Financial Projections - The company expects Q1 2025 total revenue to be between 15.8 billion and 16.6 billion CNY, representing a growth of 5%-10% year-over-year[2] - The projected total profit for Q1 2025 is estimated to be between 1.37 billion and 1.48 billion CNY, indicating a growth of 20%-30% compared to the same period last year[2] - The anticipated net profit for Q1 2025 is expected to be between 1.13 billion and 1.23 billion CNY, reflecting a growth of 15%-25% year-over-year[2] - In the same period last year, the total revenue was 15.05 billion CNY, total profit was 1.14 billion CNY, and net profit was 0.98 billion CNY[4] Operational Improvements - The increase in profit is attributed to sufficient orders on hand and steady growth in new orders[5] - The company is advancing its smart transformation and digitalization, leading to improved production efficiency and increased sales scale[5] - Enhanced cost control measures have been implemented, focusing on reducing expenses and improving overall efficiency[6] Reporting and Audit - The reported figures are preliminary and have not been audited by certified public accountants, with final numbers to be confirmed in the official Q1 2025 report[7] - There are no significant uncertainties affecting the accuracy of the performance report[7] - The announcement was made by the company's board on March 31, 2025[9]

Financial Performance - The company achieved total operating revenue of RMB 69.695 billion in 2024, an increase of 14.86% compared to RMB 60.677 billion in 2023[3]. - The net profit attributable to shareholders was RMB 2.922 billion in 2024, a decrease of 17.70% from RMB 3.550 billion in 2023[3]. - The basic earnings per share for 2024 was RMB 0.94, down from RMB 1.14 in 2023[3]. - New orders amounted to approximately RMB 101.142 billion in 2024, reflecting a growth of 16.88% from RMB 86.532 billion in 2023[3]. - The total profit for the year was RMB 3.88 billion, a decrease of 3.04% compared to the previous year[32]. - The company reported a total comprehensive income of CNY 3.29 billion for 2024, compared to CNY 3.64 billion in 2023[13]. - The total comprehensive income for 2024 is approximately CNY 3.30 billion, a decrease from CNY 3.50 billion in 2023, representing a decline of about 5.8%[15]. - The net income attributable to the parent company for 2024 is approximately CNY 2.93 billion, down from CNY 3.42 billion in 2023, indicating a decrease of around 14.3%[15]. Assets and Liabilities - Total current assets as of December 31, 2024, reached RMB 93.780 billion, up from RMB 75.689 billion in 2023[6]. - Total assets increased to RMB 142.009 billion as of December 31, 2024, compared to RMB 121.108 billion in 2023[7]. - Current liabilities totaled RMB 88.913 billion as of December 31, 2024, compared to RMB 71.249 billion in 2023[8]. - Total liabilities increased to CNY 98.87 billion in 2024, up 23.7% from CNY 79.89 billion in 2023[10]. - Non-current liabilities totaled CNY 9.95 billion, an increase of 15.3% from CNY 8.64 billion in 2023[10]. - The company's asset-liability ratio for 2024 is 69.62%, calculated as total liabilities divided by total assets multiplied by 100%[68]. Cash Flow and Investments - The company reported cash and cash equivalents of RMB 26.856 billion as of December 31, 2024, up from RMB 17.129 billion in 2023[6]. - The net cash flow from operating activities was CNY 10.06 billion, a substantial improvement from a negative CNY 3.50 billion in the previous year[39]. - The company's cash flow from investment activities decreased due to increased outflows from the financial company's investment business[42]. - The company’s cash paid for investments increased by 41.36% to RMB 35.65 billion compared to RMB 25.22 billion last year[61]. Research and Development - Research and development expenses rose to CNY 3.01 billion, a 9.4% increase from CNY 2.75 billion in 2023[12]. - The company’s R&D expenditure intensity remained above 5%[32]. - Total R&D investment for the period amounts to RMB 3.816 billion, representing 5.48% of operating revenue[58]. Market and Orders - The order backlog reached a historical high of RMB 152.61 billion[32]. - The market share for pumped storage reached 41.6%, while conventional hydropower market share was 45%[33]. - The company’s wind power segment secured a market share exceeding 10% and ranked 6th in new installed capacity among manufacturers[33]. Dividends and Shareholder Proposals - The board proposed a cash dividend of RMB 4.38 per 10 shares for the 2024 fiscal year, subject to shareholder approval[3]. - The company plans to distribute a cash dividend of RMB 4.38 per 10 shares for the 2024 fiscal year[31]. Operational Efficiency and Management - The company is implementing a comprehensive risk management strategy, focusing on accounts receivable, contracts, and quality control[80]. - The company is enhancing its management level through lean operation management and improving marketing planning capabilities[79]. - The company is deepening reforms and optimizing its operational mechanisms to ensure continuous improvement in governance[79]. Future Outlook and Strategic Goals - By 2025, the total electricity consumption in China is expected to grow by approximately 6% compared to 2024, with new power generation capacity projected to exceed 450 million kW, including over 300 million kW from renewable sources[74]. - The company anticipates significant growth in renewable energy installations, which are becoming the main component of new power generation capacity in China[75]. - The company aims to achieve a power generation equipment output of 73 million kilowatts by 2025[78]. - The company is committed to building a green, low-carbon industrial ecosystem and promoting sustainable development[78]. Corporate Governance - The company has fully complied with the corporate governance code as per the Hong Kong Stock Exchange regulations during the reporting period[95]. - The company confirmed that all directors and supervisors adhered to the standards for securities trading as stipulated by the Hong Kong Stock Exchange as of December 31, 2024[96].

