2025年上半年经营业绩报告涵盖主要财务指标、发电量、电力交易、资源获取、项目投产、投融资及公 司治理等方面。公司认为下半年是"十四五"收官及深化改革与高质量发展的关键时期，将重点推进十大 攻坚任务，包括强化发电能力、营销增收、成本管控、工程管理、风险防控，推进科技成果转化、发展 布局优化、基础工作改进、考核机制建设及党业深度融合。 业务布局与市场策略 9月9日，天津中绿电（维权）投资股份有限公司举行业绩说明会，吸引了众多投资者与行业分析师通过 现场或线上方式参与。此次会议聚焦公司2025年上半年经营业绩及未来发展规划，回应了市场关注的多 个关键问题。 2025上半年业绩回顾与下半年规划 出海业务与一体化项目 目前公司业务集中在境内16个资源富集省份，未来将综合考虑政策、风险、收益等因素寻求出海机会。 一体化项目虽能实现能源协同、降低弃风弃光率，但初始投资高，回收周期受地方电力市场规则影响 大。 政策影响 电力市场化交易与光热项目 2025年上半年公司市场化交易电量占上网电量的72.14%，较2024年有所提升，随着政策推进，占比有 望进一步提高。公司目前有三个光热项目，一个在运，一个在建，一个新投产。 储能 ...

问题1.公司是否有出海业务？未来是否有出海计划？ 证券代码：000537 证券简称：中绿电 天津中绿电投资股份有限公司 投资者关系活动记录表 编号：2025-05 投资者关系活动 类别 □特定对象调研 □分析师会议 □媒体采访 业绩说明会 □新闻发布会 □路演活动 □现场参观 □其他 活动参与人员 所有通过现场或线上参会的投资者、行业分析师等 时间 2025 年 9 月 9 日 15:00-17:00 地点 1.现场会议地点：北京礼士智选假日酒店会议室（北京东城区礼士 胡同 18 号） 2.线上参与方式：深圳证券交易所"互动易"平台（https://irm.cnin fo.com.cn/）"云访谈"栏目 上市公司接待人 员姓名 董事长周现坤 总经理强同波（线上参会） 副总经理刁争春（线上参会） 总经理助理阚芝南 总经理助理、董事会秘书伊成儒 专业师刘卫东 营销部负责人陆浩 财务部负责人赵晓婧 安质部负责人李宗毅 独立董事李书锋（线上参会） 形式 现场会议与线上文字交流相结合 交流内容及具体 问答记录 一、业绩发布 公司总经理助理、董事会秘书伊成儒对公司2025年上半年经营 业绩进行了报告，包括2025年上半年 ...

Core Viewpoint - Zhonglv Electric has shown active market performance with a notable increase in stock price, reflecting positive investor sentiment and market activity [1][3]. Group 1: Stock Performance - As of 11:20 AM, Zhonglv Electric's stock price reached 9.51 yuan, up 0.46 yuan, representing a 5.08% increase with a trading volume of 355 million yuan [1]. - The stock has demonstrated a recovery trend since its recent low, with fluctuations between 9.10 and 9.45 yuan, indicating a 3.87% volatility and a divergence of opinions among investors [3]. Group 2: Market Drivers - The market's interest in Zhonglv Electric is driven by several factors: supportive policies for the green energy sector, especially with the approaching carbon peak targets [3]. - There are expectations for asset injections from the state-owned parent company, which keeps investors attentive to potential high-quality asset contributions [3]. - The company is recognized for its high dividend expectations, providing a safety margin for investors due to its stable cash flow as a power enterprise [3]. - The valuation recovery logic is also significant, as Zhonglv Electric's valuation remains relatively low compared to its peers in the industry [3]. Group 3: Financial Outlook - The company’s board approved a share buyback proposal on August 28, pending shareholder approval for implementation [3]. - As of August 28, the largest shareholder, Luneng Group, holds a 68.61% stake in the company [3]. - The company anticipates a net profit of 559 million to 756 million yuan for the first half of 2025, reflecting a year-on-year growth of 20.27% to 62.72%, primarily due to increased electricity generation from new projects and effective cost control measures [3]. Group 4: Future Considerations - Zhonglv Electric is expected to continue its recovery trend driven by policy support and fundamental improvements [4]. - Investors should monitor the overall valuation changes in the green energy sector and the impact of project construction progress on future performance [4].

