证券代码：600875 证券简称：东方电气 公告编号：2025-035 东方电气股份有限公司 2024年年度股东大会及类别股东会议决议公告 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法律责任。 重要内容提示： 本次会议是否有否决议案：有 一、 会议召开和出席情况 (一)股东大会召开的时间：2025 年 6 月 24 日 (二)股东大会召开的地点：中国四川省成都市高新西区西芯大道 18 号本公司会 议室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 706 | | --- | --- | | 其中：A 股股东人数 | 705 | | 境外上市外资股股东人数（H 股） | 1 | | 2、出席会议的股东所持有表决权的股份总数（股） | 2,126,697,818 | | 其中：A 股股东持有股份总数 | 2,053,737,207 | | 境外上市外资股股东持有股份总数（H 股） | 72,960,611 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | 6 ...

证券代码：600875 股票简称：东方电气 编号：2025-036 东方电气股份有限公司 董事会十一届十一次会议决议公告 1.战略发展委员会，召集人：罗乾宜，委员：张彦军、孙国君、黄峰、曾道荣、 陈宇 2.提名委员会，召集人：陈宇，委员：张少峰、黄峰、曾道荣 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）董事会十一届十一次会议通知于 2025 年 6 月 18 日发出，会议于 2025 年 6 月 24 日在本公司会议室召开。应出席本次董事 会的董事 7 人，实际出席董事 7 人。公司部分高管列席会议。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。 二、董事会会议审议情况 本次董事会会议形成如下决议： （一）审议通过选举公司董事长的议案。 董事会同意选举罗乾宜为公司董事长。 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）审议通过公司 2025 年董事会专门委员会成员调整方案的议案 ...

Dongfang Electric (1072 HK/600875 CH) H/A: Hold/Hold: Overheating on nuclear China We hosted a non-deal roadshow (NDR) zoom meeting with Dongfang Electric on 18 June 2025, to discuss investor questions about energy equipment prospects. DFE-H outperformed -A significantly: Dongfang Electric-H (DFE-H) has rallied 50% YTD, vs 6% for A shares. With this, the H/A discount of the company has hit a 10-year low of 26%. Apart from the better market and inflows overall YTD (HSI: +18%, CSI300: -2%), we believe H-share ...

Investment Rating - The report maintains a "Hold" rating for CGN Power and Dongfang Electric, with target prices adjusted to HKD2.90 (from HKD2.70) and HKD12.30 respectively. Hyundai E&C is rated as "Buy" with a target price of KRW93,000 [4][10][51]. Core Insights - China's nuclear power capacity is projected to reach 66GW by 2025 and 110GW by 2030, accounting for 7% of the power supply mix by 2030, up from 5% in 2024. This growth is supported by the approval of at least 10 new reactors annually since 2022 [2][9][13]. - The development of small modular reactors (SMRs) is highlighted as a key area for expansion, with several projects nearing commercial operation. However, the high levelized cost of energy (LCOE) for SMRs compared to large-scale reactors and renewables presents challenges for domestic deployment [3][28][30]. - The report emphasizes the importance of equipment and turnkey solution providers in capturing growth in the nuclear sector, as they are better positioned than utilities, which face longer return profiles and tariff variations [4][9]. Summary by Sections China's Nuclear Power Development - China's nuclear capacity is on track to nearly double by 2030, with significant investments in new technologies including SMRs and fusion [9][12]. - The government aims for 70GW of nuclear power by 2025, with expectations to surpass 110GW by 2030 as approvals accelerate [13][30]. Small Modular Reactors (SMRs) - China is advancing in SMR technology, with projects like Shidao Bay 1 and Changjiang Linglong-1 nearing commercial operation. However, the current capex for SMRs is significantly higher than for large-scale reactors [3][28]. - The ACP100 reactor, designed for multiple applications, is set for grid connection by 2026, showcasing China's capability in SMR development [22][28]. Investment Opportunities - Key players in the nuclear supply chain include CGN Power, Dongfang Electric, and Hyundai E&C, with the latter benefiting from global nuclear expansion [4][10]. - The report identifies potential for SMR technology exports, particularly to developing markets with limited grid capacity [32]. Fusion Power - Fusion power is still in early stages, with significant challenges in achieving sustainable reactions. However, China is investing in fusion research with a target to build an industrial prototype by 2035 [33][38]. - Opportunities in the supply chain for fusion-related equipment are anticipated, driven by ongoing experimental projects [42]. Uranium Market - China's reliance on uranium imports remains high, with current prices elevated due to geopolitical tensions. The demand for uranium is expected to double by 2040, driven by the expansion of nuclear capacity [45][49].

