Investment Rating - The report maintains a "Buy" rating for the company [5][7]. Core Views - The company has shown significant improvement in cash flow, with a notable increase in the profitability share from renewable energy [1][2]. - Despite a decrease in net profit for 2024, the company’s revenue growth remains stable, driven by strong performance in the renewable energy sector [1][4]. Financial Performance Summary - In 2024, the company achieved a revenue of 634.6 billion, a year-on-year increase of 4%, and a net profit attributable to shareholders of 12 billion, a decrease of 7% [1]. - The quarterly breakdown shows Q4 revenue growth accelerating to 208.2 billion, up 10% year-on-year, although impacted by a 4th quarter impairment loss of 4.9 billion [1][2]. - The overall gross margin for 2024 was 13.3%, a slight decline of 0.06 percentage points, primarily due to the impact of overseas business profitability [2]. Business Segment Performance - The engineering contracting business generated revenue of 543.1 billion, up 4.5%, with significant growth in energy and environmental sectors [1][2]. - The renewable energy segment has expanded rapidly, with installed capacity reaching 33 GW by the end of 2024, representing a 37% year-on-year increase [3]. Order Growth and Future Outlook - The company signed new contracts worth 1.2707 trillion in 2024, an increase of 11.2%, with the energy sector contracts growing by 24% [4]. - The report projects net profits for 2025-2027 to be 12.9 billion, 13.6 billion, and 14.1 billion respectively, indicating a growth trajectory [5].

登录新浪财经APP 搜索【信披】查看更多考评等级 公司董事会审计与风险管理委员会对立信、信永中和、天健的执业情况进行了充分地了解，经审议，认 为立信、信永中和、天健具备专业胜任能力、投资者保护能力以及良好的独立性和诚信状况，同意聘请 立信、信永中和、天健为公司2025年度财务审计机构，聘请立信为公司2025年度内部控制审计机构并提 交公司董事会审议。 （二）董事会的审议和表决情况 2025年4月25日，公司第四届董事会第八次会议审议通过了《关于中国电力建设股份有限公司聘请2025 年度年报审计机构和内控审计机构的议案》，同意续聘立信、信永中和、天健为公司2025年度财务审计 机构，续聘立信为公司2025年度内控审计机构，表决情况：9票赞成、0票反对、0票弃权。 （三）生效日期 本次续聘立信、信永中和、天健事项尚需提交公司股东大会审议，并自公司股东大会审议通过之日起生 效。 特此公告。 中国电力建设股份有限公司董事会 二〇二五年四月二十八日 证券代码：601669 股票简称：中国电建 公告编号：临2025-021 中国电力建设股份有限公司 关于会计政策变更的公告 本公司董事会及全体董事保证本公告内容不存在任何虚 ...

Core Insights - China Power Construction Corporation (China Power) demonstrated resilience in a challenging economic environment, achieving a revenue growth of 4.07% year-on-year, reaching 633.685 billion yuan, and a net profit of 12.015 billion yuan, with operating cash flow increasing by 10.34% to 24.546 billion yuan [1][2] Financial Performance - The core engineering contracting and design business generated revenue of 575.003 billion yuan, up 4.42% year-on-year, with a gross margin increase of 0.11 percentage points to 10.95% [2] - The power investment and operation segment reported revenue of 25.404 billion yuan, a growth of 5.95%, with a gross margin increase of 0.52 percentage points to 44.92% [2] - New contracts signed reached 1.27 trillion yuan, a year-on-year increase of 11.19%, with a total contract backlog of 2.12 trillion yuan, up 15.37% [2] Strategic Development - China Power is actively transforming its traditional business towards high-end, intelligent, and green development while accelerating the cultivation of strategic emerging industries [1][4] - The company plans to achieve a revenue target of 653.15 billion yuan by 2025, with domestic business accounting for 87.37% and international business 12.63% [1] Dividend Policy - The company intends to distribute a cash dividend of 1.2695 yuan per 10 shares, totaling 2.187 billion yuan, which represents 20% of the net profit attributable to shareholders [3] Emerging Industries - In 2024, revenue from strategic emerging industries is expected to exceed 40%, with nearly half of the investment directed towards these sectors [4] - The renewable energy sector has shown significant progress, with projects covering 27 provinces domestically and 3 countries internationally, achieving a market share of over 5% in resource-rich areas [4] International Business Growth - International contracts signed amounted to 223.957 billion yuan, a growth of 4.08%, with international revenue reaching 90.628 billion yuan, up 11.43% [6] - The company maintains a strong position in the international contracting sector, ranking 7th and 8th in global contractor lists [2][6] Market Outlook - Despite global economic pressures, there is a growing market for infrastructure renewal, particularly in developing countries, driven by green and digital transformation needs [7] - China Power aims to leverage its position as a leading power design and contracting firm to capitalize on opportunities in renewable energy projects and international collaborations [7]