Group 1 - The company emphasizes the importance of enhancing power generation capacity while focusing on electricity consumption and marketing capabilities [1] - The company is actively expanding customer channels and consumption pathways to establish a "new energy +" integrated business model [1] - The company is engaging with high energy-consuming enterprises to improve electricity marketing capabilities and grid connection pricing levels [1]

Core Viewpoint - Tianjin Zhonglv Electric Investment Co., Ltd. has announced a share repurchase plan, which is pending approval from the shareholders' meeting [1] Group 1: Shareholder Information - The announcement includes details about the top ten shareholders and the top ten unrestricted shareholders as of the trading day before the board meeting on August 28, 2025 [1] - The shareholding data combines both ordinary accounts and margin trading accounts for the listed shareholders [2] Group 2: Share Repurchase Plan - The board of directors approved the share repurchase proposal during the 20th meeting of the 11th board session on August 28, 2025, and it will be submitted for shareholder approval [1]

| 证券代码：000537 | 证券简称：中绿电 | | | 公告编号：2025-068 | | --- | --- | --- | --- | --- | | 债券代码：148562 | 债券简称：23 | 绿电 | G1 | | 天津中绿电投资股份有限公司 关于回购股份事项前十大股东和前十大无限售条件股东 二、前十大无限售条件股东持股情况 | 序号 | 持有人名称 | 持股数量（股） | 占总股本比 | | --- | --- | --- | --- | | | | | 例（%） | | 1 | 鲁能集团有限公司 | 1,417,909,637.00 | 68.61 | | 2 | 三峡资本控股有限责任公司 | 30,146,238.00 | 1.46 | | 3 | 香港中央结算有限公司 | 16,187,883.00 | 0.78 | | 4 | 中国农业银行股份有限公司－中证 500 交易型开放式指数证券投资基金 | 12,097,505.00 | 0.59 | | 5 | 北京诚通金控投资有限公司 | 10,975,302.00 | 0.53 | | 6 | 国联信托股份有限公司－国联信托·惠 越 ...

Core Viewpoint - The company reported its 2025 H1 financial results, showing significant growth in revenue and net profit, while also announcing plans for dividend distribution and share buyback [1][2][3][4] Financial Performance - In 2025 H1, the company achieved revenue of 2.333 billion yuan, a year-on-year increase of 29.30%, and a net profit attributable to shareholders of 618 million yuan, up 33.06% [1] - For Q2 2025, revenue was 1.308 billion yuan, reflecting a year-on-year growth of 37.87%, with net profit of 364 million yuan, increasing by 22.23% [1] Power Generation and Capacity - The company generated 9.299 billion kWh of electricity in 2025 H1, a remarkable increase of 101.50% year-on-year, with Q2 contributing 5.245 billion kWh, up 104.24% [2] - The installed capacity reached 19.926 million kW by the end of 2025 H1, with wind power at 3.936 million kW and solar power at 15.7895 million kW [2] Pricing and Market Dynamics - The average on-grid electricity price for 2025 H1 was 0.258 yuan/kWh, down 36.01% year-on-year, influenced by lower prices from new projects and an increase in market-based transactions, which accounted for 72.14% of total electricity sales [2][3] - The company’s financial costs rose to 269 million yuan in 2025 H1, a 16.88% increase year-on-year, with Q2 financial costs surging by 55.35% [3] Policy and Regional Insights - The implementation of the Xinjiang 136 document is expected to support project revenues, with the company’s operational capacity in Xinjiang accounting for 67% of total capacity [3] - The document specifies a mechanism for subsidy and parity projects, which is favorable compared to other regions, enhancing the company’s revenue expectations [3] Project Development - The company has a strong pipeline of projects, with 12.36 million kW under construction, primarily in wind power, indicating a strategic shift towards wind energy [4] - The focus on wind energy is expected to yield better pricing advantages due to its more consistent output compared to solar power [4] Investment Outlook - The company is projected to achieve net profits of 1.310 billion yuan, 1.426 billion yuan, and 1.771 billion yuan for the years 2025 to 2027, with corresponding price-to-earnings ratios of 14.04x, 12.90x, and 10.38x [4]

