 are 82.43 billion yuan, 87.34 billion yuan, and 91.09 billion yuan, with year-on-year growth rates of 20.18%, 5.95%, and 4.30% respectively [6] - The net profit attributable to shareholders is forecasted to be 4.06 billion yuan, 4.73 billion yuan, and 5.44 billion yuan for 2025-2027, with growth rates of 39%, 17%, and 15% respectively [7] - The price-to-earnings (P/E) ratios for the years 2025, 2026, and 2027 are projected to be 15.79, 13.56, and 11.78 respectively [6][7]

Investment Rating - The report maintains a positive outlook on the power and gas sectors, indicating a favorable investment environment for these industries [4]. Core Insights - In August, the average daily power generation exceeded 30 billion kilowatt-hours for the first time, with total industrial power generation reaching 936.3 billion kilowatt-hours, a year-on-year increase of 1.6% [9][57]. - The report highlights the continued growth of thermal power and the significant contribution of renewable energy sources, particularly wind and solar power, to the overall power generation increase [10][11]. - Global gas prices are experiencing narrow fluctuations, with a stable supply-demand balance in the market, particularly in the U.S. and Europe [20][29]. Summary by Sections 1. Power Generation - In August, the total power generation was 936.3 billion kilowatt-hours, with a daily average of 30.2 billion kilowatt-hours, marking a 1.6% increase year-on-year [9][57]. - The breakdown of power generation types shows thermal power at 6,274 billion kilowatt-hours (up 1.7%), hydropower at 1,479 billion kilowatt-hours (down 10.1%), nuclear power at 645 billion kilowatt-hours (up 5.9%), wind power at 738 billion kilowatt-hours (up 20.2%), and solar power at 538 billion kilowatt-hours (up 15.9%) [11][58]. - The report emphasizes the strong growth of renewable energy, with wind and solar power showing significant year-on-year increases of 20.2% and 15.9%, respectively [10][11]. 2. Natural Gas - As of September 19, the Henry Hub spot price was $2.89/mmBtu, reflecting a weekly decrease of 1.80%, while the TTF spot price in Europe remained stable at €32.00/MWh [20][21]. - The report notes that U.S. natural gas production remains high, contributing to a stable supply-demand balance and low price fluctuations [23][29]. - The LNG ex-factory price in China was 4,019 yuan/ton, with a weekly decrease of 0.84%, indicating a softening market due to weak domestic demand [41][44]. 3. Investment Recommendations - For hydropower, the report recommends companies like Guotou Power, Chuan Investment Energy, and Yangtze Power due to stable growth and financial benefits from interest rate cuts [18]. - In the renewable energy sector, companies such as Xintian Green Energy and Funi Co. are highlighted for their stable returns and high profitability [18]. - The report suggests focusing on integrated natural gas traders like New Hope Energy and Shenzhen Gas, as well as city gas companies benefiting from cost reductions [44].

假设所有配售股份均获悉数配售且待完成后，预计配售事项所得款项总额及所得款项净额将分别约为 10.8256亿港元及10.7484亿港元。据此，每股股份净发售价将约为15.81港元。公司拟将配售事项所得款 项净额(经扣除配售事项佣金及配售事项的其他相关成本及开支后)用作一般营运资金，其中(i)约50%配 售事项所得款项净额，或约5.3742亿港元，用于研发注资；(ii)约50%配售事项所得款项净额，或约 5.3742亿港元，用于扩展公司销售渠道。 假设于公告日期至完成日期期间已发行股份数目并无变动，配售事项下的6800万股配售股份相当于公告 日期现有已发行H股数目的约20%及现有已发行股份数目的约2.01%，以及经配发及发行配售股份扩大 后已发行H股数目的约16.67%及已发行股份数目的约1.97%。 格隆汇9月18日丨东方电气(600875.SH)公布，2025年9月17日，公司拟透过配售代理向不少于六名承配 人配售6800万股，每股配售价15.92港元，较9月17日于港交所的收市价折让约7.98%。 ...