Mergers and Acquisitions - Xinlaifu plans to acquire 100% of Jin Nan Magnetic Materials, with the transaction expected to constitute a major asset restructuring. The company aims to strategically expand its business boundaries and achieve deep industry chain collaboration through the integration of core technologies in permanent and soft magnetic materials, as well as powder metallurgy [1] - Deep Keda intends to purchase 16.92% of Xianma Technology for 47.376 million yuan, which will increase its ownership to 80.92%. Xianma Technology is noted for having the highest gross margin and profitability within the company's consolidated financial statements [2] - Zhongrun Optical plans to use its own funds and part of the raised funds to acquire 51% of Dais Optoelectronics for a total of 158 million yuan. This acquisition will allow for shared market channels and customer resources, enhancing technological collaboration and achieving complementary advantages [3] Performance Disclosure - Gree Electric reported a revenue of approximately 189.164 billion yuan for 2024, a year-on-year decrease of 7.26%, while net profit attributable to shareholders increased by 10.91% to 32.185 billion yuan. The company has diversified its product categories, achieving strong retail performance [4] - Luzhou Laojiao announced a revenue of 31.196 billion yuan for 2024, a year-on-year increase of 3.19%, with a net profit of 13.473 billion yuan, up 1.71%. The company emphasizes its marketing strategy focused on digital innovation and efficient collaboration [5] - China Power Construction reported a revenue of 633.685 billion yuan for 2024, a 4.07% increase, but net profit decreased by 7.21% to 12.015 billion yuan. The company highlights steady operational improvements and compliance in its business practices [6] Share Buybacks - Lian Ce Technology plans to repurchase shares worth between 10 million and 20 million yuan, with a maximum repurchase price of 40 yuan per share, intended for employee stock ownership plans or equity incentives [7] - Zhenhua Heavy Industry intends to repurchase shares worth between 50 million and 100 million yuan, with a maximum price of 6.93 yuan per share, for the purpose of cancellation and reducing registered capital [9] - Wanxing Technology's actual controller proposed a share buyback of 25 million to 50 million yuan, to be executed through centralized bidding for future employee stock ownership plans or equity incentives [10]