A 股证券简称：东方电气 证券代码：600875 H 股证券简称：东方电气 证券代码：1072 东方电气股份有限公司 Dongfang Electric Corporation Limited （注册地址：成都市高新西区西芯大道 18 号） 2023 年度向特定对象发行 A 股股票 募集说明书 （注册稿） 保荐机构（主承销商） 广东省深圳市福田区中心三路 8 号卓越时代广场（二期）北座 二〇二五年三月 东方电气股份有限公司 募集说明书（注册稿） 声 明 本公司全体董事、监事、高级管理人员承诺本募集说明书不存在任何虚假记 载、误导性陈述或重大遗漏，并保证所披露信息的真实、准确、完整。 公司负责人、主管会计工作负责人及会计机构负责人保证募集说明书中财务 会计资料真实、准确、完整。 上海证券交易所、中国证监会对本次发行所作的任何决定或意见，均不表明 其对申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对 发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。任何 与之相反的声明均属虚假不实陈述。 根据《证券法》的规定，证券依法发行后，发行人经营与收益的变化，由发 行人自行负责，由此变化引 ...

Dongfang Electric (1072 HK/600875 CH) Conference Call Summary Company Overview - **Company**: Dongfang Electric (DFE) - **Industry**: Electrical Equipment Key Points 2024 Financial Performance Expectations - **Net Profit**: Expected to be RMB3,155 million in 2024, representing an 11% year-over-year decline and 15% below Bloomberg consensus estimates [2][24] - **Gross Margin**: Anticipated to decrease from 18.8% in 2023 to 17.6% in 2024 [2] - **Dividend Policy**: DFE plans to increase its cash dividend payout ratio by more than 1 percentage point annually from 2025 to 2027, starting from the 2024 level [2] Thermal Equipment Market Insights - **Tender Size**: Expected to stabilize at approximately 70GW in 2025, down from 80GW in 2024, with DFE maintaining a market share of around 35% [3] - **Revenue Trends**: Anticipated steady revenue in the thermal segment for 2025-2026 due to a delivery cycle of 24-36 months [3] - **Future Outlook**: A significant drop in order bidding volume is expected from 2026 onwards due to the renewal of the five-year plan [3] Margin Recovery and Renewable Division - **Gross Margin in Thermal Division**: Reported at 16% for the first nine months of 2024, down from 20% in the same period of 2023; a recovery is expected in 2025 due to a 12% year-over-year decline in steel prices [4] - **Renewable Division Gains**: DFE is expected to realize a disposal gain of RMB500 million from the sale of two wind farms, with plans to dispose of two more wind farm assets in 2025 [4] Valuation and Target Price Adjustments - **Target Price**: Raised to HKD9.50/RMB15.50 from HKD8.80/RMB14.80, implying a downside of 4% for H-shares and an upside of 3% for A-shares from the latest market close [5][31] - **Earnings Estimates**: Earnings estimates for 2024 have been cut by 26% to reflect lower gross margin assumptions, with 2025-2026 estimates also revised down by 7-14% [28][29] Financial Metrics Overview - **Revenue Projections**: - 2024: RMB65,286 million - 2025: RMB74,790 million - 2026: RMB67,153 million [29] - **Net Profit Projections**: - 2024: RMB3,155 million - 2025: RMB4,400 million - 2026: RMB4,596 million [29] Risks and Considerations - **Upside Risks**: - Faster order intake in pumped hydro and hydrogen sectors - Improved margins in renewable energy due to lower raw material costs - Enhanced operational efficiency through digital factory deployment [31] - **Downside Risks**: - Rising raw material costs - Weaker-than-expected margins in the wind segment - Lower order growth in pump storage hydro equipment [31] Market Data - **Market Capitalization**: Approximately RMB48,401 million (USD6,230 million) [7] - **Current Share Prices**: - H-shares: HKD9.94 - A-shares: RMB15.10 [7][46] Conclusion - DFE is positioned to face challenges in 2024 with expected declines in net profit and gross margins, but there are potential recovery signs in margins and strategic asset disposals in the renewable sector. The company maintains a hold rating with adjusted target prices reflecting current market conditions and future expectations.

