股票代码：600900 股票简称：长江电力 公告编号：2025-053 中国长江电力股份有限公司 关于召开 2025 年三季度业绩说明会的公告 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。 重要内容提示： 为便于广大投资者更全面深入地了解中国长江电力股份有限公 司（以下简称公司）生产经营情况，公司拟于2025年11月7日召开三 季度业绩说明会。具体如下： 一、会议类型 视频会议（采用小鱼易连视频会议系统） 二、会议时间 2025年11月7日（周五）10:00-11:00 1 会议时间：2025 年 11 月 7 日（周五）10:00-11:00 会议方式：视频会议 视频平台：小鱼易连（会议号 9025025012、密码 600900） 投资者可于 2025 年 11 月 5 日 17:00 前将需要了解的情况和关注 的问题发送至公司邮箱：cypc@cypc.com.cn，公司将在说明会上 对投资者普遍关注的问题进行解答。 三、参加人员 公司管理层 四、联系方式 特此公告。 附件：小鱼易连入会使用说明 中国长江电力股份有限公 ...

股票代码：600900 股票简称：长江电力 公告编号：2025-052 重要内容提示： 拟聘任的会计师事务所名称：信永中和会计师事务所（特殊普 通合伙） 原聘任的会计师事务所名称：大华会计师事务所（特殊普通合 伙） 一、拟聘任会计师事务所的基本情况 （一）机构信息 1.基本信息 名称：信永中和会计师事务所（特殊普通合伙） 中国长江电力股份有限公司 关于变更财务报表审计机构的公告 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。 成立日期：2012 年 3 月 2 日 组织形式：特殊普通合伙企业 注册地址：北京市东城区朝阳门北大街 8 号富华大厦 A 座 8 层 首席合伙人：谭小青先生 截至 2024 年 12 月 31 日，信永中和合伙人（股东）259 人，注 册会计师 1780 人。签署过证券服务业务审计报告的注册会计师人数 超过 700 人。 信永中和 2024 年度业务收入为 40.54 亿元，其中，审计业务收 1 入为 25.87 亿元，证券业务收入为 9.76 亿元。2024 年度，信永中和 上市公司年报审计项目 3 ...

中国长江电力股份有限公司 关于召开2025年第三次临时股东会的通知 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： 股东会召开日期：2025年11月20日 本次股东会采用的网络投票系统：上海证券交易所股东会网络投票系统 一、召开会议的基本情况 证券代码：600900 证券简称：长江电力 公告编号：2025-054 (一)股东会类型和届次 2025年第三次临时股东会 (二)股东会召集人：董事会 (三)投票方式：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 召开的日期时间：2025 年 11 月 20 日 9 点 30 分 召开地点：湖北省武汉市江岸区三阳路 88 号 A 座 4 楼会议室 (五)网络投票的系统、起止日期和投票时间 上海证券交易所股东会网络投票系统 网络投票起止时间：自2025 年 11 月 20 日 至2025 年 11 月 20 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 东会召开当日的交易时间段，即 9:15-9:25，9:30-11:30， ...

中国长江电力股份有限公司 第六届董事会第四十八次会议决议公告 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 担法律责任。 中国长江电力股份有限公司（以下简称公司）第六届董事会 第四十八次会议于2025年10月29日以现场方式召开。会议应到董 事11人，实到7人，委托出席4人，其中刘伟平董事、刘海波董事 委托何红心董事，李文中董事委托黄德林董事，洪猛董事委托黄 峰董事代为出席并行使表决权，符合《公司法》和《公司章程》 等有关规定，公司部分高管列席会议。会议由何红心副董事长主 持，以记名表决方式通过如下议案： 一、审议通过《公司2025年第三季度报告》。 具 体 内 容 详 见 公 司 刊 登 在 上 海 证 券 交 易 所 网 站 （www.sse.com.cn）的《中国长江电力股份有限公司2025年第三 季度报告》。 本议案已经公司第六届董事会审计委员会第二十四次会议 审议通过。 表决结果：同意11票，反对0票，弃权0票。 二、审议通过《关于聘请2025年度财务报表审计机构的议 案》，并同意提请股东会审议。 股票代码：600900 股票 ...