Core Viewpoint - Zhonglv Electric (000537) reported strong financial performance for the first half of 2025, with significant increases in revenue and net profit compared to the previous year [1] Financial Performance - Total revenue for the first half of 2025 reached 2.333 billion yuan, a year-on-year increase of 29.3% [1] - Net profit attributable to shareholders was 618 million yuan, up 33.06% year-on-year [1] - In Q2 2025, total revenue was 1.308 billion yuan, reflecting a 37.87% increase year-on-year [1] - Q2 net profit attributable to shareholders was 364 million yuan, a 22.33% increase year-on-year [1] - Gross margin stood at 57.03%, a slight decrease of 0.56% year-on-year, while net margin improved by 22.08% to 36.68% [1] Key Financial Metrics - Earnings per share (EPS) increased by 25% to 0.30 yuan [1] - Operating cash flow per share surged by 122.61% to 0.63 yuan [1] - The company's receivables accounted for 702.11% of net profit, indicating a significant amount of outstanding payments [1] - The company reported a decrease in cash and cash equivalents by 26.83% to 5.278 billion yuan [1] - Interest-bearing liabilities rose by 15.54% to 59.588 billion yuan [1] Business Model and Investment Considerations - The company's return on invested capital (ROIC) was 2.29%, indicating weak capital returns, with a historical median ROIC of 4.96% over the past decade [3] - The business model relies heavily on capital expenditures, necessitating careful evaluation of the profitability of these investments [3] - Concerns were raised regarding cash flow, debt levels, and accounts receivable, with the average operating cash flow over the past three years being negative [3] Electricity Pricing - The average on-grid electricity price for the company's renewable energy projects was reported at 0.4125 yuan per kilowatt-hour (including tax) for 2024, and 0.3024 yuan per kilowatt-hour for Q1 2025 [4]

