Group 1 - The board of directors of Dongfang Electric Corporation held its 11th meeting on June 24, 2025, with all 7 directors present, ensuring the meeting's legality and validity [1][2] - The board elected Luo Qianyi as the new chairman, with unanimous support (7 votes in favor, 0 against, 0 abstentions) [1] - The board approved the adjustment plan for the 2025 special committee members, also receiving unanimous support [1] - The board passed a resolution to amend the "Audit and Risk Committee Working Rules," with all votes in favor [2]

Meeting Overview - The shareholders' meeting of Dongfang Electric Corporation was held on June 24, 2025, in Chengdu, Sichuan Province [1] - A total of 705 A-share shareholders attended the meeting, holding 2,053,737,207 shares, which represents 60.58% of the total shares [1] - H-share shareholders held 72,960,611 shares, accounting for 2.15% of the total shares [1] Voting Results - The voting results for various proposals showed overwhelming support, with A-share shareholders voting 99.92% in favor of the proposals [2][3] - The total votes for the ordinary shares amounted to 2,124,739,092, with 99.91% approval [2] - The voting results indicated that all proposals were passed, except for one H-share proposal which did not receive sufficient support [3][4] Legal Compliance - The meeting was conducted in accordance with the Company Law, Securities Law, and other relevant regulations, ensuring the legality of the proceedings and voting results [5]

Core Viewpoint - The recent shareholder meetings of Dongfang Electric (600875) revealed significant discontent among H-share shareholders, particularly regarding proposed amendments to the company's articles of association and shareholder meeting rules, which were overwhelmingly rejected. Group 1: Shareholder Meeting Outcomes - At the 2025 first H-share shareholder meeting, the proposed amendments to the articles of association received only 480,310 votes in favor, representing nearly 4% of the total H-share votes, while 115 million votes were against, accounting for approximately 96% [1] - The proposed amendments to the shareholder meeting rules garnered 19,728,100 votes in favor, about 16.41%, with 100 million votes against, approximately 83.59% [1] - In contrast, the same proposals were approved at the A-share meeting, where the controlling shareholder voted in favor [1] Group 2: Shareholder Structure and Voting Process - The sole shareholder present at the H-share meeting was identified as Hong Kong Securities Clearing Company, which is required to gather opinions from investors and vote accordingly [2] - The company announced plans to abolish the supervisory board, transferring its powers to the audit and risk committee of the board, along with significant amendments to the articles of association and shareholder meeting rules [2] Group 3: Leadership Changes and Activities - Luo Qianyi was appointed as the new chairman of Dongfang Electric, succeeding Yu Peigen, and has been actively engaging in research and visits to various company facilities since his appointment [3] - Luo's recent activities include visits to the origins of Dongfang's spirit, conducting work research at Dongfang Turbine, and meeting with local government officials [3]

北京金杜（成都）律师事务所 关于东方电气股份有限公司 2024 年年度股东大会、 2025 年第一次 A 股类别股东会议 及 2025 年第一次 H 股类别股东会议 之法律意见书 致：东方电气股份有限公司 北京金杜（成都）律师事务所（以下简称本所）接受东方电气股份有限公司 （以下简称公司）委托，根据《中华人民共和国证券法》（以下简称《证券法》）、 《中华人民共和国公司法》（以下简称《公司法》）、中国证券监督管理委员会（以 下简称中国证监会）《上市公司股东会规则》（以下简称《股东会规则》）等中华人 民共和国境内（以下简称中国境内，为本法律意见书之目的，不包括中国香港特 别行政区、中国澳门特别行政区和中国台湾省）现行有效的法律、行政法规、规 章和规范性文件和现行有效的公司章程有关规定，指派律师出席了公司于 2025 年 6 月 24 日召开的 2024 年年度股东大会、2025 年第一次 A 股类别股东会议及 2025 年第一次 H 股类别股东会议（以下简称本次股东大会），并就本次股东大会 相关事项出具本法律意见书。 为出具本法律意见书，本所律师审查了公司提供的以下文件，包括但不限于： 1. 经公司 2021 年 ...

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 ...

Investment Rating - The report maintains a "Hold" rating for both H and A shares of Dongfang Electric, with target prices raised to HKD12.30 and RMB19.30 respectively [5][9]. Core Insights - Dongfang Electric-H has significantly outperformed Dongfang Electric-A, with a year-to-date increase of 50% compared to 6% for A shares, attributed to improved sentiment towards global power equipment, particularly nuclear [2][9]. - The report indicates that the current share price has largely priced in the positive outlook for global nuclear investment, suggesting limited upside potential without meaningful earnings growth [2][5]. - The company anticipates a steady increase in revenue from nuclear equipment, projecting RMB5 billion in 2025, RMB6 billion in 2026, and RMB7 billion in 2027, which will account for 11% of total revenue by 2027 [3][22]. Summary by Sections Nuclear Power - Global nuclear investment is gaining momentum, with China expected to approve the construction of 10 nuclear plants annually from 2026 to 2030, leading to a projected revenue increase from nuclear equipment [3][22]. - The gross profit margin for nuclear equipment is expected to be between 18-20% from 2025 to 2027, down from previous estimates of 20-30% [3][22]. Coal Power - Orders for coal power equipment are expected to peak in 2026, with a decline in tender sizes from 100GW in 2023 to an anticipated average of 50GW from 2026 to 2030 [4][22]. - The company expects thermal equipment margins to gradually recover, reaching approximately 20% in 2025 [22]. Financial Estimates - Earnings estimates for 2025 have been cut by 9%, while estimates for 2026 and 2027 have been raised by 6% and 14% respectively, reflecting the latest order cycle for thermal and nuclear power equipment [5][25]. - The report highlights that the earnings estimates for 2025 are 12% below consensus, indicating a potentially overly optimistic market outlook [5][9]. Market Performance - The H/A discount for Dongfang Electric has reached a 10-year low of 26%, reflecting the strong performance of H shares compared to A shares [2][5]. - The report notes that the buoyant expectations for global nuclear investment have likely been factored into the recent rally in share prices, suggesting a cautious outlook moving forward [5][9].

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]

Core Insights - The Bukka photovoltaic project in Uzbekistan, constructed by China Energy Engineering Group, aims to produce over 570,000 MWh annually, contributing to the country's energy transition towards green and low-carbon development [1][2] Group 1: Project Overview - The Bukka photovoltaic project has a capacity of 263 megawatts and is located in the Tashkent region of Uzbekistan [1] - The project is a significant step in Uzbekistan's energy structure transformation and sustainable development [1] Group 2: Team Collaboration - The project involves collaboration between Chinese and Uzbek teams, emphasizing high standards and ecological protection [2] - Local employees express pride in participating in the project and highlight the importance of learning from Chinese counterparts [1][2] Group 3: Future Prospects - The project team plans to continue advancing the work, aiming to inject more Chinese wisdom and strength into Uzbekistan's energy optimization and sustainable development [2]