Meeting Details - The board of directors of Dongfang Electric Group Dongfang Boiler Co., Ltd. will hold the second shareholders' meeting of 2025 on July 11, 2025, at 14:00 in Chengdu, Sichuan Province [1] - The agenda includes the review and revision of the "Rules of Procedure for Board Meetings" and the "Rules of Procedure for Shareholders' Meetings" [1] Attendance Information - The registration date for the shareholders' meeting is July 9, 2025. Shareholders wishing to attend must register via phone or fax on this date [2] - Attendees must arrive 30 minutes before the meeting and present valid identification. Proxy representatives must provide original documents including the "Power of Attorney" [2] Contact Information - The contact address for the board office is No. 1 Tianlang Road, High-tech West District, Chengdu, Sichuan Province. The contact phone number is (028) 81267143 [3] Other Information - Attendees are responsible for their own accommodation and transportation costs, and the meeting will last half a day [3]

Energy Transition Acceleration - China's total investment in energy transition is projected to reach $818 billion in 2024, surpassing the combined investments of the US, EU, and UK, marking a 20% increase from 2023 [2] - By the end of 2024, China's renewable energy installed capacity is expected to reach 1.889 billion kilowatts, accounting for 56% of the total, doubling from the end of the 13th Five-Year Plan [2] - Wind power capacity is projected to reach 521 million kilowatts, maintaining the global lead for 15 consecutive years, while solar power capacity is expected to hit 887 million kilowatts, leading globally for 10 years [2] Renewable Energy Development - As of February 2024, the combined installed capacity of wind and solar power in China reached 1.456 billion kilowatts, exceeding that of thermal power [3] - Hydropower is expected to reach an installed capacity of 436 million kilowatts by the end of 2024, a 17.77% increase from the end of 2020 [3] - The coal power sector has achieved over 95% ultra-low emissions units, with coal consumption per unit of power supply reduced to 303.21 grams of standard coal per kilowatt-hour, a 7.5% decrease from 2020 [3] Technological Innovation - Technological innovation is identified as the core driver of energy industry transformation, with a focus on advanced renewable energy, safe and efficient nuclear energy, and energy digitalization [4] - In 2024, the average conversion efficiency of PERC p-type monocrystalline solar cells reached 23.5%, a 0.7 percentage point increase from 2020 [4] - The offshore wind power sector is experiencing a trend towards larger and more advanced products, with the share of newly installed offshore wind turbines with a capacity of 10 megawatts or more rising from 12.1% in 2022 to 58% in 2024 [4] Energy Industry Chain Development - China's energy industry chain has achieved a leap from low-end manufacturing to high-end innovation, establishing a complete industrial system in solar, wind, and energy storage [7] - In 2023, China's global market shares for polysilicon, silicon wafers, solar cells, and modules reached 91.6%, 97.9%, 91.9%, and 84.6%, respectively, with significant increases from 2020 [7] - Leading companies like Tongwei Co. and Longi Green Energy have shown substantial growth in production, with Tongwei's polysilicon output reaching 594,800 tons, a 5.9-fold increase from 2020 [7] Regional Collaboration and International Cooperation - Significant progress has been made in regional collaboration and international cooperation in the energy sector, contributing to energy security and global energy transition [9] - By the end of 2024, the first batch of 50 renewable energy base projects in the western region is expected to be operational, with an installed capacity exceeding 90 million kilowatts [9] - China has engaged in green energy project cooperation with over 100 countries, with notable projects like the ±800 kV high-voltage direct current transmission project in Brazil being completed [10]