Core Insights - The company reported a decline in third-quarter revenue and net profit for 2025 compared to the previous year [1] - Despite a decrease in third-quarter performance, the year-to-date net profit showed a slight increase [1] Financial Performance - Third-quarter revenue was 29.044 billion yuan, a year-on-year decrease of 7.86% (adjusted) [1] - Third-quarter net profit was 15.137 billion yuan, a year-on-year decrease of 9.16% (adjusted) [1] - Year-to-date revenue for the first three quarters was 65.741 billion yuan, a year-on-year decrease of 0.89% (adjusted) [1] - Year-to-date net profit for the first three quarters was 28.193 billion yuan, a year-on-year increase of 0.6% (adjusted) [1]

Investment Rating - The report assigns a "Buy" rating for several key companies in the public utility sector, including China Resources Power, Guodian Power, and Inner Mongolia Huadian [28]. Core Insights - The public utility sector is crucial for achieving national "dual carbon" goals, with a strong emphasis on environmental and social issues in the ESG evaluation framework [5][4]. - The ESG evaluation system for public utilities includes four categories of positive indicators and one category of negative indicators, focusing on objective assessment metrics [8][23]. - Recent policies from various government departments emphasize the need for green transformation, pollution prevention, and social welfare in the public utility sector [5][4]. Summary by Sections 1. ESG Policy in Public Utilities - The public utility sector is a major contributor to energy consumption and carbon emissions, making its green transformation essential for national goals [5]. - Key policies include the "14th Five-Year" energy conservation and emission reduction plan, which outlines specific requirements for green transformation and public service stability [5][4]. 2. ESG Evaluation System Construction - The ESG evaluation system consists of four positive categories: General Indicators, Environmental Indicators, Social Indicators, and Governance Indicators, with a total of 18 primary indicators and 35 secondary indicators [8][23]. - The negative category focuses on violations and penalties, with specific metrics for environmental, social, and governance aspects [23]. 3. General Indicators - General indicators assess the authenticity and standardization of ESG reports, including the basis for report preparation, third-party verification, and the publication of ESG-specific reports [10][9]. 4. Environmental Indicators - Environmental indicators are based on energy conservation, low carbon, and circular economy principles, with a total of four primary indicators focusing on emissions management, ecological compliance, resource utilization, and climate strategy [11][12]. 5. Social Indicators - Social indicators highlight the public utility sector's role in community development and social stability, with six primary indicators covering community contributions, employee development, innovation, supply chain responsibility, product safety, and core operational responsibilities [15][16][17]. 6. Governance Indicators - Governance indicators aim to enhance corporate governance and decision-making, with five primary indicators focusing on party leadership, industry reform, compliance risk management, governance structure, and information transparency [19][20][21]. 7. Negative Indicators - The negative indicators focus on compliance issues, with penalties for violations in environmental, social, and governance areas, deducting points for each violation [23][25].

Financial Performance - The company's operating revenue for the third quarter was CNY 29,043,671,615, a decrease of 7.86% compared to the same period last year[6]. - The total profit for the quarter was CNY 18,059,091,589, down 7.82% year-on-year[6]. - The net profit attributable to shareholders was CNY 15,136,522,021, reflecting a decline of 9.16% compared to the previous year[6]. - For the first three quarters of 2025, the total operating revenue was RMB 65.74 billion, a decrease of 0.89% compared to RMB 66.33 billion in the same period of 2024[18]. - Total operating revenue for the first nine months was CNY 68,938,167,805.42, a decrease from CNY 71,355,812,909.77 in the same period last year, representing a decline of approximately 3.9%[24]. - Net profit attributable to shareholders of the parent company reached CNY 28,192,874,494.95, compared to CNY 28,024,923,212.82 in the previous year, showing an increase of about 0.6%[20]. - Operating profit for the period was CNY 34,213,116,819.44, slightly up from CNY 33,747,343,958.43, indicating a growth of approximately 1.4%[19]. - Total comprehensive income for the period was CNY 28,926,843,608.38, compared to CNY 28,889,058,075.39, showing a marginal increase of about 0.1%[20]. Cash Flow and Liquidity - The net cash flow from operating activities for the year-to-date was CNY 42,895,214,452, a decrease of 9.98% from the same period last year[6]. - The net cash flow from operating activities was CNY 42,895,214,451.84, down from CNY 47,648,323,585.18, a decrease of approximately 10.5%[24]. - The net cash flow from investing activities was -6,640,657,422.17 CNY, compared to -5,678,704,744.56 CNY in the previous period, indicating a decline in investment performance[25]. - The total cash inflow from financing activities reached 142,844,664,598.32 CNY, while cash outflow was 175,349,626,287.08 CNY, resulting in a net cash flow of -32,504,961,688.76 CNY, an improvement from -43,221,252,965.11 CNY previously[25]. - The company's cash and cash equivalents increased by 3,757,085,496.38 CNY, with an ending balance of 10,278,962,486.89 CNY compared to 6,496,532,479.08 CNY at the end of the previous period[25]. - The company's cash and cash equivalents stood at RMB 10.33 billion, compared to RMB 6.57 billion at the end of 2024, reflecting a growth of 57.5%[14]. - Cash and cash equivalents at the end of the period stood at ¥6.55 billion, a substantial increase from ¥2.19 billion at the end of the previous year, marking a growth of approximately 199.4%[34]. Assets and Liabilities - The total assets at the end of the reporting period were CNY 568,769,002,806, an increase of 0.42% compared to the end of the previous year[6]. - The total assets of China Yangtze Power Co., Ltd. amounted to RMB 568.77 billion, a slight increase from RMB 566.39 billion at the end of 2024[14]. - The company's total current assets reached RMB 27.11 billion, up from RMB 17.20 billion in the previous year, indicating a significant growth of 57.1%[14]. - The total liabilities decreased to RMB 335.78 billion from RMB 344.39 billion, showing a reduction of 2.0%[16]. - The total liabilities increased to 154,854,128,132.80 CNY from 149,188,869,625.21 CNY, reflecting a rise in financial obligations[28]. - The company's total equity rose to 180,650,873,319.32 CNY, compared to 168,597,490,240.72 CNY, indicating a strengthening of the equity position[28]. - The long-term borrowings increased to 63,877,900,000.00 CNY from 45,659,900,000.00 CNY, indicating a strategy to leverage for growth[28]. Shareholder Information - The company had a total of 601,559 common shareholders at the end of the reporting period[11]. - China Three Gorges Group has increased its stake in the company by acquiring 90.70 million shares for a total investment of RMB 253.10 million as of October 29, 2025[13]. - The company plans to repurchase shares worth between RMB 4 billion and RMB 8 billion over the next 12 months, reflecting confidence in future growth[12]. Research and Development - Research and development expenses increased to CNY 411,682,995.77 from CNY 349,345,236.00, reflecting a rise of about 17.8% year-over-year[19]. - Research and development expenses increased to ¥247.14 million from ¥196.39 million, representing a growth of approximately 25.8% year-over-year[30].