Group 1 - Haiyuan Composite will implement delisting risk warning from April 29, 2025, with stock name changed to "*ST Haiyuan" and daily price fluctuation limit set at 5% [3] - Xinlaifu plans to acquire 100% of Jin Nan Magnetic Materials, with the transaction expected to constitute a major asset restructuring, and stock will resume trading on April 28, 2025 [4] - Hongbaoli's subsidiary successfully completed trial production of polyether technology transformation project, producing qualified products [5] - Xingguang Co. received a warning letter from Guangdong Securities Regulatory Bureau due to significant discrepancies in 2024 performance forecast and actual results [6] - Meirui New Materials' subsidiary successfully completed the production process for its polyurethane industrial park phase one project [7] Group 2 - Taigang Stainless Steel reported Q1 2025 net profit of 188 million yuan, a year-on-year increase of 5506.92%, with revenue of 23.31 billion yuan, down 4.71% [9] - Shen Shen Fang A reported Q1 2025 net profit of 72.42 million yuan, a year-on-year increase of 3718.51%, with revenue of 330 million yuan, up 457.38% [10] - Qingda Environmental reported Q1 2025 net profit of 68.71 million yuan, a year-on-year increase of 990.26%, with revenue of 619 million yuan, up 317.43% [11] - Jincai Hulin reported Q1 2025 net profit of 13.65 million yuan, a year-on-year increase of 466.95%, with revenue of 206 million yuan, down 33% [13] - New Sai Co. reported Q1 2025 net profit of 18.19 million yuan, a year-on-year increase of 315.74%, with revenue of 1.215 billion yuan, up 312.03% [14] - Kexing Pharmaceutical reported Q1 2025 net profit of 25.58 million yuan, a year-on-year increase of 106.21%, with revenue of 354 million yuan, down 1.97% [15] - Jiechang Drive reported Q1 2025 net profit of 113 million yuan, a year-on-year increase of 62.21%, with revenue of 961 million yuan, up 35.59% [16] - Taihe Co. reported Q1 2025 net profit of 78.53 million yuan, a year-on-year increase of 50.94%, with revenue of 1.033 billion yuan, up 18.5% [17] - Xiyu Co. reported Q1 2025 net profit of 499 million yuan, a year-on-year increase of 53.08%, with revenue of 9.729 billion yuan, up 15.82% [18] - Hualing Cable reported Q1 2025 net profit of 32.16 million yuan, a year-on-year increase of 55.54%, with revenue of 1.005 billion yuan, up 11.38% [19] - Dong'a Ejiao reported Q1 2025 net profit of 425 million yuan, a year-on-year increase of 20.25%, with revenue of 1.719 billion yuan, up 18.24% [20] - China Rare Earth reported Q1 2025 net profit of 72.62 million yuan, turning from loss to profit, with revenue of 728 million yuan, up 141.32% [21] - Gree Electric reported 2024 net profit of 32.185 billion yuan, a year-on-year increase of 10.91%, with revenue of 189.164 billion yuan, down 7.26% [22] - Luzhou Laojiao reported 2024 net profit of 13.473 billion yuan, a year-on-year increase of 1.71%, with revenue of 31.196 billion yuan, up 3.19% [24] - Yake Technology reported 2024 net profit of 872 million yuan, a year-on-year increase of 50.41%, with revenue of 6.862 billion yuan, up 44.84% [25] - Gujing Gongjiu reported 2024 net profit of 5.517 billion yuan, a year-on-year increase of 20.22%, with revenue of 23.578 billion yuan, up 16.41% [26] - Lanzhou Bank reported 2024 net profit of 1.888 billion yuan, a year-on-year increase of 1.29%, with revenue of 7.854 billion yuan, down 2.02% [27] - China Power Construction reported 2024 net profit of 12.015 billion yuan, a year-on-year decrease of 7.21%, with revenue of 633.685 billion yuan, up 4.07% [28] - China Communications Construction reported Q1 2025 net profit of 5.467 billion yuan, a year-on-year decrease of 10.98%, with revenue of 154.644 billion yuan, down 12.58% [29] Group 3 - Koweil plans to reduce its shareholding by up to 3.21% [31] - Nanya New Materials plans to reduce its repurchased shares by up to 238,480 shares, accounting for 1% of total shares [32] - Xiangsheng Medical's shareholders plan to reduce their holdings by up to 1.72% [33] Group 4 - Zhenhua Heavy Industry plans to repurchase shares worth 50 million to 100 million yuan [35] - Deep Keda plans to acquire 16.92% of the equity of its subsidiary Xianma Technology for 47.376 million yuan [37] - Jinchengxin signed a mining production contract with Western Mining, with an estimated contract value of approximately 377 million yuan [38]

中国国际金融股份有限公司 关于中国电力建设股份有限公司 2025 年度对外担保计划事项的核查意见 经中国证券监督管理委员会（以下简称"中国证监会"）《关于核准中国电力 建设股份有限公司非公开发行股票的批复》（证监许可[2022]3103 号）核准，中 国电力建设股份有限公司（以下简称"中国电建"或"公司"）向 30 名发行对象 非公开发行人民币普通股（A 股）股票 2,080,124,211 股（以下简称"本次非公开 发行"）。中国国际金融股份有限公司（以下简称"保荐机构"或"保荐人"、"中 金公司"）担任中国电建本次非公开发行 A 股股票的保荐机构。 根据《证券发行上市保荐业务管理办法》《上海证券交易所股票上市规则》 《上海证券交易所上市公司自律监管指引第 1 号——规范运作》《上海证券交易 所上市公司自律监管指引第 11 号——持续督导》等有关规定，对公司对外担保 计划事项进行了审慎核查，具体情况如下： 一、担保情况概述 根据公司下属子公司日常生产经营需要，公司本部及公司下属全资、控股子 公司拟对各级下属全资、控股子公司、非关联第三方 2025 年度使用银行授信额 度贷款，开出保函、履约、资产证券化产品等 ...

