中国能源建设股份有限公司 2025 年半年度报告 公司 A 股代码：601868 公司 A 股简称：中国能建 公司 H 股代码：03996 公司 H 股简称：中国能源建设 中国能源建设股份有限公司 2025 年半年度报告 1 / 247 中国能源建设股份有限公司 2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 天健会计师事务所（特殊普通合伙）对公司 2025 年半年度报告中财务报告进行了审阅。 四、 公司负责人倪真、主管会计工作负责人陈勇及会计机构负责人（会计主管人员）刘爱军声 明：保证半年度报告中财务报告的真实、准确、完整。 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完整性 否 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 《证券发行与承销管理办法》第三十三条规定"上市公司发行证券，存在利 ...

中国能建上半年营收2,120.9亿元人民币，净利润28.0亿元人民币。 ...

Core Viewpoint - The successful trial operation and commissioning of the 2×1000 MW expansion project at the Guoneng Shenhua Jiangxi Jiujiang Power Plant marks a significant achievement in enhancing energy capacity and promoting green, low-carbon transformation in Jiangxi Province [1][2]. Group 1: Project Details - The project, located in Yanshawan Industrial Park, Jiujiang City, Jiangxi Province, is a key initiative under Jiangxi's "14th Five-Year" energy planning [2]. - The expansion includes the construction of two ultra-supercritical reheat coal-fired generating units, along with advanced environmental facilities for desulfurization, denitrification, and dust removal, meeting ultra-low emission standards [2]. Group 2: Performance Metrics - During the trial operation, the unit achieved an average load factor of 105%, with all key performance indicators, including automatic input rate and protection input rate, at 100% [2]. - Emission metrics for carbon dioxide, nitrogen oxides, and dust were all below national ultra-low emission standards, demonstrating the project's commitment to green and efficient operation [2]. Group 3: Future Impact - Upon completion, the total installed capacity of the Guoneng Shenhua Jiujiang Power Plant will reach 4 million kW, with an expected annual electricity generation exceeding 20 billion kWh [2]. - This capacity is anticipated to meet the growing electricity demand in Jiangxi Province and Jiujiang region, alleviating pressure on the power grid and supporting sustainable regional economic development [2].

Core Viewpoint - The China Energy Engineering Group Northwest Electric Power Design Institute Co., Ltd. has successfully constructed the world's largest integrated solar thermal and photovoltaic project in Hami, Xinjiang, showcasing China's innovation in solar thermal technology and providing a replicable model for global renewable energy grid construction [1][21]. Group 1: Project Overview - The Hami "Solar (Thermal) Storage" project has a total installed capacity of 1500 megawatts, consisting of 150 megawatts of solar thermal and 1350 megawatts of photovoltaic power, with a total investment of 6.193 billion yuan [5][6]. - The project utilizes a deep coupling model of solar thermal and photovoltaic technologies, enabling night-time power generation through an 8-hour thermal storage system [6][8]. Group 2: Technological Innovations - The project has achieved a significant increase in domestic production, with the localization rate of technology rising from 50% to 99%, ensuring that all key components and systems are developed and produced by domestic enterprises [6][21]. - The project has developed a protective armor for mirrors, reducing the breakage rate by 90%, and has implemented a high-precision foundation plan to ensure equipment stability against extreme weather conditions [9][11]. Group 3: Environmental and Economic Impact - The project is expected to generate 2.9 billion kilowatt-hours of green electricity annually, saving approximately 868,000 tons of standard coal and reducing carbon dioxide emissions by 2.25 million tons [17][19]. - The construction of the project has created over 600 jobs locally, with an additional 200 positions expected after the project becomes operational, stimulating local economic activity [19][21]. Group 4: Future Prospects - The Hami project serves as a model for China's energy transition, enhancing the grid's capacity to integrate high proportions of renewable energy and contributing to the country's dual carbon goals [21][23]. - The project is part of a broader initiative to establish a "green wall" across China, aiming to produce 15 trillion kilowatt-hours of clean electricity annually by 2030, equivalent to replacing 450 million tons of standard coal [23].

Core Insights - Wuhan Investment Holding Group's subsidiary, Wubo Energy, has successfully won the bid for the supply and installation of high-parameter pressure components for the 300 MW compressed air energy storage demonstration project in Gansu Jiuquan, marking a significant breakthrough in high-end equipment manufacturing in the new energy storage sector [1] Group 1 - The project is the world's first 300 MW artificial cavern compressed air energy storage demonstration project, showcasing Wuhan's advancements in the global new energy storage field [1] - China Energy Construction recently held a major technology innovation achievement conference in Changsha, announcing the successful verification of the world's highest pressure compressed air energy storage technology, with Wubo Energy as a participating project partner [1] - Wubo Energy has leveraged its leading research and manufacturing capabilities to overcome multiple technical challenges, including the implementation of high-pressure pipeline systems and the manufacturing of oversized manhole devices, supporting the project in setting multiple world records [1] Group 2 - In recent years, Wubo Energy has actively responded to the national "dual carbon" strategy, increasing investment in technological innovation and achieving breakthroughs in the new energy storage sector [1] - The successful bid for this world-class project reflects the company's ability to transform technological advantages into market competitiveness, highlighting a new pattern of high-end and green development in Wuhan's manufacturing industry [1]

