[China Yangtze Power Co., Ltd. 2025 Interim Results Announcement](index=1&type=section&id=%E4%B8%AD%E5%9B%BD%E9%95%BF%E6%B1%9F%E7%94%B5%E5%8A%9B%E8%82%A1%E4%BB%BD%E6%9C%89%E9%99%90%E5%85%AC%E5%8F%B82025%E5%B9%B4%E5%8D%8A%E5%B9%B4%E5%BA%A6%E4%B8%9A%E7%BB%A9%E5%BF%AB%E6%8A%A5%E5%85%AC%E5%91%8A) [Key Financial Data and Indicators](index=1&type=section&id=%E4%B8%80%E3%80%812025%20%E5%B9%B4%E5%8D%8A%E5%B9%B4%E5%BA%A6%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E6%8C%87%E6%A0%87) The company achieved steady growth in H1 2025, with notable increases in revenue and net profit Key Financial Data for H1 2025 (Unit: RMB billion) | Item | Current Period | Adjusted Prior Year Period | Change (%) | | :--- | :--- | :--- | :--- | | **Performance Indicators** | | | | | Total Operating Revenue | 36.587 | 34.838 | 5.02 | | Operating Profit | 15.872 | 13.931 | 13.93 | | Total Profit | 15.464 | 13.547 | 14.15 | | Net Profit Attributable to Shareholders of the Listed Company | 12.984 | 11.368 | 14.22 | | Basic Earnings Per Share (RMB) | 0.5307 | 0.4646 | 14.22 | | **Asset and Liability Indicators** | **End of Current Period** | **Adjusted Beginning of Current Period** | **Change (%)** | | Total Assets | 567.104 | 566.396 | 0.13 | | Equity Attributable to Shareholders of the Listed Company | 206.145 | 210.312 | -1.98 | - Financial data for the prior year period has been **retrospectively adjusted** due to a business combination under common control[2](index=2&type=chunk) [Operating Performance and Financial Condition](index=2&type=section&id=%E4%BA%8C%E3%80%81%E7%BB%8F%E8%90%A5%E4%B8%9A%E7%BB%A9%E5%92%8C%E8%B4%A2%E5%8A%A1%E7%8A%B6%E5%86%B5%E6%83%85%E5%86%B5%E8%AF%B4%E6%98%8E) Performance growth in H1 2025 was primarily driven by increased power generation from its six cascade power stations - The core driver of performance growth was the **year-over-year increase in power generation** from the company's six cascade power stations in H1 2025[4](index=4&type=chunk) Profit Growth in H1 2025 (Unit: RMB billion) | Indicator | H1 2025 | YoY Increase | YoY Growth Rate | | :--- | :--- | :--- | :--- | | Total Profit | 15.464 | 1.917 | 14.15% | | Net Profit Attributable to Shareholders of the Listed Company | 12.984 | 1.616 | 14.22% | [Risk Warning](index=2&type=section&id=%E4%B8%89%E3%80%81%E9%A3%8E%E9%99%A9%E6%8F%90%E7%A4%BA) The disclosed preliminary financial data is unaudited and may differ from the final official report - The disclosed H1 2025 financial data is **preliminary and unaudited**, potentially differing from the final semi-annual report, and investors should be aware of the risks[5](index=5&type=chunk)

人民财讯7月30日电，长江电力（600900）7月30日晚间发布业绩快报，2025年上半年实现营业总收入 365.87亿元，同比增长5.02%；归母净利润129.84亿元，同比增长14.22%；基本每股收益0.53元。业绩增 长主要系2025年上半年公司六座梯级电站发电量同比增加所致。 ...

格隆汇7月30日丨长江电力(600900.SH)公布2025年半年度业绩快报，2025年1-6月，公司实现利润总额 154.64亿元，同比增加19.17亿元，增长14.15%；归属于上市公司股东的净利润129.84亿元，同比增加 16.16亿元，增长14.22%；基本每股收益0.5307元/股，同比增加0.0661元/股，增长14.22%。业绩增长主 要系2025年1-6月公司六座梯级电站发电量同比增加所致。 ...