东方电气股份有限公司（以下简称公司）董事宋致远先生因达到法定退休年 龄，不再担任公司董事，也不再担任公司其他职务。宋致远先生在任职期间与公 司董事会、监事会均无意见分歧，亦无任何有关其辞职事宜需提请公司股东关注。 公司董事会对宋致远先生在任职期间做出的贡献表示衷心感谢！ 特此公告。 证券代码：600875 股票简称：东方电气 编号：2025-009 东方电气股份有限公司 关于公司董事退休离任的公告 东方电气股份有限公司董事会 2025 年 3 月 14 日 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。 ...

证券代码：600875 证券简称：东方电气 公告编号：2025-008 东方电气股份有限公司 2025 年第一次临时股东大会决议公告 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：无 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | 1,153 | | --- | --- | | 其中：A 股股东人数 | 1,152 | | 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） | 1,897,389,480 | | 其中：A 股股东持有股份总数 | 1,796,949,160 | | 境外上市外资股股东持有股份总数（H 股） | 100,440,320 | | 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 | 60.862882 | (一) 股东大会召开的时间：2025 年 3 月 14 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 ...

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）《上市公司股东大会规则（2022年修订》(以下简称《股东 大会规则》)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地区）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3月 14日召开的 2025年第一次临时股东大会（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: 会在律师事务所 KING&WODE 北京金杜(成都)律师事务所 关于东方电气股份有限公司 2025年第一次临时股东大会 1. 经公司 2021 年年度股东大会审议通过的《东方电气股份有限公司章程》 (以下简称《公司章程》）； 2. 公司于 2025 年 ...

证券代码：600875 证券简称：东方电气 公告编号：2025-007 东方电气股份有限公司 关于召开 2025 年第一次临时股东大会的通知 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： 一、 召开会议的基本情况 (一) 股东大会类型和届次 2025 年第一次临时股东大会 召开的日期时间：2025 年 3 月 14 日 9 点 00 分 召开地点：中国四川省成都市高新西区西芯大道 18 号本公司会议室 (五) 网络投票的系统、起止日期和投票时间。 股东大会召开日期：2025年3月14日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 (二) 股东大会召集人：董事会 (三) 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结 合的方式 (四) 现场会议召开的日期、时间和地点 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自 2025 年 3 月 14 日 至 2025 年 3 月 14 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 ...

证券代码：600875 证券简称：东方电气 公告编号：2025-006 东方电气股份有限公司 关于与中国东方电气集团有限公司 签署附条件生效的盈利预测补偿协议之补充协议 暨关联交易的公告 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。 东方电气股份有限公司（以下简称"东方电气"或"公司"）拟向包括中国 东方电气集团有限公司（以下简称东方电气集团）在内的符合中国证券监督管理 委员会（以下简称中国证监会）规定条件的不超过 35 名特定投资者发行 A 股股 票，募集资金总额不超过人民币 500,000 万元（以下简称本次发行），其中 252,651.26 万元募集资金用于购买东方电气集团持有的东方电气集团东方汽轮 机有限公司（以下简称东方汽轮机）8.70%的股权、东方电气集团东方锅炉股份 有限公司（以下简称东方锅炉）4.55%的股份、东方电气集团东方电机有限公司 （以下简称东方电机）8.14%的股权、东方电气（广州）重型机器有限公司（以 下简称东方重机）5.63%的股权。本次向特定对象发行股票已取得中国证监会出 具的《关于同意东方电 ...

东方电气股份有限公司 未来三年（2025 年-2027 年）股东回报规划 东方电气股份有限公司（简称东方电气或公司）根据中国证券监督管理委员 会《关于进一步落实上市公司现金分红有关事项的通知》和《上市公司监管指引 第 3 号——上市公司现金分红》，以及国资委《关于改进和加强中央企业控股上 市公司市值管理工作的若干意见》的要求，增加决策透明度和可操作性，增强现 金分红稳定性、持续性和可预期性，积极回报投资者，稳定投资者预期，结合《公 司章程》及公司实际情况，制定了公司《未来三年（2025 年-2027 年）股东回报 规划》（简称本规划）。具体内容如下： 一、制定股东回报规划的考虑因素 公司在综合分析国内行业发展趋势、公司经营发展实际情况、发展战略、盈 利能力、利润规模、重大投资安排、公司现金流量状况、社会资金成本、外部融 资环境和融资成本等因素基础上，充分考虑公司目前及未来盈利规模、现金流量 状况、发展所处阶段、项目投资资金需求、银行信贷及债权融资环境等情况，建 立对投资者持续、稳定、科学的回报规划与机制，对公司利润分配做出明确的制 度性安排，以保证利润分配政策的连续性和稳定性。 为积极落实国资监管及证券监管要 ...