Core Viewpoint - The dividend performance of listed companies in Sichuan has shown significant improvement, characterized by increased dividend payout ratios, stable dividend amounts, and the gradual establishment of a normalized dividend mechanism, enhancing investment value [1][2]. Group 1: Dividend Payout Ratio - The annual dividend payout ratio for Sichuan-listed companies reached 50.28%, an increase of 7.02 percentage points from the previous year. Approximately 40% of the 43 companies had a payout ratio exceeding 50%, indicating a strong commitment to shareholder returns [1]. Group 2: Stability of Dividend Amounts - Despite some companies facing performance pressures, 105 Sichuan-listed companies announced a total cash dividend of 57.766 billion yuan in 2024, maintaining the same level as the previous year, even with a decrease in profitable companies. Notably, some companies with negative net profits still distributed dividends, reflecting their focus on investor relations [1]. Group 3: Leading Role of Major Companies - In 2024, seven Sichuan-listed companies distributed dividends exceeding 1 billion yuan each, collectively contributing about 43 billion yuan, which accounts for 74% of the total dividend amount [2]. Group 4: Performance of Newly Listed Companies - Over 60% of the 20 newly listed companies in the past three years introduced cash dividend plans for 2024, with an average payout ratio exceeding 50%. Six of these companies executed multiple dividend distributions within the year [2]. Group 5: Normalized Dividend Mechanism - A total of 27 companies increased their frequency of dividend payments by 285% year-on-year, with over 12 billion yuan distributed before the Spring Festival. Additionally, 61 companies have maintained continuous dividends for five years, and 53 companies have disclosed long-term return plans or sought shareholder approval for mid-term dividend strategies [2].

东方电气股份有限公司 2024年年度股东大会及类别股东会议 会 议 资 料 2025 年 6 月 — 1 — 目 录 | 审议及批准本公司 年度董事会工作报告的议案 | 2024 | 3 | | --- | --- | --- | | 审议及批准本公司 年度监事会工作报告的议案 | 2024 | 4 | | 审议及批准本公司 年年度报告的议案 | 2024 | 5 | | 审议及批准本公司 | 2024 | 年度利润分配的议案 6 | | 审议及批准本公司 | 2024 | 年度经审计的财务报告的议案 7 | | 审议及批准本公司 | 2025 | 年财务预算和投资计划的议案 8 | | 审议及批准聘任本公司 | | 2025 年度审计机构的议案 11 | | 审议及批准修订《公司章程》的议案 | | 12 | | 审议及批准修订《股东会议事规则》的议案 | | 87 | | 审议及批准修订《董事会议事规则》的议案 | | 99 | | 审议及批准免去非独立董事的议案 | | 107 | | 审议及批准选举非独立董事的议案 | | 108 | — 2 — 东方电气股份有限公司 议案 1 2024年年度股东大会 ...

Group 1 - Tsinghua University is enhancing employment opportunities for graduates by aligning talent cultivation with national strategic needs through deepened school-enterprise cooperation and innovative recruitment models [1][2] - Over the past five years, more than 2,300 graduates from Tsinghua University have entered industries such as manufacturing and energy, with employment rates at key units exceeding 80% for several consecutive years [1][2] - The university has established comprehensive strategic partnerships with over ten central enterprises, including China National Nuclear Corporation and Aviation Industry Corporation of China, to strengthen talent cooperation [2] Group 2 - Tsinghua University has implemented an immersive recruitment model, allowing students to engage directly with companies, resulting in an overall employment conversion rate exceeding 20% for participating graduates [3] - The university has innovated a "1+N" recruitment service model, which includes a core recruitment event supplemented by various employment guidance activities, helping students gain comprehensive industry insights [4] - Each year, Tsinghua organizes around 40 teams and over 600 graduates to visit key industry employers for on-site interviews and networking opportunities [2][4] Group 3 - Tsinghua University addresses students' employment confusion by providing targeted career counseling, helping them understand industry dynamics and the application of their academic knowledge [5][6] - The university has developed a multi-dimensional career counseling system, including courses and one-on-one consultations with experienced HR professionals and alumni mentors [6][7] - A mentor team of nearly 300 HR professionals and alumni offers thousands of individual consultations annually, effectively addressing students' uncertainties regarding career choices [7]

证券代码：600875 证券简称：东方电气 公告编号：2025-034 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、 股东大会有关情况 东会议及 2025 年第一次 H 股类别股东会议 股份类别 股票代码 股票简称 股权登记日 Ａ股 600875 东方电气 2025/6/17 二、 增加临时提案的情况说明 公司已于2025 年 6 月 4 日公告了股东大会召开通知，单独持有52.29%股份 的股东中国东方电气集团有限公司，在2025 年 6 月 13 日提出临时提案并书面 提交股东大会召集人。股东大会召集人按照《上市公司股东大会规则》有关规定， 现予以公告。 本次临时提案的具体议案为关于调整公司第十一届董事会成员的议案。 经过提案人提议，推荐罗乾宜为公司第十一届董事会非独立董事，俞培根不再担 任公司董事。 罗乾宜先生，1965 年 9 月出生，研究生毕业于北京科技大学管理科学系管理工 程专业，北京科技大学经济管理学院管理科学与工程专业在职研究生，管理学博 士学位，研究员级高级会计师。历任中国北方工 ...