证券代码：600900 证券简称：长江电力 公告编号：2025-036 中国长江电力股份有限公司 关于召开2025年第二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8月15日 本次股东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 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 8 月 15 日 至2025 年 8 月 15 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 9:15-9:25，9:30-11:30，13:00-15:00；通过 互联网投票平台的投票时间为股东会召开当日的 9:15-15:00。 1 (二)股东会召集人：公司董事会 (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 一、召开会议的基本情况 (一)股东会类型和届次 2025年第二次临时股东会 召开时间：2025 年 8 月 15 日 9 点 30 分 ...

中国长江电力股份有限公司（以下简称公司）第六届董事会 第四十四次会议于2025年7月30日以现场方式召开。会议应到董 事11人，实到8人，委托出席3人，其中刘伟平董事委托何红心董 事，滕卫恒董事、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 了会议。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《关于出资建设葛洲坝航运扩能工程的议案》， 并同意提请股东会审议。 同意由公司出资建设葛洲坝航运扩能工程，出资范围为葛洲 坝航运扩能工程及与其相关的其他费用，资金来源为自有资金， 出资金额约为266亿元（可研估算），最终具体出资金额以国家核 定的初步设计概算为依据进一步确认。 股票代码：600900 股票简称：长江电力 公告编号：2025-034 中国长江电力股份有限公司 第六届董事会第四十四次会议决议公告 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。 同意将白鹤滩水电站旱谷地料场公路移交属地政府或其指 定机构，并按照要求办理移交接收事项。 表决结果：同 ...

每经AI快讯，7月30日，长江电力公告，2025年上半年实现营业总收入365.87亿元，同比增长5.02%；净 利润129.84亿元，同比增长14.22%。业绩增长主要系2025年1-6月公司六座梯级电站发电量同比增加所 致。 （文章来源：每日经济新闻） ...

Core Viewpoint - The A-share market showed mixed performance with the Shanghai 180 Infrastructure Index rising by 0.22% to 1883.26 points, with a trading volume of 29.432 billion yuan [1] Group 1: Index Performance - The Shanghai 180 Infrastructure Index increased by 0.84% over the past month and 1.78% over the last three months, but has decreased by 2.41% year-to-date [2] - The index is based on the Shanghai 180 Index and includes listed companies related to infrastructure, resources, and transportation, reflecting their overall market performance [2] Group 2: Index Composition - The top ten weighted companies in the Shanghai 180 Infrastructure Index are: - Changjiang Electric Power (14.26%) - China State Construction (8.58%) - China Telecom (8.28%) - China Mobile (7.12%) - China Unicom (6.14%) - China Nuclear Power (5.49%) - Three Gorges Energy (4.5%) - China Power Engineering (4.45%) - China Railway (4.28%) - Guodian Power (2.97%) [2] Group 3: Sector Allocation - The index is fully composed of companies listed on the Shanghai Stock Exchange, with sector allocations as follows: - Utilities: 40.30% - Industrials: 36.92% - Communication Services: 22.78% [3] - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [3]

Core Viewpoint - The A-share market has experienced a continuous upward trend since mid-June, with all three major indices reaching new highs for the year, driven by significant capital inflows and supportive macro policies [1] Group 1: Market Performance - As of July 30, the three major stock indices showed slight gains, with the Shanghai 180 Index continuing to rise [1] - The Shanghai Composite Index closed at 3609 points, up 0.33%, the Shenzhen Component Index at 11289 points, up 0.64%, and the ChiNext Index at 2406 points, up 1.86% [1] Group 2: Key Stocks - Notable performers included WuXi AppTec, which rose by 2.71%, China Ping An by 2.19%, and Zijin Mining by 1.33%, while Guizhou Moutai, Yangtze Power, and Industrial Bank also saw slight increases [1] Group 3: Analyst Insights - The Chief Analyst of A-share Strategy at CITIC Securities, Qiu Xiang, indicated that the significant improvement in capital inflows and ongoing macro policies have shifted the A-share market towards an incremental market [1] - Investment strategies are recommended to transition from trading-oriented to holding-oriented, with resilient fundamentals in sectors like AI and innovative pharmaceuticals becoming core investment themes [1] - Sectors with appropriate valuation levels are expected to present good allocation opportunities [1]