Core Insights - The company reported a third-quarter revenue of 29.044 billion, representing a year-on-year decline of 7.86% [1] - The net profit for the third quarter was 15.137 billion, down 9.16% compared to the previous year [1] - For the first three quarters, the total revenue reached 65.741 billion, showing a slight year-on-year decrease of 0.89% [1] - The net profit for the first three quarters was 28.193 billion, which reflects a year-on-year growth of 0.6% [1] Financial Performance - Third-quarter revenue: 29.044 billion, down 7.86% year-on-year [1] - Third-quarter net profit: 15.137 billion, down 9.16% year-on-year [1] - Year-to-date revenue (first three quarters): 65.741 billion, down 0.89% year-on-year [1] - Year-to-date net profit (first three quarters): 28.193 billion, up 0.6% year-on-year [1]

Core Insights - The company reported a third-quarter revenue of 29.044 billion yuan, a year-on-year decrease of 7.86% [1] - The net profit for the third quarter was 15.137 billion yuan, down 9.16% compared to the previous year [1] - For the first three quarters, the total revenue reached 65.741 billion yuan, reflecting a slight year-on-year decline of 0.89% [1] - The net profit for the first three quarters was 28.193 billion yuan, showing a year-on-year increase of 0.60% [1]

Investment Rating - The report maintains a positive outlook on the public utility sector's central enterprises with a focus on the ESG evaluation system [1]. Core Insights - The establishment of the ESG evaluation system for public utilities is based on a balanced emphasis on environmental and social issues, crucial for achieving national carbon neutrality goals [3][9]. - The evaluation system consists of four categories of positive indicators and one category of negative indicators, with a total of 18 primary indicators and 35 secondary indicators [12][28]. - Key policies guiding the sector include promoting renewable energy, enhancing energy efficiency, and ensuring equitable public services [9][11]. Summary by Sections 1. ESG Policy: Balancing Environmental and Social Issues - The public utility sector is a major contributor to energy consumption and carbon emissions, making its green transition vital for national carbon goals [3][9]. - Recent policies emphasize the development of clean energy and pollution control, with specific directives from various government bodies [9][11]. 2. Constructing the ESG Evaluation System: Multi-Dimensional Assessment - The ESG evaluation system is structured with four positive categories: General Indicators, Environmental Indicators, Social Indicators, and Governance Indicators, along with one negative category for violations [12][28]. - Each category has specific indicators designed to objectively assess the performance of enterprises in the public utility sector [12][28]. 3. General Indicators - General indicators assess the authenticity and standardization of ESG reports, including the basis for report preparation, third-party verification, and the publication of ESG-specific reports [12][14]. 4. Environmental Indicators - Environmental indicators focus on energy efficiency and circular economy principles, with metrics for emissions management, ecological compliance, resource utilization, and climate strategy [15][17]. 5. Social Indicators - Social indicators highlight the sector's role in public service, with metrics for community contributions, employee development, innovation, supply chain responsibility, and customer rights [19][21]. 6. Governance Indicators - Governance indicators aim to enhance corporate governance standards, focusing on party leadership, industry reform, compliance risk management, governance structure, and information transparency [23][26]. 7. Negative Indicators - The negative category includes penalties for violations, with specific metrics for environmental, social, and governance infractions, where each violation results in a deduction of points [28][31]. 8. Valuation of Key Companies - The report includes a valuation table for key companies in the public utility sector, indicating ratings and projected earnings per share (EPS) for the years 2025 to 2027 [34].