Core Viewpoint - The Hefei No. 6 New Bridge Campus, constructed by China Energy Construction Anhui Electric Power Construction Company, represents a significant advancement in modern educational infrastructure, integrating smart technology and green building practices to enhance the educational experience for students [1][3][10]. Group 1: Project Overview - The campus covers an area of 229.28 acres and is designed to accommodate 5,250 students, filling a gap in high-quality educational resources in the Hefei New Bridge Science and Technology Innovation Demonstration Zone [3][8]. - The campus features advanced facilities such as AI-assisted teaching systems, smart classrooms, and a variety of sports and arts facilities, showcasing a blend of functionality and aesthetic appeal [5][12]. Group 2: Technological Integration - The project employs innovative construction technologies, including various construction robots, drone inspections, and smart management systems, to enhance efficiency and safety during the building process [11][12]. - A comprehensive cloud-based management platform integrates BIM, IoT, and AI technologies, allowing for real-time monitoring and management of construction processes [11][12]. Group 3: Sustainability and Design - The construction emphasizes green building practices, optimizing resource allocation and minimizing material and energy waste [11][12]. - The design incorporates natural elements and promotes a harmonious environment, with features like air-conditioned dormitories and smart dining systems that enhance student life [7][8]. Group 4: Recognition and Impact - The project has received over 30 national and provincial awards and is recognized as a model for intelligent construction and technology demonstration [14]. - The successful completion of the campus marks a milestone in Hefei's educational development and reflects the company's commitment to quality and innovation in urban development [14][16].

Market Performance - On August 25, the infrastructure sector rose by 1.12% compared to the previous trading day, with China Communications Construction Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3883.56, up by 1.51%, while the Shenzhen Component Index closed at 12441.07, up by 2.26% [1] Individual Stock Performance - China Communications Construction Co., Ltd. (603815) closed at 9.34, with a gain of 10.01% and a trading volume of 176,500 shares, amounting to a transaction value of 162 million yuan [1] - Tonglin Co., Ltd. (605303) closed at 22.04, up by 9.98%, with a trading volume of 15,100 shares [1] - Pudong Construction (600284) closed at 8.95, increasing by 6.04%, with a trading volume of 957,200 shares [1] - ST Lingnan (002717) closed at 1.73, up by 4.85%, with a trading volume of 1,456,800 shares [1] - Other notable stocks include Hangzhou Garden (300649) at 19.44 (+3.85%) and Meili Ecology (000010) at 4.84 (+3.42%) [1] Capital Flow Analysis - On the same day, the infrastructure sector experienced a net outflow of 67.69 million yuan from institutional investors and a net outflow of 107 million yuan from speculative funds, while retail investors saw a net inflow of 175 million yuan [2] - The capital flow for key stocks showed that China Electric Power Construction (601868) had a net inflow of 71.48 million yuan from institutional investors, while ST Lingnan (002717) had a net inflow of 59.75 million yuan [3] - China Communications Construction Co., Ltd. (603815) recorded a net inflow of 52.10 million yuan from institutional investors, despite a net outflow from speculative and retail investors [3]

Group 1 - The stock price of China Energy Engineering Corporation (601868) closed at 2.57 yuan on August 25, 2025, with an increase of 1.98% and a turnover rate of 2.07% [1] - The company reported a total operating revenue of 100.37 billion yuan for Q1 2025, representing a year-on-year growth of 3.05%, and a net profit attributable to shareholders of 1.61 billion yuan, up 8.83% year-on-year [1] - The company has a current ratio of 1.034, a quick ratio of 0.862, and a debt-to-asset ratio of 76.98% [1] Group 2 - China Energy Engineering Corporation has made investments in 44 companies and participated in 5,000 bidding projects [2] - The company holds 37 trademark registrations and 88 patent registrations, along with 5 administrative licenses [2]

Core Viewpoint - Wuhan Zhongneng Construction Investment New Energy Co., Ltd. has been recently established with a registered capital of 3 million RMB, focusing on power generation and renewable energy services [1][2]. Company Information - The company is registered in Wuhan, Hubei Province, and its legal representative is Zeng Liang [1][2]. - The business scope includes power generation, transmission, distribution, and related technical services for wind and solar energy [1][2]. - The company is wholly owned by China Energy Construction Group Co., Ltd. [2]. Registration Details - The company was officially registered on July 17, 2025, and is currently in a state of operation [2]. - The registered address is located in the Gezhouba High-end Equipment Industrial Park, Xingu Town, Dongxihu District, Wuhan [2]. - The company operates under the international industry classification of solar power generation [2].

最新消息显示，中国能建葛洲坝集团与新疆生产建设兵团水利局就深化水利水电、新能源等领域的合作 进行了深入交流。此次合作涉及市政基础、综合交通、生态环保等多个业务板块，显示出公司在区域市 场拓展方面的持续努力。 作为大型能源建设集团，中国能建主营业务涵盖电力工程、基础设施、环保工程等领域。公司具备从规 划咨询到投资运营的全产业链服务能力，在国内外能源建设市场具有重要地位。 风险提示：市场有风险，投资需谨慎。 从资金流向来看，8月22日主力资金净流入2166万元，近五个交易日累计净流入564万元。当前股价维持 在短期均线附近波动，市场交投保持活跃。 中国能建8月22日收盘报2.52元，较前一交易日上涨0.02元。当日成交量为346万手，成交金额达8.66亿 元，总市值维持在1050亿元规模。 ...