抢修方案确定后，应急抢修队员们各司其职，迅速投入到紧张有序的工作中。一组人员 负责逐一拉开高压熔断器、低压总开关以及所有户表开关，另一组人员则动作利落地背上工 具包登杆开展验电工作，安全监督人员则全程紧盯作业人员，反复提醒他们规范佩戴好安全 带、保护绳，以确保登杆作业安全。 ▲7月27日晚19时35分，国网北京电力应急抢修队伍10余人即将出发前往密云区石城 镇，对附近村庄开展应急复电工作，将通过发电车接入方式恢复60余户百姓用电。图为密云 现场负责人冯江波正在出发前对抢修人员进行安全措施提示。（李艳娜/摄） 7月27日19时35分，在暴雨冲刷后的北京密云区石城镇山道上，两辆搭载着10余名国网 北京电力应急抢修人员的橙色工程车和一辆应急发电车碾过泥泞和断枝枯叶，在经过40分钟 的颠簸后，终于安全抵达张家坟村村口。 此时，张家坟村因暴雨造成部分电力设施受损，除了四合堂路058台区外，其他均已经 通过常规电网修复措施恢复了市政供电。因该台区变压器受损，只能采取发电车临时供电的 方式，为其所带的60户村民进行应急供电。 ▲7月27日晚20时56分，国网北京电力应急抢修队伍10余人已到达密云区石城镇张家坟 村开展应急复 ...

Core Insights - The hydropower sector is experiencing a surge in project construction, with several large-scale hydropower projects expected to reach peak production in the second half of the year [1] - Companies are focusing on increasing installed capacity and integrating with renewable energy to create a low-carbon comprehensive energy service system [1] Group 1: Power Generation and Revenue Growth - Huaneng Hydropower reported a power generation of 52.752 billion kWh in the first half of the year, a year-on-year increase of 12.97% due to the full capacity operation of the TB hydropower station [2] - China Yangtze Power's six hydropower stations generated approximately 126.656 billion kWh, a year-on-year increase of 5.01% [2] - The average on-grid electricity price for hydropower companies increased by 11.62% to 0.269 yuan per kWh [2] Group 2: Profitability and Cost Structure - The hydropower industry has maintained a gross profit margin of over 30% in recent years, with low generation costs contributing to its competitive edge [3] - As renewable energy generation increases and market reforms continue, hydropower prices are expected to rise, reflecting its environmental value and market supply-demand dynamics [3] Group 3: Project Developments and Investments - Major hydropower projects are nearing completion, including the 1.116 million kW Huaneng Hydropower hard beam package project and the 860,000 kW Dadu River Jinchuan hydropower station, both expected to be operational this year [3][4] - National Energy Investment Group's collaboration with Indonesia's state power company on the 510,000 kW Batang hydropower station is set for completion by the end of the year [4] Group 4: Capital Raising and Restructuring - Several companies are actively raising funds through private placements to enhance stability in energy supply, with Guotou Power raising 7 billion yuan for hydropower projects [5] - Huaneng Hydropower plans to raise 6 billion yuan for the construction of new hydropower stations, including the RM hydropower station [5] Group 5: Integration with Renewable Energy - Hydropower stations are increasingly collaborating with wind and solar projects to provide stable output, compensating for the intermittency of renewable energy sources [6] - National Energy Investment Group is restructuring its hydropower and nuclear assets to create integrated platforms for operational efficiency [6]