中国电力建设股份有限公司 内部控制审计报告 2024 年度 信会师报字[2025]第 ZG11429 号 内部控制审计报告 信会师报字[2025]第 ZG11429 号 四、财务报告内部控制审计意见 我们认为，贵公司于 2024 年 12 月 31 日按照《企业内部控制基 本规范》和相关规定在所有重大方面保持了有效的财务报告内部控制。 一、企业对内部控制的责任 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企 业内部控制评价指引》的规定，建立健全和有效实施内部控制，并评 价其有效性是中国电力建设股份有限公司董事会的责任。 二、注册会计师的责任 我们的责任是在实施审计工作的基础上，对财务报告内部控制的 有效性发表审计意见，并对注意到的非财务报告内部控制的重大缺陷 进行披露。 三、内部控制的固有局限性 内部控制具有固有局限性，存在不能防止和发现错报的可能性。 此外，由于情况的变化可能导致内部控制变得不恰当，或对控制政策 和程序遵循的程度降低，根据内部控制审计结果推测未来内部控制的 有效性具有一定风险。 1 中国电力建设股份有限公司全体股东： 按照《企业内部控制审计指引》及中国注册会计师执业准则的相 关 ...

一、电建财务公司基本情况 电建财务公司是经原中国银行业监督管理委员会北京监管局（现为中国银行 保险监督管理委员会北京监管局）批准成立的非银行金融机构，成立于 2015 年 12 月。电建财务公司统一社会信用代码为 91110108MA002J5876，注册资本为人 民币 600,000 万元。电建财务公司现持有中国银行保险监督管理委员会核发的《金 融许可证》，机构编码为 L0230H211000001。 1 中国国际金融股份有限公司 关于中国电力建设股份有限公司 控股子公司中国电建集团财务有限责任公司 2024 年度风险持续评估报告的核查意见 经中国证券监督管理委员会（以下简称"中国证监会"）《关于核准中国电力 建设股份有限公司非公开发行股票的批复》（证监许可[2022]3103 号）核准，中 国电力建设股份有限公司（以下简称"中国电建"或"公司"）向 30 名发行对象 非公开发行人民币普通股（A 股）股票 2,080,124,211 股（以下简称"本次非公开 发行"）。中国国际金融股份有限公司（以下简称"保荐机构"或"保荐人"、"中 金公司"）担任中国电建本次非公开发行 A 股股票的保荐机构。 根据《中华人 ...

中国国际金融股份有限公司 关于中国电力建设股份有限公司 向控股股东转让公司下属全资子公司 51%股权 暨关联交易的核查意见 经中国证券监督管理委员会（以下简称"中国证监会"）《关于核准中国电力 建设股份有限公司非公开发行股票的批复》（证监许可[2022]3103 号）核准，中 国电力建设股份有限公司（以下简称"中国电建"或"公司"）向 30 名发行对象 非公开发行人民币普通股（A 股）股票 2,080,124,211 股（以下简称"本次非公开 发行"）。中国国际金融股份有限公司（以下简称"保荐机构"或"保荐人"、"中 金公司"）担任中国电建本次非公开发行 A 股股票的保荐机构。 根据《证券发行上市保荐业务管理办法》《上海证券交易所股票上市规则》 《上海证券交易所上市公司自律监管指引第 1 号——规范运作》《上海证券交易 所上市公司自律监管指引第 5 号——交易与关联交易》及《上海证券交易所上市 公司自律监管指引第 11 号——持续督导》等有关规定，对中国电建本次关联交 易事项进行了认真、审慎的核查，核查情况及核查意见如下： 一、关联交易概述 中国电建拟向中国电力建设集团有限公司（以下简称"电建集团"）转让公 ...

一、基本情况 （一）个人工作履历、专业背景以及兼职情况 本人窦皓，1963年出生，硕士研究生，现任公司独立董 事、中国南水北调集团有限公司外部董事。历任中国国际工 程咨询公司交通项目部交通处副处长、中国国际工程咨询公 司对外业务部正处级，中咨科技实业有限公司副总经理、总 经理、董事长、法定代表人，中国国际工程咨询公司办公厅 主任、中国国际工程咨询公司总经理助理兼综合业务部主 任，中国国际工程咨询公司副总经理、党组成员，中国国际 1 工程咨询有限公司党委常委、副总经理等职务。 （二）关于是否存在影响独立性的情况说明 中国电力建设股份有限公司 独立董事窦皓2024年度述职报告 作为中国电力建设股份有限公司（以下简称"公司"） 第四届董事会的独立董事，本人严格按照《中华人民共和国 公司法》《中华人民共和国证券法》《上市公司独立董事管 理办法》等法律法规、规范性文件及公司《章程》《独立董 事工作制度》等内部制度的规定，忠实履职，勤勉尽责，维 护公司整体利益，维护全体股东尤其是中小股东的合法权 益，并在深入了解公司情况的基础上，运用专业知识和经验 履行职责，作为董事会成员对公司重大事项进行决策，为公 司发展提供意见和建 ...