Group 1 - The company held its 13th meeting of the 11th Board of Directors on September 17, 2025, via communication, with all 7 directors present, ensuring the legality and validity of the meeting and resolutions passed [2][3][4] - The Board approved a proposal to exercise general authorization for the placement of new H-shares on the Hong Kong Stock Exchange [3][6][19] - The placement involves issuing 68,000,000 shares, representing approximately 20% of the existing H-shares and about 2.01% of the total issued shares [7][8] Group 2 - The placement price is set at HKD 15.92 per share, reflecting a discount of approximately 7.98% compared to the last trading day's closing price of HKD 17.30 and a 6.81% discount to the average closing price over the last five trading days [8] - The expected total proceeds from the placement, assuming full subscription, are approximately HKD 1,082.56 million, with a net amount of about HKD 1,074.84 million after deducting related costs [16] - The net proceeds will be allocated equally for research and development and for expanding the company's sales channels, each receiving approximately HKD 537.42 million [16][20] Group 3 - The company is undergoing a significant transformation driven by the "dual carbon" initiative, with strong demand for renewable energy and related equipment [20] - The company has not issued any H-shares under the general authorization prior to this announcement, which was extended in previous shareholder meetings [19][21] - The placement is expected to support the company's operational activities and maintain its competitive edge in the industry [20]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不對因本公告全部或任何部份內容而產生或因倚賴該等內容而引致的 任 何 損 失 承 擔 任 何 責 任。 海外監管公告 董事會十一屆十三次會議決議公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條而作出。 茲載列東方電氣股份有限公司在上海證券交易所網站(www.sse.com.cn) 刊 登之《東方電氣股份有限公司董事會十一屆十三次會議決議公告》，僅供參閱。 承董事會命 東方電氣股份有限公司 馮 勇 聯席公司秘書 中國‧四川省‧成都 2025年9月18日 於 本 公 告 刊 發 日 期，本 公 司 董 事 如 下： 董事会十一届十三次会议决议公告 非 執 行 董 事： 羅 乾 宜（董 事 長）及 張 少 峰 董 事： 張彥軍及孫國君 獨 立 非 執 行 董 事： 黃 峰、曾 道 榮 及 陳 宇 证券代码：600875 证券简称：东方电气 公告编号：2025-045 东方电气股份有限公司 本公司董事会及全体董事保证本公告内容 ...

（记者 曾健辉） 每经头条（nbdtoutiao）——"25基点太少，50基点太多"：美联储降息"走钢丝"，"特朗普代言人"投下唯 一反对票 每经AI快讯，东方电气9月18日晚间发布公告称，公司十一届十三次董事会会议于2025年9月17日以通 讯方式召开。会议审议了《关于公司行使一般性授权在香港联合交易所有限公司主板配售股份的议案》 等文件。 ...

二、董事会会议审议情况 证券代码：600875 证券简称：东方电气 公告编号：2025-045 东方电气股份有限公司 董事会十一届十三次会议决议公告 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 东方电气股份有限公司（以下简称公司）董事会十一届十三次会议于2025 年9月17日以通讯方式召开。会议应出席董事7人，实际出席董事7人。本次董事 会会议按照有关法律、行政法规及公司章程的规定召开，会议及通过的决议合法 有效。 本次董事会会议形成如下决议： 审议通过《关于公司行使一般性授权在香港联合交易所有限公司主板配售 股份的议案》 详细内容请见公司于上海证券交易所网站公告的《东方电气股份有限公司关 于根据一般性授权配售新 H 股的公告》（2025-044 号）。 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。 特此公告。 东方电气股份有限公司董事会 2025 年 9 月 18 日 1 ...

2025年9月17日，东方电气股份有限公司董事会十一届十三次会议以通讯方式召开，应出席董事7人，实 际出席7人，会议及决议合法有效。会议审议通过《关于公司行使一般性授权在香港联合交易所有限公 司主板配售股份的议案》，详细内容见公司于上海证券交易所网站公告的《东方电气股份有限公司关于 根据一般性授权配售新H股的公告》（2025 - 044号），该议案表决中，有效票7票，同意7票，反对0 票，弃权0票。东方电气股份有限公司董事会于9月18日发布此决议公告。 ...