Group 1 - Hailiang Co., Ltd. achieved a revenue of 44.476 billion yuan, a year-on-year increase of 1.17%, and a net profit of 711 million yuan, a year-on-year increase of 15.03% [1] - Yinfai Storage reported a revenue of 543 million yuan, a year-on-year decrease of 18.97%, and a net profit of 62.347 million yuan, a year-on-year decrease of 20.05% [1] - Huamao Technology achieved a revenue of 1.108 billion yuan, a year-on-year increase of 14.42%, and a net profit of 137 million yuan, a year-on-year increase of 3.21% [2] Group 2 - Postal Savings Bank reported a revenue of 179.446 billion yuan, a year-on-year increase of 1.5%, and a net profit of 49.228 billion yuan, a year-on-year increase of 0.85% [4] - Bright Dairy achieved a revenue of 12.472 billion yuan, a year-on-year decrease of 1.9%, and a net profit of 217 million yuan, a year-on-year decrease of 22.53% [6] - Pianzaihuang reported a revenue of 5.379 billion yuan, a year-on-year decrease of 4.81%, and a net profit of 1.442 billion yuan, a year-on-year decrease of 16.22% [7] Group 3 - Great Wall Motors achieved a revenue of 92.335 billion yuan, a year-on-year increase of 0.99%, and a net profit of 6.337 billion yuan, a year-on-year decrease of 10.21% [9] - Haowei Group reported a revenue of 13.956 billion yuan, a year-on-year increase of 15.42%, and a net profit of 2.028 billion yuan, a year-on-year increase of 48.34% [10] - Batian Co., Ltd. achieved a revenue of 2.543 billion yuan, a year-on-year increase of 63.93%, and a net profit of 456 million yuan, a year-on-year increase of 203.71% [12] Group 4 - Yuxin Technology reported a revenue of 1.415 billion yuan, a year-on-year decrease of 5.01%, and a net profit of 220 million yuan, a year-on-year increase of 35.26% [14] - Zhongti Industry reported a revenue of 787 million yuan, a year-on-year decrease of 25.24%, and a net loss of 24.3955 million yuan [15] - Kemei Diagnostics achieved a revenue of 165 million yuan, a year-on-year decrease of 27.03%, and a net profit of 24.3408 million yuan, a year-on-year decrease of 68.24% [16] Group 5 - Huatai Co., Ltd. reported a revenue of 6.409 billion yuan, a year-on-year decrease of 1.86%, and a net profit of 67.6382 million yuan, a year-on-year decrease of 63.13% [17] - Fudan Fuhua reported a revenue of 326 million yuan, a year-on-year increase of 2.20%, and a net loss of 711.58 million yuan [19] - Haili Co., Ltd. achieved a revenue of 12.426 billion yuan, a year-on-year increase of 13.16%, and a net profit of 333.546 million yuan, a year-on-year increase of 693.76% [21] Group 6 - Xintong New Science reported a revenue of 61.852 million yuan, a year-on-year increase of 8.49%, and a net loss of 30.393 million yuan [22] - Newzhisoft achieved a revenue of 897 million yuan, a year-on-year decrease of 3.40%, and a net profit of 30.3531 million yuan, a year-on-year increase of 42.84% [24] - Maolai Optics reported a revenue of 319 million yuan, a year-on-year increase of 32.26%, and a net profit of 32.7555 million yuan, a year-on-year increase of 110.36% [25] Group 7 - Qianjin Pharmaceutical achieved a revenue of 1.818 billion yuan, a year-on-year decrease of 5.52%, and a net profit of 128 million yuan, a year-on-year increase of 8.50% [28] - Quanfeng Automotive reported a revenue of 1.218 billion yuan, a year-on-year increase of 18.90%, and a net loss of 167 million yuan [29] - Zhongjin Lingnan's application for a specific issuance of A-shares has been accepted by the Shenzhen Stock Exchange [31] Group 8 - Zhonglv Electric achieved a revenue of 2.333 billion yuan, a year-on-year increase of 29.30%, and a net profit of 618 million yuan, a year-on-year increase of 33.06% [33] - Sanhuan Group reported a revenue of 4.149 billion yuan, a year-on-year increase of 21.05%, and a net profit of 1.237 billion yuan, a year-on-year increase of 20.63% [35] - China Energy Construction achieved a revenue of 212.091 billion yuan, a year-on-year increase of 9.18%, and a net profit of 28.02 billion yuan, a year-on-year increase of 0.72% [37] Group 9 - Liou Co., Ltd. reported a revenue of 9.635 billion yuan, a year-on-year decrease of 9.62%, and a net profit of 478 million yuan, turning from a loss to profit [38] - Suzhou Bank achieved a revenue of 6.504 billion yuan, a year-on-year increase of 1.81%, and a net profit of 3.134 billion yuan, a year-on-year increase of 6.15% [40] - Shunxin Agriculture reported a revenue of 4.593 billion yuan, a year-on-year decrease of 19.24%, and a net profit of 173 million yuan, a year-on-year decrease of 59.09% [43] Group 10 - Tongfu Microelectronics achieved a revenue of 13.038 billion yuan, a year-on-year increase of 17.67%, and a net profit of 412 million yuan, a year-on-year increase of 27.72% [44] - Weidao Nano reported a revenue of 1.05 billion yuan, a year-on-year increase of 33.42%, and a net profit of 192 million yuan, a year-on-year increase of 348.95% [44] - ZTE Corporation achieved a revenue of 715.53 billion yuan, a year-on-year increase of 14.51%, and a net profit of 50.58 billion yuan, a year-on-year decrease of 11.77% [46]

Group 1 - The company held its 11th Board of Directors' 20th meeting on August 28, 2025, with all nine directors present, and the meeting complied with relevant laws and regulations [27][28]. - The board approved the 2025 semi-annual report and summary, with all directors voting in favor [28][29]. - The company plans to distribute cash dividends of 0.45 yuan per 10 shares, totaling approximately 92.99 million yuan, based on a total share capital of 2,066,602,352 shares as of June 30, 2025 [28][29]. - The board approved a share repurchase plan, allowing the company to buy back shares at a price not exceeding 13.31 yuan per share, with a total repurchase fund ranging from 61.84 million yuan to 92.76 million yuan [32][33]. - The board confirmed that there were no violations in the management and use of raised funds during the reporting period [36][37]. - The board approved amendments to several governance systems and the establishment of a comprehensive risk management approach [39]. Group 2 - The company will hold the 2025 third extraordinary general meeting on September 16, 2025, at 3:00 PM, using both on-site and online voting methods [40]. - The company encourages investors to submit questions regarding the semi-annual performance ahead of the performance briefing scheduled for September 9, 2025 [21][22]. - The performance briefing will be conducted in a hybrid format, combining a physical meeting and online text communication [22][23].