Core Viewpoint - Changjiang Electric Power, known as a "cash cow" in the A-share market, is facing scrutiny from minority shareholders due to a proposed investment of 26.6 billion yuan in the Gezhouba shipping capacity expansion project, raising concerns about its impact on company performance and dividends [1][4][5]. Group 1: Company Overview - Changjiang Electric Power is the largest power listed company in China and the world's largest water power listed company [2]. - The company has consistently distributed over 20 billion yuan in dividends annually for the past three years, with a planned cash dividend of 23.074 billion yuan for 2024, representing 71% of net profit attributable to shareholders [2][4]. Group 2: Shareholder Concerns - Minority shareholders expressed dissatisfaction with the absence of the chairman at shareholder meetings, noting that the chairman has not attended for several years, which raises concerns about representation [2][3]. - During the shareholder meeting, many investors questioned the potential impact of the 26.6 billion yuan investment on future company performance and dividends, seeking clarity on the commercial return mechanisms associated with the investment [5][6]. Group 3: Investment Details - The proposed project has a total construction period of 91 months, including a 12-month preparatory phase, aimed at improving the safety and efficiency of the Yangtze River navigation and lock operations [4][5]. - The company clarified that the investment is for the renovation and expansion of existing assets, which will remain under the company's ownership, and is aligned with its operational management responsibilities [5][6]. Group 4: Financial Position and Future Outlook - The company reported a net profit of 12.984 billion yuan for the first half of the year, a year-on-year increase of 14.22%, and has a net cash flow from operating activities of approximately 60 billion yuan annually, which will prioritize shareholder dividends [6][7]. - The company plans to maintain a cash dividend distribution of no less than 70% of the net profit attributable to shareholders from 2026 to 2030, indicating a commitment to shareholder returns despite the new investment [6][7].

Group 1 - The second extraordinary general meeting of shareholders was held on August 15, 2025, in Wuhan, Hubei Province [2] - The meeting was presided over by Director Liu Haibo, with attendance from 2 out of 11 directors and key management personnel [3] - All resolutions proposed during the meeting were approved without any objections [4] Group 2 - The company has decided to abolish the supervisory board, transferring its statutory functions to the audit committee of the board of directors [6] - The decision to cancel the supervisory board is not expected to negatively impact the company's governance, operations, or daily management [6] - The company expressed gratitude to all supervisors for their contributions during their tenure [6]

Group 1 - The stock price of Yangtze Power as of August 15, 2025, is 27.63 yuan, down 0.03 yuan or 0.11% from the previous trading day [1] - The company operates major hydropower stations such as Gezhouba and Three Gorges, making it one of the largest publicly listed power companies in China [1] - On August 15, the company held a shareholders' meeting and approved a proposal for the investment in the Gezhouba Navigation Capacity Expansion Project, with a total investment of 26.6 billion yuan and a construction period of 91 months [1] Group 2 - The company has committed to prioritizing cash dividends and announced a dividend plan for 2026-2030, promising an annual cash dividend ratio of no less than 70% of net profit [1] - The company announced the cancellation of the supervisory board, transferring related functions to the audit committee of the board of directors [1] - On August 15, the main capital outflow for Yangtze Power was 95.8969 million yuan, with a cumulative net outflow of 344 million yuan over the past five days [1]

Core Viewpoint - Changjiang Electric Power, known as a "cash cow" in the A-share market, is facing scrutiny from minority shareholders due to a significant investment of 26.6 billion yuan in the Gezhouba shipping capacity expansion project, raising concerns about its impact on company performance and dividends [1][9][10]. Group 1: Company Overview - Changjiang Electric Power has a market capitalization of approximately 676.1 billion yuan and is recognized as the largest power listed company in China and the largest hydropower listed company globally [4][12]. - The company has consistently distributed over 20 billion yuan in dividends annually for the past three years, with a planned cash dividend of 23.074 billion yuan for 2024, representing 71% of its net profit attributable to shareholders [4][10]. Group 2: Shareholder Concerns - Minority shareholders expressed dissatisfaction with the absence of the chairman at the shareholder meeting, highlighting the importance of leadership presence in corporate governance [6][7]. - Concerns were raised regarding the potential impact of the 26.6 billion yuan investment on future company performance and dividend payouts, with shareholders questioning the commercial return mechanisms associated with the project [9][10][11]. Group 3: Investment Details - The Gezhouba shipping capacity expansion project has a total construction period of 91 months, including a 12-month preparatory phase, and aims to enhance the operational safety and efficiency of the Yangtze River navigation [10]. - The company clarified that the investment aligns with its asset ownership and is expected to generate depreciation costs of approximately 600 million yuan annually, while maintaining a strong cash flow of nearly 60 billion yuan from operating activities [11][12]. Group 4: Voting Outcome - During the shareholder meeting, all proposals, including the controversial investment, received over 99% approval, with the Gezhouba project specifically garnering 96.02% support [12]. - The company emphasized its commitment to high cash dividends and the protection of minority shareholder rights, despite the significant investment [13].

证券日报网讯8月15日晚间，长江电力（600900）发布公告称，公司于2025年8月15日召开2025年第二次 临时股东会，审议通过《关于修订公司〈章程〉的议案》。根据股东会决议，公司将不再设置监事会， 由董事会审计委员会行使监事会相关法定职权。公司监事会相关制度同时废止。 ...

Group 1 - The core point of the article is that Changjiang Electric Power announced the approval of multiple proposals, including the investment in the construction of the Gezhouba Navigation Capacity Expansion Project during its second extraordinary shareholders' meeting in 2025 [2] Group 2 - The announcement was made on the evening of August 15, indicating the company's ongoing commitment to infrastructure development [2] - The approval of the proposals reflects the company's strategic focus on enhancing its operational capabilities and expanding its service offerings in the energy sector [2]

Group 1 - The core viewpoint emphasizes the significance of the Beidou satellite navigation system in enhancing precision, efficiency, and safety across various sectors, particularly in the hydropower industry [1][2] - The Beidou system's large-scale application is seen as a transformative opportunity for the hydropower sector, aligning with the global trend towards intelligent and efficient technologies [2][3] - The launch of the first large-scale application project utilizing the Beidou system in China's hydropower industry marks a significant milestone, showcasing the integration of surveying technology and engineering practices [3][5] Group 2 - The collaboration between Huaneng Lancang River Hydropower Co., Ltd. and China Water Resources and Hydropower Fourth Engineering Bureau has successfully established 22 Beidou continuous operation reference stations, overcoming various technical challenges [5][7] - The Beidou system provides all-weather, high-precision spatial information support for the safe construction and efficient operation of hydropower stations in the Lancang River basin [7] - The implementation of the Beidou navigation system is a major breakthrough in the large-scale application of national engineering projects, enhancing the reliability of the system in critical scenarios and setting a new benchmark for the energy industry [7]

北京德恒律师事务所 关于中国长江电力股份有限公司 法律意见 北京市西城区金融街 19 号富凯大厦 B 座 12 层 电话:010-52682888 传真:010-52682999 邮编:100033 北京德恒律师事务所 关于中国长江电力股份有限公司 北京德恒律师事务所 关于中国长江电力股份有限公司 法律意见 德恒 01G20220548-23 号 致：中国长江电力股份有限公司 中国长江电力股份有限公司（以下简称"公司"）2025 年第二次临时股东 会（以下简称"本次会议"）于 2025 年 8 月 15 日（星期五）召开。北京德恒律 师事务所（以下简称"本所"）受公司委托，指派杨兴辉律师、王曦律师（以下 简称"本所律师"）出席了本次会议。根据《中华人民共和国公司法》（以下简 称"《公司法》"）、《中华人民共和国证券法》（以下简称"《证券法》"）、 《上市公司股东会规则》（以下简称"《股东会规则》"）、《中国长江电力股 份有限公司章程》（以下简称"《公司章程》"）的相关规定，本所律师就本次 会议的召集、召开程序、现场出席会议人员资格、表决程序等相关事项进行见证， 并发表法律意见。 为出具本法律意见，本所律师出席 ...

股票代码：600900 股票简称：长江电力 公告编号：2025-040 中国长江电力股份有限公司董事会 中国长江电力股份有限公司监事会 2025 年 8 月 15 日 中国长江电力股份有限公司（以下简称公司）于 2025 年 8 月 15 日召开 2025 年第二次临时股东会，审议通过《关于修订公 司〈章程〉的议案》。根据股东会决议，公司将不再设置监事会， 由董事会审计委员会行使监事会相关法定职权。公司监事会相关 制度同时废止。 取消监事会不会对公司的公司治理、生产经营、日常管理构 成不利影响。 公司全体监事在任职期间勤勉尽责，为公司规范运作和健康 发展发挥了积极作用。公司对全体监事在任职期间为公司所作的 重要贡献表示衷心感谢！ 特此公告。 1 中国长江电力股份有限公司 关于取消监事会的公告 本公司董事会、监事会及全体董事、监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。 ...

(二) 股东会召开的地点：湖北省武汉市江岸区三阳路 88 号 A 座 (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： 证券代码：600900 证券简称：长江电力 公告编号：2025-039 中国长江电力股份有限公司 2025年第二次临时股东会决议公告 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 (一) 股东会召开的时间：2025 年 8 月 15 日 | 1、出席会议的股东和代理人人数 | 19,826 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 18,247,001,432 | | 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 | | | 份总数的比例（%） | 74.5743 | (四) 表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等 本次股东会的召集、召开形式和程序符合《公司法》《证券法》《中国长江 电力股份有限公司章程》和《中国长江电力股份有限公司股东会议 ...